Money Made Easy: How to Budget, Pay Off Debt, and Save Money 9781119894964, 9781119894971, 9781119894988, 1119894964

Table of contents :
Cover
Title Page
Copyright Page
Table of Contents
Preface
Acknowledgments
About the Author
Chapter 1 Finding Your Catalyst
Beginning the Journey
The Catalyst Is Your Motivator for Change
Identifying Your Catalyst for Change
Real-world Examples
Creating Internal Motivation
Action Items
Chapter 2 Money Habits and Money Mindset
Money Mindset: What Is It?
Your Childhood and Money
Scarcity vs. Abundance Money Mindset
Stop Believing Money Lies
How To Change Your Money Mindset
Your Money Mindset Matters
Money Habits: What Are They?
How to Identify Harmful Money Habits
Face Your Financial Truth
Find Patterns in Your Spending
Confide in Someone
Replacing Your Money Habits
Time: The Ultimate Gift
Action Items
Chapter 3 Creating Your Budget
What Is a Budget?
Writing a Budget
Step 1: Budget per Paycheck
Step 2: List Out Your Income and Fixed Expenses
Step 3: Budget for Variable Expenses
Step 4: Budget for Debt Payments and Savings
Step 5: Put It All Together
Budgeting on a Variable Income
Common Budget Percentages
50%—Needs
30%—Wants
20%—Savings and Debt
Where Does Charity Fit In?
Tracking Your Spending
How Should You Track Your Spending?
You’ve Tracked Your Spending—Now What?
Action Items
Chapter 4 The Secret Behind Successful Budgeting
Three Massive Budget Mistakes to Avoid
Mistake #1: Depriving Yourself and Living on a Supertight Budget
Mistake #2: Losing Traction with Your Budget and Giving Up along the Way
Mistake #3: Believing You’ll Never Be Good with Money
How to Stick to Your Budget
Tip #1: Keep a Buffer in Your Budget
Tip #2: Stay out of the Stores
Tip #3: Check Your Calendar Before You Make a Budget
Tip #4: Track Your Spending Every Day
Tip #5: Find an Accountability Partner
The Secret Weapon to Budgeting: Your Mini-budget
How to Write a Mini-budget
Three Benefits of a Mini-budget
Action Items
Chapter 5 Paying Off Debt While Enjoying Life
A Turning Point
Debt Payoff Strategies
The Debt Snowball Method
How the Debt Snowball Works
The Debt Snowball: Pros and Cons
The Debt Avalanche Method
How the Debt Avalanche Works
The Debt Avalanche: Pros and Cons
The DIY Debt Payoff Method
How The DIY Debt Payoff Method Works
The DIY Debt Payoff: Pros and Cons
Your Debt Payoff Plan
How to Pay Off Debt and Save Money at the Same Time
1. Don’t Ignore Your Budget
2. Set Up an Emergency Fund
3. Start Saving Money for What You Know You’ll Need
4. Pause Extra Debt Payments When Emergencies Happen
5. Continue to Contribute to Retirement
How to Stay Motivated While Paying Off Debt
1. Keep Your Progress Visual
2. Stay Updated on Your Numbers
3. Make Every Step Count
4. Make More Aggressive Moves
5. Stay on Your Feet
6. Create Incentives for Debt Payoff Motivation
7. Grow a Savings Balance While You Pay Down Debt
8. Stay Motivated with Inspiring Quotes
Rethink Your Debt-free Journey
Action Items
Chapter 6 Saving for Emergencies
Why Have an Emergency Fund?
What Your Emergency Fund Should Cover
How Much Should Be in Your Emergency Fund
How to Calculate Your Emergency Fund
Where to Store Your Emergency Fund
Option A: Standard Savings Account
Option B: High-yield Savings Account
Option C: Mix of Both
You Used Your Emergency Fund. Now What?
What to Do When Your Emergency Fund Isn’t Enough
Steps to Take
Action Items
Chapter 7 Setting Up Sinking Funds
What Is a Sinking Fund?
Sinking Funds: What You Know Will Happen
Sinking Funds: What You Want to Happen
Sinking Funds: What Might Happen
How Sinking Funds Work
How Much Money to Save
Adding Sinking Funds to Your Budget
Where to Keep Sinking Funds
Option 1: Cash
Option 2: Standard Savings Account
Option 3: Online High-yield Savings Account
Choosing Your Sinking Fund Locations
You’ve Used Your Sinking Funds. Now What?
Action Items
Chapter 8 Goal Setting: The Ultimate Game Changer
The Benefits You Can’t Ignore
Benefit #1: You Have a Clear Path to Follow
Benefit #2: Your Communication Improves
Benefit #3: You’re More Likely to Follow through with Your Goals
Benefit #4: Your Children See Goal Setting in Action
How to Set Money Goals
Step 1: Review and Reflect
Step 2: Set Your Intentions
Step 3: Create Your Goal
Step 4: Review and Track Your Goals
How Often to Set Goals
Long-term Goals
Yearly Goals
Monthly Goals
Weekly Goals
Money Goals to Consider
Tips to Reach Your Goals
Tip #1: Check In on Your Goals Often
Tip #2: Break Your Goals Down
Tip #3: Celebrate Your Progress
Action Items
Chapter 9 Conquering Impulse Spending with Intention
Impulse Spending: What Is it?
Common Reasons People Impulse Spend
Find Patterns in Your Past Impulse Spending
When, Where, and Why You Spend Money Impulsively
The Real Reason behind Impulse Spending
How to Find the Real Reason
Battling Comparison
How to Live in the Moment
Social Media and Advertising
Responding to Impulse Spending in the Moment
1. Question Your Thoughts
2. Sit with Your Feelings
3. Take Action
What to Do after You’ve Spent Impulsively
Tips to Help with Impulse Spending
1. Include Spending Money in Your Budget
2. Unsubscribe from Store Emails
3. Unfollow or Mute Temptations on Social Media
4. Keep Your Debit Card at Home
5. Use Cash Envelopes
6. Let Items Sit in Your Cart
7. Find an Accountability Partner
8. Calculate the Cost in Hours Worked
9. Remove Your Card Information Online
10. Stay out of the Stores
11. Find Something Free or Low Cost
12. Focus on What You Want Long Term
Replacing Impulse with Intention
Action Items
Chapter 10 Working with Your Partner
Communication Is Key
How to Discuss Budgeting and Money with Your Partner
1. Discuss Your Dreams and Goals
2. Focus on the Benefits
3. Provide Concrete Examples
4. Allow Room for Fun
Approaching a Reluctant Partner
Four Tips for Approaching a Reluctant Partner
Weekly Money Meetings
Don’t Underestimate Your Budget Meeting
Make Budget Meetings Nonnegotiable
Budget Meeting Expectations
What to Discuss
Joint vs. Separate Bank Accounts
Benefits of Joint Bank Accounts
Benefits of Separate Bank Accounts
Joint and Separate Bank Accounts
Compromise Is Everything
Action Items
Chapter 11 Accelerating Your Financial Progress
Follow the Plan You Set
Decrease Expenses and Spending
Complete an Expense Audit
Increase Your Income
Ask for a Raise
Search for a Higher-paying Job
Switch Careers Altogether
Start a Side Hustle
Ask for More Hours at Work
Work from Home
Think outside the Box
Action Items
Chapter 12 How to Stay on Track with Your Money
What Is Self-discipline with Money?
Five Steps to Creating Self-discipline with Your Money
1. Make Learning a Priority
2. Look for Inspiration
3. Create Boundaries That Feel Good to You
4. Be Realistic
5. Find Ways to Motivate Yourself
Tips to Stay on Track with Your Money
1. Keep Your Goals Visible
2. Create a Habit Tracker
3. Focus on What You Can Control
4. Share Your Wins with Others
How Cash Can Change Everything
What Is the Cash Envelope System?
Why Cash Envelopes Help People Spend Less
How Cash Envelopes Work
How Often Should You Withdraw Cash?
Common Cash Envelope Categories
What to Do with Leftover Money
What to Do If You Run Out of Money
How to Get Back on Track with Your Money
1. Identify the Problem
2. Evaluate the Situation
3. Make a Budget
4. Give Yourself Grace
5. Set New Goals
Action Items
Chapter 13 Investing for Your Future
Your Step-by-step Investing Plan
1. Think Ahead to Your Future
2. Do the Math
3. Understand How Investing Works
4. Choose the Right Account for You
5. Buy Your Investments
6. Set Yourself Up for Success
Investing While in Debt
1. Compare Earned Interest vs. Owed Interest
2. Learn How to “Pay Yourself” Responsibly
3. Establish and Maintain an Emergency Fund
4. Make Investing a Priority
Investing Tips
Follow the Simple Formula
Invest Early and Consistently
Keep Your Fees Low
Take a Long-term Approach to Investing
Retirement Comes before College
Action Items
Chapter 14 Conclusion
About the Website
Index
EULA