What I’ve Been Up To

This Week In Your Wallet: What Does Money Mean To You?

With America Saves Week still fresh in our minds, let’s continue the conversation about saving money – particularly the psychology behind the process. It’s important to remember we’re not just talking numbers here, but how those numbers make us feel.

“Money is not about spreadsheets and calculators,” says certified financial planner Carl Richards in his podcast. “Money is about emotions. Money is about feelings. Money is about goals and dreams and fears and worries. It’s the stuff that keeps us up at night, and it’s the stuff that gets us out of bed in the morning to go to work.”

If you’re familiar with arguments and raised voices when the discussion of money is on the table, then Richards suggests reframing the conversation by focusing less on the numbers and more on what the numbers are representing – security, safety, freedom and flexibility – which is likely the real subject of the discussion. “Money equals feelings,” says Richards. So the next time you’re in the midst of a money-discussion-turned-argument, take a step back and apply empathy.

Keep Financial Goals In Mind

Boost your confidence in achieving your financial goals with the power of visualization. New research from TD Bank shows people who imagine their financial goals are much more confident about achieving them than those who don’t. Picturing what you want, when you want it and how you’ll get there proves to be an effective strategy. Even better, double up on this confidence by keeping actual photos, images or vision boards in plain sight — people who do report feeling almost twice as confident that they will achieve said goals (59% compared with 31%). With your financial goal in minds, it’s time to draft a plan. I tell you how on TODAY.com.

You’re Ready For Rainy Days? Here’s What To Do Next

You have an emergency fund padded with three to six months’ worth of living expenses. That’s fantastic. You’ve accomplished what 63% of Americans (according to Bankrate.com) are failing to do. So what’s next? DailyWorth has some ideas for you, like putting extra funds towards any outstanding debts (to boost your credit score) and upping – or maxing out – your retirement savings. A good goal is aiming to invest 15% of your income (including matching dollars) towards retirement. Just took a sharp breath? Exhale. Start where you are and bump up your contributions by 2% a year until you get there.

Taking Stock Of Gender

Do men and women react differently to market volatility? Not really, says Mark Johannessen, managing director at Sullivan, Bruyette, Speros & Blayney (SBSB). If they’re educated up front, both sexes seem to react the same way, he says. It all comes down to having an investment plan and policy, as well as planning ahead for what both smooth and volatile seasons of the market might look like.

On the whole, Johannessen finds that his female clients are generally better delegators and ask better questions, while some of his male clients, especially if they’re in a relationship, won’t ask as many questions, because they feel like they should know the answers already. “In the ‘80s, ‘90s and even the beginning part of the 2000s, the relationships were more traditional… but that has definitely changed over time,” he says. “There has been a leveling of the playing field in terms of knowledge of the investment process.”

24 Ways To Fast Cash

To wrap up, Forbes has 24 ways (using minimal effort) you can earn, find and save extra money. Here, a handful to get you started:

• Start the 52-week savings challenge: Week 1: save $1. Week 2: $2. Week 3: $3. By the end you’ll have $1,378. We did this for #startTODAY last year.
• Consider the app Digit: Want to save more? Digit monitors your income and spending habits and every few days transfers affordable amounts (for you) into savings without you having to think twice about it.
• Sell unused gift cards: Don’t let the gift cards that missed the mark go to waste or take up space. Try reselling the plastic for extra cash. Raise and Cardpool are two platforms to consider. You won’t get 100% of the value for the card, but you could get up to 90% depending on the desirability of the merchant, which you can check on aggregate sites like GiftCardGranny.com.
• Claim forgotten funds: When was the last time you looked up whether you have any unclaimed funds? Think of this as money you left behind. They are inactive accounts in financial institutions or companies (i.e. savings accounts, checking accounts, stocks, unwashed dividends, security deposits, IRS refunds, store credits, etc.) — and right now there’s $42 billion worth in the United States, according to the National Association of Unclaimed Property Administrators (NAUPA). To see if some of this is yours, start by doing a free search on MissingMoney.com and Unclaimed.org. (Hint: Even if you did this a year or two ago, do it again. I found more than $1,000. Woot.)

For the full list, head here.

Have a great week,

Jean