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Tired of living paycheck to paycheck? Learn how you two can have more options with your money and lives!
More Options with Money
As we wrap this year up, I'm going over the interviews we've had and I wanted to address a misconception or I guess fear is a better word that I've heard from people about money.
Having a financial plan or even a budget limits you. It somehow pens you in, taking away options.
That truth is having a plan for your money, giving it a purpose gives you two more options, not less.
Today I share two guests and their take about money and choices.
- Jessica: There was a point where they decided they were going to buy a place in Toronto. Buying a house, condo, whatever is a big decision. It's not something you can quickly walk away from. But with a bit of planning, Jessica and her husband created an option should they need to leave.
- Liz: She and her husband are on track to retire next year in their 30s. They're already in their homestead in Vermont. To get there, they made very specific choices about their lifestyle, housing, and work. Being a young couple, people might wonder if they're limiting themselves too quickly. But I think Liz had a great point about change and choice.
Listen in and hear from themselves how they've given themselves more options with their finances and lives.
Hope you enjoy!
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Resources to Help Create a Budget Together
Want to learn more? Here are some resources to check out:
- Best Budget and Money Apps: Personal Capital, Tiller, Mint, Zeta
- Jumpstart Your Marriage and Your Money
- How to Successfully Budget as a Couple
- The Total Money Makeover: A Proven Plan for Financial Fitness
- Tracking Your Spending Quickly and Easily
- How to Build Wealth Together
Is Buying a Home Right for You?
Elle: Jessica Moorhouse and her husband were looking for a place, but buying a house was bit of scary idea for Jessica.
Jessica: Yeah I always was a bit afraid of buying a place of our own because I thought that kind of meant like oh it's kind of like you're locked into that city.
Like everyone I told they're like' Oh so you're staying in Toronto forever'. I'm like ‘No that's not what it means.'
So I think you know no one but let's just talk about you know if you're buying a place and you're afraid that that will kind of lock you into you know certain lifestyle or a certain neighborhood or whatever.
What we did before we really start considering buying a place is we crunched the numbers to see if we didn't want to live in this place. But we didn't want to let go. But we didn't want to sell it because it is expensive to sell a home.
Could we rent it out for the same amount of money that we are currently paying to live in there? We could. So that was a big factor in us being like OK maybe we should buy it because it doesn't lock us in. We can decide to.
You know quit everything and go traveling for a year if we want and rent out this place and be fine. So that's kind of something to kind of consider.
As far as other areas of your life I mean. I mean that's that's tricky. It really is kind of almost a case by case basis I guess.
I thought ‘Yeah I'm moving to the city would almost lock us in here'. But it doesn't necessarily.
You can up and move whenever you want. It's a choice it's a lot of work but you just have you can do kind of whatever you want. And I think that's kind of what inspired that.
Likewise, I think there's probably something that specifically happened that I can't even remember right now but I was just you know it's crazy how many things happen. But it's also nothing is permanent.
You can change happens so quickly. Lots of things are beyond your control and some things are in your control. You just have to take the initiative and do it.
Designing Your Life Around What Matters to You
Elle: Another interview I enjoyed was with Liz at the beginning of this season. She and her husband are on track to retire next year in their thirties.
They're already in their homestead in Vermont. And to get there they meet very specific choices about their lifestyle housing and work.
Being a young couple, people might wonder if they're limiting themselves too quickly. I think Liz had a great point about the change in choice
Liz: When you own a home, when you have a partner, certainly once you have children, it's you think ‘oh I can never change my lifestyle and I can't change my spending I can't change sort of my destiny'.
What we realize is no you can't you really you can absolutely make a decision draw a line in the sand and say OK, from here on out we're working towards X goal together.
You Can Always Pivot
Elle: Two of you can change course. If you start saving up for house now and later decide that you want to travel. Guess what? You can travel.
Having a plan for your money gives you options. It's not a waste of time. Those habits you develop can be used for other goals in dreams.
And one of the best plans for your money, if you aren't ready, is being debt free.
Go ahead and dump it. It lowers your monthly expenses and your stress levels. I just saw a big sale on Dave Ramsey site so go ahead grab his total money makeover now.
If he's not your style I have a couple of other recommendations in the show notes.
Have a plan for next year. It'll put you guys on the same team and you can make 2017 an even better year than this one.
I hope these stories you heard today and in previous episodes encourage you to to have a conversation about your why and create how that fits your style.
If you have any questions reach out.
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Like the music in this episode? Our theme song is by Gentle Regime.