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Revealing the Financial Truth: Our Financial Journey Begins

June 17, 2024 When we first sat down with our financial coach, it hit us hard—our finances were in worse shape than we ever realized. For the first time, we both saw the full picture of our financial health, both as individuals and as a couple. The sight was staggering: numerous credit card balances, meager savings, and the ominous D-E-B-T. It felt like baring our financial souls to each other. Did we skip this part in our vows?Our financial coach meticulously broke down our debt, prompting us to confront reality and devise a “plan.” We thought planning would be a breeze, like deciding what to have for dinner or organizing a birthday party. How wrong we were. This plan required setting real financial goals with actionable steps.First on the chopping block was our unused gym memberships. Our coach asked how often we used them, and we sheepishly admitted it was maybe once every few months. We had to have a serious discussion about alternative ways to stay active. Sure, staying active is important, but what about my FOMO (fear of missing out)? I didn’t want to miss out on the rare impulse to hit the gym. But was the cost worth it? We calculated that we could save $25-$50 a month, which adds up to $300-$600 a year, to put towards our debt, vacation, or home savings. So, we made a compromise: We canceled one membership and kept the other. It was a classic case of having our cake and eating it too.Next, we tackled our insurance premiums and high-fee checking account. These tasks required research, which we were reluctant to do. We realized how stuck we were, settling for options that kept us behind because we didn’t want to look for better deals. We relied heavily on loyalty, thinking we were getting the best deals because we’d been customers for years. How wrong we were! After some research, we saved about $100 a month on our auto insurance premium. We also found a loophole to waive the fee on our checking account.Through this process, we learned that facing our financial situation head-on was daunting but necessary. By setting concrete goals and taking actionable steps, we are on our way to a healthier financial future.I encourage everyone to tackle even one small item that can save you some extra cash each month. Commit to the challenge and see the difference it can make! If you’re unsure how to start, we recommend using the budget worksheet on Summit’s website to see your biggest spending area. Use that as a guide to start chipping away to save some dollars and cents! https://www.summitcreditunion.com/financial-education/tools-and-calculators/budget-worksheet/Tip: If you have an iOS device with Sheets or Excel apps, you can download the document from the website and use in Sheets or Excel.Continue to follow our journey as we share more in hopes it will help you change your habits as well! You might also be interested in As we wrap up our Project Money experience, we want to take a moment to reflect on how far we’ve come—emotionally and financially—and share our journey... This past week, our family participated in a door and patio decorating contest hosted by our apartment management company. The grand prize? A $200 gift... Over the past year, my family has been making deliberate choices to save money and focus on our financial goals. One of those decisions recently involved... As we approach the end of our journey with the Project Money program, Cory and I (Je’Lisa) took some time to reflect on how we can apply the financial... Every now and then, life throws a financial curveball—in this case, it was a pleasant surprise. We received a refund from our gap insurance since our car... This week, we faced an unexpected hiccup with our insurance: A doctor charged us for a 2023 appointment because they had outdated information. It was frustrating... Thanksgiving is a time for gratitude, family and of course, a feast. But let’s be honest, hosting a traditional Thanksgiving can come with a hefty price... This weekend, we decided to take a quick overnight trip to Minnesota. It was to record some music and spend time with friends, but we were determined to... This month marked a milestone for our family: It was our first month without a car payment after refinancing our vehicle through Summit Credit Union. With...
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