EP. 143 - JANUARY FINANCE HACKS- PART 1

In this episode, Marie-Jo delves into the game-changing strategies that will empower your financial goals in 2024 and beyond. 

She offers practical advice on setting realistic savings goals, regularly assessing your emergency fund, and replenishing it after any withdrawals. Additionally, she highlights the significance of creating a personalized financial roadmap, aligning your goals with your unique circumstances and values.

Whether you're seeking short-term financial stability or striving for long-term financial freedom, Marie-Jo's expert advice and personal anecdotes will inspire you to take control of your financial well-being. She underlines that financial wellness is an ongoing journey and encourages you to implement these strategies to bring you closer to financial security and freedom.

If you're ready to merge your life and money with confidence and clarity, don't miss "The Merging Life and Money Show" with MJ Caesar. Tune in to this transformative episode and embark on your journey to financial success today!

THE THREE MAIN POINTS OF THE PODCAST ARE:

1. The significance of automation in empowering individuals to focus on their financial goals and dreams in 2024 and beyond.

2. The importance of having an emergency fund as a financial safety net to safeguard financial stability and protect against unexpected challenges such as medical bills, car repairs, home maintenance, or sudden job loss.

3. How automating bill payments can save time, avoid late fees, and maintain a positive credit history, ultimately contributing to financial stability and well-being.

Takeaways

THE KEY MOMENTS IN THIS EPISODE ARE:

00:01 2024 Financial Strategies: A Personal Odyssey

06:28 Empowerment Through Goals and Automation

09:07 Short vs. Long-Term Financial Vision

12:24 Custom Roadmaps for Financial Priorities

15:27 Adaptation and Efficiency in Financial Success

20:39 Harmonize Finances with 2024 Budget Automation

24:40 Consistency Through Automated Bill Payments

26:31 Take Control: Automate Bill Payments Strategically

31:10 Emergency Funds and Bill Payment Automation

36:33 Wellness and Stability Strategies Unveiled

38:12 Empowerment, Protection, and Financial Guidance

Chapters

• 0:01 2024 Financial Strategies: A Personal Odyssey
• 0:40 Empower Your Finances for 2024: Financial Hacks for January
• 1:45 Personal Story: The Journey to Financial Wellness
• 5:03 Financial Hacks for 2024: Part One
• 6:07 Setting Clear Financial Goals
• 6:28 Streamlining Your Monthly Finances
• 7:04 Automating Your Recurring Expenses
• 15:27 Adaptation and Efficiency in Financial Success
• 24:40 Consistency Through Automated Bill Payments
• 31:24 The Importance of an Emergency Fund
• 36:33 Wellness and Stability Strategies Unveiled

Transcript

EP. 143 - JANUARY FINANCE HACKS- PART 1

 MARIE-JO:

 Welcome to another enlightening episode of the Merging Life and Money show. I am Marie Jo Caesar, your trusted financial wellness strategist. Thank you. Thank you for being here today. As we kickstart the year 2024. It is not just about turning a new page in the calendar. It is the perfect time to set the stage for financial success.

So I am jumping back into my January podcast series after doing my last episode about MLK. That series is titled, “Empower Your Finances for 2024- Financial Hacks for January”. I will explore a few financial hacks designed to empower you in achieving your financial goals. I believe that with the right strategies,2024 can be a year of financial triumph. So whether 

 you aspire to save more, invest wisely, or simply gain mastery over your monthly bills, consider this series your roadmap to financial freedom. So today in part one, I will delve into the art of setting financial goals, creating a monthly budget that works for you, and the magic of automating bill payments.

So let's get ready to embark on a transformative financial journey and make 2024 your year of financial wellness and prosperity. So 

Before we dive into these transformative financial hacks, I want to take a moment to share a personal story. It is a story that has driven my passion for merging life and money and helping individuals like you find financial harmony.

So grab a cup of your favorite beverage and join me as we connect on a more personal level. Many moons ago, I found myself at a crossroads, much like many of you may have experienced. I was a high-earning professional, but my financial situation was far from where I wanted it to be. The truth is, I was constantly stressed about money. Juggling bills, managing expenses, and striving to meet my financial goals felt like an uphill battle. It was a wake-up call, the moment when I realized that my relationship with money needed a transformation. So I needed to break free from the cycle of financial stress and step onto a path of stability and abundance. That realization led me on a journey of self-discovery and financial empowerment. I started to explore better financial practices, looking not just at the numbers, but also at the emotions and psychology behind my financial decisions. It was during this journey that I discovered the profound impact of merging life and money. Today, I stand here not just as a financial wellness strategist, but as someone who has been in your shoes. I've experienced sleepless nights and worries about the future, but more importantly, I've found a way out. I'm here to guide you on the same path, my mission is to help professionals like you take control of your money, manage your finances, and achieve financial well-being. Together, we will not only optimize your finances, but also enhance your life. 

So as we embark on this financial adventure in 2024, remember that you are not alone. I am here as your partner, your advocate, and your mentor. So together we will bridge the gap between financial aspirations and reality, turning dreams into achievable goals. Welcome to the Merging Life and Money Show. 

Let’s dive into financial hacks for 2024 part one with confidence, knowing that you have a trusted guide. Who understands both the numbers and the emotions that drive your financial decisions? It's time to merge life and money and I'm thrilled to have you on this transformative journey.

So now we've established a personal connection. It's time to get down to the nitty-gritty of our financial journey in 2024. So in this episode, I will explore three key aspects that are essential for your financial success in the year ahead. I will begin by addressing the first key point.

I will delve into the importance of setting crystal clear financial objectives from short-term dreams to long-term aspirations. I will discuss how to chart your path and create a personalized financial road map. 

From there, I will seamlessly transition to the second main point, which is streamlining your monthly finances. You will discover the power of creating monthly budgets. A monthly budget tailored to your unique circumstances. I will walk you through the step-by-step process, including effective income tracking, smart categorizations of expenses, and the utilization of budgeting tools. 

Lastly, and equally important, in the third and final point, I will explore the magic of automating your recurring expenses. Not only does it save you time, but it also helps you avoid late fees and ensures the consistency of your payments. Let’s dive into these financial hacks that will empower you to take control of your finances in 2024. 

The first main point of today's episode, setting clear and achievable financial goals, is the cornerstone of financial success. Whether you are aiming to save for a dream vacation, purchase a new home, or secure your retirement, having well-defined goals serve as your guide serves as your guiding star throughout the year, I will start by exploring the art of reviewing and setting financial goals that will help you map out your financial journey for 2024.

Imagine embarking on a road trip without a destination in mind, you might end up anywhere. or nowhere at all. Similarly, navigating your financial journey without clear goals can lead to aimless financial decisions. So clear goals provide you with direction, purpose, and motivation. They turn vague aspirations into actionable targets, making it easier to manage your money with intention.

Let me also say, that not all financial goals are created equal. Some are short-term. They typically have a time frame of one year or less. It might include things like saving for a vacation, paying off credit card debt, or building an emergency fund. While others are long-term, and on the other hand, extend beyond a year, and often revolve around major life events, like funding your child's education, buying a home, or preparing for retirement.

So understanding the distinction between short-term and long-term goals is essential because it affects your financial plan. Short-term goals may require more immediate attention while long-term goals demand a more sustained and strategic approach.

So to create a roadmap for your financial journey, you need to identify specific goals that resonate with you. So here are some common examples of financial goals to help you get started. One, Emergency funds. Save three to six months’ worth of living expenses in case of unexpected financial emergencies. 

Two, debt repayment. Create a plan to pay off high-interest debts like credit cards, personal loans, or student loans. 

Three, retirement planning. Begin saving for retirement through employer-sponsored plans like 401Ks or IRA, individual retirement accounts.

Four, home ownership. Accumulate a down payment for your dream home Five investing. Start investing in stocks, bonds, or real estate to grow your wealth over time.

Now, let's bridge the gap between aspiration and action. Let's dive into the process of creating a personalized financial roadmap that will turn these dreams into achievable milestones for the year ahead. Setting clear financial goals is essential, and the journey to achieving them is equally significant.

This is where a personalized financial roadmap comes into play. It is not just about setting goals. It's about charting a path that aligns with your unique circumstances, your dreams, and your values. 

Here is why a personalized roadmap matters. Your financial goals should reflect what you truly desire in life. A personalized roadmap ensures that your aspirations are at the forefront. Whether you dream of traveling the world, owning a home, or retiring early, your roadmap will guide you there. Two, no two individuals have the exact same financial situation. Your roadmap takes into account your income, your expenses, Your debts, and your assets. It ensures that your goals are realistic and attainable within your means.

Three, financial goals are not one size fits all. It allows you to prioritize. What's more important to you? It might involve aggressively paying off debt, building an emergency fund, or investing in the future. So what are the elements of a personalized roadmap, you might ask. There are many. 

One, begin by listing your financial goals. Then, prioritize them based on urgency and importance. And as I noted a few moments ago, some goals may be short-term, while others are long-term. So knowing where to focus your effort is key 

Two, attach a timeline to each goal. When do you want to achieve it? Break your goals into smaller milestones to track your progress. This step adds accountability to your financial journey. 

Three, determine how much money you need to allocate to each goal. Your income after necessary expenses, should be distributed according to your prioritized goals. This allocation ensures that you are making consistent progress. Four. As you know, life is unpredictable, and your roadmap should account for that. So include an emergency fund in your plan to handle unexpected expenses without derailing your goals. 

And lastly, review your roadmap consistently. Regularly. Okay. A financial roadmap is not static. It evolves as your circumstances change. So regularly review and adjust your plans as needed. And celebrate your achievements. Don't be afraid to adapt when necessary as well. 

The fact is that a personalized financial roadmap is like having a GPS for your financial future. It keeps you on track, helps you avoid detours, and guides you to your ultimate destination of financial success. 

By aligning your goals with your unique circumstances and values, you are setting yourself up for a prosperous journey in 2024 and beyond. 

Now, let's move on to the second part of today's episode and discuss the vehicle that will help you reach those financial milestones. 

In our fast-paced world where financial demands. can feel overwhelming, streamlining your monthly finances is similar to gaining control of the reins. It's about making conscious decisions and optimizing your financial resources, to achieve your goals efficiently. 

So I will explore the art of creating a monthly budget. So just as a well-oiled machine operates smoothly, a well-structured budget is the engine that will drive your financial success in 2024.

A monthly budget is your reliable tool in the world of financial management. It's all about restricting your spending. It's about understanding your financial inflows and outflows, and ensuring your money aligns with your priorities. So let's take a closer look at its components. The first and most crucial step in budgeting is to accurately track your income.

Your financial journey begins with a clear understanding of your income sources. So beyond your regular salary, consider any additional income streams such as side gigs, investment, rental income, and tax refunds. This comprehensive view helps you make informed decisions. 

Two, categorizing your expenses is a pivotal step in budgeting. It provides clarity on where your money is going. Common strategies include savings,

housing, transportation, groceries, and entertainment. The more detailed your category is, the better you can identify areas for improvement. 

Three, let me say that it is not just about tracking expenses. It's about managing them effectively.

So within each category, identify areas where you can optimize. Can you reduce utility bills by conserving energy? Are there subscription services you no longer use? Guilty as charged. Efficient expense management frees up funds for your goals. Four, in the digital age, there are numerous budgeting tools and apps that simplify the process, they automatically categorize expenses, provide visual representations of your budget, and send alerts when you approach your limits. Leveraging technology can make budgeting a breeze, by the way. It is also important to note that a well-structured budget is not solely about covering monthly expenses. It is a stepping stone to financial freedom. Within your budget, allocate a portion to savings and investment. This ensures that your money is working for you, growing over time. Streamlining your monthly finances is about creating financial harmony. It is a process of aligning your financial decisions with your goals and your values. By mastering the art of budgeting, optimizing expenses, and strategically allocating resources, you are not just managing your finances, you are empowering yourself to achieve your dreams and thrive in 2024. 

I will end this point by saying that streamlining your monthly finances is about creating financial balance, and financial harmony It's a process of aligning your financial decision with Your goals and values. So by mastering the art of budgeting, optimizing expenses, and strategically allocating resources, you are not just managing your finances, you are empowering yourself to achieve your dreams and thrive in 2024.

Now that we've explored the importance of setting clear financial goals and mastering the art of creating a monthly budget, it's time to look into another financial hack that can transform the way you manage your finances in 2024. This is the topic of the third and final point. of today's episode, automating bill payments.

These days, convenience is king. And when it comes to managing your finances, there is no more convenient method than automating your bill payments. This financial hack can be a game changer, offering numerous benefits that not only save you time but also promote financial consistency and peace of mind.

So What are the advantages of automating your recurring expenses? I identified three of them, and here they are. One, time-saving benefit. Imagine a world where you no longer need to frantically juggle due dates, write checks, or stand in line to make payments. Welcome to the realm of automating bill payments. This financial convenience takes the burden of remembering and managing your financial obligation off your shoulders. So instead of stressing over deadlines, you can redirect your precious time and energy toward more meaningful tasks and activities.

With automation, the process becomes effortless. Bills are settled like clockwork. Leaving you with the freedom to focus on what truly matters to you. The mental load of tracking due dates and coordinating payments has become a thing of the past. The results? Reduced stress and a sense of liberation knowing that your financial commitments are being handled seamlessly. 

Two, late payment fees. Those pesky and often avoidable charges can quietly erode your hard-earned money. So automating bill payments becomes your reliable shield. against these unnecessary expenses. So by entrusting your financial obligations to automation, you dramatically decrease the likelihood of missing due dates. Imagine the relief of knowing that your bills will be paid on time, every time. No more anxiety over calendar reminders or frantic last-minute payments. This not only preserves your financial resources but also grants you peace of mind. The funds that would have otherwise gone toward late fees can now be channeled toward your financial goals, or perhaps a well-deserved treat. 

And lastly, but by no means least, consistency is a bedrock of financial stability and positive credit history. Automating your bail payments ensures that consistency is woven into the fabric of your financial life. Whether it's your mortgage, your utilities, your credit card payments, or your subscription services, you can trust that the payments will be executed properly and reliably. So this consistency extends beyond financial transactions. It instills discipline and responsibility in your financial habits. It is a silent guardian of your credit score, preserving your reputation as a trustworthy borrower.

 Lenders and financial institutions, favor individuals with a history of untimed payments, opening doors to favorable terms and opportunities. In essence, automating bill payments is your financial ally, guaranteeing that your obligations are met consistently, late fees are minimized, and your financial standing remains strong.

Embracing this practice in 2024 is not just about convenience. It's about a strategic move that empowers you to take control of your financial destiny. Now, I'm going to turn my attention to the practical side of things. So how exactly do you set up automated bill payments to rip these benefits seamlessly?

Here are the steps.

One, the first step in automating your bill payment is to identify all the recurring expenses that you have. These are the bills you pay regularly, such as rent or mortgage, utilities like electricity, water, gas, insurance premiums, and any subscription services. So creating a list of these expenses provides clarity on what needs to be automated.

Two, once you have your list of recurring expenses, reach out to your service providers or financial institutions to set up automated payments. Many companies offer this option through their online portals or mobile apps. You will typically find a section where you can set up automatic deductions. 

This is where you will link your bank account or credit card for seamless payment. For rent or mortgage, if you are a renter, check with your landlord or property management company about setting up automatic rent payments. Homeowners can usually arrange mortgage payments through their lender's online platform.

Regarding utilities, most utility companies offer an automated payment option. You may need your account number and bank details handy when setting this up. 

Insurance premium. Contact your insurance provider to inquire about automated premium payments. This ensures your coverage remains active without interruption. Subscription services for services like streaming platforms and magazines or gym memberships. Explore the automated payment option within your account setting. Three. Choose your payment dates. Some companies allow you to select your preferred payment dates. This flexibility is valuable because it enables you to align your payment dates with your income schedule. So by choosing dates that coincide with when you typically receive your paycheck. You ensure that sufficient funds are available in your account. For example, if you get paid on the 1st and the 15th of each month, you can schedule your automated bill payment for the 2nd and the 16th. This way, you are less likely to face insufficient fun issues. 

Four, while automation brings convenience, it is essential to remain vigilant. and engage in your financial management. Regularly monitor your bank accounts and credit card statements to ensure that payments are processed correctly. Verify that the correct amounts are deducted on the scheduled dates. Check for any irregularities or discrepancies. And if you notice an issue, contact your service provider or financial institution promptly to address it. 

By following these steps, you can set up automated bill payments effectively and efficiently. It is a proactive approach to managing your finances reducing the risk of late fees, as I mentioned, and ensuring your financial commitments are met consistently. So automation empowers you to take control of your financial life, allowing you to focus on your goals and dreams in 2024 and beyond. We have got to do better. As we navigate the terrain of automating bill payments, there is another crucial financial element that deserves your attention, the role of an emergency fund. Building and maintaining this financial safety net is integral to your financial well-being. I'm going to talk about how an emergency fund complements your automated bill payments and safeguards your financial stability. Automating your bill payments is a remarkable step toward financial convenience and stability. However, its effectiveness is greatly enhanced when paired with a critical financial tool.

This fund serves as a crucial buffer, ready to shield you from unexpected financial storms. An emergency fund is your financial safety net, a robust and accessible reserve designated to weather unexpected challenges. It is a safety rope that prevents you from plummeting into financial turmoil when life throws unexpected curveballs your way.

So, as we all know, life is notorious for its unpredictability. Emergencies can range from medical bills to car repairs, home maintenance, or even sudden job loss. These unforeseen expenses have the potential to disrupt your financial stability and derail automated bill payments. So with an emergency fund in place, you gain a protective shield. So instead of scrambling to find funds or resorting to high-interest loans, your emergency fund steps in. It ensures that your automated bill payments continue undisturbed even when life takes an unexpected turn. Also, knowing that you have a financial caution in the form of an emergency fund provides peace of mind. It alleviates the stress and anxiety that often accompany unexpected expenses. You can face these challenges with confidence, knowing that you have a plan in place. And lastly, without an emergency fund, unexpected expenses may lead you down the path of accumulating debt. So high-interest credit card charges or loans can quickly escalate.

Your emergency fund acts as a debt prevention tool, allowing you to cover these expenses without resorting to borrowing. 

So how should you go about building your emergency fund? 

Building an emergency fund is a gradual process. Start by setting a realistic goal, such as saving three to six months’ worth of living expenses, and dedicate a portion of your income to this fund until you reach your target.

Over time, your emergency fund grows providing stronger financial protection. So once your emergency fund is established, make it a financial priority. to replenish it after any withdrawals. Treat it as a non-negotiable part of your financial plan. and regularly assess your fund's balance to ensure it aligns with your current living expenses.

 In summary, while automating bill payments streamlines your financial life, an emergency fund is your guardian against unexpected financial turbulence. Together, they form a powerful duo, offering both convenience and security. So with these financial tools at your disposal, you are better prepared to navigate the uncertainties of life in 2024 and beyond.

And as I wrap up this episode, let's reflect on the wealth of insights we haven't covered today. We've journeyed through the realm of financial wellness, exploring strategies that not only streamline your finances but also fortify your financial foundation. So I began with reviewing and setting clear financial goals.

I discussed the importance of setting those clear financial goals, differentiating between short-term and long-term objectives, providing examples of financial goals, and creating a personalized financial roadmap for the year. I then explored strategies for streamlining monthly finances, including income tracking, categorizing expenses, and utilizing budgeting tools that manage your financial resources effectively.

And I ended with automating bill payments. I highlighted the benefits of automating bill payments, such as time-saving advantages, avoiding late fees, and ensuring consistent and reliable payments to maintain a positive credit history and financial stability. I also delve into the pivotal role of an emergency fund.

This financial safety net stands as a guardian against enforcing financial challenges. It offers peace of mind, protects you from debt accumulation, and empowers you to face unexpected expenses with confidence.

As you embark on your journey to financial empowerment in 2024 and beyond. Remember that these financial strategies are not isolated solutions, but interconnected elements of your financial wellbeing.

Automating bill payments streamlines your financial life while an emergency fund provides a safety net. So together they form a strong foundation upon which you can build your financial future. So I encourage you to take action. Implement these strategies and customize them to fit your unique financial circumstances and goals.

Financial wellness is an ongoing journey, and every step you take brings you closer to financial freedom and security. So thank you for joining me on this financial exploration today. Your commitment to improving your financial life is truly, truly commendable. 

And as we part ways today, remember that your financial journey is a path of growth, learning, and empowerment. With the tools and knowledge, you've gained here today, you are well-equipped to face the financial opportunities and challenges that lie ahead. So make sure to join me next week for Financial Hacks Part 2, where I will delve deeper into additional financial hacks and strategies for a prosperous 2024 and beyond.

I am your host, Marie Jo Caesar. Until next time, next week, that is stay financially empowered, embrace the possibility that your financial well-being can bring, and continue merging life and money. Bye for now.