Debt Management
Rebekah Eason
Holiday Cash for Students

By: Becky Eason, CFP®

The holidays are upon us and although 2020 isn’t a traditional year people are still getting into the holiday spirits. Gifts have become a huge part of the holidays, which we all know can add a lot of additional stress. This year there is the added stress of what is the best way to get gifts to loved ones? Shipping can be expensive and you risk packages getting delayed, lost, or broken so I wouldn’t be surprised to see more monetary gifts be given.


Holiday Cash for Students

Financial Stress

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The Pandemic Has Changed How Parents Save for College - Here’s How to Get Back on Track

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The Pandemic Has Changed How Parents Save for College - Here’s How to Get Back on Track

By: Ann Arceo, CFP®

As parents, we want what’s best for our kids and education is top of the list for many of us. Of course we had no way of knowing that this year would disrupt and change so many of our plans. From an economic downturn to school closures, 2020 is a year we won’t soon forget. As we’ve scrambled to adjust our family routine to make this school year work, it can be easy to put off planning for a future goal like college that’s years down the road.

If you can relate to that feeling, you’re not alone. A recent CNBC article highlighted a survey showing “16% of parents saving for college paused their contributions” while 13% reduced contributions and 17% planned to withdraw funds” because of financial concerns due to the pandemic. Worrying about your finances during this time is certainly understandable, but the one rule parents should keep in mind when saving for college or any major financial goal is that time is one of your biggest assets. By starting early, you’ll ultimately need to save less given that your money will have time to grow. So if you’ve started saving and stopped or even if you haven’t started saving at all, the 4 steps below can help you make a plan and get on track.

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Love and Money

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With Valentine’s Day right in the middle of February, we are surrounded by reminders of love and relationships. We thought this month it would be appropriate to spend some time talking about relationships and finance.

by Kate Welker, CFP®

Money consistently is listed as one of the top reasons for stress in relationships and causes for divorce. Money is one of those topics that people sometimes like to avoid, as if they don’t talk about it it won’t exist, and that just leads to more stress. Along with your Valentine’s dinner I want to encourage you to set up a money date.

Make it a real date. Mark it on the calendar, get a babysitter for the kids, put on a nice outfit. You want to be able to focus and still enjoy your time together.

Spend some time reviewing what your current status is.  Take a look at your current accounts, your assets and your debts, income and expenses, to get a “snapshot” of what your financial picture looks like. Talk about your goals to see if you are spending your money in the right areas.If you’re not, ask why. Is it debt, unnecessary spending, or something else in your lifestyle? When you talk about these things together you have a teammate to work towards your goals with. It’s easier to say no to extra spending if there are two of you on board.

Check in on your feelings about your money. Do you feel stressed over your spending, do you feel like you aren’t saving enough, maybe you have plenty each month but you don’t feel in control over where its going. Whatever it is, spend some time discussing if you are happy with your money and why or why not. 

If you decide there are changes to be made talk about what that looks like and what the next steps are.

It is extremely important to be honest, hiding financial problems leads to more stress and bigger problems. There is actually a term for this - financial infidelity. If you are hiding anything it will be extremely difficult to bring this up, but it needs to be addressed. If you are struggling with how to work through this you may want to enlist the assistance or a counselor or financial professional. 

We hope you enjoy your money dates and it encourages you to do it more often. We would love to hear from you if you try this, let us know how it went!

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Financial Planning Strategies for Holiday Spending and Savings

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Financial Planning Strategies for Holiday Spending and Savings

It’s hard to believe that we are already in the holiday season. Christmas is just over a week away so in this week's Monday Morning Quarter-Buck, Financial Planner Becky Eason (who we affectionately call our budget queen) is going to give you a few tips to save money in the upcoming weeks. 

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