Taxes

February 2020 Update From I Was Broke. Now I’m Not.


It’s tax season! Are you getting a refund? Discover ways you can maximize your tax refund this year. Don’t let that refund disappear without making the impact you wish or thought it could. Find out what tips we recommend.

 

**CLICK HERE FOR TIPS FOR MAXIMIZING YOUR TAX REFUND



It’s easy to start the month out well by preparing a budget, but then life happens, and by the end of the month, the budget has been overspent. Check out ways you can STOP overspending today!

 

**CLICK HERE TO LEARN HOW TO PREVENT OVERSPENDING



Looking to stay consistent with your finances? Find out how you can avoid the up-and-down cycle and make a real change this year.

 

**CLICK HERE TO SEE WHY YOU SHOULD HAVE A COACH



We’re entering month two of 2020. How are you doing with your goals and budget? Check out some ways you can make 2020 your best financial year yet!

 

**CLICK HERE TO HAVE THE BEST YEAR YET


DON’T FORGET YOUR FEBRUARY BUDGET

If you still need help creating this month’s budget, check out our free budgeting tools HERE.

Don’t forget these expenses in your budget:

  • Super Bowl Snacks
  • Valentine’s Day
  • Taxes!
  • Increased Heating Bill
  • Christmas 2020
  • Summer Vacation Savings

 

Maximize Your Tax Refund

It’s going to be a good day!! Who’s ready to talk about TAXES?

In this episode of the Monday Money Tip Podcast, we’re talking about how to maximize your tax refund. Perhaps you receive a big tax refund, but somehow it disappears without making the impact you wish or thought it could. In this episode, we’re providing some tips you can use to maximize your tax refund. In our Current Money Events segment, we’re sharing about good financial habits that you can create as the year is getting started. Our success story comes from Shawn and Jenn, who are completely debt-free going into 2020, minus the mortgage, after battling several rounds of debt (including a $25k loan for In Vitro, medical expenses, deductibles, and credit card debt)! Congrats Shawn and Jenn!    

Find more episodes of the Monday Money Tip Podcast HERE. Please let us know what you think by leaving us a rating!

Email info@iwbnin.com to ask questions or share success stories.

NOW AVAILABLE TO DOWNLOAD:
iTunes
Stitcher
Spotify
Website
YouTube

About the Episode: 

  • Today, we’re answering: “Every year, I receive a big tax refund. It always seems like a big amount, but somehow it disappears without making the impact I wish or thought it could. Can you provide some tips I could use to  maximize my tax refund?” 
  • In our Current Money Events segment, we’re sharing about good financial habits that you can create as the year is getting started.
  • Our success story comes from Shawn and Jenn, who are completely debt-free going into 2020, minus the mortgage, after battling several rounds of debt (including a $25k loan for In Vitro, medical expenses, deductibles, and credit card debt)!  

Resources:
20/20 Money: Gaining Clarity For Your Financial Future
Free Financial Tools
Online Banks
IWBNIN Ladder
See Our Team Live
Video: Debt Snowball
Tax Refund Mini-Budget

How to Prevent Overspending

Happy Monday! It’s my favorite day of the week because another episode of the Monday Money Tip Podcast is LIVE! In this episode, we’re talking about how to prevent overspending. It’s easy to start the month out well by preparing a budget, but then life happens, and by the end of the month, the budget has been overspent. We’re sharing ways you can stop overspending today. In our Current Money Events segment, we’re updating you on a tax law change that has significant implications. Our success story comes from Kathy, whose credit score is now over 800!   

Find more episodes of the Monday Money Tip Podcast HERE. Please let us know what you think by leaving us a rating!

Email info@iwbnin.com to ask questions or share success stories.

NOW AVAILABLE TO DOWNLOAD:
iTunes
Stitcher
Spotify
Website
YouTube

About the Episode: 

  • Today, we’re answering: “We always start out the month well. We prepare a budget, and it seems like we will be able to have a great month. However, by the end of the month, we’ve overspent the budget again. How do we stop overspending? Help!” 
  • In our Current Money Events segment, we’re updating you on a tax law change that has significant implications. 
  • Our success story comes from Kathy, whose credit score is now over 800!  

Resources:
20/20 Money: Gaining Clarity For Your Financial Future 
Free Financial Tools
Article: Tax Law Change
Free Budget Templates
Video: Cash Envelopes
Online Banks
IWBNIN Ladder

Impulsive Spending Categories:
Groceries | Restaurants | Clothing | Entertainment | Spending Money 

MONDAY MONEY TIP PODCAST: Tax Issues You Should Know

Today is tax day in the United States! On today’s episode of the Monday Money Tip Podcast, we want to share the top two or three things that you should pay attention to in regards to your taxes this year. We will discuss historical growth in the stock market in our Current Money Events portion of the podcast. Lastly, we will share a very special success story from a group of individuals who participated in our group study and was able to save over $10,000 and pay off over $14,000 in debt!

It’s our goal at the end of each episode that you gain hope and encouragement in your financial journey, you’re equipped to take the next step, and that you’ve had FUN with us!

Find the Monday Money Tip Podcast HERE. Please let us know what you think by leaving us a rating!

Email info@iwbnin.com to ask questions or share success stories.

NOW AVAILABLE TO DOWNLOAD:

iTunes
Stitcher
Spotify
Website
YouTube

About the Episode:

  • In our Current Money Events segment, we will discuss historical growth in the stock market.
  • Hear a success story from a group that participated in our small group study and saved over $10,000 and paid off over $14,000 in debt.
  • We will share the top two or three things that you should pay attention to when it comes to taxes.

Resources:

IWBNIN Debt Calculators
Compound Annual Growth Calculator
IWBNIN Group Study
Paycheck City Calculator

Quote of the Day: “The only difference between death and taxes is that death doesn’t get worse every time Congress meets.” – Will Rogers

Best Utilize Your Tax Refund

We’ve officially entered the super exciting time of TAX SEASON! Well, if you’re getting a refund that is. What exactly should you do with this “extra” money this season? Save it? Pay off a debt or two? Invest it? Spend it? The possibilities might seem endless! However, I would encourage you to plan out your refund BEFORE you ever get it.

For questions like these, I typically refer back to the I Was Broke. Now I”m Not. Ladder. By identifying where you are on the ladder, you can pretty easily decide on the best way to spend your refund this year.

If you don’t have a months worth of expenses in an emergency savings, use the refund to grow that savings to move up the ladder. If you already have an emergency savings and you are already investing, your next step should be to attack some debt. Maybe you could use your refund this year to knock out a debt or two, starting with your smallest balances. On the other hand, you could have all of your debts paid off and have a healthy emergency fund, so you could use your refund to pay off more on your mortgage.

Ultimately, you really should just think through your tax refund before you just spend it frivolously. Getting a chunk of money like a tax refund is typically a rare event for most people. So make sure you use it wisely. If you want to think out some different ways to “spend” your refund on paper first, you should check out our Mini-Budget Tool. This tool will allow you to spend your refund three different ways and compare and contrast what the best decision is for you and your family.

========================================================================

Want more tips like this one?  Subscribe to the Monday Money Tip Podcast HERE.