Financially Happy Holidays!

I had a great time on the Isha Cogborn Show! We discussed 'Keeping Your Holidays and Your Money - Happy! Below is the transcript from our conversation and a link to the audio is posted to in the column to your right. Check out Life Coach Isha at epiphanyinstitute.com

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WELCOME! The holiday season is upon us! A time filled with lavish parties, hearty meals, gift-giving and for many, lots of stress. On the first episode of The Isha Cogborn Show on BlogTalkRadio.com, Life Coach Isha Cogborn will get you ready to enjoy the holidays without losing your sanity or savings.

You might be feeling the pressure of giving your kids a perfect Christmas, treating your holiday guests like royalty, or looking fierce every time you walk out the door. Black Enterprise Magazine Featured Financial Coach Dorethia Conner will join us to talk about why it’s ABSOLUTELY CRITICAL not to overextend yourself over the holidays and how doing so just might haunt you till next Halloween. Plus, Coach Isha will address your top holiday stressors. You can’t afford to miss this show…literally!

Coach Isha:  Ok Dorethia, we've been financially responsible all year long. Isn't it normal to spend   more money during the holidays? We're cooking big dinners, buying gifts, traveling...these things are important to us. Can't we splurge a little just for these two months?

Dorethia: I don’t  mind a little splurging, my question is: can you afford it? When you have paid all of your monthly bills, put money in savings and other obligations… what’s left? If you can't handle those things, you shouldn't even think about it! Yes, it is normal to spend more during the holidays, how about we take a break from the NORM?

Coach Isha: What’s the best way to prepare for the extra expenses the holiday brings?

Dorethia: Planning throughout year will save you a lot of grief during the holidays. If you aren't disciplined to put away money without touching it, open a Christmas savings account. You add a certain amount of money each month and aren't able to withdraw it until October. 


Key Point: When you think about how much money you might need, don’t just think about gifts you want to buy. Think about those dinners, those Christmas parties,  the increase in your grocery bill and maybe any holiday concerts or shows you want to take in. We often only think to save for gifts, but these other expenses add up as well. It makes the holidays more fun when you've pre-planned for all your expenses. 

Coach Isha: Assuming we haven’t had a chance to do those things for this season, how can you still enjoy this time of year and not punish your family for your lack of planning?

Dorethia: In that case we simply have to scale back our gift giving. You can still buy gifts of course, but always have  a certain amount to spend on each family member and maybe you just buy for your immediate family. When times are tight, I know many couples who exchange love for themselves and only buy for the kids. In addition to gifts, we should also create  family traditions – everyone making a craft, playing board games as a family, cooking  desserts together - are all ways to do this. These things make holidays special and are often remembered much more than the gifts.

Coach Isha: I know there’s someone out here that’s saying to themselves, “I hear you, but you only live once. You’ll always have bills, but the opportunity to create memories with family and friends doesn’t come very often. I’m using my credit card”. What would you say to urge them to spend responsibly?

Dorethia: Isha I hear that all the time and it is simply a foolish point of view.  Since when did creating memories have to equate to spending money.  How often do we remember the times we laughed together or got excited over a family game without spending a dime? It is short-sighted thinking and we have to begin to think like the wealthy – who  think and plan long-term. Ask yourself 'how are my actions today going to affect my financial future?' So you splurge during the holidays, racking up credit card debt, missing bill payments, when you can’t afford it, and you are crying in January. Why? Because you know you will spend the rest of the year trying to pay for toys that were destroyed Christmas day!

Coach Isha: You offer financial coaching, workshops, all sorts of resources for people, like me, who just may not be naturally gifted at managing money. How can people work with you?

Dorethia: I co-host an online Twitter talk show called #moneychat each Monday evening at 8p.m. eastern with my good friend, @BenitaTyler of TBS USA Accounting and Tax Services, where we discuss a variety of money topics in plain English! In Twitter Search type in hashtag and then moneychat (#moneychat) and you will find our thread to jump in the conversation. Follow --> @DorethiaConner

Listeners can visit my website at  www.connercoaching.com for Free Spending Plans and other resources.  In addition to speaking, I coach individuals and small businesses nationally via net meeting and telephone on matters ranging from getting out of debt to funding business ventures and building wealth.
Thank you for having me Coach Isha!
-Dorethia
 connercoaching.com

Debt Management: Keeping Abreast of Credit Cards

Yep, still smiling! Alright here it is, the link to Dorethia Conner's article feature in Black Enterprise Mag.. October 2010 issue page 99. 


DEBT MANAGEMENT 

Keep abreast of credit card news and developments—and work to pay down your debt. Banks and credit card issuers are losing money [because of recent credit card reform legislation] so they want to offset that some way. Everyone should stay on top of any news related to credit cards. Card holders have to watch their statements—every piece of mail they get at home—because banks are going to find a way to supplement.... 

Click to read the rest: All-Star Advice 2010

WHAT'S NEW?

#Moneychat!!! 

Join us for  #moneychat on Twitter, Monday's from 8p.m.- 9p.m.   A laid-back, candid discussion about all things #money! 

My twitter handle is @DorethiaConner... what's yours?

Your Financial Coach ~ Dorethia ~ www.connercoaching.com

Black Enterprise Magazine Celebrates 40 Years: Honors Founder Earl Graves

Black Enterprise Magazine is celebrating forty years of inspiring African American business owners to excellence. I had the pleasure of attending the celebration this year and it was amazing. The energy and emotion of the event was overwhelming. Mr. Graves shared stories of  the beginning days of the magazine when it was just him and his wife working long hours to produce a quality product. He saluted long-time sponsors who continued to support the project year after year, such as the host, Exxon Mobile. In addition, he encouraged entrepreneurs and small business owners to stay the course in providing quality service and products to our customers.

All year, Black Enterprise has been featuring special segments around their celebration. I highly recommend reading about the legacy of Mr. Earl Graves: B.E. Titans - Mr. Earl Graves Sr in addition to the other great articles and business insight offered.

I am proud of the history of Black Enterprise Magazine and grateful to announce that I'll be featured again in the October 2010 Issue! There's no link just yet, but make sure you pick up your copy!  In the meantime here are a few articles below in which I've been quoted. 

Your Financial Coach,

-Dorethia
www.connercoaching.com

Retiring Rich: How to Build a Nest Egg With Your Spouse

Written on 17 Sep, 2010 at 13:21 in B.E. Exclusives, Personal Finance, Retirement | viewed 483 times | 6 Comments

Planning for retirement is crucial at every point of your life, and that planning changes after you find the one you want to spend the rest of your life with. BlackEnterprise.com spoke with financial coach Dorethia Conner to find out... (Continue reading)

Tagged with: Dorethia Conner    financial goals    financial plan    financial solutions    investing for retirement    love and money    Nest Egg    retirement goals    retirement planning    Retirement plans    retiring rich    Roth IRA    Saving for retirement    Traditional IRA

Dealing With Debt: What to Do When Creditors Attach

Written on 24 Aug, 2010 at 11:00 in Credit & Debt, Personal Finance | viewed 355 times | 0 Comments

Here’s what you need to know if you are being sued by a creditor of if your account has been attached.... (Continue reading)

Tagged with: account attachment    attachment    bankruptcy    Credit & Debt    credit scores    creditor lawsuits    Dealing With Debt    debt collection    debt collectors    debt settlement    debt settlement agreement    debtors rights    wage garnishment

Cutting Edge: How NOT to Invest in a Mutual Fund

Written on 19 Apr, 2010 at 16:00 in Blogs, Investing, Personal Finance | viewed 1,329 times | 6 Comments

I never quite understood how subprime lending was able to ravage so many communities until recently. I attended an investing workshop in Brooklyn, New York. The presenters were from a company called Goal Mine and, along with teaching about how... (Continue reading)

Tagged with: Cutting Edge    Dorethia Conner    financial literacy    Investing    mutual 

Invest? Are You Serious?

While some people have decided to sit the market out altogether, there are others who are ready to dip their toes in the water and cautiously invest again or for the first time. Even in light of the current economic ____ (input the latest buzzword for tragedy here), I’ve been a proponent of investing wisely. The market goes through cycles and it will rebound again. That said… we have to be realistic, we have to do more research than ever on the companies we invest our money in. Long gone are the days of blindly following your investment advisor.

Start with a Mutual Fund

A mutual fund with a solid track record….yes… I hear you snickering… hey… I’m snickering too! Look for a mutual with returns in the 8-12% range over the long term meaning 10 – 12 years.  Make sure the fund manager didn’t just get there either, you want them to have at least 5 – 10+ years with the fund.

It is also wise to pick a mutual fund that is comprised of industries that are not dependent on one another.  For example, a real estate company and a home building company both suffer when there are hits to the industry. If both are in your mutual fund you will take a bigger loss.

Do Your Homework

Where to start your research? Google It!  Learn about the fund and the companies it holds. Search for each company in the mutual fund portfolio.  Find out what kind of media attention they are receiving, good or bad. What are other investors saying about them? Have they had a recent change in leadership? Go to their websites and download their annual reports, read their notes, look at the financials.

Of course, you want to know how the fund is performing.There are a ton of sites that allow you to do financial research. Morningstar.com is a leader in the industry, and you can view some of the content for free. Google, Yahoo, AOL, along with many others, all have finance sites where you can input stock/mutual fund symbols and it will kick out company information.  What are the experts saying about this fund and the companies it holds?

Below is a screenshot from CNNMoney.com for:  CAAPX – Ariel Appreciation Fund

If you scroll down, you will see more information on the performance, industries represented in the fund, names of top 10 companies and so on…

p.s. - No affiliation with Ariel, just used it as an example people.... happy investing!

Your Financial Coach,

Dorethia
www.connercoaching.com

Are You REALLY Ready To Invest?

Many people think they are ready to invest but in all actuality they aren’t.  Guess what? That's okay! There are a few things it is important to line up financially before you jump into buying stocks and mutual funds. 

You don't want to jump in blindly, be able to say YES! to the following before you begin investing:

• You have a handle on your budget (..er… a written budget), meaning you know where your money is going each month.

• You have an emergency fund saved

• You have paid off your debt (except mortgage)

• You are investing in your retirement via an employer fund or an IRA

• You have done your research on investing terms, you have begun to follow the market and you learned how to read the financial papers to track your investments

• You’ve gauged your tolerance for risk, and accept that investing is a long term project

Begin reading the financial newspapers, listening to the financial news... not obsessively, but just so you are aware of what is going on in the investing world. That's not to say you won't ever lose money, we all know that's not true, but it will allow you to be a better educated investor.

Your Financial Coach!
-Dorethia
www.connercoaching.com

Don't Manage Your Debt - Get Rid of It!!

You Are The GIFT!

OMG!!! We had such wonderful time last weekend as over 300 girls swarmed around us at the Annual You Are The Gift Conference for Girls created by H.I.S. Agency Founder and President Derschaun Sharpley. The girls participated in workshops and 'fun' zones that encouraged them to maximize the 'GIFT' they are! They attended classes ranging from zumba, hip hop, and etiquette to starting a business, relatioships and leadership. Of course, yours truly taught them how to keep their money tight in my 'Young Money' workshop!

I had a ball, each year the girls wow me. One young lady, who was 14, pulled me to the side before class to inform me she really needed help because she had a job and wanted to do the right thing with her earnings. So... we used her as our case study and I let the class help her budget her pay! They loved it...

I laughed out loud when I asked one of the classes what their goals were and one beautiful gift stated she wanted to not have to look at price tags when shopping, just shop freely! I hated to burst her bubble, but had to tell her that no matter how much money you have, you should ALWAYS look at price tags!!

Visit http://hisagency.org/ to learn more about Derschaun Sharpley and the wonderful work she is doing turning our young men and women into the next generation of leaders!

Your Financial Coach,

Dorethia Conner
http://www.connercoaching.com/

Getting Married? Filing Status Considerations by Benita Tyler, TBSUSA.com

Check out this guest post by my friend Benita Tyler of http://tbsusa.com/ Tax and Accounting Services. Following my wedding theme these past couple of months, Benita offers some practical tax advice for engaged or newlywed couples. Please visit the TBS website for an extensive outline of the tax and accounting services available to you!

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Summer is wedding season. If you are getting married this summer, remember to give some attention to your 2010 tax filing status. You have two filing status options: married filing jointly, or married filing separately.

Married Filing Jointly

You can choose married filing jointly as your filing status if you are married and both you and your spouse agree to file a joint return. On a joint return, you report your combined income and deduct your combined allowable expenses. You can file a joint return even if one of you had no income or deductions.

According to the IRS, if you and your spouse decide to file a joint return, your tax may be lower than your combined tax for the other filing statuses. Also, your standard deduction (if you do not itemize deductions) may be higher, and you may qualify for tax benefits that do not apply to other filing statuses.

We recommend that if you and your spouse each have income, you figure your tax both on a joint return and on separate returns (using the filing status of married filing separately). You can choose the method that gives you the lower combined tax.

Joint Responsibility. Both of you may be held responsible, jointly and individually, for the tax and any interest or penalty due on your joint return. One spouse may be held responsible for all the tax due even if all the income was earned by the other spouse.

Married Filing Separately

You can also choose married filing separately as your filing status if you are married. This filing status may benefit you if you want to be responsible only for your own tax or if it results in less tax than filing a joint return.

We understand that knowing which filing status to choose can be confusing. If you want easy to understand explanations for your tax questions contact us!

Benita Tyler, President
http://www.tbsusa.com/
info@tbsusa.com
313-377-1080

Financial Checklist Before You Get Married!

1. How Much Debt Do You Both Have?

No need to be shy about it, lay it all out on the table. It’s important to disclose ALL debt and previous financial issues prior to marriage. Don’t discount someone immediately because they’ve had some money problems. Do remember that once married yours is mine, so their debt will be yours and vice versa. No worries, as a team you can pay it off faster. The important thing is their mindset about debt and money management.. see #4

2. Who Will Handle the Finances?
Determine who is better at managing the money, if neither of you. Get outside advice and learn how to do it successfully. Many people have never balanced a checkbook until they’ve gotten married. That’s okay.

Honor one another by talking before making major financial decisions

3. Do You Share Financial Goals?
If your idea of financial freedom is having money in the bank and your future mate's idea is to go on lavish vacations each year, there will be conflict. Which is why it is so important to have money conversations. On a separate sheet of paper, each of you list your top 5 - 10 financial goals. Then list how you will achieve them. Swap lists, share your ideas, decide which are most important and create a new list that you both agree on.

4. Behavior Patterns With Money?
Do watch your potential mates spending habits and have financial conversations to learn what they think about money, saving, their financial future. Do they shop when they are upset, only to regret it later? Do they make large purchases without discussing it? Are their household bills paid on time and are they continuing to run up more and more debt? This behavior should definitely be curbed before anyone says I DO!

Teamwork is the key. You should work together, say it with me, TOGETHER. If one person handles the balancing, etc., at least have a discussion, without distractions, each pay about the finances, where the money is going and how close you are to reaching your goals.

5. Become Financially Savvy!
No, you won't be the next Financial Guru, but you must educate yourself when it comes to your personal finances. Read financial magazines, books etc. together. Attend financial seminars. All of the information won’t apply to you, take what does, and put it to action. If you are better with money, it is important not to be condescending to your partner. You won’t accomplish anything, except for hurt feelings and further defiance.

Excellent Books for Couples:

Get Financially Naked: How to Talk Money with Your Honey - Manisha Thakor
Zero Debt: The Ultimate Guide to Financial Freedom 2nd Edition - Lynette Khalfani
The Total Money Makeover: A Proven Plan for Financial Fitness - Dave Ramsey
Stop Acting Rich: ...And Start Living Like A Real Millionaire - Thomas J. Stanley

Your Financial Coach
~Dorethia
http://www.connercoaching.com/
dorethia@connercoaching.com

Getting Married Debt Free!

It's wedding season, in fact I have several friends getting married each month from July - December this year. Yes, my complete social calendar from now on will be weddings and receptions!

I am actually a bridesmaid in one of the weddings and our adventures in searching out 'wedding stuff' prompted this post. From the flowers to the dresses, when you add 'wedding' - it gets very expensive.

So how do you get married without breaking the bank? I have some tips and I also reached out to my Facebook  family for suggestions - here is what we came up with:

Coach Conner - The B-word: Set your wedding budget ....(You knew this was coming right?)

Yes, you and your future spouse need a wedding budget. Develop a goal of what you want to spend and set aside money from each pay to go toward your wedding. Guys normally have no problem with this...women on the other hand get caught up in the emotion and sentiment of it all.
So definitely make sure it's beautiful, but stick to your budget. Guys, hold your bride accountable... without causing arguments...er.. good luck with that!

Cash is King! You can negotiate everything when you are paying with cash. When you show that you are ready to purchase, and with cash - a vendor will go down in price before they let you walk out the door.

Andrea L.-  My daughter got married last year. We saved money by doing our own flowers for the church and reception. We hosted the reception at a restaurant which we shut down for the day. We selected a great menu and didn't have to rent a space for the reception.

Angelina B. -  Keep your invite list small. People really do understand when it comes to weddings. Invite those who have invited you to theirs (rule of etiquette) and if you haven't talked to folks in over a year (unless they're family!) don't invite them!

Also - dresses are marked down (or will be) once prom season is over and that is a good place to search for bridesmaids dresses!
Ann A. -  Get married intimately and have a reception for invited guests!

Brenda M. - Consider having a lunch/brunch reception, it's usually half the cost of a evening reception.

Benita T. -  Do your own invites and if there is a wedding party, select dresses that the bridesmaids can wear after the wedding.

This should get you started .. next post is Money and Your New Honey!  Financial conversations you should have before you get married....

Check it Out - Wedding Websites!

Wedding Tips for Grooms: http://www.groomsonline.com/

Wedding Tips for Brides: http://www.theknot.com/

Your Financial Coach,
Dorethia
http://www.connercoaching.com/

Last Minute Tax Advice by Cann Accounting, LLC

I know many will find this post by my own personal accountant helpful. Cann Accounting is owned by my good friend LaTeama Cann and her husband Nate. They are experienced and knowledgeable and will definitely be able to answer your personal or business tax and accounting questions!  - Dorethia


It is April 13th already and your taxes are not yet done. Here are some stress relieving ideas to help you.

Don't Panic if You Can't Pay - If you can't immediately pay the taxes you owe, consider some stress-reducing alternatives. You can apply for an IRS installment agreement, suggesting your own monthly payment amount and due date, and getting a reduced late payment penalty rate. You also have various options for charging your balance on a credit card. There is no IRS fee for credit card payments, but the processing companies charge a convenience fee. Electronic filers with a balance due can file early and authorize the government's financial agent to take the money directly from their checking or savings account on the April due date, with no fee.

Request an Extension of Time to File - But Pay on Time - If the clock runs out, you can get an automatic six month extension bringing the filing date to October 15, 2010. The extension itself does not give you more time to pay any taxes due. You will owe interest on any amount not paid by the April deadline, plus a late payment penalty if you have not paid at least 90 percent of your total tax by that date. Call us for a variety of easy ways to apply for an extension.

If you have any unanswered tax or accounting questions, call Cann Accounting!!!. There are five easy ways to contact us. Simply call, email, fax, write or just stop by!!

LaTeama Cann
Cann Accounting Service LLC
21848 Van Born Rd
Dearborn Heights, MI, 48125
contact@cannllc.com
Phone: (313) 278-2188
Fax: (313) 278-2206

Write Your Vision Build Your Dream Team! MASTERING YOUR MONEY!!

FREE! REGISTRATION REQUIRED:

http://www.masteringyourmoneynow.eventbrite.com/

Thanks! Dorethia
http://www.connercoaching.com/
dorethia@connercoaching.com

Living Life On Purpose

There are so many twists and turns in this life. As I always say – you don’t know which way the wind may blow. Don’t be so focused on your career or your money that you forget to live. Living doesn’t mean you have to take extravagant vacations or buy expensive cars, clothes or attain the corner office with the river view. Worrying about what you don't have and letting that stop you from being grateful for another day is a miserable way to live each day, month, year.


It doesn’t cost a thing to sit down and catch up with an old friend, take a walk with the kids. There’s plenty of free family entertainment at bookstores and libraries. Make your own fun at home – you don’t always have to go out. A home cooked meal for friends and family with lots of laughter and games is just as fun, if not more, than an expensive night out at a swanky hot spot.

Don’t make living so hard, accept where you are without comparing how much money other's may have or the kind of job they have. Yes, definitely set your financial and career goals and move toward them – but don’t beat yourself up each year because you haven’t ‘attained’ whatever you are seeking. Keep moving forward; balance your ambition by enjoying the journey.
 
Living life on purpose, 
~Dorethia 
http://www.connercoaching.com/
dorethia@connercoaching.com
800.962.2491

How Much Should I Spend on Groceries?

Plan out your meals. Decide what you are going to cook for each week, and buy groceries based on those meals. Think of how often you will go out to eat as well, say for lunch, and add that in.

If you aren't sure of the amount you normally spend, do a 'dry run'. Do your 'regular' grocery shopping, buying only necessities for each meal. How much did you spend? Write that down and then budget in a reasonable amount for snacks and eating out.  We start with your 'regular' grocery shopping because that is normally the largest amount and most difficult to get a handle on for a family.

Average monthly amount that a price conscious family may spend on groceries:

Size       Amount
2              $450
4              $600
8              $850


Don't forget your coupons! http://www.couponmom.com/

Your Financial Coach,

Dorethia Conner
http://www.connercoaching.com/
dorethia@connercoaching.com

Should You Be Out of Debt Before Starting a Business?

I am asked this question a lot when I'm speaking or coaching clients. Many people have entrepreneurial dreams, but aren't sure how this fits in with getting their personal finances in order.

The answer is NO, you do not have to be out of debt to start your business. (As a side, no you do not have to be out of debt before you get married either. I get this one a lot too!)  Anyway, moving right along,  here are a few financial things to consider before you jump into the world of being your own boss....

Have You Mastered Your Money? 
If you think handling the family money is a pain, wait until you start a business! You must have a process in place and some discipline in handling your personal finances in order to be able to successfully manage your business income and expenses as well.

Can You Answer YES to These Questions?

• You complete a budget each pay period and you know where your money goes
• You write transactions in your checkbook when they occur or at least by the end of the day
• You balance your checkbook to your bank statement when it arrives (or online)
• You've reigned in unnecessary spending
• You do have a plan for paying off your personal debts 

Personal Emergency Fund

I do suggest having at least your partial emergency fund of $1,000 saved.

Saving For Your Business

First, complete a 'Startup Expenses' form. You can  find one here: http://www.score.org/ .
List everything you will need to start up and the cost associated. Then, look at your personal budget and calculate how much can be allocated toward saving for your business each pay.
Essentially, you will add a line in your budget for let's say  'Dave's Detailing'  and assign it a dollar amount. Be disciplined about setting that money aside.

Stay away from debt... I'm the poster girl for the bootstrapper. Bootstrapping allows you complete freedom, no one gets a piece of the pie but you because you didn't borrow money!

So off you go... get busy ... live your dream, start your business, just plan it out!!

Need some motivation? Check Out These Tunes!

McFadden & Whitehead - Ain't No Stoppin' Us Now
Survivor - Eye of The Tiger
Ben Harper - My Own Two Hands


Your Financial Coach,
~Dorethia
http://www.connercoaching.com/

Money 411 - Answering Your $ Questions

Is it the parent’s job to pay for their children’s college? Kimani - Syracuse, NY

No, a parent's job is to raise them to the best of their ability. If the parent has CASH to pay for college (without missing a beat and has saved for their own retirement) then by all means.

Otherwise, the child should be looking for scholarships (http://www.fastweb.com/) like it's a part time job. No parent should go into debt to fund their child's college education.

Ideally, it would be good to save for college through the years if you can, but we all know that LIFE can get in the way of that.

So, how do I save for my child’s college if I'm able?

You save using 529 Plans or an Education Savings Account (http://www.savingforcollege.com/), if your family’s finances will allow. This means you have:
a. An emergency fund
b. Have paid off your debt or paid down enough to have serious wiggle room in your budget
c. Are continuing to contribute to your own retirement fund

If you are all set with those 3, then set aside a monthly amount to put into your child’s education savings. Your child should still begin looking for scholarships in junior high.

Last year I didn’t have much money to buy Christmas gifts. I’d like to start saving now for this Christmas, but my budget is tight. How can I make this happen?    Sandy – Washington, D.C.

Your first priority is your household responsibilities. Do a complete budget; don’t leave anything out that you may spend. If there’s not enough money as it is, you will have to table the Christmas savings idea and find ways to increase the money coming in by getting a part-time job, cutting back, etc.

Once you are able to pay your monthly bills with no problem, THEN you can set aside money each month into a separate account for Christmas. Write down each person’s name and the dollar amount you want to spend on them. Total it up and divide by the number of months left in the year. That is how much you will need to save each month in order to buy for everyone on your list.

If you have extra money, is it better to apply it towards debt or your emergency fund?
Macarena – Coconut Creek, FL

Extra money should go toward your emergency fund if you haven't yet reached your $1,000. If you have reached it, stop adding and put all extra money toward paying down debt.

What is the best way to pay down debt? – Jennifer - Rochester, NY

The best way to pay down debt is from smallest to largest. Write down everyone you owe, EVERYONE, and create a schedule for payment. WHY smallest to largest? Because it allows you to build momentum, eat the elephant in smaller chunks. Check out table below and go here for downloadable version: Debt Payoff

Say Goodbye To Expensive Gym Memberships!

No contracts, cancel anytime - ONLY  10 BUCKS A MONTH. Yes, this is what made my jaw drop. I pay $10 to drop in on a good gym class at some places, you mean I could have full access for ony $10? Yep. Okay, so wait a minute, what is the sign-up fee? You know that $100, no $99 - you're waiting until I agree to spring that on me right? Nope... only $10.  So you mean to tell me $10 to sign up and $10 per month? Ah... yep!

Guess what else? Come as you are, no one is staring at you like 'wow you should really work out a little harder if you want to lose all that'. The staff is not harassing you to join by making you feel as like a loser if you don't. You may not get group classes, but a convenient in and out workout on new equipment. I love it, who ever came up with the idea is a genius! Saves time and your dime!!!! This is the next best thing to finding the $2.00 dry cleaners!

So find one near you and say buh - bye to expensive gym memberships!!

Check it out:

Planet Fitness

Fitness 19

Your Financial Coach,
~Dorethia
http://www.connercoaching.com/
dorethia@connercoaching.com