Rob West is the president at Kingdom Advisors and host of Nationally Syndicated Radio Programs MoneyWise Live, MoneyWise, and MoneyWise Minute.
To support this ministry financially, visit: https://www.oneplace.com/donate/1085/29 You can buy a box of envelopes online delivered to your door for just a few dollars. But using them to budget, well, that could save you a fortune.It’s true, the old tried and true cash envelope budgeting systemwill help you spend less, but many folks still prefer to use credit and debit cards instead. Today, Kingdom Advisors President Rob West has a way to get the best of both worlds. Then it’s your calls at 800-525-7000. Studies consistently show that when you have to take actual dollars out of an envelope at checkout you naturally want to spend less, usually 10 to 30-percent less then when we use a credit or debit card. It’s best to use a hybrid system that incorporates both. You can continue to pay some of your bills online using a credit or debit account, like your mortgage, utilities and insurance, things that tend to be the same from month to month. But for discretionary categories, like food, clothing, shopping and entertainment you would use the envelope system and pay with cash. That allows you to still save money in a significant part of your overall budget. You need to track your spending for a couple of months to see where your money’s going.A very easy way to do that is by downloading the free MoneyWise app, which is actuallybased on the envelope system. It enables you to track every penny you spend and assign it to the appropriate category. Once you have a good idea of how you’re spending your money you can decide which categories you’ll commit to cash.Then you stop using credit cards for those categories. Always keep a little money on you at all times, say 20 to 50 dollars. That’s your I forgot my envelope money. It’ll keep you from using plastic. Remember, the whole idea is to get the benefit of spending less with cash. Here are a couple of questions we answered from our callers on today’s program: My husband and I have an account for our adult, disabled daughter. I have been told to get a wealth management company to help manage this account. Is this wise? My wife and I are expecting bonuses. Should we put this towards retirement or put it towards the home? What is the best instrument to use to get someone else to manage your accounts? My husband passed away last year. The mortgage is in this name and my credit is bad. I don’t know if I will be able to refinance. Advice? Ask your questions at (800) 525-7000 or email them toQuestions@MoneyWise.org. Visit our website atMoneyWise.orgwhere you can connect with a MoneyWise Coach, purchase books, and even download free, helpful resources like the MoneyWise app. Like and Follow us on Facebook atMoneyWise Mediafor videos and the very latest discussion!Remember that it’s your prayerful and financial support that keeps MoneyWise on the air. Help us continue this outreach by clicking the Donate tab at the top of the page.
To support this ministry financially, visit: https://www.oneplace.com/donate/1085/29 You can buy a box of envelopes online delivered to your door for just a few dollars. But using them to budget, well, that could save you a fortune.It’s true, the old tried and true cash envelope budgeting systemwill help you spend less, but many folks still prefer to use credit and debit cards instead. Today, Kingdom Advisors President Rob West has a way to get the best of both worlds. Then it’s your calls at 800-525-7000. Studies consistently show that when you have to take actual dollars out of an envelope at checkout you naturally want to spend less, usually 10 to 30-percent less then when we use a credit or debit card. It’s best to use a hybrid system that incorporates both. You can continue to pay some of your bills online using a credit or debit account, like your mortgage, utilities and insurance, things that tend to be the same from month to month. But for discretionary categories, like food, clothing, shopping and entertainment you would use the envelope system and pay with cash. That allows you to still save money in a significant part of your overall budget. You need to track your spending for a couple of months to see where your money’s going.A very easy way to do that is by downloading the free MoneyWise app, which is actuallybased on the envelope system. It enables you to track every penny you spend and assign it to the appropriate category. Once you have a good idea of how you’re spending your money you can decide which categories you’ll commit to cash.Then you stop using credit cards for those categories. Always keep a little money on you at all times, say 20 to 50 dollars. That’s your I forgot my envelope money. It’ll keep you from using plastic. Remember, the whole idea is to get the benefit of spending less with cash. Here are a couple of questions we answered from our callers on today’s program: My husband and I have an account for our adult, disabled daughter. I have been told to get a wealth management company to help manage this account. Is this wise? My wife and I are expecting bonuses. Should we put this towards retirement or put it towards the home? What is the best instrument to use to get someone else to manage your accounts? My husband passed away last year. The mortgage is in this name and my credit is bad. I don’t know if I will be able to refinance. Advice? Ask your questions at (800) 525-7000 or email them toQuestions@MoneyWise.org. Visit our website atMoneyWise.orgwhere you can connect with a MoneyWise Coach, purchase books, and even download free, helpful resources like the MoneyWise app. Like and Follow us on Facebook atMoneyWise Mediafor videos and the very latest discussion!Remember that it’s your prayerful and financial support that keeps MoneyWise on the air. Help us continue this outreach by clicking the Donate tab at the top of the page.
To support this ministry financially, visit: https://www.oneplace.com/donate/1085/29 You’ve heard the saying that time is money. It’s a great motivator. But the problem is most of us don’t have a clue just how expensive time really is. A simple calculation can show what your time’s really worth and how hard you have to work to buy things. Our host, Kingdom Advisors President Rob West, says the answer may change your spending habits. To find out what you really earn per hour, take the total or gross amount from your last returnthat’s at the top. Then subtract anything you paid in taxes (includingSocial Security and Medicare taxes plus the income tax you paid). You’re left with your net earnings. Let’s say you earned a total of$50,000 and you paid $10,000 in Social Security, Medicare, and income taxes, leaving you with $40,000. Now you divide the $40,000 by 52 weeks and you get $770. That’s what you’re netting in a week. Assuming you work a 40-hour week, divide 770 by that number and you get $19 an hour. That’s your real hourly wage. Of course, if you typically work more than 40 hours a week it means you earn even less than $19 an hour. All of that helps by letting you know what your time is worth inreal dollars. Once you know this you can begin to see how long you have to work to buy something. Let’s say one night you’re tired and don’t feel like cooking. You pick up some fast food for the family which costs $40. But when you realize you have to work more than two hours to pay for that meal you’re much more inclined to spend one hour making it yourself at home and cleaning up afterwards. When you know what things really cost, it can change your spending habits. You’ll be far less likely to give in to impulse spending. This is sometimes called value-based spending. You can make this discovery work for you just by cutting out impulse spending. Now that time and money have become more important to you, begin to spend them in areas that have more value like paying down debt or building an emergency fund. You could also start saving for your next car or invest for retirement or the kids’ college. Grasping the concept of value-based spending will do something else, too. It’ll make you want to overhaul your budget because you’ll suddenly find yourself with more money. You’ll be able to cut back in some categories and re-allocate money to other areas that’ll help you in the long term. You’ll be able to give more generously. Of course it’ll take time for all of this to happen, but it’s easy to get started once you’ve figured yourreal hourly wage. Just keep that number in mind before you make a purchaseit’ll help you decide whether it’s really worth your time. On today’s program we also answer your questions: Both of my parents have now died. Their money to us is involved in trusts, split between my sister and me. It’s pretty heavily invested in good bonds (some at 4.8%), blue chips stocks, etc. I don’t anticipate having to use this money. Would like to pass it on to my nieces grandkids. What steps should I take to properly handle this? I’ve borrowed $17,000 from my 401(k) but am now at the age where I can withdraw from it without penalties. But I’m worried about the marketnot sure which way it’s going to go. Should I take some 401(k) money to pay this loan off? I’m 64 and am collecting Social Security but my wife will wait until she’s 70 before she collects hers. What can you tell me about spousal benefits? I have a healthy 401(k) and plan to retire next year. How exactly should I properly manage this money based on my goals and objectives? Ask your questions at (800) 525-7000 or email them atquestions@moneywise.org. Visit our website atmoneywise.orgwhere you can connect with a MoneyWise Coach, purchase books, and even download free, helpful resources. Like and Follow us on Facebook atMoneyWise Mediafor videos and the very latest discussion!Remember that it’s your prayerful and financial support that keeps MoneyWise on the air. Help us continue this outreach by clicking the Donate tab at the top of the page.
To support this ministry financially, visit: https://www.oneplace.com/donate/1090/29 Rob answers some common questions about budgeting.
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