Follow along to see her progress.
Month 1 | April 2024
Focus: Budgeting, Settings Goals & All In Financial Tools
Month 1 was eye opening and I am already seeing improvements after receiving tips and tricks from my coaches. I gained a clearer perspective on vehicle financing by learning about the 20/4/10 rule. Focusing on putting 20% down, financing for 4 years or less and making sure monthly payments are under 10% of your gross income ensures you are buying a car you can afford. I also received 8 tips to help manage overdrafts in addition to exploring the avalanche and snowball methods to pay off debt. Maintaining a debt-to-income ratio below 43% is very important and I am happy I am learning how to manage debt to make that possible.
I have seen improvements this month by changing a few of my habits like being more conscious with my spending, eating at home more and taking my lunch to work. I have tried to be more resourceful when spending money and I can already see that it’s making a difference.
Monthly improvements:
- Eating at home more and taking my lunch to work.
- Being more resourceful and conscious of my spending.
Month 2 | May 2024
Focus: Using Credit Wisely; Platinum Rewards Credit Cards
Month 2 was focused on credit which is something I was eager to learn more about. You should check your credit report at least once a year to see if there are any changes you aren't aware of. Roughly 23 million people fall victim to identity theft every year and some people don't realize it until later because they don't monitor their credit score. To check your credit report you can call 1-877-322-8228 or check online at www.annualcreditreport.com. You can also use All In's tool called SavvyMoney to monitor your credit score for free as well as any credit pulls. To report identity theft, you can file a complaint at www.identitytheft.com, the FTC and you can also file a police report.
I have been trying to make small changes like comparing prices on certain items that I can find cheaper. I am also more conscious of prices while grocery shopping and trying to shop any deals that I can find.
Monthly improvements:
- I opened up an All In Christmas Club account. This was the first step in thinking about a financial goal in the future.
Month 3 | June 2024
Focus: Auto/Home Buying/Health Education
Month 3 was focused on home buying and I learned a lot that I didn't know. A mortgage consists of principal, interest, taxes and insurances. Depending on the type of loan, an additional insurance called private mortgage insurance (PMI) can be included in the mortage. Mortgage upfront costs include your down payment, 2-5% for closing costs and $200-$600 for inspections.
Over the last few months I have made a lot of changes to my finances and my habits. One of the biggest habits I have changed has been not allowing others to borrow money.
Monthly improvements:
- I have been researching ways to save money like shopping around different internet services and making a decision to switch to a most cost effective provider
Month 4 | July 2024
Focus: Saving for Children/College
Month 4 provided valuable insights about funding my child's college education. I was surprised to find that parents typically cover about 40% of tuition costs. To help manage this, 529 plans were highlighted as essential tools. There are two types: prepaid tuition plans, which lock in current rates, and education savings plans, which allow for flexible investments. I also learned about Certificates of Deposit (CDs). While they offer a secure way to save, I discovered that withdrawing funds before maturity can lead to penalties.
Recently, I’ve started making some changes in my daily habits. One of the biggest shifts has been in my approach to cooking. Instead of rushing to the store for every meal, I now take inventory of what I already have at home. This simple step has not only reduced waste but also saved me money on groceries.
Another change I’ve made is avoiding places where I’m tempted to spend. These small adjustments are really adding up, and I’m excited to keep finding new ways to save!
Monthly improvements:
- I have a better mindset on tackling debt and have started to realize I have to give myself some time to do so. I'm more conscious that I have to become more disciplined.
