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EPISODE 2 - YOUR RELATIONSHIP WITH MONEY AND HOW TO CHANGE IT

In this episode, we discuss emotions and how they affect our money decisions.  Will you do things differently or the same?  How has your family affected your relationship with money?  These are some questions to explore as you listen to this episode.

 

Episode Transcription:

Welcome to Money Talk With Tiff, a podcast where we discuss everything money from tips and tricks to current events, follow me on my journey to become debt-free and meet other cool people along the way. I am your host, Tiffany Grant now let's talk money. 

I want to talk about something extremely personal. And that's relationships with money. Everybody's experiences with money and their role models with money are different from person to person. So a little bit about how I got interested in money. Growing up, I didn't really have solid financial role models. Everybody in my family is a spender. So, I had to learn how to be a saver, rather than following the same path as everyone else....

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A LITTLE EMERGENCY FUND

debt saving money Feb 04, 2018

The infamous emergency fund!  Most people know what it is but do you have anything saved for a rainy day?  Right now, I have a little over $1000 saved in case I need it.  Why not 3 - 6 months like you read and hear about from financial experts?

Well, the short answer is because I have debt.  Would you borrow money at, let's say, 6% interest to fund an emergency fund?  I wouldn't.  Especially not when it is only making 1.30% sitting in a savings account.  My small emergency fund won't be like that forever.  I will eventually have a 3 - 6 month emergency fund but I won't start working on that until I have tackled most if not all of my debt.  The way the job market is now, if I were to lose my job, it would not be difficult to find another one even if it was something I didn't love to do.  So, I feel comfortable having only a little over $1000 to fall back on.

When I first started out, I scraped up that $1000 starter emergency fund very...

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METHODS TO TACKLE DEBT

debt Jan 28, 2018

Now that you know what is on your credit, checked your credit score, and called your creditors, let's talk about paying debt down.  There are a couple of different ways to accomplish this potentially monstrous task.  You can either use the snowball method or the avalanche method.  In this post, I will explain how they work so you can make the best decision based on your circumstances.

Lining Up Your Debt
If you have been following the steps in "The Importance of Credit" series, you should have a list of all your debt whether it is handwritten, in a spreadsheet, or in an app.  Everything except your mortgage should be listed.  Don't discriminate!  Car loans, student loans, personal loans, credit cards, all of this has to go!  Can you imagine not having any payments?  Just the thought is overwhelming!  Once you pay off debt, you can invest more, save more, have more money to spend on things you love!  There are a variety of tools you...

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THE IMPORTANCE OF CREDIT (PART 3)

credit debt Jan 21, 2018

Ok, so now we know what's on our credit and our credit score.  Let's clean it up a little!  I want to start with collection accounts since they are the most detrimental to your score.  Never pay anyone to do this for you!  It is pretty simple and I am going to walk you step by step.

1.  Call the creditors - I must admit this is the most daunting task but you have to get it done.  On your credit report, it will tell you who is reporting the debt and their contact information.  This step is just for fact-finding.  You do not want to mention anything about paying the debt.  Remember when I told you collection accounts fall off after 7 years?  Well, if you mention that you will pay, that 7 years will start all the way over!  Keep the conversation short and simple.  The conversation should go something like this:

You: Hello, I was checking my credit report and noticed that (insert company here) was listed.  I wanted to see...

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FIRST STUDENT LOAN PAID!!

I had to take a quick break from our credit discussion to announce my first student loan debt has been paid in full!  I am super excited!  I am in the middle of my debt snowball (paying debt down in order from smallest balance to largest).  That particular loan started with a balance of $3,832.  It is now $0!  That was my smallest debt, now on to the next!  Woohooo!

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THE IMPORTANCE OF CREDIT (PART 2)

credit debt Jan 14, 2018

Welcome to part two of the money talk about credit!  I highly recommend reading part one first as this post is meant to be a continuation.  So, now that you have pulled your credit report, let's pull our credit score.  There are a few different ways to do this.  When you go to pull your credit report from the three bureaus, they will ask if you want to purchase your credit score.  You do not have to go this route!  I will always recommend the free options first.  Remember in part one when I said you really have hundreds of reports creditors can use?  The same thing goes for credit scores.  The scores are calculated in multiple ways so there may be variances between the scores you or a creditor pulls.

Favorite Option
Credit Karma!  This is my favorite way to pull my credit score.  You can download the app or go to the website.  The site will ask you a few questions in order to pull your score but it is completely safe and...

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THE IMPORTANCE OF CREDIT (PART 1)

credit debt spending money Jan 06, 2018

According to Investopedia.com, credit is a contractual agreement in which a borrower receives something of value now and agrees to repay the lender at some date in the future, generally with interest.  Now, it would be great if there was nothing on your credit report because you never had to borrow money, but for most Americans, that is definitely not the case.  The goal of this series is to get you acquainted with your credit, the terminology, the importance of paying attention, and how to fix it on your own (you don't need to pay anyone).  Let's get started!

My Story
Before I started this financial journey, I didn't know anything about a credit report or score.  I would get medical bills and never pay them thinking they just went into the abyss after a while.  I figured once they stopped sending me the bills in the mail, they didn't care about them anymore.  So, I went a long as if nothing was happening.  When I was 19, I applied for my...

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NEW YEAR, NEW YOU? HOW BUDGETING CAN HELP!

It's New Year's Eve!  This marks the occasion when everyone decides on their New Year's resolutions.  According to statisticbrain.com, the top resolution is to "lose weight/eat healthy" followed by "life/self-improvements" as number two.  These are great but I want to focus on the third most popular resolution which is "better financial decisions".  I assume you are here because this is where you want to improve.  What if I told you that by focusing on this one goal you can positively impact the other two top resolutions?  It has been proven that money issues cause stress and stress causes health issues.  That knocks out number 2!  But, how is "better financial decisions" linked to losing weight and healthier eating?  Allow me to explain!  One of the cornerstones of being wealthy is budgeting.  Most of the time eating unhealthy (fast food/junk food) is something that can be cut from your budget or minimized.  Therefore,...
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6 TIPS TO AN (UN)STRESSFUL HOLIDAY SEASON

'Tis the season of spending!  The National Retail Federation expects retail sales during November and December to be about $682 billion!  (I think we are in the wrong business)  They expect each consumer to spend an average of $967.13.  This is massive spending!  Most Americans get into a ton of debt during this time and spend the better part of the new year trying to pay it down.  Don't let this happen to you!  In this article, I'll offer six of my top tips to ensure you are prepared for next year and keep your spending in check.
 
Tip #1 - The Holiday Season Comes Every Year
Well, duh, Tiffany!  It may seem like I am stating the obvious but every year people wait until the last minute to plan for it.  This is a disaster waiting to happen!  Not planning throughout the year puts you in a position where you have to scrape together the last few paychecks before the holiday to do all of your shopping.  Talk about stressful!...
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MONEY IS AN EMOTIONAL THING

psychology Dec 10, 2017
I figured this would be an excellent place to start on our journey.  To have control over your finances, you have to first control how you feel about it.  What do I mean?  Well, let's do a quick exercise.  I am going to give you a few words, and I want you to pay attention to your reaction to them.
 
Money. Finances. Debt. 

What type of emotions came up when you saw these words?  Do you automatically think about the mountains of student debt you accumulated over the years?  Your next shopping trip?  An upcoming vacation?  Your car or house?  Did you think about emotions like happiness, regret, anger, or contentment?  The first step is to tune in to these emotions and understand how they got there.  

Did you grow up in a household where your parents were always stressed about money?  How about a household where money was spent without batting an eye?  How about a household where your parents were so frugal you...
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