New Experiences Don’t Have to Be Expensive

New Experiences Don’t Have to Be Expensive

Easy Ways to Cut Expenses Going Into the New Year

New Experiences Don’t Have to Be Expensive

New Experiences Don’t Have to Be Expensive

 

 

 

Escaping When Life Feels Heavy

 

I don’t know about you but life feels heavy often. BUSY + heavy!

via GIPHY

It can be hard to find a place of calm, stillness, peace, and sometimes plain ol’ fun. 

But in this unprecedented “pandemic” life, it’s necessary to find something you can do that will break the cycle of your day-to-day life. 

Something to give you peace, regardless of how little time it is. Every little moment counts. 

The other obvious thing about life in 2022, is that it’s expensive as hell 🤣

Gas, food, clothing, airfare, hotels – you name it – it’s probably way more than you’re used to paying. 

However, I have a few suggestions for you that may help ease the pain on your wallet and give you peace of mind.

If you need a break from fighting with your husband, taking care of the kids, or the stress of your demanding career, check out these ideas and see if there’s something that can save you (at least for a few hours).

 

 

Get Deals on Concerts & Comedy Shows

 

Entertainers are back on stage. 

Large multi-city tours, regional tours, and some pop-up shows. 

For the first four months of 2022, I’ve seen 4 live music concerts and it was everything I needed it to be each time. 

For larger venue events, if you are unable to get a ticket before the bots or brokers buy them all and resell them for 2-3x the price, I have a solution for you. 

If a show appears to be sold out (tickets only available through the secondary market), check the ticketing site the day of the show. Miraculously the seats that were completely unavailable, or priced astronomically, may become available at a very reasonable price. 

This move can be a little risky depending on the act, venue, and location, but totally worth trying if you are “dying” to see the show (at a discount). 

This recently happened to me for two shows that I bought tickets for during presale or on the secondary market and I was shocked (and a bit peeved) to see the number of tickets available that day that were not available JUST the day before. 

For some resale tickets, people even drop the price 20-40% lower than what they paid for them, just to get rid of them and not take a total loss. 

This could totally be your gain!

 

 

Try AirBnB Experiences

 

Glassblowing for $50-60 per person (pp)

Sail on a private yacht – $100-150 pp

Architecture Walking tours – $30-40 pp

Underground Donut Tour – $40 pp (not even sure what that means but it sounds intriguing)

These are just some of the experiences available in Chicago on AirBnb Experiences. 

Be a tourist in your own city or a nearby city. 

Ask a friend to join you for something cool, new, and exciting without having to plan an entire trip. 

Most cities offer really cool AirBnb Experiences for you to try. 

Check out what’s offered in your area. You might be pleasantly surprised. 

 

 

Be a Tourist Using CityPass or BigBusTour

 

When I travel to other cities with plenty of attractions I have signed up for CityPass or BigBus tours because it often seems like the most efficient & affordable way to see the city. 

You get to choose what attractions you spend more time with and which ones you skip. Citypass and BigBus tickets typically cost between $50-$100 per person.

 

 

When MeetUp.com Comes in Handy

 

Most of us forget about the vast offerings of meetup.com to attend events and meet other people in your local area with similar interests. Meetups include sporting events, mental health activities, book clubs, technology, lifestyle groups, and more. If you can think of it, whatever “it” might be, there is likely a meetup for it. 

Some meetups are free and others have a cost. 

Joining Meetup.com is free and it just might be the thing you need to find some “new” people & start over.  

 

 

Hideaway in a Local Hotel

 

Sometimes we need a mental health day and we stay home. What about taking your mental health day in a local hotel?

The change of scenery, without the laundry or dishes staring at you, can provide more peace of mind than you think you need. 

If you haven’t used your Marriott, IHG, Hilton, or other hotel points recently, this might be a good enough reason. 

If you have credit card points that can be used toward a hotel, this can greatly reduce or eliminate the cost of this hide-a-way mental health day. 

Companies like Betterbidding.com can guide you through the steps to get the best deal possible on hotels, especially during off-peak times. 

Now if it were me, I would pick the fanciest hotel I could find at the best price, because I love luxury hotel experiences.

Regardless of what you do, just make sure you feel right & light about the decision. 

Relieve your stress, it shouldn’t be stressful. Don’t overthink it. 

I hope you can find something that gives you the moments of peace & joy you need. 

 

 
Nikki Tucker

Nikki Tucker

Founder & Managing Director

 

Nikki is a 16-year financial services professional, a Certified Divorce Financial Analyst ®, and the primary divorce financial strategist for The FIIRM Approach. She helps female breadwinners prepare for divorce to avoid common financial mistakes and confidently maintain their financial security. She uses proven strategies within the FIIRM Approach methodology so her clients can manage their money, debt, and credit in their new financial life. TAKE ACTION & LEARN about the tools that can help make your new money life easier. Grab your FREE Ultimate Resource Guide HERE. 

Let’s Talk About Your Bank Accounts

Let’s Talk About Your Bank Accounts

Easy Ways to Cut Expenses Going Into the New Year

Let’s Talk About Your Bank Accounts

Let’s Talk About Your Bank Accounts

 

 

 

You Might Need a Better Strategy 

 

It’s still April, which means it’s still financial literacy month, and even though we’re coming to the end of that, it’s not too late to talk about bank accounts!

 

 

Traditional Guidance on Bank Accounts vs My Perspective

 

So, let’s get into it. There’s very traditional guidance for bank accounts and from a fundamental perspective, it’s that everyone should have one checking and one saving.

I call BS.

Here’s why I call BS:

1 Checking Account and 1 Savings Account is not enough to strategically manage your money.

My preference, at a minimum, is to have two checking and two savings accounts.

I strongly believe in giving your accounts, credit cards, or bank accounts a purpose.

How can they have a specific purpose if they are essentially “all purpose” accounts?

 

 

What Your Primary Checking Account Is For

 

I definitely think you need a checking account dedicated to your bills. This account is for paying your rent, your mortgage, your utility bills, your insurance, and credit card bills… I think you get the point.

Nothing else is happening in this account – unless you’re a cash spender and you’re taking your cash allowance out of this account.

That’s it, that’s all that’s happening with your primary checking account.

Here’s the main reason why this makes sense.

Scammers & Fraud!

They must be offering free classes on scamming people because the scammers are BUSY!

Let me be very clear – anyone can have their accounts compromised at no real fault of their own.

I’m looking to help you minimize the chance.

If you don’t believe me – listen to an actual former con artist & fraudster from a CNBC article, by Frank Abagnale, who says this about debit cards.

“Every time you use one, you put your money and your bank account at risk.

I, of course, agree with him 😊

The more activity on your bank account & particularly your debit card, the more susceptible you are to fraud, okay?

I want to reduce the likelihood of my accounts being compromised if everything that supports my livelihood is happening in the account (paychecks, mortgage, utilities, etc.)

The companies & financial institutions that hold your mortgage and other debts, facilitate you receiving your income, and keep your lights on often have higher security & encryption levels than the retailer you found on Instagram last week.

 

 

What Your Secondary Checking Account Is For

 

Quick access to cash and random purchases. While I’m not a proponent of using debit cards online hardly ever, if you must, then it should be a card tied to a non-primary account.

If you are a high debit card user, then this is the account where you want to swipe at the grocery store, the car wash, at the coffee shop, or whatever it is.

If you are making online payments or online purchases, then this is what that account is for.

The added benefit is that it allows you to easily track your fixed expenses versus your flexible expenses.

If you are looking for more clarity and control over your finances, this structure will give you that, without feeling inconvenienced or restricted.

 

 

What’s the Purpose of Your Savings Account

 

To save of course – well sometimes… lol.

Emergency Fund is the fun sexy word of the decade – it’s essentially just a savings account.

I want you to think about the idea of an emergency fund being something for short term needs and things that are unexpected. If you need quick access to cash this is what your long term savings account was intended for.

Short term needs can be 1, 3, 6 months – less than 12 months.

When you are saving for longer-term needs (excluding retirement) then it’s my strong opinion that you should have a SEPARATE account for that.  

It should be harder to get to these funds because your intention is to SAVE, not spend the money, right?

So, you are creating accountability with yourself by making the funds harder to access.

Personally, I have no desire to link my long-term savings to my primary or secondary checking debit card – but that’s your call. I think it’s a little counterintuitive and risky. (I go into more detail about my perspective on this in my FIIRM Hero Newsletter).

 

 

Fraud

 

Earlier, I mentioned a little bit about bank accounts being compromised. I think most of you know that the scammers are busy.

They are busy trying to come up with new ways every day to trick you and get access to your information. I don’t want that to happen to you.

I want to remind you to be EXTRA diligent when it comes to the security of your accounts – bank accounts and credit card accounts.

Resist the urge to click links in text messages especially those that take you to a screen where you must input personal information.

Resist the urge to provide your name, your social security number, your pin number, your address – all the data points that someone needs to take over your account – if your “bank” calls you.

Even if the number on your phone screen matches the number on the bank of your ATM – tell the caller you will call them back. These fake calls/spoof calls are easy ways to trick people and steal their information.

Generally speaking, your bank is not going to call you AND ask you for a bunch of information they already have.

I’m sure you do this already (wink, wink), but today might be a good day to change your banking password (if you haven’t done it recently), set-up 2 step authentication (I know is a pain, but so is your identity being stolen), update your alerts on your account for email AND text and, if nothing else, open a new account with a new purpose.

If you are considering or preparing for divorce, I shared tips to be mindful of when divorcing related to bank accounts, marital property, and moving money in the last FIIRM Hero Newsletter. Join the FIIRM Hero community for exclusive & helpful content! 

 

 
Nikki Tucker

Nikki Tucker

Founder & Managing Director

 

Nikki is a 16-year financial services professional, a Certified Divorce Financial Analyst ®, and the primary divorce financial strategist for The FIIRM Approach. She helps female breadwinners prepare for divorce to avoid common financial mistakes and confidently maintain their financial security. She uses proven strategies within the FIIRM Approach methodology so her clients can manage their money, debt, and credit in their new financial life. TAKE ACTION & LEARN about the tools that can help make your new money life easier. Grab your FREE Ultimate Resource Guide HERE. 

What the Heck Is Going On With Your Student Loans

What the Heck Is Going On With Your Student Loans

Easy Ways to Cut Expenses Going Into the New Year

What the Heck Is Going On With Your Student Loans

What the Heck Is Going On With Your Student Loans

 

 

 

It’s possible your student loans are breaking up with you and you don’t have to pay them. 

If you have them, this news may make you very happy. 

If you don’t, this news may piss you off because you feel like someone is getting away with not paying their debt. 

Also possible that you are reuniting with your student loan payments soon (and maybe that doesn’t feel so good).

Understanding what will happen with your loans depends on when you took them out, who loaned you the money, your marital status, and a few other factors. 

Furthermore, if you have kids going away to college soon, their financial aid package may not be what you’re expecting. 

Either way – just here to inform you. 

Let’s take a look and see if you should care. 

 

 

Student Loan Payment Relief

 

The Federal Student Loan dictators granted you grace and mercy by pausing payments and interest accrual on student loans in 2020 until January 31, 2022 , May 1, 2022.

While payment relief may be extended, yet again, beyond May 2022, I doubt they will extend much past the election this fall. 

When the moratorium on payments, collection activity, and interest accrual ends, it’s important to know what might happen. 

  1. Your payment amount may change (you might want to change your repayment plan if you’re able).
  2. Your payments may be automatically drafted depending on your unique circumstances and your servicer.
  3. Your servicer may be different (you should have received notice if you have a new servicer).
  4. Your interest rate will return to your pre-Covid rate unless you modified your loan during the pandemic.
  5. Collection activity may resume on defaulted loans.

It is highly likely that you need to take some action whenever the moratorium officially expires, so be prepared to log in to your account or contact your loan servicer sooner rather than later so there is no impact on your credit score or overall financial picture.

Added bonus: The months that you have been provided relief WILL count as qualifying months if you are applying for forgiveness under the Income-driven repayment plan (you made 20 years of qualified student loan payments) or public loan service forgiveness. 

Speaking of loan forgiveness… see below. 

Check the FAQ on the Student Aid site for official details. 

 

 

Full Forgiveness of Your Navient Student Loans

 

According to Forbes and NBCNews, the Biden administration has helped make it much easier to get student loans forgiven, including the canceling of more than $9B of student loans for some borrowers. 

This is one of the times when I feel like something is better than nothing. 😆

Additionally, Navient, a student loan servicer and collector, was sued for allegedly deceiving borrowers and providing subprime or risky loans. While Navient admitted no wrongdoing, they agreed to a settlement that will result in thousands of student loans being canceled/forgiven in 39 states, once approved by the court. 

Given the number of people who have student loans, myself included, you will likely not be included in the pool of people impacted, however, here’s how you know if you are:

  • Qualifying States/Residency for Forgiveness of Your Navient Student Loans: Borrowers with a military postal code or addresses in the following states as of June 30, 2021: AR, AZ, CA, CO, CT, DC, DE, FL, GA, HI, IA, IL, IN, KS, KY, LA, MA, MD, ME, MI, MN, MO, NC, NE, NJ, NM, NV, NY, OH, OR, PA, RI, SC, TN, VA, VT, WA, WI, and WV.     
  • Qualifying States/Residency for Forgiveness Your Navient Student Loans & Restitution Payments: Borrowers with a military postal code or addresses in the following states as of January 2017: AZ, CA, CO, CT, DC, DE, FL, GA, HI, IA, IL, IN, KY, LA, MA, MD, ME, MN, MO, NC, NE, NJ, NM, NV, NY, OH, OR, PA, TN, VA, WA, and WI.
  • How Much Will Be Forgiven: Borrowers with addresses in the states listed above are expected to receive full forgiveness of their Navient loan.  
  • How Much is Restitution: Borrowers with addresses in the restitution states listed above are expected to receive a check for $260. 
  • What if I was paying my Navient loans on time: Loans made between 2002-2014 with more than 7 consecutive months of delinquent payments before June 30, 2021, are eligible for full forgiveness.
  • Other important qualifiers: Loans made between 2002-2014 with more than 7 consecutive months of delinquent payments before June 30, 2021, AND the Borrower attended a for-profit school are on the Borrower Defense Loan List (e.g. DeVry, IIT) are eligible for full forgiveness.

If you don’t happen to fall in the categories mentioned above, you might still be eligible for loan forgiveness if you are a qualifying public service worker and have been previously disqualified for Public Service Loan Forgiveness as there is a limited opportunity to try again. 

Added bonus: The loan forgiveness will be tax-FREE!

You can find out more about the Navient Forgiveness suit here

Forgiveness details were compiled from the various attorney general and news sources. You are strongly encouraged to connect with your loan provider or research additionally to determine what actually applies to you. 

 

 

Financial Aid Changes

 

I don’t know about you, but there is NO way I would have been able to go to undergrad without student loans. 

I filed as an independent as soon as I could to get as much money as possible, because the only thing saved for me to go to college were well wishes. 😉

Maybe your kids are in a better situation than I was, but just in case you could use the help of grants and loans, you might want to know about some upcoming changes. 

In addition to the FAFSA form being shortened, the government has made some changes to the way financial aid will work.

Here are two notable changes:

  • A new formula has been established which will eliminate the benefit previously provided to households with more than 1 child in college. Starting in 2024-2025 school year, families will likely qualify for less financial aid due to this change. 
  • Eligibility for Pell Grants will be expanded to allow more students to qualify.
  • Subsidized student loans will be available to students as long as they are enrolled, as the maximum 3-year time limit has been eliminated. 
  • The parent a student lived with for the 12 month period prior to a FAFSA submission was previously considered the custodial parent for financial aid purposes. As of the 2024-2025 school year, the parent who provided the most financial support for the student in the prior-prior tax year is the custodial parent. This means that for the 2024-2025 school year, the 2022 tax information will be considered for the custodial parent as determined by the new rule. 

That last bullet point could have a pretty big impact on divorcing parents so you might want to take a look at the last part below.

 

 

Preparing for your child’s college expenses in your divorce

 

There are a couple of plans or agreements included in the divorce process and one of them could be a college support agreement. College support agreements may include specific information about who will be paying for tuition and school expenses, restrictions on maximum contributions, or even an agreement to give either parent the option to contribute to college expenses. 

Common college support agreement stipulations can include:

  • An equal split of expenses
  • Split expenses based on a pro-rata share of the parents respective incomes (static or fluctuating)
  • Lump-sum contribution of either parent
  • Transfer of a marital asset to the child or trust established for the benefit of the student
  • Contribution to a college savings account
  • The expected/estimated financial contribution of the student and agreement to cover the shortfall
  • Considerations for cosigning for student loans or obtaining Parent PLUS loans

I know that was a lot. My gut tells me that you will need to take additional action related to your own or your child or, at the very least, you’ll keep some of this information in your back pocket for when you might need it.

 

 
Nikki Tucker

Nikki Tucker

Founder & Managing Director

 

Nikki is a 16-year financial services professional, a Certified Divorce Financial Analyst ®, and the primary divorce financial strategist for The FIIRM Approach. She helps female breadwinners prepare for divorce to avoid common financial mistakes and confidently maintain their financial security. She uses proven strategies within the FIIRM Approach methodology so her clients can manage their money, debt, and credit in their new financial life. TAKE ACTION & LEARN about the tools that can help make your new money life easier. Grab your FREE Ultimate Resource Guide HERE. 

How Changes to Zelle, PayPal & Cash App Impact You

How Changes to Zelle, PayPal & Cash App Impact You

Easy Ways to Cut Expenses Going Into the New Year

How Changes to Zelle, PayPal & Cash App Impact You

How Changes to Zelle, PayPal & Cash App Impact You

 

 

 

What you need to know about recent changes

 

Do you remember how the American Rescue Plan Act came to our rescue last year? 

No.

I got you…2 words… Stimulus Payment.

3 more words… Child Tax Credit.

This particular law gave quite a few economic benefits to those who were eligible and in need. 

It also gave you another present that you might not have necessarily wanted. 

The pandemic uncovered just how many Americans are gig workers/independent contractors and likely realized they weren’t getting their “fair share” so they did something about it. 

As of January 1, 2022, users of online payment apps/sites like PayPal, Zelle, Venmo, and Cash App need to be aware that the threshold of reporting transactions to the I. R. & S 😚 has been greatly reduced. 

Prior to the passing of this provision, freelancers and independent contractors were expected to use the honor system (especially for lower dollar amount transactions) and report income for goods and services over $600. 

Online payment sites would only report larger transactions (think $20,000+) according to my accountant friends.

Now, these same payment sites will report any transactions over $600 DIRECTLY to the IRS (aww, they’re so sweet 😏)

What does that mean for you?

Not much if you’re not running a business or you don’t receive excessive transactions via these apps. 

HOWEVER, if you have been running a business and accidentally- on- purpose have not been reporting this income, your tax situation/bill may look a little different in 2023. 

This brings me to my next point.

While this new rule should only apply to COMMERCIAL transactions (you’re still good to send your best friend money for your portion of the girl’s trip), let’s chat about a hypothetical situation.

Some of you may be receiving your child support payments (or considering receiving) via these same providers. 

2 important things to consider:

  1. If the amount is typically over $600 and happens on a regular basis (bi-weekly or monthly) there is a slight chance that a payment provider may think it’s a business-related transaction and think you should be taxed. Of course, you don’t want that, so you whip out your Court Order to show that it’s not a commercial transaction (See Point #2 expeditiously)
  2. It is a violation of the Zelle user agreement to use the “service to send money to anyone to whom you are obligated for payments made pursuant to court orders (including court-ordered amounts for alimony or child support”)

I’m hoping you catch my drift and plan accordingly. I wouldn’t want anyone to get in unnecessary trouble. Be careful, my friend, “the streets are watching” 😉  Child support is non-taxable income. I just want to make sure it stays that way for you. 

 

 

 
Nikki Tucker

Nikki Tucker

Founder & Managing Director

 

Nikki is a 16-year financial services professional, a Certified Divorce Financial Analyst ®, and the primary divorce financial strategist for The FIIRM Approach. She helps female breadwinners prepare for divorce to avoid common financial mistakes and confidently maintain their financial security. She uses proven strategies within the FIIRM Approach methodology so her clients can manage their money, debt, and credit in their new financial life. TAKE ACTION & LEARN about the tools that can help make your new money life easier. Grab your FREE Ultimate Resource Guide HERE. 

Easy Ways to Cut Expenses Going Into the New Year

Easy Ways to Cut Expenses Going Into the New Year

Easy Ways to Cut Expenses Going Into the New Year

Easy Ways to Cut Expenses Going Into the New Year

Easy Ways to Cut Expenses Going Into the New Year

 

 

 

Review your service providers at least every couple of years to make sure they are giving you the best value for what you are paying. Here are a few ideas to get you started. 

You don’t have to review every single account if you don’t have time, but there are a few popular categories where people find a decent ($20-50) to significant ($100-$200) monthly savings.

Key things to remember:

  1.     It’s cheaper to keep an existing customer than acquire a new one for most companies. Don’t let them call your bluff. Ask for a supervisor, the customer loyalty department, or the service termination department.
  2.     Know what your current service providers are offering new customers as well as what the competition is offering.
  3.     Call their bluff, if you need to. If you can get the same or better service elsewhere at a lower cost, sometimes it’s worth the switch.
  4. You have to have more loyalty to yourself and your financial future than you do to a cell phone or cable package. Remember that sacrifice may be temporary anyway.
  1. Setting up automatic payments can be an easy way to get a quick discount.

 Most importantly, you don’t have to give up things you love. 

 Here are a few ideas to get you started.

 

Reduce Your Television/Cable Expenses

 

My son is the KING of signing up for a channel to watch ONE thing under Amazon Prime and not remembering to cancel it. Check Amazon Prime under “Memberships & Subscriptions” to see if there are any other channels you have been paying for that you don’t want or need. 

I love the Hallmark Channel! When I had cable, it was one of the channels that I watched pretty often. Then I discovered Philo and realized that I could reduce my “TV” bill significantly and only pay about $20 a month to have Hallmark, A&E, Lifetime, and ID Channel. Other providers for similar channels include Sling and Frndly. (no affiliation with these customers)

If you decide to keep your cable, your provider is likely willing to reduce the price of your package to match the price offered to new customers. I remember a few years ago when I still had cable, I decided to call my cable provider and was able to save $240 for the next twelve months and $120 for twelve months thereafter. 

 

Reduce Your Insurance Costs 

 

It MIGHT be worth it to raise your deductible to get some temporary cash flow relief and reduce your monthly or annual premium. The caveat to this suggestion is that you should have the amount of your deductible available/easily accessible in cash. This prevents you from racking up unnecessary credit card debt to pay the deductible, should you need to file a claim.

You can also shop insurance rates if you have been claim/accident free, just to keep your existing provider honest.

I’m a fan of getting insurance quotes, especially on property insurance, on a regular basis (like every other year or so). If you have made your home smarter or more protected, then let your insurance company know about things like an alarm system, sprinkler systems, fire extinguisher, and sensors for leaks (water, gas, carbon monoxide). 

While the insurance industry has ALWAYS been very competitive, companies like Lemonade, PolicyGenius*, and Insurify want your business and are offering competitively priced options to get it.

Companies like Metromile and Clearcover offer modern ways to cover your car insurance by allowing you to pay-per-mile and/or provide rideshare coverage.

*I’m a customer of PolicyGenius and my personal referral code is linked above. If I wasn’t a customer I would still refer you to them. My experiences have been positive and the small referral incentive I receive, if you decide to sign-up, doesn’t change that. 😉

 

Reduce Your Cell Phone Expenses 

 

I used to have great success with my provider. Lately, they have been proactively slashing prices, and thus it’s been a little more difficult to get better savings on my own. Additionally, you might be grandfathered into a data package that is no longer offered at your current price point. However, it doesn’t hurt to try. Maybe there are other products you can add to bundle a package. 

You can also look for discounts offered through your employer or credit card company. When was the last time you reviewed the benefits “offered” as an employee or customer? 

 

Reduce Other Recurring Expenses

 

Ummm, you probably don’t need an explanation for this one. If you haven’t been, it might be time to stop that automatic draft. There are many apps and online fitness professionals that offer affordable solutions and get you great results to help you improve your health. Take a look at online programs offered by Natalie Jill, Lita Lewis, and Jeanette Jenkins, or even equipment like Tonal or Mirror (nope, not affiliated with these companies either). 

The end of the year is a great time to get help with your health and fitness goals for a really good deal. 

 

Refinance Some Of Your Higher Interest Rate Debt

 

Do you have high-interest rate debt? Given the interest rates at the time of this writing, almost anything over 10% is high.

If your credit score is deemed fair to excellent, here are a couple of things to consider (by the way, fair to excellent depends a bit on if you are looking at your Vantage scores or FICO scores, but for the purposes of this blog, let’s go with over 650.)

  • Refinance school loan debt. There are pros and cons to refinancing school loans, especially federal loans, so review your unique circumstances first, especially if you have private vs. federal student loans.
  • Refinance your auto loans through credit unions such as Penfed or Navy Credit Union, or online banks such as CapitalOne or Ally Bank. Because of the lower overhead and return requirements of these types of financial institutions, they can often pass on the cost savings to customers and charge slightly lower interest rates. 
  • Refinance your credit cards. Pay attention to those credit card promotions that you usually throw away. This is a strategic option that requires some real planning and attention to detail, but it’s one of my favorite ways to reduce your debt. 

 

Hopefully, you found an area or two that deserves your time and attention. As a final tip, joining membership programs like AARP can help you reduce your expenses in all the areas listed above AND you can be any age to join!

Grab your free gift – Ultimate Financial Resource Guide to help you on your cost-cutting journey.

 

 

 
Nikki Tucker

Nikki Tucker

Founder & Managing Director

 

Nikki is a 16-year financial services professional, a Certified Divorce Financial Analyst ®, and the primary divorce financial strategist for The FIIRM Approach. She helps female breadwinners prepare for divorce to avoid common financial mistakes and confidently maintain their financial security. She uses proven strategies within the FIIRM Approach methodology so her clients can manage their money, debt, and credit in their new financial life. TAKE ACTION & LEARN about the tools that can help make your new money life easier. Grab your FREE Ultimate Resource Guide HERE. 

The Events That Suck The Life Out of You & Your Money

The Events That Suck The Life Out of You & Your Money

The Events that Suck the Life Out of You and Your Money

The Events That Suck The Life Out of You & Your Money

What Are Life Events

 

There are life events that we look forward to and some that we dread. Unfortunately, they can cost us a pretty penny – in time, money, or both!

Some are beautiful milestones 😍👩‍🎓🤰👰

Some are tragic transitions 😔

I think the lines are blurred for milestones and transitions, but generally I view milestones as new moments, temporary in nature, while transitions may be new chapters or events with more permanence. 

A trip to Bali for the first time is a milestone. 

A move to Bali is a transition.

Sometimes it’s a little bit of both – like a wedding/marriage – but for the purposes of this post, we’ll just call them life events!

In many cases, when the life event is beautiful, we are caught up in the planning or pomp & circumstance of it all. 

When the event is more traumatic or dramatic, we are managing a sea of emotions like despair, sadness, or disappointment. 

What gets lost is that often these events present opportunities to update or review our financial affairs. 

I don’t want you or your family to suffer negative repercussions if you don’t take advantage of these opportunities, so allow me to highlight them and the action that may be necessary.  

Plus, you might already be ahead of the game and you can share this post with someone who really needs it. 😉

 

 

 
 
 

 

 

Download our Ultimate financial resource guide to get started on finding the right resources to work on your financial game plan or share this with someone who may need it.

 

 

 
 

 

Our Most Common Life Events

 

Below you will find the most common life events and the key financial related questions to ask yourself as you experience these things. 

 

Child Birth or Adoption

  1. Do you need to update health, life, or property insurance information?
  2. Do you plan on opening a College Savings Fund or new savings account?
  3. Do you need to create or update estate documents?
  4. Do you need to increase your contributions to HSA, Flex, or Dependent Care?
  5. Do you need to adjust your withholdings for your paycheck?

 

Marriage, Separation, Divorce

  1. Do you need to contact your tax specialist?
  2. Do you need to adjust your withholdings for your paycheck?
  3. Do you need to update health, life, or property insurance information?
  4. Do you need to create or update estate documents?
  5. Do you need to add or remove names/signers from accounts?
  6. Do you need to update POA or POD on bank accounts?
  7. Do you need to open or close credit card accounts?
  8. Do you need to lock your credit profile?
  9. Do you need to save for a major purchase?
  10. Have you pulled your credit to ensure your name was removed from the appropriate debt/creditor accounts?

 

Employment Changes/Retirement

  1. Do you need to contact the social security administration?
  2. Do you need to contact your tax specialist?
  3. Do you need to update income information with credit card companies?
  4. Do you need to reduce the amount of life insurance you have?
  5. Do you need to transfer a retirement account?
  6. Do you need to change your contributions to your retirement account?

 

Aging Family Member or Family Member with Terminal Illness

  1. Do you know where their estate documents are located?
  2. Do you have authority to make financial decisions?
  3. Do they have long term care insurance?
  4. Do you need to purchase a larger home or move them closer?
  5. Are you aware of repairs necessary on their home?
  6. Do you understand their financial profile?
  7. Do they have adequate life or burial insurance?

 

Child Graduation/Move Out

  1. Do you need to reduce the amount of life insurance you have?
  2. Do you need to update health or property insurance information?
  3. Do you need to downsize your car or home?
  4. Do you need to create or update estate documents?
  5. Do you need to change cable, cell phone, or WI-FI plans?
  6. Do you need to remove them from bank accounts?
  7. Do you need to change your retirement savings strategy?

 

Tackle these questions bit by bit and don’t be afraid to utilize expert help when needed. Our Ultimate Financial Resource Guide can help with some of these questions as you look for tools and resources. 

Patience & Progress! 😉😉

 

 

 
Nikki Tucker

Nikki Tucker

Founder & Managing Director

 

Nikki is a 16-year financial services professional, a Certified Divorce Financial Analyst ®, and the primary divorce financial strategist for The FIIRM Approach. She helps female breadwinners prepare for divorce to avoid common financial mistakes and confidently maintain their financial security. She uses proven strategies within the FIIRM Approach methodology so her clients can manage their money, debt, and credit in their new financial life. TAKE ACTION & LEARN about the tools that can help make your new money life easier. Grab your FREE Ultimate Resource Guide HERE. 

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