Life, Finances and Relationship Coach

Coaching Clients Towards Their Full Potential

Debt Free Living Matters

Debt seems to be the American way.  Like hamburgers, hot dogs and apple pie it has become part of our culture.  Unfortunately, like the foods mentioned above, too much debt can wreck havoc on relationships.  Couples should talk about money, finances and debt regularly openly and honestly.  In marriage there has to be open communication, unity and honesty regarding money and the way it is spent, respected, or disrespected.   Otherwise, relationships can get in serious trouble.  It does not matter the length of the relationship, it is never too late to put money habits and systems in place.   Each individual in a relationship brings their own perspective regarding money based on their childhood, upbringing and life experiences.

Before my husband and I married we talked extensively and in-depth about our financial vision, goals and spending habits.  We also talked about our goal to get married, and that purchasing a house was more important than a wedding.   We went to the justice of the peace and purchased our first home eight months after getting married.  With a strategic financial plan and implementing that plan, we paid off our first home in less than five years of owning it.   After 26 years of marriage, owning five homes and now not having a mortgage on our current home, we feel free.   Throughout our married life we usually had a financial plan.  Many times the plan didn't work out exactly like we planned.   However, we always tried to stay  focused.   If we failed at something we got back up, keep going and became more determined and focused to reach our goals.

The financial goal as a couple is to earn money, save, eliminate debt and invest to create wealth.  Every couple should have guidelines to reduce arguments, mistrust, confusion, frustration and worry with money.  A unified strategic plan is needed to stay clear of debt and credit problems.  Keep reading. I will share some basic tips to help in the area of personal finances.

Know what you make.
I am absolutely amazed when I coach couples and I discover one partner does not know how much money the other one makes.  Unless a spouse has serious problems, bring your income together to get ahead financially.  Use one joint checking account to manage your household, and evaluate your incoming and outgoing expenses weekly together.

Have a spending plan.
With a budget, the purpose is to identify exactly how much money comes in and out each month. You should have in your plan all categories money is spent each day, week, month, quarter, and year.  For example, anniversary gifts, dining out, insurance, entertainment, hair care and other expenses.  A "spending plan" needs to reflect all spending habits over a twelve month period, broken down on a monthly basis.

Think before you spend.
Practice the 24-hour rule. When you want to purchase an item, wait 24-hours to make sure you still really crave the item and need it.  If after 24-hours, you determine you still need the item -- go get it with cash.

Start an emergency fund.
Set aside money monthly for the unexpected by having an emergency fund. The goal is to save three to six months of your monthly salary in case of emergencies.   For example, start by saving $100 each month.   At the end of 12-months you will have $1,200.  When raises and bonuses are received put those towards savings.   Once you accumulate at least $3,000 start a brokerage account and start purchasing low cost Index Funds.

Keep good credit.
The better your credit rating, the more money you save in every area of your life.  Pay attention to your credit rating. Make it a rule and practice to pay your bills on time to avoid late fees, higher interest, and bad credit marks.

Here is the bottom line, too much debt can destroy the best of relationships.  Talk, plan, and prepare together how you will build a solid relationship and financial future together.  Money management matters in a relationship, so make sure your money matters and counts.  

If you are ready to change your relationship and financial future call Sharman at:  770-966-5236

It's About...

Having peace when you talk, understand and plan your financial future together.

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"12 Steps to Eliminate Debt Forever"

Financial freedom is available to everyone.   It isn't based on who we know or how much money we make.  It's a result of a change in our thoughts, habits and behavior with money.   Living debt free is not just for the rich and famous!  Sharman and her husband paid off their first home in less than five years by living a life of simplicity and debt-free living.  They started educating, training and planting the vision in others soon after.

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