Budgeting For Your Family - Ep 21

Have you lost your job?
Are you now down to one income?
Are you living off savings?
Worried about providing for your family? 

You're not alone! We’re all being hit by this financial struggle wave! This is why we thought it was important to invite Financial Coach, Amy Bersamin from Sweep Strategies,  to teach us a few tips & tricks on how we can budget for our family during quarantine so we can better prepare for life after Covid! 

Before we start we wanna send you some love for subscribing to our podcast & youtube! We see you and totally appreciate the love!!! We can’t believe we have over 2,000 downloads! That’s freakin CRAZY!!! 

We Discuss...

• Sharing her top 3 actionable tips that we can start now while we’re in quarantine
• How can we prepare for post Covid?
• Budgeting tips for young kids?
• Mom guilt spending money on ourselves
• How to budget for a family after losing your job during covid19? 
• How can people earn side money right now?

​Links From This Episode:  

• SweepStrategies.com
• Law of Attraction
• The Power
• Poshmark
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TIPS ON MANAGING AND SAVING MONEY

​During COVID-19 and Beyond

1.  WORK ON YOUR FINANCIAL AWARENESS
How much money is coming in (income)?
How much money is going out (expenses)?

• Know your total monthly expenses (i.e. mortgage/rent, loan payments, credit cards, kidsʻ expenses, groceries, eating out, gas, utilities, memberships, hair/nails, shopping, etc.)
• It’s not how much money you make but how much you have left after paying your total monthly expenses or cash flow
• Budget 
  

               – be on the same page as your spouse
               – remember wants vs. needs, be disciplined, implement a reward system

2. EDUCATE YOURSELF
What different types of loans are there?
​Whatʻs an amortized loan?

• Set term (i.e. 5-year car loan, 30-year mortgage)
• Fixed monthly payments applied to principal and interest

1. How much will I have paid to the bank after my loan is paid off?
2. Pay off loans faster to save money on interest
3. How can I utilize a line of credit to help me pay off my loans faster?

Do I have good credit?

• Check your credit report at least once a year
• Learn factors that impact your credit score
• Learn how your credit score affects your borrowing power

3. BE PREPARED
If something were to happen to your income, are you prepared?

• Set goals and look at options for increasing your leftover money ($ after paying expenses)
• Continue to pay your monthly mortgage, loan payments, credit cards
• Pay off as much of your debt as possible
• Don’t rush to spend your stimulus check
• Establish reserves