Here it is again — tax season! I mean… April! April is so colorful here in the desert with the plants and bushes in full bloom. The birds are singing and the lizards have begun basking in the sun. And … it’s tax season.
I am blessed to have a career that I love, a beautiful place to live, and loving family and friends — but I still have to do taxes. Ugh! I can’t get away from it until it’s done! But taxes, in a way, can be a blessing in disguise. You get to see how much financial success you’ve had last year and make adjustments for the year to come!
Some people have already filed their tax returns and I applaud them. I’m guessing they’re probably receiving a tax refund. In fact, about 70% of American taxpayers are getting part of over $200 million the IRS will be paying out in refunds this year. That’s a lot of money!
The average tax refund will land somewhere around $3000. A lot of people get excited about their refund because it seems sort of like winning a prize or receiving a gift. And $3000 is a lot of money! The truth is, when you receive a tax refund, it’s actually the government giving you back your own money. You earned it and gave them too much during the year and now they have to give it back. Interest free.
If you’re receiving a tax refund, and especially if you’re receiving a refund of $3000 or more, T&H Financial Coaching has two suggestions for you:
First, make an adjustment on the amount withheld from your paycheck so your 2018 tax refund will be closer to zero. This means you’ll have about $250 more of your money every month! Talk with your HR Department at work. You’ll need to fill out the new 2018 W-4 form, but they can guide you through the process. I have friends and family who work in HR and they are some of the nicest people I know. They enjoy helping people!
Second, take time to enjoy having $3000 — and be intentional about how you spend it. My advice is to always do what’s right for you. It’s your money and you get to decide; but decide with intention. Remember — it’s not an all or nothing decision! You don’t have to do just one thing with your tax refund. You may want to use T&H’s Financial Rule #2: Spend some, Save some, and Give some. I love this balanced approach!
This is what I would do with a $3000 refund:
$1000 : Pay down my credit cards or student loans
$1000 : Save in my Emergency Fund
$ 400 : Pay cash for new spring clothes! (New yoga outfit here I come!)
$ 400 : Set aside cash for girls night outs for the next few months!
$ 200 : Give cash to my favorite charities. I like to give to local and global food banks in the spring. I give to St. Vincent DePaul, a local food bank here in Phoenix. I also give to Feed My Starving Children, which is a global food provider.
I hope you enjoy April here in Arizona, or where ever you may be! It’s a beautiful time of year! If you like the idea of being intentional and balanced in how you spend your money, then let’s work together to create a balanced and intentional financial lifestyle. As the owner and founder of T&H Financial Coaching, I personally work with you one-to-one to get you there. Check out T&Hs Quick Start Package to get started and follow me on Facebook!
I’d also like to invite you to a few of our fun events coming up. Click here for more details!
How many times have you been asked, “What do you want to be when you grow up?” When I was younger, I just wanted to ride my bike and play tag with my friends. I didn’t want to think that far ahead when I was blowing out 9 candles on my birthday cake.
Now, some of us are blowing out a lot more candles on our cakes, and we’re still asking that question!
Our lives are filled with so many possibilities and I think that is beautiful! Doesn’t time fly when you’re growing up!
Somewhere in the middle of raising my four children, I realized I could finally answer the big question. I knew what I wanted to be – a teacher. Of course, I couldn’t just go get a job as a teacher… first, I needed to get a college degree. That’s when I realized what so many of you have also realized in your lives — Wow! does college cost a lot!
Are you like the 44.2 million Americans who paid for college by taking out student loans? I bet it feels like most of your income goes to endlessly paying them off. It’s almost like you’re paying for your college degree twice. And you are, thanks to interest. (Sorry, but it’s true!) However, the worst part about having student loan debt is that you can’t truly enjoy the career that you worked so hard to get! How are you supposed to enjoy your career and all your accomplishments when you’re chained to the stress of paying off debt? What are you missing out on because you’re worried and stressed out about debt?
The honest truth is that having student loan debt has long-term negative consequences on your financial future. But it doesn’t have to. You figured out what you wanted to be when you grew up and you went for it! You have a college degree! You are amazing! And you deserve to balance your level of education and your personal finances.
There is no “one size fits all” solution when it comes to paying off debt. That’s why T&H Financial Coaching meets with you one-to-one to analyze your personal financial situation and rebalance your finances to pay off your student loans. Our Quick Start Package helps you get started, well, quickly. Which is exactly what you want when you think about how much you pay in interest every month!
At T&H, we know debt. In fact, as the owner of T&H, helping people get out of debt is a passion of mine! I founded T&H Financial Coaching because I wanted to take a unique approach towards getting out of debt that is different from the one taken by the financial industry. I am a mother and I am a teacher, and I’ve combined that with my own financial experience into an approach that unites encouragement, knowledge and empowerment to create a truly holistic approach to your financial wealth.
Student loans can be scary and frustrating, but they are just like any other debt. Debt is debt. Let’s get you out of it so you can enjoy your life, your career, and all your future opportunities! Set up your appointment today! Check out T&H’s Quick Start Package to get started and follow me on Facebook!
Owner, T&H Financial Coaching
It’s rainy season here in Arizona. When the rain stops, I always make a point to put down my tea and step outside. I hop over the puddle that always forms by my front door and I search for it. Will I be lucky enough to see one today? I look to my left and there it is, spreading across the horizon — a rainbow! Oh my! Rainbows always make me smile. The colors appear softly at first, growing bigger as their arc strengthens. So beautiful! How lucky I feel in those moments!
Seeing a rainbow is lucky, but it’s more than just being in the right place at the right time. You have to step outside after the rain. In a way, you have to make your own luck.
Have you ever had a friend tell you they booked a trip to Hawaii to celebrate their next birthday? Or maybe your neighbor mentioned they were going to quit work before they turn 65. Or your co-worker mentioned they’re going to buy a couple bikes and an RV and tour the country? And you probably thought, “Wow! You’re lucky!”
How do people afford things like that? Do they find the pot-of-gold at the end of the rainbow? Well, no. It’s actually way easier. One day, they proactively decided to start saving money, and then they actually did. By saving some money every day on purpose, they were able to save a lot of money over the years.
At T&H Financial Coaching, we call it a Healthy Habit!
The key to keeping a healthy habit is to make it easy to do.
1. Decide on your container of choice; a mason jar, a box, a vase, or even an envelope will work just fine! I use a mason jar because I love the way they look!
2. Label your container “My Healthy Habit” or “My Pot of Gold”. Get creative!
3. Place your container in a safe location where you’ll see it every day. Seeing it every day is important because every time you look at it, you will remember to save!
4. Every single day, put $1.00 in!
5. Let yourself soak in that wonderful sense of pride of having saved money and formed a healthy new habit!
$1.00 doesn’t seem like a lot at first, but it adds up fast!
You’ll have $365 at the end of one year
You’ll have $730 at the end of two years
You’ll have $3,650 at the end of ten years!
(You can see why it needs to be a habit!)
So begin today. Ok, maybe tomorrow, but either way — stop waiting! Every day you wait to start saving money is a dollar less in your jar. If you need that extra push or courage to start — email me! I love helping people create their own financial luck.
Imagine the opportunities you’ll create for yourself with your $1.00 a day… and then imagine what sort of rainbows you’ll see when you start to save even more. As the owner of T&H Financial Coaching, I work with you one-to-one to save dollars, hundreds of dollars, even thousands of dollars! Check out T&H’s Quick Start Package to get started and follow me on Facebook!
May you grow your pot of gold!
Owner, T&H Financial Coaching
Ahhh, a good night’s sleep! There’s nothing like snuggling under the covers, falling fast asleep, and waking up refreshed and ready to confidently take on the day! I always feel happier after a good night’s sleep. I’m calmer and the little stresses that come up throughout the day don’t bother me as much. Plus, when I get a good night’s sleep, my coffee tastes better!
Of course, a sleep so peaceful that your coffee tastes better isn’t an easy thing to achieve. Especially when you are worried about money. When it comes to finances, the biggest stress causers (sleep ruiners!) are those $100 – $400 unexpected expenses that you don’t have the cash for.
So why do you keep waking up in the middle of the night? Maybe you’re anxious about paying for that unexpected cell phone repair. Or maybe you promised your friends you’d meet them for happy hour tomorrow, but your dog got sick and now you have a pretty big vet bill that needs to get paid. You could put it on your credit card, but then your goal to pay your credit card off this month is out the window, and your peaceful dreams are replaced with late night financial worry. Again.
Well, stop worrying! Seriously! At T&H Financial Coaching, it is one of our core beliefs that you deserve a good night’s sleep! Money shouldn’t cause you stress — it should be the support system you need to live your best life.
So what’s the easiest way to sleep stress free? Set up a Happy Rainy-Day Fund! Most people know what a “Rainy-Day Fund” is (the money you set aside to pay for emergencies), but at T&H Financial Coaching, we’ve redefined it to be a bit … happier!
A Happy Rainy-Day Fund is the money you set aside for ALL of the unexpected expenses of life that aren’t part of your regular monthly budget. The difference is that unexpected expenses are not always emergencies — unexpected expenses can come from the joys in your life, too!
What does your calendar look like this month? Maybe your friend is getting married next week, you have three birthday dinners to attend, and your sister just asked you to throw her a baby shower. Or maybe you just got a new job and need a wardrobe update. These are all wonderful things to happen in your life — but they’re also unexpected expenses.
It shouldn’t matter if the unexpected expenses come from emergencies or happiness, you should be able to pay for them stress-free. That’s why I call it the Happy Rainy-Day Fund!
Follow these 3 steps to start building your own Happy Rainy-Day Fund:
- Open a savings account specifically for your Happy Rainy-Day Fund. Keeping it separate from your other accounts is important.
- Set up an automatic monthly transfer of $50.00 from your checking account to your new Happy Rainy-Day Fund account.
- Transfer $25.00 from every paycheck into your Happy Rainy-Day Fund savings account. This twice per month transfer adds up quickly!
Most of my clients are amazed they have $50 (or more!) they can easily transfer into Happy Rainy-Day Fund, they just need help finding it. That’s where I come in. I work with you one-to-one to help you redefine your relationship with your money so you can sleep stress-free. First step ~ a Happy Rainy-Day Fund! Sign up for my T&H Quick Start Package to get started and follow me on Facebook for more great money saving tips!
You deserve a good night’s sleep and to enjoy the taste of delicious coffee that comes from those worry-free zzzz’s!
T & H Financial Coaching
February is the month of love! When I think February, I think flowers… chocolates… and greeting cards covered in pink and red hearts! They are so sweet! One of the most important reasons to get your finances together is so that you can gift your love to the people you care most about — and that includes ourselves! To me, loving myself means loving my finances and having a good relationship with my money. And this February, I’m going to gift myself my love! And you should too!
This year, someone who loves me is gifting me $1,000.00! (Just think of all the chocolate hearts I can buy!) Can you guess who? It’s me! And yes I am worth it! And so are you!
Last year, American’s credit card debt totaled over 1 trillion dollars for the first time. That’s 1 trillion with twelve zeros! I can’t even wrap my head around that number. How many trips to the moon and back is that!? (Beam me down, Scotty!) Let’s make that number a little more real — each American owes an average of $7,000 in debt. That isn’t so bad… but wait, it also means that every American is paying an average of $1,000 just in interest to the banks every year. So I say stop loving the banks and give yourself that money instead!
Paying your credit card off in full each month feels amazing! That’s my kind of way to show love! Start by following these tips:
- Pay your minimums on time every month.
- Choose one credit card and pay as much extra as you can on it every month until it’s paid off completely.
- Do not charge any more money on that credit card. Ever. Until it is paid off completely.
Then, rinse and repeat!
What nourishes our hearts is not always the easiest thing to do. Sometimes it’s even scary. Maybe you have more than one credit card or more debt than you can realistically pay off in one month. Or even in one year. That’s ok — because you’re not alone! This is my passion. As the owner of T&H Financial Coaching, I work with you one-to-one to truly understand your financial situation and help you fall in love with it! Check out the T&H Quick Start Package and follow me on Facebook! It’s time to start loving your finances!
T & H Financial Coaching