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From Budget to Spending Plan




by John Savage, Author, CFHC


Budgeting


This an area that many people are not properly acquainted with or even familiar with where to start. I have spoken with so many employees from all socio-economic back grounds who have literally said, “my family never knew how to budget”, “They did not teach this in school”, or “my family was not good with money.” These are just some of the common statements I am familiar with and have heard frequently since I have been working as a Money Coach.


Embarrassment – this is a big one where many people get stuck, because they are feeling ashamed that they may have the money and should be saving, but they are concerned about what their family will say, how their friends may view them, or what others will say about them.


I’m Not Good with Money – I have heard this concern a lot. There are many people who bring in a good income but when it comes to budgeting, they are not good at it or don’t know how to get started. Some people start working on their own spreadsheet, but never finish once they see it starts to get a little more complicated.


Overwhelmed – others get overwhelmed when it comes to looking at numbers and organizing them in a way that makes since to them. That’s where Unwind Financial Consulting Services can come in and help you detangle the myth and complexity about setting up a monthly budget that works for you.


It’s a Lot to Keep Up With - I have heard this many times stated in my conversations in working with employees. These feeling are valid and can be a result of being overworked and coming home tired. Having kids and activities that take up a lot of time after work can be draining, emotionally, physically, and mentally. We can help you unravel the mystery of creating a solid Plan of Action (POA) with goal setting and the use of systems to help you clear a path for financial success.

 

My Spouse Does all the Budgeting - this is feedback I have frequently received from a lot of people who have told me they are not good with money, or their spouse does or did manage all the finances. When your spouse or significant other manages all the finances, this leaves you in the dark about what is really going on with your money and what the true picture of your financial house may really look like. Even if things are well with the finances, you can help your spouse by being a good set of eyes to make sure you’re staying on track with your personal and financial goals and that you’re headed in the right direction.

But, the only way to know where you are headed is to see where you're at. That means, talking a look at the numbers. This also helps you better manage the money you do spend whether that be an allowance, saving money for those special purchases or expected travel plans.

 

Divorce – This is a big area that I have increasingly met with clients about via their EAP plan. Often when they call in, they share a lot about their financial situation which is often an eye opener for them as well. In an August 2023 article by CNBC, they discuss the statistic of how finances can and often does affect marriages. Though, this is not always the root of the deeper issues, it can be a cause and effect of issues that if caught earlier on, may have been addressed and in some cases, prevented certain negative outcomes from arising in the first place.


When there is distrust over finances, it can cause a lot of anxiety for the other spouse because they feel shut out or in the dark about what is really going on the household finances. This is true, especially when there is a joint account and one spouse is making frequent purchases but lack transparency and fail to communicate about where the money is going and what they are doing with the money they withdraw from the account. Do to our current financial climate and how people have had adverse feelings over finances, it is estimated that 3 out of 5 Americans may delay getting married and over half of Americas surveyed in a recent poll considered debt as a valid reason to get a divorce. While these are a some valid reason in some cases from actual conversations I have had with divorcees, is does not often address the root issues that can have nothing to do with the debt or even bad money management.


This is where Unwind Financial Consulting Services can help walk with you on your financial journey so money does not have to be the ultimate reason for getting a divorce, but it just might be the topic of discussion to start the healing journey together between you and your loved one. Finances in general can be stressful, especially in the state of our current economic climate, but working together can help lighten the load for each other and that starts with open and honest communication.

 

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