Roxanne Langley ~ Money Coach

July 31, 2020

How to give your money a better job.


A new month starts, do you have the upcoming budget numbers figured out? For those on unemployment at this time, PLEASE remember your next checks from the State of Texas will be less as the Federal Unemployment has stopped as of July 31st. Adjustments definitely need to be taken into consideration. Will you need to start evaluating where cuts or reductions can be done? Message or call me when you’re trying to figure this out.

As for saving money this month, most financial experts recommend you save at least 10% of your take-home income (after taxes have been deducted). The most important part of saving is developing habits. Base your saving on your long-term personal goals and is realistic for you.

Short Term and Long Term Goals

Where do you see your life six months from now? In a year? In five years? Even twenty years. For your top goal – write it down, give it a date and dollar amount. How much would you need to set aside each month to reach that goal? Is that amount possible for you? If not, what could you change? Making changes to reach that goal may not be as drastic as you think when you break it down into bite-sized steps.

Establish a realistic spending plan

As a coach, this is where I can help and get to wear my sparkly nerd cap! We gather all of your records related to income and expenses for one month. After subtracting your expenses from your income the next question is, how much is left over? Does that feel right? Could you make changes to your earning and spending habits to set more money aside? Or do we need to find areas we can reduce the cost on? Check into price comparisons on services perhaps.

Consider the overall financial picture

If there is a significant amount of debt, you may be having trouble making ends meet. Are you in the middle of a financial crisis? Steps to resolving those situations should take precedence over saving for future goals, for the moment. Once your financial situation is stabilized, start saving for an emergency fund to provide a safety net if your car breaks down or you lose your job. With a fully-funded emergency fund, you have peace without panic.

Start saving small

If you are not in the habit of saving or money is tight, commit to a small amount that you will be able to set aside on a monthly basis to start growing your savings over time. If it’s only $25, that is perfect, start there. There are a variety of savings products available with different rates and features. Of course, you want to get the best rate possible and there may be other features important to you. I recommend having your savings easily available but not so easy it’s used as a backup to the checking account when your favorite department store has a sale. 🙂

Save irregular and extra income

The fastest and easiest way to save is by unexpected windfalls (bonuses, tax returns, stimulus checks, etc). Plan to set most of those funds aside to boost your savings. It will add up quickly.

Your money coach,


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