RedPlum's Viva la Value Shares Advice on Avoiding Emotional and Financial Pitfalls When Love and Money Intersect
Special Guest: Jacquette Timmons, Financial Coach and Author
LIVONIA, Mich., Feb. 20, 2012 /PRNewswire/ -- RedPlum®, a leading provider of deals and savings on brands consumers want most, recently hosted Jacquette Timmons on its Viva la Value online radio show to help listeners discover how money reveals what is and is not working in your relationship. Timmons, author of "Financial Intimacy," is known for leading thought-provoking conversations about money, choices, relationships and life. An investment expert and financial coach, she is the founder of Sterling Investment Management, an investment education and financial coaching firm. An archive of the show can be found at www.redplum.com/vivalavalue.
Each month, Lisa Reynolds, RedPlum's Mom Saver-in-chief, hosts guests on Viva la Value to help listeners achieve a value lifestyle in their daily lives from grocery shopping to dining, entertaining, teaching children about money and more.
"Jacquette provided our listeners with sound advice on identifying their true feelings and emotions about money to avoid financial and relationship pitfalls," Reynolds said. "I love her approach of talking about our relationship with money rather than thinking of money as simply a tool to acquire possessions. She can encourage us all to take time to identify why we think a certain way about our finances and what we can do to be better savers and spenders."
"Money is considered one of America's remaining taboos, and the commonly held perception is that we don't talk about it," Timmons said. "I actually disagree with this oft-quoted view; I believe people talk about money all the time. They are just having the wrong conversations, rarely going beyond the superficial to the substantial and significant."
Timmons had plenty of advice for listeners to discover their emotions about money and how to better manage where their money goes. Here are some tips Timmons shared:
- Track Where Your Money is Going: Timmons said she had a client who was throwing away hundreds of dollars every year by going to another financial institution to make ATM withdrawals, rather than her own bank. Know the hidden fees you are paying and avoid them at all costs.
- Know the Financial Mode in Which You Are Operating: Understanding your relationship with money is not complete without understanding how you operate with money. There are four modes:
- Survive: This person lives paycheck to paycheck and hopes their checks clear without bouncing.
- Maintain: In the maintain mode, a person has graduated from living paycheck to paycheck, but finds it extremely difficult to save.
- Thrive: This person lives significantly above paycheck to paycheck, saving at least 10 percent of their gross income and is able to make charitable contributions with ease.
- Excel: This is the mode all should strive for. This person is doing everything in thrive mode plus has figured out a way to live in part or entirely from money that is working for them (investments or real estate holdings).
- Develop Good Habits: Habits reveal the degree to which you are in touch with your money by knowing what you have, what you tend to do with what you have and why. A couple habits Timmons recommends include:
- Establish and Follow Financial Policies: Determine boundaries on how you will spend your cash, use your debit and credit cards or acquire debt.
- Decide What you are Going to Save in Advance: Ideally, the goal is to save 10 to 20 percent of your gross income. If that is not doable, save at least $2.74 a day, which amounts to $1,000 a year.
- Know Your Credit Score: You can pull your credit reports for free once every 12 months via www.annualcreditreport.com. Pulling your credit reports on a regular basis helps you confirm that the information about you is accurate and gives you a chance to address any discrepancies.
Timmons has worked in the investment industry for 23 years, dedicating more than a decade to teaching people how to be smarter with their money. She conducts numerous personal finance and stock market investing workshops throughout the year and is a sought-after speaker on the intersection of money and life.
Lisa Reynolds is a busy working mom who lives and breathes the savings-oriented lifestyle she talks about on her radio show. When she's not at work, Reynolds is cheering for her sons at football games, hosting dinner gatherings with friends and family, and actively participating in her church community. She is also an avid cook with a philosophy of keeping it simple – less than five ingredients or meals in less than 30 minutes. She lives with her husband and two sons in Northville, Michigan. Reynolds is frequently quoted in newspaper, magazine and blog articles, and has been featured in Better Homes & Gardens, Forbes, Family Circle, 24/7 Moms Blog and more. For more tips on staying smart with your money, visit http://www.redplum.com/how-to-save-money.aspx.
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