Tools

Vacation Payoff Spectacular Tool

We are more than halfway through June and it is HOT outside!  I am sure many of you have plans to go on a vacation to the beach this year and it is my hope that you have planned your spending using the Mini Budget Tool.  However, if you already went on vacation and overspent due to lack of planning, we have a Payoff Spectacular just for you!  

Using the Vacation Payoff Spectacular is incredibly easy!  All you have to do is download the the tool HERE, total up the amount of debt you owe and divide by 100.  Then you will know how much each square on the Spectacular is worth.  After you print the document, you can use it every time you make a payment and mark off a square!  It is amazing the satisfaction that I have gotten from coloring off squares.

Now you can work to get rid of this vacation debt and start winning with your money!

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

Financial Accounts Form Tool

Do you know the details of all of your important accounts?  I mean REALLY know the details? What type of account is it?  Is there an account number? Where is it held? What is the value?  Do you owe debts on it? Is there a password needed to access the account online?  

I’m guessing many of you answered no, you don’t know the details of each and every one of the accounts you hold, whether it be life insurance, a 401(k) plan at work or a Power of Attorney.  

Luckily, we have just the document for you.  You can find our Financial Accounts Form at the I Was Broke. Now I’m Not. website and take the time to get your accounts in order.  You can add the Type, Institution, Account Number, Contact Information, Value, Debt Owed, and any Additional Info such as a password or beneficiary.  This form will not only allow you to gather all your information in one place, but it will also give you the opportunity to review your accounts. Are your beneficiaries accurate?  Remember, your listed beneficiary will likely trump whatever you have listed in your will.

This form can also be helpful for your loved ones after you’ve passed away.  In many situations, either the husband or wife handles all of the bills and accounts and the other trusts them to do so.  While this is technically OK, both spouses need to know where to find all the information for when something happens. I say “when” because at some point, we will all face death.  Make it easier on your loved ones and have your affairs in order.

 

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Need more information on end of life planning?  Check out ForeTalk – a complete and simplified guide to prepare for one of every family’s most difficult times written and taught by Stan Craig HERE.

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

Mini Budget Tool

It’s June and summer vacations are coming up quick!  Have you taken the time to plan out your summer vacation budget?  If not, take a couple minutes to utilize our Mini-Budget tool that can be found HERE on our wildly popular website I Was Broke. Now I’m Not.

Our Mini-Budget is similar to our regular monthly and bi-monthly budgeting tools in that your INCOME – OUTGO = EXACTLY ZERO.  You should plan your vacation spending and keep from coming home to a nice credit card bill.

Let’s say you were diligent with your saving this year and have put away $3,000 to use on vacations.  You would enter that amount on the “Budgeted Amount” line in the first column. You’ll notice that once you do that, the INCOME – OUTGO = $3,000 and is highlighted YELLOW.  This will change as you enter your expected expenses.  

 

Enter all of your expected expenses into the template and once you’ve “spent” the budgeted $3,000, the INCOME – OUTGO = EXACTLY ZERO and turn GREEN.

 

Now that you’ve spent your money on paper first, you can adjust your planned spending in order to maximize your vacation.  One of the great features of the Mini-Budget is that it allows you to plan out different scenarios for your vacation. You can use the second and third column to tweak your budget and decide what is the most important to you and your family.  Maybe you’re willing to sacrifice some of your dining out in order to have more entertainment money. Or maybe you want to fly somewhere instead of drive so you’re okay with not having as much spending money. The economic term for this is opportunity cost.  Once you have spent money on entertainment, you forfeit the opportunity to spend this money elsewhere.  

Lastly, the tool can prevent you from overspending.  When your income and outgo balance, the cell highlights green.  When you still have money to spend the cell highlights yellow.  But, what happens if your outgo exceeds your budgeted amount?  You guessed it, the cell will highlight red which means you will need to re-evaluate your budget before you take your vacation in order to avoid using other savings or a credit card.  


Now that you’ve spent your vacation budget on paper first, there is nothing else to do besides pack and enjoy your summer vacation guilt-free.

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

Free Budget Template Tools

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The I Was Broke. Now I’m Not. Team takes great joy in being able to provide practical personal finance tools that help people win with their money. Over the past month, we’ve been working on a “How To Budget” series of videos, emails, and tools to help with this vision.

The series contains approximately 10 videos/emails that will be received over the course of a few weeks. If you have been struggling with your budget, I really encourage you to sign up for this helpful series. It even includes a special announcement about our Core Coaching Program – our intensive 12-month personal finance class.

Learn more and register HERE.

Can’t see the link? Copy & paste the following link in your favorite browser: http://iwasbrokenowimnot.com/freebudgetdownload

 

Free Personal Finance Tools

It is my passion to help people accomplish far more than they ever thought possible with their personal finances. One key way I am able to help fulfill this personal mission is to offer outstanding personal finance tools for FREE. If you haven’t checked them out in awhile, you really should! They are located HERE.

On the Tools page, you will find:

  • Budgeting Tools  Monthly, Bi-weekly, Bi-Monthly, Weekly, and Irregular income planning worksheets
  • Debt Tools  Debt Freedom Date calculators, Actual Cost of Debt calculators, and Early Pay-off calculators
  • Saving Tools  Known, Upcoming Non-monthly Expenses calculator, Savings account balance tracking tool, and investment calculators
  • Spectaculars  You just have to check them out – especially the Llama Pay-Off Spectacular

These are the very tools my bride and I used to win with our money – eliminating our non-house debt in 14 months and our house debt in less than 6 years!

There are nearly 100 tools – and all of them are FREE. Get yours NOW and take charge of your money!

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