Latest / Life. Money. You.® Podcast / S3|E18: A Mid-Year Money Reset

Transcript

S3|E18: A Mid-Year Money Reset · Life. Money. You.® Podcast

0:03
SPEAKER_02: Cool.
0:03
SPEAKER_02: All right, Kim.
0:04
SPEAKER_02: So we said we were going to kick it off with talking about weekend plans.
0:08
SPEAKER_02: It's the first of the month, but we all know in a couple days it'll be the 4th of July.
0:13
SPEAKER_02: So what is your fam doing?
0:16
SPEAKER_03: I think right now we are really planning on celebrating as a family on the third.
0:22
SPEAKER_03: We just got Ram a new grill, and I have been begging him to fire that thing up so that we could get something going.
0:29
SPEAKER_03: And I think I convinced him that he's gonna do that Friday evening and then Saturday.
0:33
SPEAKER_03: We'll probably be hanging out at Six Flags, watching fireworks with the family and hopefully keeping it moderately low-key, but you know how that goes.
0:41
SPEAKER_03: What about you?
0:42
SPEAKER_02: Oh yeah, no, that sounds nice.
0:44
SPEAKER_02: Uh I'm going to Northern Cali.
0:47
SPEAKER_02: So it's Mount Shasta area.
0:49
SPEAKER_02: So that's where my um partner's family is from.
0:52
SPEAKER_02: And we're just doing a bunch of barbecuing and cooking out, and um, you know, we're also gonna be close to the coast, so really excited for that.
1:00
SPEAKER_02: But weather's like six low 60s, even at night, and then um almost 90 during the day.
1:06
SPEAKER_02: So and we'll be camping.
1:07
SPEAKER_02: Sorry, I missed that part.
1:08
SPEAKER_02: Big camping, you know, group with my favorites.
1:12
SPEAKER_02: So yeah.
1:12
SPEAKER_03: Oh, that's awesome.
1:13
SPEAKER_03: When you go camping, like what's on the menu?
1:15
SPEAKER_03: Like, what do y'all do?
1:17
SPEAKER_02: Oh gosh, you've never had a walking taco?
1:19
SPEAKER_03: Oh, yes.
1:20
SPEAKER_03: I love that.
1:21
SPEAKER_03: That's one of my faves.
1:22
SPEAKER_02: Easy camping meal, one of my faves.
1:24
SPEAKER_03: Sure.
1:24
SPEAKER_02: Any sort of like grub bowl or something, I feel like is the easiest to make when you're camping.
1:29
SPEAKER_02: Everything from like oatmeal grub bowl to like if you're making right again, like nachos and just meat or what have you.
1:35
SPEAKER_02: It's easy.
1:36
SPEAKER_02: Just if you're OCD about um flavors mixing, you probably wouldn't like it, I guess.
1:41
SPEAKER_02: Right.
1:41
SPEAKER_02: We like a lot of flavors.
1:43
SPEAKER_03: Absolutely.
1:44
SPEAKER_03: I love that.
1:45
SPEAKER_03: That is so fun.
1:47
SPEAKER_02: For those of you here joining, uh, we're just doing a little small talk.
1:50
SPEAKER_02: We're about two over the hour.
1:51
SPEAKER_02: We'll give everyone another minute here to trickle in and then we'll kind of kick things off.
1:56
SPEAKER_02: I want to start though, for those of you that are joining, just kind of giving a little introduction.
2:01
SPEAKER_02: So if you're here for our mid-year money reset.
2:04
SPEAKER_02: Oh, you can't hear anything.
2:13
SPEAKER_02: Interesting.
2:17
SPEAKER_02: So, quick poll for everyone online here.
2:20
SPEAKER_02: Uh, please, okay, so it looks like it might just be a fluke for one of y'all.
2:24
SPEAKER_02: So I would recommend hopping out, hopping back in, and seeing if that fix it for you.
2:28
SPEAKER_02: But it sounds like we have most people here that can't hear us.
2:31
SPEAKER_02: So um with that, oh yeah, I was like, oh no.
2:35
SPEAKER_02: Okay, we can't panic.
2:37
SPEAKER_03: We appreciate everyone chiming in.
2:39
SPEAKER_02: Thank you for confirming.
2:41
SPEAKER_02: Um, and on that note, we're gonna go ahead and get things started.
2:44
SPEAKER_02: So, hello everyone, and welcome to another Life Money You podcast live event.
2:50
SPEAKER_02: Kim and I are here and we're so excited to be with you today.
2:53
SPEAKER_02: Happy July 1st.
2:55
SPEAKER_02: It's crazy how time flies, but it feels like six months ago we were here talking about our new year's resolutions and goals.
3:03
SPEAKER_02: Time flies.
3:04
SPEAKER_02: But yeah, happy July 1st, and we're excited to be here together to talk about a reset.
3:10
SPEAKER_02: Most of us here are here to reset, and we're excited to help you do it.
3:13
SPEAKER_02: So, returning folks, welcome back.
3:16
SPEAKER_02: Thank you for being part of this community.
3:18
SPEAKER_02: We're so grateful for your engagement and excited to keep supporting y'all's financial freedom journeys.
3:23
SPEAKER_02: And new folks, welcome.
3:25
SPEAKER_02: Uh welcome to the club, welcome to the community.
3:27
SPEAKER_02: You're in the right place, and we're really excited to have you here with us.
3:30
SPEAKER_02: Uh, this session is a part of Life Money You, where a program provided by a credit union, you're eligible to join.
3:37
SPEAKER_02: So, through our program, regardless of where you live or work, you can basically subscribe and become eligible for credit union membership, unlocking a boatload of products and tools to help you on your financial freedom journey.
3:49
SPEAKER_02: So we'll drop that link in the chat if you're interested in exploring membership.
3:53
SPEAKER_02: But today, what we're gonna do is walk you through exactly what a mid-year money reset looks like.
4:00
SPEAKER_02: So, just as a reminder and um, you know, a note for all of you new folks, this is a group coaching experience.
4:06
SPEAKER_02: So if you're not familiar with Zoom, there's a chat feature that is our favorite feature.
4:11
SPEAKER_02: So please drop in your questions, comments, what have you.
4:15
SPEAKER_02: We're here to experience uh this session together.
4:17
SPEAKER_02: And so we'll be monitoring the chat the entire time.
4:20
SPEAKER_02: We encourage questions and we'll answer as many as we can get to in the hour.
4:25
SPEAKER_02: And so everyone, go ahead, grab a drink, whether it's coffee, snack, get comfortable, and we're gonna get started.
4:31
SPEAKER_02: So, what are you gonna leave with today?
4:34
SPEAKER_02: Well, Kim and I are gonna share five practical steps to help you reset your financial plan.
4:39
SPEAKER_02: We're gonna share short clips from Erica Young.
4:41
SPEAKER_02: So whether you are at the beginning January event or not, this is still applies to you and helping you reset.
4:48
SPEAKER_02: But basically, Erica Young is a money personality, and her clips will share a perspective of how to help you reset.
4:54
SPEAKER_02: So we're gonna share five steps to help you do that.
4:57
SPEAKER_02: And then at the very end, Kim is gonna give you an inside look at a really cool tool we have available within our virtual library.
5:04
SPEAKER_02: The tool helps with kind of getting your mindset in the right place when it comes to resetting your money goals for the year.
5:11
SPEAKER_02: So with that, I'm gonna pass it over to Kim to kind of set the stage for this conversation.
5:17
SPEAKER_03: Yeah, thanks, Danny.
5:18
SPEAKER_03: So I'm super excited for us to get started here.
5:22
SPEAKER_03: Um, you know, I I think we might have skipped over intros.
5:26
SPEAKER_03: So I'm just gonna do a quick little like, I'm Kim Chavez.
5:30
SPEAKER_03: I am the senior lead over our financial coaching program.
5:33
SPEAKER_03: So that means that I get to work really closely with the financial coaches that are having conversations with you all.
5:40
SPEAKER_03: I get to talk to them about like, what are we hearing from you guys?
5:43
SPEAKER_03: What's happening right now?
5:44
SPEAKER_03: Maybe it's the economy or what are your struggles so that we can really just get our coaches up to speed and educated with how we can best support you.
5:52
SPEAKER_03: Um, but on that note, you know, when we look at the research, it's clear that financial and mental well-being are deeply intertwined.
6:01
SPEAKER_03: And in my work supporting individuals on their financial journeys, we have seen this firsthand.
6:06
SPEAKER_03: The biggest breakthroughs rarely start with massive milestones.
6:10
SPEAKER_03: They start with a single step forward, a small win, a moment where someone realizes, wow, I can do this.
6:18
SPEAKER_03: Those small wins aren't just checkpoints, though.
6:21
SPEAKER_03: They are emotional anchors a lot of the time.
6:23
SPEAKER_03: And they help reframe how we see ourselves and our capabilities.
6:27
SPEAKER_03: These build resilience and they transform overwhelmingness into progress.
6:34
SPEAKER_03: And they remind us that meaningful change doesn't always happen all at once, right?
6:38
SPEAKER_03: So they happen with intentional steps, one step at a time.
6:42
SPEAKER_03: So we talk a lot about like, don't overwhelm yourself by saying, you know what, it's July 1st, and by the end of this year, I'm gonna pay off$15,000 in credit card debt.
6:52
SPEAKER_03: When we know realistically, I mean, we love to shoot far, right?
6:56
SPEAKER_03: Like, let's do it.
6:57
SPEAKER_03: But sometimes Kim and our financial coaches will be the people that's like, let's take a couple of step backs and get towards something that's actually attainable.
7:06
SPEAKER_03: So today we're really gonna focus on celebrating those small wins loudly.
7:12
SPEAKER_03: Let's recognize their power and not just improve our financial situation, but also strengthen our confidence and our mindset and our overall well-being.
7:20
SPEAKER_03: Because when it comes to both money and mental health, progress, no matter how small, is still powerful.
7:28
SPEAKER_03: And on that note, we're gonna launch a poll right now.
7:30
SPEAKER_03: So we kind of want to hear from you guys.
7:32
SPEAKER_03: Um we wanna know what's a goal that you want to achieve before the end of the year.
7:38
SPEAKER_03: This could be anything from building an emergency fund, maybe it's paying down a chunky amount of your debt, crafting a budget, getting a budget started, building a holiday budget, or just a budget in general.
7:51
SPEAKER_03: Um, you know, finding savings in a spending plan, or maybe it's something else and something that we are not uh, you know, mentioning here.
8:00
SPEAKER_02: Yeah, so pop it in the chat if it's something else we're curious.
8:03
SPEAKER_02: For sure.
8:05
SPEAKER_02: It does look like paying down a chunk of debt is taking the lead, Kim.
8:10
SPEAKER_03: I had a feeling that that was gonna be, you know.
8:14
SPEAKER_02: Yeah, yeah, a popular one.
8:16
SPEAKER_02: Same here.
8:17
SPEAKER_02: Awesome.
8:20
SPEAKER_02: Well, I think we got a good idea of what you guys are shooting for here.
8:23
SPEAKER_02: So with that, we'll go ahead and end the poll.
8:26
SPEAKER_02: And we'll just get started with some of these clips.
8:28
SPEAKER_02: So five steps to help you reset mid-year.
8:35
SPEAKER_00: Right.
8:35
SPEAKER_00: So looking back first to say, okay, what were my wins?
8:38
SPEAKER_00: What could I have done better?
8:40
SPEAKER_00: But in terms of finances, looking at my spending, where did all of my money go?
8:44
SPEAKER_00: Um, what was great about that and what wasn't so great?
8:47
SPEAKER_00: What where could we improve?
8:49
SPEAKER_00: And so I think the very first thing, honestly, is looking back to just kind of see and acknowledge where you've been.
8:57
SPEAKER_00: Um, and then that helps you inform it helps inform you about what it is that's possible for this time here.
9:03
SPEAKER_00: And so it's information, it's not judgment, it's uh simply information.
9:07
SPEAKER_00: Sometimes it's great to figure out to remember all the things that you did accomplish.
9:12
SPEAKER_00: And it it also is helpful where you could have improved.
9:17
SPEAKER_00: And so I think that is that's always my very first step in any arena, be it closing weight, or you know, did I go on the trips I wanted to go on, or is this something that's still lagging?
9:29
SPEAKER_00: Is there things that need to happen in the house?
9:31
SPEAKER_00: Like I just think that that's um the very first step is to look back and take an assessment of where things are.
9:37
SPEAKER_00: That's important.
9:39
SPEAKER_02: All right.
9:40
SPEAKER_02: So you heard it from Erica.
9:41
SPEAKER_02: The first step we're gonna do is we're just gonna look back.
9:44
SPEAKER_02: So think back to January and ask yourself, where did my money actually go over the past six months?
9:51
SPEAKER_02: So not where you intended it to go, but where it really went.
9:54
SPEAKER_02: So we really talk about these three measurable aspects of your financial health at our program, but you know, think credit.
10:00
SPEAKER_02: Did you rely on it more than expected, or were you able to actually manage it intentionally?
10:05
SPEAKER_02: Debt, have your balances gone down?
10:07
SPEAKER_02: Have you chipped away?
10:08
SPEAKER_02: Has it stayed the same, or maybe even crept up?
10:11
SPEAKER_02: Like look at that.
10:11
SPEAKER_02: And then savings.
10:12
SPEAKER_02: Were you able to build some momentum or did things pull you from those reserves?
10:17
SPEAKER_02: So maybe your emergency fund is no longer.
10:19
SPEAKER_02: Maybe that's some of you did say you wanted to build back up your emergency fund.
10:22
SPEAKER_02: So that's another process.
10:23
SPEAKER_02: But as Kim said, no judgment here.
10:26
SPEAKER_02: This is just awareness.
10:27
SPEAKER_02: This is setting your foundation so you can know where you're going to go based on where you've been.
10:31
SPEAKER_02: That's where real progress begins.
10:33
SPEAKER_02: So now let's shift gears and give yourself some credit too.
10:37
SPEAKER_02: So as we talk through all of this, think about the progress.
10:40
SPEAKER_02: We need to celebrate small wins to understand that real progress that we're making, right?
10:45
SPEAKER_02: So have you accomplished, like what have you accomplished?
10:48
SPEAKER_02: Maybe it's not paying off as much debt as you wanted to get to here in July, but maybe it's still something.
10:53
SPEAKER_02: Something is better than nothing.
10:55
SPEAKER_02: Um, where might have you left some opportunity on the table?
10:58
SPEAKER_02: Maybe you went out a little bit more than you wanted.
11:00
SPEAKER_02: I know back in December, one of my New Year's resolutions was going to be eliminating DoorDash.
11:06
SPEAKER_02: So I literally deleted the app, right?
11:08
SPEAKER_02: And that really helps me eliminate some of that additional spending and reallocate it over to other areas like debt payoff.
11:16
SPEAKER_02: And then let's finally zoom off, zoom out, excuse me.
11:19
SPEAKER_02: Zoom out.
11:20
SPEAKER_02: How do you feel about your journey right now?
11:22
SPEAKER_02: Um, and then how do you want to feel come December, right?
11:26
SPEAKER_02: Think about those two different feelings, or maybe they're similar.
11:29
SPEAKER_02: I don't know.
11:30
SPEAKER_02: Um, but set the stage for yourself and reset by starting to take a look back.
11:35
SPEAKER_02: Uh now let's get into the second step.
11:38
SPEAKER_00: One of the strategies, just as a way to um ensure that we're on the same page here, is that getting out of debt, sometimes you have to break that down into smaller pieces.
11:50
SPEAKER_00: So maybe it's let's think about, and it for me, I wouldn't have gotten out of debt in one year.
11:54
SPEAKER_00: It took us five.
11:56
SPEAKER_00: Um, and so it was what is that next credit card?
11:59
SPEAKER_00: What is that next thing that gets to get paid off?
12:02
SPEAKER_00: The last thing for us was the student loans because it was the biggest piece of the pie.
12:06
SPEAKER_00: Um, so you have to think about strategically what can you realistically accomplish in this year?
12:12
SPEAKER_03: And so we're we're going on to the next step, it's break it down.
12:21
SPEAKER_03: So if the goal feels overwhelming, break it into a smaller, more manageable win that you can tackle by the end of the year.
12:29
SPEAKER_03: A good example of this, before I get to this example of paying off your credit card debt, I like to use the um, I like to use my own personal testimony, but I also recently talked to a member who does the same thing where they received a escrow reimbursement at the beginning of the year for their mortgage.
12:46
SPEAKER_03: And when we were talking, she was like, I don't know, I was gonna just put it into my checking account and then maybe uh update the the portraits on my walls and things along those lines.
12:55
SPEAKER_03: And I was like, hey, let me offer up a suggestion, what we started doing, especially after we first purchased our house, we quickly realized, wait, every year escrow could change?
13:05
SPEAKER_03: Why?
13:05
SPEAKER_03: I I didn't understand.
13:06
SPEAKER_03: Why does my mortgage payment keep going up?
13:08
SPEAKER_03: So instead of taking those reimbursements, if and when they do come and spending or putting that into our checking account, what we do now is we do an automatic escrow payment to our mortgage so that if there is an overage, if there is a shortage, we don't have to necessarily worry about our mortgage payment changing year over year in the future.
13:30
SPEAKER_03: Um but another great example is paying off$5,000 in credit card debt.
13:35
SPEAKER_03: Let's say this is something that we want to tackle over the year.
13:38
SPEAKER_03: It's nicer when we can break this down into something that feels more attainable versus just saying, you know what, I'm gonna pay it off and here it is.
13:46
SPEAKER_03: So maybe it's paying an extra hundred dollars towards the balance each month.
13:50
SPEAKER_03: Maybe it's setting up an automatic payment so that you can stay consistent and breaking that up into$50 chunks, or if you've got a partner, maybe that's splitting it between the both of you.
14:00
SPEAKER_03: Um and maybe at the end of it all, it's celebrating every$1,000 pay, payoff milestone.
14:07
SPEAKER_03: I'm definitely somebody who is excited and motivated by the competition of it all.
14:14
SPEAKER_03: So a lot of the times what my husband and I will do is we'll say, like, okay, who can hit to$500 quickest or$1,000 the quickest?
14:22
SPEAKER_03: And then that will go straight to a credit card payment.
14:25
SPEAKER_03: This is what we did last year when we decided, you know what, we're eliminating all of our credit card debt.
14:30
SPEAKER_03: We gamified it amongst each other, and I was like, okay, let's say, let's do this.
14:34
SPEAKER_03: And thankfully, I was a little bit worried that he was gonna be like, you go, Kim, like you've got this boo, go ahead.
14:40
SPEAKER_03: But he keeps up also, which I was super excited.
14:43
SPEAKER_03: But you know, having a year-end win where you pay down and have that momentum, it it really does feel good and justifying, but it doesn't end there.
14:53
SPEAKER_03: So maybe you're saving for a house, maybe you want to do a chunkier amount, you know, maybe you're setting the goal to save$5,000 this year so that you can have a down payment, or maybe you're wanting to invest.
15:05
SPEAKER_03: I know that we saw that a lot in the comments here just a minute ago.
15:08
SPEAKER_03: People really wanting to maximize their retirement options.
15:11
SPEAKER_03: Maybe you're um, you know, adjusting your employer enrollments with your retirement plan, or you're updating the contributions that you have.
15:20
SPEAKER_03: We also talk to coaches, or excuse me, talk in coaching appointments often about allocating those bonuses or raises when you know in planning ahead of time so that you can, you know, either make up a deficit or get to a point where you retire early.
15:35
SPEAKER_03: That's super exciting.
15:37
SPEAKER_02: Yeah.
15:38
SPEAKER_02: Yeah, definitely.
15:41
SPEAKER_02: Let's hop into step number two.
15:42
SPEAKER_00: Absolutely.
15:43
SPEAKER_00: The slash and burn approach to your budget is not going to be successful.
15:48
SPEAKER_00: It's not empowering, um, it's not realistic, and it it's not something that you can stick to.
15:54
SPEAKER_00: So when I have coached, I have coached over 500 families um over the course of my career, and I have spoken to audiences, thousands, and I have never once said put dining out down to zero because it's unnecessary.
16:10
SPEAKER_00: I have never once said that.
16:12
SPEAKER_00: I definitely believe in balance, I don't believe in deprivation, and I think that that is unrealistic.
16:18
SPEAKER_02: All right.
16:18
SPEAKER_02: You heard it from Erica.
16:20
SPEAKER_02: We are not slashing and burning any part of your fun budget.
16:24
SPEAKER_02: So you have to fold it in.
16:26
SPEAKER_02: And honestly, it's safer to do that than ending up binging, right?
16:30
SPEAKER_02: We want balance over deprivation.
16:32
SPEAKER_02: So thinking about sustainable ways to enjoy what you like to do with more intention and strategy, right?
16:37
SPEAKER_02: So you've heard this example before, but I'll start with it again.
16:40
SPEAKER_02: Tuesdays, great days for the movies.
16:42
SPEAKER_02: Fridays, Saturdays, not so much.
16:44
SPEAKER_02: So think about altering how you like to have fun based on the days of the week that you're going to maximize your savings.
16:50
SPEAKER_02: Um, I know Kim's talked through different group on deals.
16:53
SPEAKER_02: I love my free museum days.
16:55
SPEAKER_02: We have the high desert museum out here in Oregon that I love going to, but that can come with a free library membership, right?
17:00
SPEAKER_02: It's free on top of free.
17:02
SPEAKER_02: Look at your community resources.
17:04
SPEAKER_02: Kim, are there any that you like specifically for having kids?
17:07
SPEAKER_03: Yeah, so the library is a huge one for us this summer.
17:12
SPEAKER_03: So I know I've talked in other um events that we've had recently over like kind of balancing my son's uh summer camp experiences or doing like one week on, one week off, because summer camp is pricey and sure some of you know.
17:26
SPEAKER_03: Um, but we've been taking advantage of library perks.
17:29
SPEAKER_03: Like library, excuse me, library visits are no longer just like we're going there for books.
17:34
SPEAKER_03: They've got so many different experiences and events and crafting and music and all these things that are happening.
17:42
SPEAKER_03: So, what we do a lot of the times, especially when I know the boys are gonna be home because they need entertainment constantly, it feels like.
17:50
SPEAKER_03: Um, I'm always looking at the calendars to see like what's happening, what's free.
17:54
SPEAKER_03: I know I saw in the uh comments right now, they're asking if groupons really work.
17:59
SPEAKER_03: I can say, so I'm in San Antonio, as for us, groupons really work over here.
18:04
SPEAKER_03: You know, sometimes I'm taking the boys to um maybe it's an amusement park or a trampoline park or something along those lines.
18:11
SPEAKER_03: But even experiences like here in San Antonio, we have like a Ripley's wax museum.
18:16
SPEAKER_03: I was getting ads for that constantly.
18:18
SPEAKER_03: And I was like, okay, we'll take a look and see how that is.
18:22
SPEAKER_03: And I was just so shocked.
18:24
SPEAKER_03: Like my boys got to experience the Alamo and right across the street was this wax museum.
18:29
SPEAKER_03: And, you know, they just thought it was the coolest thing.
18:30
SPEAKER_03: And I want to say it was like a$25 group on that I had purchased.
18:34
SPEAKER_03: But um, you know, depending on where you're at, take a look and see.
18:37
SPEAKER_03: But the resources, you know, don't limit us to group on.
18:40
SPEAKER_03: Take a look and see either on social or wherever you might be following, even a quick like AI search to see what's happening in my area right now that may be free.
18:49
SPEAKER_03: Um, you can definitely take a look and see what's what's out there.
18:52
SPEAKER_03: You know, for us, group on in the library have been A plus.
18:57
SPEAKER_02: Yeah, yeah.
18:58
SPEAKER_02: And there's like local days here in Bang.
19:00
SPEAKER_02: I know I saw some controversy over bigger cities and smaller towns.
19:03
SPEAKER_02: So true.
19:04
SPEAKER_02: Whoever made that comment, you are absolutely right.
19:06
SPEAKER_02: So, like Kim said, do your research, see what resources are available to you.
19:10
SPEAKER_02: One thing I like being in a small town is we have a foot zone in our small town area, and they actually host pub runs.
19:16
SPEAKER_02: So you'll go on like a 5k, everyone will meet up at a brewery in town, a lot of microbreweries out here in Oregon, and you'll get to be part of a raffle for free.
19:24
SPEAKER_02: And you'll get a free beer too, you know, and that's a good, you know, night spent for zero dollars.
19:29
SPEAKER_02: And you could even win a pair of ultras, which are if you don't know really good hiking or running shoes, I'm partial.
19:35
SPEAKER_02: But again, look in your area, you don't know what you might be able to get into when it comes to different kinds of fun.
19:41
SPEAKER_03: For sure.
19:42
SPEAKER_02: All right, step number four.
19:44
SPEAKER_02: First of all, you gotta add up your debt.
19:46
SPEAKER_00: Add it up, face the piper.
19:48
SPEAKER_00: So I, you know, I think it's important if you need a glass of wine, you need some mood music, put on a candle, top of chocolate.
19:56
SPEAKER_00: Yeah, set the vibe, set the vibe.
19:59
SPEAKER_00: Um and and add it up.
20:01
SPEAKER_00: Get your credit report with your accountability partner.
20:04
SPEAKER_00: Um, know that you are not by yourself in the whole idea of you have to face it.
20:11
SPEAKER_00: And budget for extra payment.
20:13
SPEAKER_00: So here's the deal.
20:14
SPEAKER_00: When we're talking about reducing um a category, direct those funds to where they need to go.
20:20
SPEAKER_00: Direct them where they need to go.
20:22
SPEAKER_00: Know how much it is.
20:22
SPEAKER_00: If it's$200,$500,$50, whatever it is.
20:26
SPEAKER_00: Um the other thing that I would say for folks is to make sure that you know your debt-free date.
20:37
SPEAKER_03: Oh, this one's an exciting one.
20:39
SPEAKER_03: So facing your debt, right?
20:41
SPEAKER_03: I say exciting loosely because I know it's not always exciting, depending on where you're at.
20:45
SPEAKER_03: I know we've got some people in the chat who are like, I'm debt-free.
20:48
SPEAKER_03: We will totally talk over additional options here in a bit as well.
20:51
SPEAKER_03: But, you know, when you confront your debt head on, you're not just managing your money, you're turning uncertainty and information into a plan with power.
21:00
SPEAKER_03: I really think it's so nice to have a financial coach in your corner, your accountability buddy who will talk to you and help hold you accountable with paying off your debt, getting to a place where you feel more comfortable, getting to a place where that pit is no longer in your stomach and, you know, making you lose sleep at night or wherever it is that you might be.
21:20
SPEAKER_03: But some great ways to get started is start with something that seems simple.
21:24
SPEAKER_03: List out all of your debts in one place so that you can get a clear picture.
21:28
SPEAKER_03: And then you can decide.
21:29
SPEAKER_03: I'm sure most of you have heard about the two different payoff strategies, whether it's the snowball method or the avalanche method, finding something that works best for you.
21:38
SPEAKER_03: Am I focused more on eliminating my debt so I'm not paying high interest credit cards or loans?
21:44
SPEAKER_03: Or am I really wanting to get rid of this large payment that I have and take it from there?
21:50
SPEAKER_03: The next thing is calculating your debt free date, right?
21:53
SPEAKER_03: So your debt free date is super exciting, but we're not always stuck on that date.
21:57
SPEAKER_03: So keep in mind it's okay for that to ebb and But we really want to kind of stick to around that area of that debris date once we set it.
22:06
SPEAKER_03: And then pay a little extra when you can.
22:08
SPEAKER_03: So I'm somebody who notoriously used to like to spend a lot of my money on coffee.
22:13
SPEAKER_03: And when I was on the journey of no longer spending money on coffee or not as much money on coffee, what I used to do to motivate myself is when I had that itch to go to the local coffee truck, I would then instead make my coffee at home and then move$10 or$15 into that savings account or towards that principal payment.
22:32
SPEAKER_03: And I'd even put a note on there that would say, would have been coffee.
22:36
SPEAKER_03: And I used to get such fulfillment out of looking at my savings account and seeing the notes of all of the would have been coffees.
22:44
SPEAKER_03: And I was like, yes, I can do this.
22:46
SPEAKER_03: Like, we don't need to spend so much money on coffee.
22:49
SPEAKER_03: You know, that's just one example.
22:51
SPEAKER_03: But the last thing that I want to mention also is automating your payments to stay consistent and avoid setbacks.
22:58
SPEAKER_03: So this could also be automating your savings as well.
23:01
SPEAKER_03: To kickstart a lot of our savings, I know I used to share all the time that my husband would see money growing in our savings and it would like burn a hole in his pockets.
23:10
SPEAKER_03: So we hid our savings accounts so that he did not see them and he didn't know, like, okay, this is where we're at.
23:17
SPEAKER_03: We would not keep track of that stuff.
23:19
SPEAKER_03: We would just continue to put money into there.
23:21
SPEAKER_03: But allowing that automation to happen really just took the work out of making sure that we're being intentional with savings.
23:30
SPEAKER_02: Yeah, definitely.
23:31
SPEAKER_02: And I think for our, and um, some of you may have been on this one or not, but we had a live event in May where we demoed our digital banking experience, right?
23:39
SPEAKER_02: So there's a plan and growth section for those of you that are members that houses a lot of Life Money U tools.
23:45
SPEAKER_02: And I think, Kim, didn't you like set up a goal and Ram saw it in your Oh yes, yes.
23:50
SPEAKER_03: So thank you, Danny.
23:51
SPEAKER_03: I forgot we were chatting about this recently.
23:53
SPEAKER_03: And so we did this event in May, but prepping for it, I think in April, we were starting to like get the clips of the videos and things.
24:01
SPEAKER_03: And so I set up the savings goal, automated some money into our savings.
24:06
SPEAKER_03: Two weeks ago, my husband was like, Hey, why do we have$450 in this account?
24:11
SPEAKER_03: I thought we stopped using that like last year when our boys started like school school.
24:15
SPEAKER_03: And I was like, What are you talking about?
24:16
SPEAKER_03: I my heart skipped a beat.
24:18
SPEAKER_03: I was like, where did this money come from?
24:19
SPEAKER_03: What is it?
24:20
SPEAKER_03: I was investigating, and then I had the realization that I was like, I set this up as an example for work.
24:27
SPEAKER_03: Sorry, hon, but hey, kudos to us.
24:30
SPEAKER_03: Good job for not meeting or using that money.
24:34
SPEAKER_03: But that's what happens when it's so simple to just set it, forget it, and then hide it.
24:39
SPEAKER_03: And you know what?
24:40
SPEAKER_03: Now I'm having this realization that it sounds like my husband unhides his accounts often because he found it.
24:47
SPEAKER_03: I'm like, oh, but anywho, yes, very easy.
24:51
SPEAKER_02: The power of setting and forgetting it.
24:53
SPEAKER_02: Um, okay, we're gonna hop into our last step.
24:57
SPEAKER_00: So one, you did mention um 0% cards, and I think 0% cards are a very easy way if you have decent credit.
25:06
SPEAKER_00: Um I think good begins at 680, if I'm not mistaken, for a 504, and then great starts at like 720, 730, depending.
25:17
SPEAKER_00: It kind of depends on what it is you're gonna use it for.
25:20
SPEAKER_00: Um you'll get better interest rate if you have a higher score.
25:26
SPEAKER_00: But typically you can get a 4% card and do a balance transfer.
25:31
SPEAKER_00: So let's just say you have a credit card that has 29% interest um and yeah, and you're like, wait a minute, they're offering me a balance transfer over here at this other card.
25:43
SPEAKER_00: You can move your card balance over.
25:45
SPEAKER_00: Uh they usually have a balance transfer fee, two to four percent maybe, but if you're gonna pay two percent versus 29, uh the key is that you don't have interest on that new card for maybe 18 months or so, 12 months.
25:59
SPEAKER_02: Yeah, temporary time.
26:00
SPEAKER_02: So you want to have a game plan for those 18 months on how you're gonna maximize use of that 0%.
26:06
SPEAKER_00: That's exactly all right.
26:09
SPEAKER_02: So leveraging the tools available to you like a 0% credit card.
26:14
SPEAKER_02: So because we use this strategically, credit isn't just something you know to manage.
26:19
SPEAKER_02: It can actually help you take control, reduce interest, and speed up your progress, like Erica said.
26:24
SPEAKER_02: But here's what it can look like in action.
26:26
SPEAKER_02: First, if you're carrying balances with higher interest rates, consider transferring those to a 0% promotional card, like she described, right?
26:32
SPEAKER_02: 18 months of 0%.
26:34
SPEAKER_02: I mean, that could be huge for someone who's trying to chip away and make, as a lot of you said, big chunks of progress in shipping away of their debt.
26:42
SPEAKER_02: So um, the key here, really, though, is intention, finding tools that work for you.
26:47
SPEAKER_02: And luckily, through the program and the credit union, we have a lot of different tools that could help you.
26:51
SPEAKER_02: And I know we'll talk about a few today.
26:53
SPEAKER_02: Um, one of which I actually wanted to talk through was pocket change.
26:57
SPEAKER_02: Kim, can you give some of our, you know, folks here just a little bit description of pocket change?
27:02
SPEAKER_02: This is a new tool, guys, by the way, that we just released last month.
27:05
SPEAKER_03: It absolutely is.
27:06
SPEAKER_03: And I am a big fan.
27:09
SPEAKER_03: So I enrolled in this when we launched it.
27:11
SPEAKER_03: I think we were part of like the um the group that got to kind of preview it before, but I enrolled in it right away thinking, oh, I don't use my debit card too often.
27:20
SPEAKER_03: So it probably wouldn't impact us that much.
27:22
SPEAKER_03: But what's really cool is that with your transactions that you use your debit card on, it'll round up to the next dollar and move those funds into your savings account or whatever savings account you allocated or set it up to go to.
27:37
SPEAKER_03: And then you just again set it and forget it.
27:39
SPEAKER_03: And it's a great way to start small, start somewhere small, and it'll have big impacts.
27:46
SPEAKER_03: I know when I was looking at our savings account that I allocated it to the first time that I like kind of just checked in, we had like$18 in that account.
27:53
SPEAKER_03: And I was so surprised because of course I said to myself, I'm somebody who never uses their debit card.
27:59
SPEAKER_03: So how did I have$18 in there?
28:01
SPEAKER_03: And now with just having it, I think a little over a month, we've had up to like$75 in that pocket change account.
28:07
SPEAKER_03: That's uh just letting it be there.
28:09
SPEAKER_03: And it's such a great tool that I have talked to members about here recently to tell them like, let it do the work for yourself, especially, or excuse me, let it do its work on its own so that you don't have to do the work in moving that money over.
28:23
SPEAKER_03: And it's such an easy roundup function that can really help kickstart your savings.
28:29
SPEAKER_02: Yeah, a hundred percent.
28:30
SPEAKER_02: And I saw a lot of really cool commentaries in the chat.
28:33
SPEAKER_02: So if you haven't, you've heard it from peers here today.
28:36
SPEAKER_02: You need to try it if you haven't.
28:38
SPEAKER_02: It's really cool.
28:40
SPEAKER_02: Okay, next we're gonna hop into a demo by Kim.
28:42
SPEAKER_02: So, Kim, take us away with this really cool tool, again, available to both members and for those of you here on the call that aren't members.
28:51
SPEAKER_03: Yeah.
28:52
SPEAKER_03: And as we um as we walk through this tool, you know, this it's a quick tour of our Life Money You Library.
28:58
SPEAKER_03: I want you to really view this as more the more than just navigating a website.
29:03
SPEAKER_03: Think of it as exploring tools that can support both your financial well-being and your overall mindset.
29:09
SPEAKER_03: So, one thing that we know, again, like we said at the beginning, is that financial well-being isn't just about dollars and cents.
29:15
SPEAKER_03: It's also about how we feel.
29:17
SPEAKER_03: And financial stress can impact both our focus, our sleep, our relationships, our overall mental well-being.
29:23
SPEAKER_03: And that's exactly why these resources exist.
29:26
SPEAKER_03: What you're seeing here is a snapshot of several key areas of the library altogether.
29:31
SPEAKER_03: There are thousands of resources available, but I want to highlight a few that are especially powerful if you're just getting started and looking to become more mindful in your financial journey.
29:42
SPEAKER_03: The first is our mindfulness section.
29:46
SPEAKER_03: This is one of my favorite areas because it recognizes something that we don't always talk about, and that's money is emotional.
29:54
SPEAKER_03: Before we tackle budgets or savings plans, sometimes we need to pause, reset, and manage the stress that comes with financial decisions.
30:03
SPEAKER_03: You'll find short, guided meditations here that are easy to use, whether you have five minutes between meetings or you need a reset after an unexpected expense.
30:12
SPEAKER_03: Or maybe you just want to clear your head.
30:14
SPEAKER_03: You don't have to be an expert.
30:16
SPEAKER_03: These tools are designed to meet you exactly where you are.
30:19
SPEAKER_03: And there's so many different options that you can listen to, and you get to pick, you know, five, 10, 20 minutes.
30:26
SPEAKER_03: As we move along, you'll also see the tools like your money personality analysis, which helps you understand the why behind your financial behaviors.
30:36
SPEAKER_03: Because our decisions aren't always driven by logic, they're shaped by habits, emotions, and past experiences.
30:44
SPEAKER_03: Hold on, I think we see.
30:46
SPEAKER_02: Yeah, we have a little bit of a glitch.
30:48
SPEAKER_02: Hold on, let's try to fix it here.
30:50
SPEAKER_02: Everyone here understands technical difficulties, right?
30:55
SPEAKER_01: We'll go forward and go back.
30:56
SPEAKER_01: Let's try again and we'll go up to here we go, Kevin.
31:11
SPEAKER_03: Perfect, awesome.
31:13
SPEAKER_03: So these are shaped by our habits, our emotions, and past experiences.
31:18
SPEAKER_03: This tool it helps with building awareness by giving you insight into how you think and feel about money.
31:24
SPEAKER_03: And then it provides a personalized uh recommendation list so that you can make more intentional choices moving forward based off of what, you know, where your personality type is right now.
31:36
SPEAKER_03: And keep in mind this is always ever changing.
31:39
SPEAKER_03: So you can always retest and see kind of where you're at next.
31:42
SPEAKER_03: The next step is the journaling tool.
31:44
SPEAKER_03: And I know Danny and I are pen and paper girlies.
31:47
SPEAKER_03: We love this.
31:48
SPEAKER_03: Um, but this is a simple but incredible way to reflect.
31:53
SPEAKER_03: And you can capture your thoughts, you can track progress, you can even use guided prompts if you're not sure where to start.
32:00
SPEAKER_03: What I love about this though is that it helps you recognize growth in real time, those small wins that are easy to overlook, but are actually what drive your long-term financial change.
32:12
SPEAKER_03: And finally, there's the financial stress score tool, which helps you better understand the pressure that may be impacting your financial well-being.
32:20
SPEAKER_03: It doesn't just identify stress, it also helps you see that stress is showing up in different areas of your day-to-day life.
32:27
SPEAKER_03: And it gives you strategies to help manage that.
32:30
SPEAKER_03: It even lets you track progress over time, which is a great reminder in improving your financial well-being that it's not just about numbers, it's about how you feel along the way.
32:39
SPEAKER_03: So as you watch this walkthrough, I want you to leave with this thought.
32:42
SPEAKER_03: Meaningful financial progress doesn't always come from big dramatic changes.
32:48
SPEAKER_03: Often it starts with small amounts of awareness, pausing for a decision, reflecting on a habit, or simply taking a breath during a stressful moment.
32:57
SPEAKER_03: And after today, I encourage you to explore just one of these areas.
33:01
SPEAKER_03: Pick something that feels approachable.
33:03
SPEAKER_03: Maybe it's a short meditation, a journal entry, or a personality assessment, and try it this week.
33:10
SPEAKER_03: The goal isn't to do everything all at once, but it's to find one tool that works for you and come back to it consistently.
33:17
SPEAKER_03: Because sometimes the most impactful step that we can take towards financial well-being isn't adding more to our to-do list.
33:24
SPEAKER_03: It's creating the space to think more clearly, reduce stress, and approach our money with greater confidence.
33:32
SPEAKER_02: Yeah.
33:33
SPEAKER_02: I love the saying, but manifest your money mindset.
33:36
SPEAKER_02: Um, Kim and I talked about this when we were thinking through how we were going to steer the conversation, but persona-based statements work better than outcome-based statements.
33:46
SPEAKER_02: What does that mean, Danny?
33:48
SPEAKER_02: That means that when you say, I'm a great saver, when you wake up in the morning, or I'm really good, I'm just a good um uh strategic spender.
33:56
SPEAKER_02: I'm really like saying who you are as it is today rather than what you are going to be doing.
34:01
SPEAKER_02: So I will save$100.
34:03
SPEAKER_02: Like calling yourself a good saver is actually more effective uh than just saying what it is you're going to do, already manifesting or owning the identity, right?
34:11
SPEAKER_02: We just had a full moon.
34:12
SPEAKER_02: I'm just gonna say two earlier this week.
34:14
SPEAKER_02: So that's a perfect time for manifesting all your money goals.
34:17
SPEAKER_02: Um, and yeah, just use your mindset to your advantage.
34:22
SPEAKER_02: And if you need a little bit of help, so maybe write the debt-free date, you're super curious.
34:26
SPEAKER_02: You're like, I want a debt-free date.
34:28
SPEAKER_02: Meet with a coach.
34:28
SPEAKER_02: Uh, Kim helps lead all of these coaches so that they can help you with your personal financial plans.
34:34
SPEAKER_02: Maybe it's a spending plan, maybe it's, you know, chipping away at big chunks of debt.
34:38
SPEAKER_02: Maybe by the end of the year you want something manageable, but come next year, mid-year, you'll have a debt-free date.
34:43
SPEAKER_02: Maybe it'll be in 2029, you'll have a debt-free date, but you will have that date set and you will have a plan in place with automatic payments, everything working for you in the background to get there and make it happen.
34:53
SPEAKER_02: But these are what our coaches are here for.
34:55
SPEAKER_02: Kim, as our coach of coaches, is there anything that you would add to that?
35:00
SPEAKER_03: The the biggest thing that I always like to share also is that the the biggest step that you can take is actually scheduling an appointment and talking to a coach and knowing that our coaches are the people that you see on the front line, the people that you walk in to have a transaction help you with, or excuse me, have them help you with a transaction in the branch.
35:21
SPEAKER_03: Um, you know, these are our coaches and they have the experiences and knowledge of living and hearing from everybody day to day.
35:30
SPEAKER_03: And I know that a lot of the times it's super hard to even just schedule an appointment because people are scared and what are they gonna think and how is it gonna go?
35:40
SPEAKER_03: But know that we are in it just to support and help in the best way that we know how.
35:46
SPEAKER_03: And um, we're never here to pass judgment or make anybody feel any less than or have this feel any heavier.
35:53
SPEAKER_03: The the goal is that we are here to be a support system for you to guide you throughout this financial well-being journey.
36:00
SPEAKER_02: And the truth is a lot of the coaches have been in your shoes.
36:03
SPEAKER_02: I mean, that's why they're coaches now.
36:05
SPEAKER_02: Coaches, again, this is a voluntary part of their full-time, you know, gig as a frontline rep, right, at the credit union.
36:11
SPEAKER_02: So they're choosing to help empower you.
36:14
SPEAKER_02: It's not something, you know, it's really just told.
36:16
SPEAKER_02: It's something that they want to do to help.
36:17
SPEAKER_02: And again, like I said, more than likely, they've been in your shoes.
36:20
SPEAKER_02: And that's why they want to help other people like you make it through and see the other side.
36:26
SPEAKER_02: And just some other little tidbits here about our program and other ways you can go about learning.
36:30
SPEAKER_02: So you're here, podcast live events.
36:32
SPEAKER_02: These are great.
36:33
SPEAKER_02: Great way to also like, you know, talk to other people, compare, see where you're at, and just feel real and not alone, right?
36:40
SPEAKER_02: Like other people are going through similar struggles, and it can be really easy to start to feel isolated when it comes to financial um hardship.
36:47
SPEAKER_02: We also have our podcast.
36:48
SPEAKER_02: So this will be reproduced.
36:50
SPEAKER_02: I saw someone say like they were going in and out or being bumped.
36:53
SPEAKER_02: No worries.
36:53
SPEAKER_02: You have full access to this recording either via our podcast or the follow-up email that you receive after this session.
36:59
SPEAKER_02: You can also hop into the virtual library that Kim demoed.
37:02
SPEAKER_02: Again, the mindfulness tab is only one section of the entire library.
37:06
SPEAKER_02: There are a bunch of different areas that you can explore to help educate on your time.
37:10
SPEAKER_02: So highly recommend library for self-service.
37:13
SPEAKER_02: And then we just touted our coaching.
37:14
SPEAKER_02: Again, if you want a little bit more personalized guidance, that one-on-one experience, our coaches are here for you.
37:20
SPEAKER_02: And again, they specialize in credit, debt, and savings goals.
37:24
SPEAKER_02: We also have our newsletter.
37:26
SPEAKER_02: It just aired today.
37:27
SPEAKER_02: So if you're um a LinkedIn person, it's on LinkedIn.
37:29
SPEAKER_02: If you're a podcast person, it's on our podcast.
37:32
SPEAKER_02: And if you're an email person, we're here for you too.
37:34
SPEAKER_02: So you can just subscribe and receive it to your email inbox as well.
37:37
SPEAKER_02: And then last but not least, uh social media is everywhere, right?
37:42
SPEAKER_02: It's a large chunk of people's days.
37:44
SPEAKER_02: And if you're someone who spends a couple minutes scrolling every day, you can find us there too.
37:49
SPEAKER_02: So feel free to follow LifeMoney U and BCU on social media.
37:52
SPEAKER_02: I believe we're on LinkedIn, Facebook, and Instagram.
37:57
SPEAKER_02: And before we hop into our questions, I think we got a good chunk of questions too, Kim.
38:01
SPEAKER_02: So I'm excited for the remaining 15 minutes.
38:03
SPEAKER_02: Um, but we have a message here from Erica Young.
38:06
SPEAKER_02: So we're gonna play that.
38:09
SPEAKER_00: Hey there, it's Erica Young, and I cannot wait to come to you on September 8th for a webinar titled A Debt-Free Game Plan Before the Year Ends.
38:20
SPEAKER_00: Yes, we are gonna get to work ensuring that you have a plan that really works for your life right now, not someday.
38:28
SPEAKER_00: Because we all know that the holidays can kind of get us off track.
38:32
SPEAKER_00: But what if you first of all had a game plan before that time period comes?
38:38
SPEAKER_00: You could have an honest look at a debt-free date, have a realistic viewpoint of what it looks like to improve your credit, and have something that will bring you some peace of mind before all the craziness begins.
38:52
SPEAKER_00: So I can't wait to see you there.
38:54
SPEAKER_00: I hope you jump in and are ready to get to work so that you can have a plan that really works for the life that you want to live and the finish you want to have to this year.
39:06
SPEAKER_02: Awesome.
39:07
SPEAKER_02: That is super exciting.
39:09
SPEAKER_02: We love Erica Young here at Life MoneyU, so we're really excited to have her back to help us close out the year.
39:14
SPEAKER_02: We've had her in January and she'll be circling back, and it'll be great for us for her to give us a holistic view of um, you know, getting your debt-free game plan ready to roll.
39:23
SPEAKER_02: And so with that, right, Kim, we're finally in the QA section.
39:27
SPEAKER_02: So don't mind me while I scroll all the way up.
39:30
SPEAKER_02: Um, super excited uh to kind of start here.
39:33
SPEAKER_02: So let's get to the first one.
39:41
SPEAKER_02: Okay.
39:42
SPEAKER_02: Does BCU offer any sort of net worth tracking template that would help with this kind of year-to-year retrospective?
39:50
SPEAKER_03: Yeah, so in your online banking, there is a net worth value tracker tile that you can take a look at.
39:59
SPEAKER_03: Definitely, I would encourage you to get in there and take a look to see uh if that's something that is what you're looking for.
40:06
SPEAKER_03: Um, but yes, we do have that in our online banking or your app.
40:10
SPEAKER_02: Yes.
40:12
SPEAKER_02: Yeah, we have a lot of tools in the app, you guys.
40:14
SPEAKER_02: So many tools that honestly it's it's why it's it's comprehensive because you can personalize it.
40:20
SPEAKER_02: So make sure you are taking advantage of that um customization opportunity within the app because there are just so many tools you can choose from.
40:29
SPEAKER_02: Uh, next question.
40:30
SPEAKER_02: And I think you answered this, Kim, but maybe we can you know expand on it a little bit.
40:34
SPEAKER_02: Does Groupon really work?
40:36
SPEAKER_02: And if you could talk about like the smaller city and smaller town kind of difference, that would be helpful.
40:41
SPEAKER_03: I know that I saw in the um comments that people were talking over things like in a smaller city, maybe it's a little less um involved as it is here in San Antonio.
40:54
SPEAKER_03: So to me here, of course, yes, it does work.
40:58
SPEAKER_03: Um, I know I saw something in the in the comments also about like using it for a spa day.
41:04
SPEAKER_03: I have done that for many different uses, either spa or a massage or anything like that.
41:10
SPEAKER_03: Yes, absolutely.
41:11
SPEAKER_03: But it's not even just limited to group on.
41:13
SPEAKER_03: I would definitely take a look to see what else is out there and see if there's something else.
41:18
SPEAKER_03: We've also used group on, like almost every time that I take the family when we're doing like an adventure or if we're doing a little getaway, whether it's Dallas or I know this is still in Texas, but even when we've traveled to like Florida, I am constantly looking to see what's available to make sure that we are, you know, being mindful about what we're doing and how we're planning things.
41:40
SPEAKER_03: But the same goes with like employee resources.
41:43
SPEAKER_03: Definitely look to see if your employer offers different discounts and then use that to plan, you know, whether it's whatever the day will look like, maybe it's a a summer trip that'll do a weekend getaway or whatever the case may be.
41:57
SPEAKER_03: Definitely make sure that you're also utilizing those employee resources and discounts that might be available to you as well.
42:04
SPEAKER_02: Yeah, and it's not even limited right to those two, Kim.
42:07
SPEAKER_02: Like I think of even my like gym membership.
42:09
SPEAKER_02: Like I get free classes at other partner gyms or even like a sweat house, which is one of those like recovery centers that is trending, right?
42:15
SPEAKER_02: Where you go in a cold plunge and a sauna and like some vitamin boost thing.
42:20
SPEAKER_02: I have no idea.
42:20
SPEAKER_02: But anywho, you can get discounts through any membership you have with other partnered maybe vendors.
42:25
SPEAKER_02: So keep that in mind as well.
42:27
SPEAKER_02: For sure.
42:29
SPEAKER_02: Let's see.
42:30
SPEAKER_02: A lot of comments about discounts group bonds.
42:32
SPEAKER_02: And this is what we're here for to share, you know, where we're finding savings in our day-to-day.
42:36
SPEAKER_02: Okay, so Carrie, is it better to do debt forgiveness and risk a hit to credit temporarily or to do a consolidation loan?
42:44
SPEAKER_02: Kim, what do you think?
42:45
SPEAKER_03: So this one's really hard because I think it really depends on how much debt we're talking over, what our credit kind of looks like right now.
42:53
SPEAKER_03: My personal and professional opinion is I am I'm not a number one fan of uh debt, debt relief places because of the impact that it does to your credit, depending on the place, of course.
43:05
SPEAKER_03: It really depends on what company it is that you're using.
43:08
SPEAKER_03: Um, I definitely like to work with people over empowering them to having an accountability buddy like a coach where we can talk over and take care of these payments ourselves or at least develop an action plan that makes more sense for you.
43:21
SPEAKER_03: But I really do think that this comes case by case because in some scenarios, yeah, a debt relief option is the best option.
43:29
SPEAKER_03: Um, but it really just depends.
43:31
SPEAKER_03: What I would definitely encourage you to do is reach out to a coach so that we can look and really tailor our recommendation to you versus giving like a more generic overview, if that makes sense.
43:43
SPEAKER_02: Totally.
43:44
SPEAKER_02: Um Christine asks how do we access the library we demoed if we are not CU members?
43:49
SPEAKER_02: Well, Christine, super easy.
43:51
SPEAKER_02: Leonor, our team member here helping us technically host this, dropped in the chat the link to the library.
43:57
SPEAKER_02: If you go there and you select sign up in the top.
44:00
SPEAKER_02: Right, it'll just ask for your email and a password, right?
44:03
SPEAKER_02: Like standard stuff, username and password, and you'll use those creds to get into those credentials to get into the library going forward if you are not a member.
44:12
SPEAKER_02: However, if you are a member and you sign into digital banking, it's actually at the bottom navigation.
44:17
SPEAKER_02: You can go to Plan and Grow and access the Financial Wellness Library, the Life Money Library there.
44:22
SPEAKER_02: So super easy, two ways.
44:23
SPEAKER_02: And like I said, member or not, you can access what we just shared with you, which is awesome.
44:29
SPEAKER_03: I wanted to mention real quick, Danny.
44:30
SPEAKER_03: I know that we've had some questions regarding like that payoff and strategy.
44:34
SPEAKER_03: Forgive me, my camera's getting blurry.
44:36
SPEAKER_03: Um, but we had people ask about like 401k withdrawals or stock withdrawals, things along those lines.
44:43
SPEAKER_03: Um, you know, I want to mention that it's not just, forgive me, I don't want to try, I want to get a little bit clearer.
44:50
SPEAKER_03: Sorry.
44:51
SPEAKER_03: Um, you know, it's not just about cashing in your stock.
44:54
SPEAKER_03: Think about how that depletes your asset as well in the growth and the return that you will be looking at in the future as well.
45:03
SPEAKER_03: There's also tax implement uh excuse me, tax, you know, the taxes are involved at times also, and you'll have to pay capital gains tax on those earnings when you actually file as well.
45:15
SPEAKER_03: So think about it again as a full circle, um, holistic view because we have been talking to a lot of people recently who are doing like 401k withdrawals.
45:26
SPEAKER_03: And we know that in certain scenarios, that is the option that you need to go through.
45:31
SPEAKER_03: But I really encourage you to talk to a financial coach so that we can develop a plan to get you to a place where you no longer need to do a different loan or do a 401k loan or things of that of that nature.
45:44
SPEAKER_03: We also talked about, like Erica mentioned, the 0% credit cards, you know, coming up with a plan where maybe we can tackle and eliminate debt in chunks at a time, over time, right?
45:55
SPEAKER_03: We didn't get to this debt position where we're at in owing this much overnight.
45:59
SPEAKER_03: So we have to be realistic and know that we're not gonna eliminate the debt overnight.
46:03
SPEAKER_03: But also, this is where I get really excited and passionate over the um emotional and financial tie, right?
46:12
SPEAKER_03: We have to stop doing a quick little, I'm gonna do uh a girl day and go shopping and spend all my money and do all of these things.
46:20
SPEAKER_03: We have to be intentional about what we're doing day over day, if this is the goal that we have.
46:25
SPEAKER_03: You know, maybe it's creating a vision board.
46:28
SPEAKER_03: I know Danny and I talk about vision boards all the time.
46:31
SPEAKER_03: Also, you know, with having that early retirement in mind, with having that debt payoff strategy in mind and keeping that as the core of our focus, getting your family involved, depending on where you're at.
46:44
SPEAKER_03: I I also wanted to touch on, I know somebody was in there that was in our comments that said they don't have a mortgage, they don't have any debt, and they don't have a boo.
46:52
SPEAKER_03: I saw that.
46:53
SPEAKER_03: You are a boss.
46:54
SPEAKER_03: I love that, you know.
46:56
SPEAKER_03: So you get to really focus on making sure that your retirement and your investments are all in line and you're ready to be that person, like Kim's goals, where we will retire early and not have to worry about, you know, having this debt or paying high interest.
47:11
SPEAKER_03: Think about those things also when we're thinking about like creating our goals and the why behind it all.
47:18
SPEAKER_03: Sorry, not to go on a tangent.
47:20
SPEAKER_02: No, I love that.
47:22
SPEAKER_02: And keep the questions coming, you guys.
47:24
SPEAKER_02: We have 12 minutes remaining, and I think we still have some here to get through.
47:27
SPEAKER_02: But Kim, next off we have Milton, and um they asked, Does BCU have a higher yield savings?
47:33
SPEAKER_02: My checking account has a high yield, but savings is nominal.
47:37
SPEAKER_03: Yeah, for sure.
47:38
SPEAKER_03: We have many high yield savings options, and we also really like to talk to people about maybe even like staggering different accounts.
47:47
SPEAKER_03: Maybe it's putting a chunky amount away into a CD and then also putting some money into a money market special type account.
47:55
SPEAKER_03: Um, again, I know I keep talking about the coaching program, but our coaches are definitely knowledgeable in all of the high yield and savings options that we have.
48:04
SPEAKER_03: We also have a really great team of wealth advisors who can help us.
48:08
SPEAKER_03: If you're on the next level, you know, maybe we're not just talking about our regular deposit accounts that we have.
48:13
SPEAKER_03: Maybe we need to start working with somebody who can help us invest and become um, you know, a little bit more fruitful in our financial future as well.
48:21
SPEAKER_03: So, yes, please feel free to reach out to a coach so that we can talk and really customize um, you know, this plan for you.
48:29
SPEAKER_02: Yeah, definitely.
48:31
SPEAKER_02: Um, and Coke, I'm gonna share your comment because you put it in the chat, so it's public knowledge now, but really love the comment you made about Chelsea.
48:38
SPEAKER_02: So Coke said, I cried the first appointment and felt no judgment.
48:42
SPEAKER_02: Chelsea is great and we are pulling together a plan.
48:44
SPEAKER_02: Chelsea is one of our amazing coaches.
48:47
SPEAKER_02: She does great work.
48:48
SPEAKER_02: She's one of Kim's, you know, dream team gals.
48:51
SPEAKER_02: And so we are so happy, Coke, that you had that experience.
48:54
SPEAKER_02: And we hope other folks on this call that are interested in coaching sign up so they can have the same breakthroughs, the same motivation, the same accountability experience with Chelsea that you had.
49:03
SPEAKER_02: That's our goal.
49:04
SPEAKER_03: For sure.
49:05
SPEAKER_03: For sure.
49:05
SPEAKER_03: And I literally got a screen grab of that so that I could send it to her because she's just she's a gem and she really is.
49:12
SPEAKER_03: And I I really strive for all of our coaches to create that experience for you all.
49:17
SPEAKER_03: So definitely.
49:19
SPEAKER_03: It's the thank you for the comment, Coke.
49:21
SPEAKER_03: We really appreciate that.
49:23
SPEAKER_02: Yeah, because you know, not formally, but to a degree.
49:27
SPEAKER_02: I mean, our coaches are almost like money therapists.
49:29
SPEAKER_02: I mean, we're talking through how you should feel and what you should do to feel a certain way about your money.
49:34
SPEAKER_02: So that's awesome.
49:36
SPEAKER_02: Uh Kim Renee asks us, how do we access the coaching tool?
49:41
SPEAKER_03: Yeah, so the coaching tool is really a scheduler where you can um schedule an appointment with the financial coach.
49:49
SPEAKER_03: I want to say that we've dropped the link in the chat already, but definitely feel free to utilize that link so that you can schedule an appointment with the coach.
49:58
SPEAKER_03: You can literally look for Chelsea by name, but I will give her a quick little line so that she knows, like, hey, if your calendar is in flux, we'll thank Coke for that.
50:07
SPEAKER_03: But also, I saw a comment or question in here just a second ago that asked, are these coaching sessions virtual?
50:13
SPEAKER_03: Yes, all of our financial coaching sessions are virtual.
50:16
SPEAKER_03: They're actually over the phone, unless you prefer to have like a live, um, you know, not live, but like a Teams call or something along those lines.
50:24
SPEAKER_03: Sometimes we're able to make exceptions like that, but they are over the phone.
50:29
SPEAKER_03: Um, in some cases, depending on where you're at, you might even be able to make a financial coaching appointment with somebody that's at a branch that's local to you.
50:36
SPEAKER_03: So um, you know, definitely feel free to check that out.
50:41
SPEAKER_03: And I see that we just put that in the chat.
50:42
SPEAKER_03: Thank you, Leonore, for putting the link in the chat.
50:46
SPEAKER_02: Yeah.
50:47
SPEAKER_02: And this next question from Demetrius, I they asked, Do you recommend borrowing from 401k to pay off debt?
50:53
SPEAKER_02: I know you already spoke to this a little bit, Kim, but could you expand just a bit?
50:56
SPEAKER_03: Um Yeah, I again, I just kind of feel like it's a case by case.
51:01
SPEAKER_03: It really depends.
51:02
SPEAKER_03: I know that sometimes um we feel like that's that's what we need to do.
51:08
SPEAKER_03: What I would recommend is if you have already done so and you have, let's say, a check that's on its way or a deposit that's coming, before you start making a plan, talk to a coach because I think about when people do like a debt consolidation loan, right?
51:22
SPEAKER_03: A lot of the times what people do is they'll do a debt consolidation loan, they'll pay off all their credit cards into this one loan, and then slowly over time you'll start seeing that the credit card debt comes back creeping in.
51:35
SPEAKER_03: And that's it happens, it happens, right?
51:38
SPEAKER_03: But we really want to try to make a change so that when we do things like eliminating debt or a 401k loan or whatever the case may be, that we have that intention behind where this money is going so that it makes an actionable change for us.
51:52
SPEAKER_03: Like we want there to be a realistic and actionable change with our money and not just, you know, I took out$5,000 from my 401k, I paid my rent, I paid my bills, and now rent's due again for next month, and I actually still owe all these credit cards and actually still like we want to make sure that this money or the plan is to execute this with intention behind it.
52:17
SPEAKER_03: I hope that makes sense.
52:19
SPEAKER_02: Yeah, and if it doesn't, schedule time with a coach.
52:22
SPEAKER_02: Right, we'll make it we'll make it make sense.
52:25
SPEAKER_02: So um Danielle asked, is the and love your name by the way.
52:28
SPEAKER_02: Um, I'm Danny.
52:29
SPEAKER_02: I go I go by Danny.
52:31
SPEAKER_02: Um, but is the link to this info also in the app?
52:33
SPEAKER_02: So Danielle, highly recommend after this, you'll get an email with the recording.
52:38
SPEAKER_02: If you want links to everything we talk through, it'll actually be in the show notes section of the podcast episode.
52:43
SPEAKER_02: Um, I'd highly recommend also going to lifemoneyu.com.
52:46
SPEAKER_02: We post these recordings not just on YouTube, but a link there from our website where you can go visit and find all the links that we're discussing here in the comments.
52:53
SPEAKER_02: We'll make sure we include them there.
52:54
SPEAKER_02: So um stay tuned.
52:58
SPEAKER_02: All right.
52:58
SPEAKER_02: Um, I saw Latricia.
53:00
SPEAKER_02: You answered her question about coaching appointments being virtual.
53:03
SPEAKER_02: And we're seven minutes till the hour, and I will say we have no more questions, but we have about 177 of you here.
53:10
SPEAKER_02: If no one has any other questions, we'll give you a couple minutes to insert them, but we'll start with some things to leave you with.
53:16
SPEAKER_02: Kim, I just thought of one really cool product slash tool that we just came out with that we didn't mention much of.
53:22
SPEAKER_02: So benefits checking.
53:23
SPEAKER_02: Can you talk through that really cool new product that we have?
53:26
SPEAKER_03: Yeah, for sure.
53:28
SPEAKER_03: So benefits checking has uh clearly, right, a lot of additional benefits.
53:34
SPEAKER_03: And um, it comes with perks, right?
53:36
SPEAKER_03: So think about like rewards checkings, things that you hear of that nature.
53:40
SPEAKER_03: Forgive me.
53:40
SPEAKER_03: I'm wanting, I'm wanting to bring up the actual comprehensive list so that I can show you what all of that includes.
53:50
SPEAKER_03: Sorry.
53:51
SPEAKER_02: No, you're good.
53:53
SPEAKER_02: It's fresh out too.
53:55
SPEAKER_03: It is, it is, which is exactly why I want to make sure that I mention everything.
53:59
SPEAKER_03: So, okay, we've got it.
54:01
SPEAKER_03: Um, all righty.
54:02
SPEAKER_03: So this offers benefits for you, such as cell phone protection, roadside assistance, telehealth, telehealth services, and e-vet services, which I know is really exciting.
54:13
SPEAKER_03: I heard a lot of rumblings about people getting excited about the e-vet options, as well as like health discount savings and discounts on movie tickets.
54:22
SPEAKER_03: So it's a really fruitful enrich checking account that we just launched.
54:27
SPEAKER_03: Um, I'll make sure to also drop this in the chat so that you can all visit it as well.
54:32
SPEAKER_03: Um, but yeah, it's definitely a great checking account that we have out, and it offers so many amazing benefits.
54:42
SPEAKER_02: Yeah.
54:42
SPEAKER_02: So check it out.
54:44
SPEAKER_02: Um, and because we have no more questions, I'm gonna go ahead and close this up.
54:48
SPEAKER_02: So, as a reminder, we are Life Money You.
54:50
SPEAKER_02: We're a program provided by a credit union, fiercely committed to your financial well-being, otherwise known as BCU.
54:56
SPEAKER_02: And we're here to support your financial well-being journey in any way we can.
55:00
SPEAKER_02: So we're constantly producing content, um, uh transforming our coaching experiences and uh stepping up our technology to make sure that we're meeting you where you are.
55:09
SPEAKER_02: And a couple other questions here are coming in, so I'm gonna stop myself.
55:13
SPEAKER_02: Uh, Tierra asks if you are already a member, can you change to that account?
55:17
SPEAKER_02: I think she's talking about benefits checking.
55:20
SPEAKER_03: Yeah, absolutely.
55:21
SPEAKER_03: And so I'm glad that Tierra chimed in because I also wanted, I saw one of your comments um earlier in the thread as well.
55:30
SPEAKER_03: So um you mentioned being a single mom and how I want to normalize that yes, being in debt sometimes is just part of the job, I can assure you that.
55:39
SPEAKER_03: But as a mom also, I always love to talk about how involved I keep my kids in our finances also, so that they're aware.
55:47
SPEAKER_03: Like I'm not saying no, we can't go to a trampoline park today or go get a fast food or a donut or whatever the kids ask for because um I don't want us to.
55:57
SPEAKER_03: It's because we've got financial goals.
55:59
SPEAKER_03: And as a team, in order for us to go to a water park or go to the trampoline park, we have to make sure that everything is in order.
56:07
SPEAKER_03: So I just wanted to mention to that, excuse me, mention that to you, Tierra, that you know, you're doing an amazing job.
56:13
SPEAKER_03: And be sure to know that it's okay to talk to our kids about our finances as well.
56:18
SPEAKER_03: You know, we don't have to get real deep into the leads of things and scare our eight-year-olds because my eight-year-old talks about finances all the time.
56:25
SPEAKER_03: And like he'll say it at the most awful times, like when we're with my mom and my dad, and my mom will look at me like, Are you telling them that you don't have money?
56:32
SPEAKER_03: And I'm like, No, I promise him not.
56:35
SPEAKER_03: But I definitely want them to know that, you know, this is a real thing that mom and dad work through.
56:40
SPEAKER_03: And especially for you, I'm sure that that feels heavy.
56:43
SPEAKER_03: You don't have to do this alone.
56:45
SPEAKER_03: Please reach out to our coaches so that we can help you and support you in any way that we can.
56:50
SPEAKER_03: But all of that to say, yes, you can change to the vitamin's checking account.
56:56
SPEAKER_02: Oh, I'm sorry.
56:57
SPEAKER_02: And I was giggling because Coke is just being hilarious in the chat saying his kids are gonna meet with Chelsea.
57:02
SPEAKER_02: Um, and really quick, last question from Latricia Do they have a physical credit union location in Minnesota, Kim?
57:09
SPEAKER_03: Yes.
57:09
SPEAKER_03: Oh my goodness, Minnesota is where it's at right now with CU.
57:13
SPEAKER_03: Um definitely, you know what?
57:15
SPEAKER_03: I'll get our locations up so that you can take a look and see if there's something in your area.
57:20
SPEAKER_03: But absolutely, we've got a beautiful branch in Golden Valley that serves a lot of our community over there, um, which is super exciting because I hear word on the street is there's only more opportunity for growth to come, which is cool.
57:33
SPEAKER_03: Um, but yes, Latricia, Minnesota's where it's at for BCU.
57:37
SPEAKER_03: I'll put a link in the chat for the um locator as well.
57:42
SPEAKER_02: All right.
57:43
SPEAKER_02: And with that, we're gonna let y'all go two minutes early.
57:46
SPEAKER_02: We hope you enjoyed this session.
57:48
SPEAKER_02: We hope you'll be at the next one.
57:49
SPEAKER_02: As a reminder, September September 8th is when Erica Young will be with us.
57:53
SPEAKER_02: But August 5th, we'll be talking about car buying tips and tricks.
57:56
SPEAKER_02: So whether you have a car, you're looking for a new one, you're looking to refinance, come August 5th, September 2nd.
58:02
SPEAKER_02: I don't know who's in the market for a home, but unlocking homeownership starts there.
58:05
SPEAKER_02: We're gonna have our experts in house come and talk to y'all about that.
58:08
SPEAKER_02: And then a week later we'll have Erica.
58:09
SPEAKER_02: So a lot coming up the next couple months.
58:11
SPEAKER_02: Stay tuned, and yeah, we'll see you at the next one.
58:14
SPEAKER_02: Thanks for joining.
58:16
SPEAKER_03: Thank you.