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Today, April 2nd is Equal Pay Day.

You may find yourself asking “Kelly, I have heard of Equal Pay Day. But what exactly is it?”

April 2 signifies the number of EXTRA DAYS women need to work in 2019 to make the same amount of money as men did in 2018.

While this number is certainly disheartening, we have the power to change this statistic!

In many reports about the gender pay gap, something that comes up, again and again, is that women do not negotiate as often, and as successfully as men.

Women are at a disadvantage, as they have often been taught since a young age to keep their head down, do a good job and not complain, and be grateful for what we have. We often fear “ruffling feathers” in the workplace or coming across as pushy or even too ambitious.

In my first job out of college, I didn't know I needed to negotiate and I found out the hard way. My male co-workers asked me about my bonus – and it was MUCH LOWER than their bonuses. They negotiated and asked for more money. I didn't.

In honor of Equal Pay Day, I wanted to highlight some key POWER women that have raised their standards, stood confident in their worth and negotiated like pros.

ELLEN POMPEO

Ellen Pompeo, The Lead Actress of Prime Time’s multi-billion dollar franchise, Grey’s Anatomy made HISTORY with her negotiating skills. Thanks to her negotiating prowess she is now the highest paid actress making $20 million a year.

Here’s what Pompeo had to say about negotiating your value:

“Decide what you’re worth and then ask for what you think you’re worth. No one’s just going to give it to you.”

THE US WOMEN’S SOCCER TEAM

In 2017, the US Women’s soccer negotiated with the US Soccer Federation for more money and were refused. They then used one of the tactics I discuss in my Free Training – 5 Steps to Negotiate Past No. They were successful and set a standard for compensation for professional women's teams.

Here’s what defender, Becky Sauerbrunn had to say about the issue:

“Women shouldn’t go into negotiations thinking that they should just be happy with what’s given to them. If you feel like you’re owed more, then fight for it. Don’t be timid or feel like you cannot be aggressive. Men don’t worry about that when they are negotiating.”

These women are outstanding examples of how we can all stand in our worth, ask for more, and claim our financial power.

Last year, I helped several clients make 30% more money through strategic negotiation. What does 30% more money buy you? A 30% increase in a chance to upgrade your lifestyle. One client even bought a BMW!

In the finance industry, I needed to NEGOTIATE  EVERY YEAR and have learned various skills over the last 15+ years to support women. Do you want to learn them? If so, I recommend scheduling a complimentary “Win With Money” call. We can discuss my coaching programs and online courses, where a key module I teach my clients is “Negotiate Past No” – so they can learn to make MORE money even if they get a no as their first response.

P.S Are you a member of my vibrant community, Wealthy Warrior Women? I share valuable articles and resources to help you on your financial journey. Click here to join.

The post ASK FOR MORE: Why Women Must Negotiate To End The Gender Pay Gap appeared first on Personal Finance Warrior.

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Hey Finance Warrior!

Back in October, I attended a live event for Jean Chatzky's podcast on a rainy, stormy Saturday night. For me, it was like seeing a rock star in person! Name your favorite singer – Lady Gaga, Beyonce, Taylor Swift, Carrie Underwood. That's the enthusiasm I was feeling that night!

I have always looked up to Jean as a key leader in the finance industry, with her 30+ years of personal finance experience as the Today Show Finance Editor and Editor of Money Magazine.

Fast forward to today, I am excited to share details about the launch of her new personal finance book:

WOMEN WITH MONEY:

The Judgment-Free Guide to Creating the Joyful, Less Stressed, Purposeful

(and yes, Rich) Life You Deserve

Let's just call it: Women With Money.

That is you ladies – my Finance Warriors – Women WITH Money!

Jean's recent podcast highlights the key takeaways from the book. I am sharing the podcast as it has many important nuggets of personal finance info. I also enjoyed hearing WHY Jean decided it was so important to write this book and the key points she highlights.

My favorite is when the host Kelly asks Jean: How do women OWN being an Investor?

It was like she was speaking to my HEART!  

“Talking about money is infectious…and cathartic…and makes you feel more confident.”

I love when Jean talks about the power of women TALKING ABOUT MONEY!

Some other highlights include:

  • Personal stories from Jean about her relationship with money
  • When she mentioned my favorite stat: women will control 2/3 of investments by 2030
  • When Jean's shared that her mom managed the money in her family (!)
  • When Jean really started “owning” it as an investor
  • Monthly Finance Date Nights (I use that term!)
  • The importance of Saving for your #1 Financial Goal
  • Plus lots of other stories, strategies & tips!

Her content sounds like music to my ears!

I wanted to share a fantastic resource for your personal finance journey from a woman I respect in the industry.

Here is the LINK to buy her book which includes lots of free BONUSES!

If you read it, I'd love to hear your thoughts in my Wealthy Warrior Women private Facebook group. Have you joined yet? There are daily posts, articles, videos & training.

My goal is to provide valuable resources for YOU to invest & step into your financial power!

The post Hot New Money Resource: Women & Money Book by Jean Chatzky appeared first on Personal Finance Warrior.

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The data is clear – MONEY is the #1 reason why couples fight…and divorce.

What about if talking about MONEY became your SUPERPOWER?!

What if you learned this skill and protected your relationship from the #1 Risk.

I want you to practice talking about MONEY and engaging with your money in my interactive online course. I want you to develop the skills, habits and best practices so you can create freedom in your relationship!

One of the BEST ways you can do this is by holding a monthly Finance Date Night with your spouse (we cover the exact process for this in Week 7 of my Online Course).

What exactly is a Finance Date Night you may be wondering?

A Finance Date Night is a date you hold monthly to discuss your finances.

So often, the money topic gets brushed to the side. You chat about money in passing – when you’ve gone over budget for groceries, when you get a bill in the mail, but you don’t give this topic the proper time and space it deserves. Considering the data on Money being the #1 reason for divorce, don’t you think it’s time you made this conversation a priority?

Even if you’re single, you can still hold a Finance Date night. You should be checking in with your finances monthly – why not take yourself out to dinner while you do it or order your favorite takeout? You deserve it!

Here are some tips for making the most of your very own Finance Date Night.

Block it off in your calendars.

It’s important that both of you consider this a priority. In order to do this, plan the day in advance and mark it in both your calendars – you’ll be less likely to cancel it if something else comes up. I also suggest having it the same time every month for consistency, such as the last Friday of every month for example.

Make It Fun.

You want your Finance Date Night to be FUN! What can you do to make this something you look forward to? Can you order a pizza and go over your spreadsheets with a nice glass of red wine? Can you go out to your favorite neighborhood restaurant? Think about what will put both of you in good spirits and make a fun ritual out of the night.

Circle back if someone gets triggered.

Every once and a while, talking about money may bring up some intense emotions. The idea here is that we don’t cast blame or judgment about financial matters (avoid statements such as “YOU spend too much!”) or anything that has an underlying accusatory tone. We want to create a safe space where each of us is able to talk with honesty and openness. If someone does get emotional, it’s alright to hit pause and circle back another day.

Talk about your financial dreams.

A Finance Date night shouldn’t simply be sorting out bills, spreadsheets and paying off debt. It should also be a place for you to DREAM together about your future vision. Your finances are so much more than just numbers – they are what enables you to create your dream life! So talk about your goals together, and get excited about them! No goal is too big – do you have big dreams to invest in real estate? Do you want to have an early retirement and travel the world? Do you dream of sending your children to a great school? Whatever it is, talk about it.

A Finance Date Night doesn’t have to be hard. The more you make this practice a part of your routine, the more it will become a habit. It will often take a few iterations of these Finance Date Nights to find out what works best for you as a couple. Stick with it! I promise that if you follow these tips, both your financial life AND romantic life will reap the benefits.

P.S Are you a member of my vibrant community, Wealthy Warrior Women? I share valuable articles and resources to help you on your financial journey. Click here to join.

The post 4 Tips To Hold The Perfect Finance Date Night appeared first on Personal Finance Warrior.

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Hey Finance Warrior,

I wanted to share an exciting interview with you today!

Chicago has a special place in my heart – not only because of deep dish pizza, Wrigley Field as home to the Club and beautiful Lake Michigan – but also because I lived there for two years while I studied for my MBA at Chicago Booth.   

This month, I was featured as an Alumni Spotlight for Chicago Booth. I had the pleasure of chatting about all things personal finance, entrepreneurship, and how my experiences at Booth have influenced my career.

It was during the financial crisis that I decided I wanted to dig deeper into my financial education and undertake an MBA. I wanted to learn from experts on the crisis so I could understand how it happened, and learn how we can prevent it from happening again.

I had the pleasure to learn from world-renowned professors conducting cutting-edge research on finance. I acquired so much valuable knowledge that I now share with my audience – in my content, live workshops and my online course.  

I also have the honor of serving on the Alumni Board for the University of Chicago representing the Booth School of Business. I enjoy traveling to Chicago twice a year to attend Board meetings.

Read the interview here.

Continuing your finance education is so so important. While you might not be considering an MBA in Finance, any way you choose to learn more about your finances is incredibly valuable. Whether it includes reading my content, attending  workshops, or joining an online course, I am so proud of all the women taking action to improve their financial literacy!

As always, thank you for being a Personal Finance Warrior!

Kelly Gushue
Finance Coach | Personal Finance Warrior
www.PersonalFinanceWarrior.com

The post Kelly Gushue: Featured in Chicago Booth Alumni Spotlight appeared first on Personal Finance Warrior.

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Hey Finance Warrior!

Recently I attended a fantastic event hosted by Ellevate Network – the Future of Fashion. The panel featured a designer, two retail executives, a representative from an online platform that aggregates luxury brands (yes consumers buy 10 items and return 7 of them!) and a representative from a premium brand (yes metallic is in!).

I am launching a Podcast in 2019 (with your support for my Crowdfunding Campaign – every $10 matters!) and asked one of the panelists if I could interview her next year. She then shared a money story about one of her good friends.

I love when people share money stories with me. It is often after an event when someone says hello and it is just us, 1:1. The privacy factor plays a role as people want to feel safe sharing.

Her good friend, a fellow MBA graduate, recently divorced and had no idea where the investment accounts were. NO IDEA. The divorce was a bit of a surprise – and turned into a messy one – so she did not know where all of the accounts were.

The panelist then shared that she didn’t know where all of her family's investment accounts are either. Her husband, also an MBA graduate, manages those accounts. She admitted that her friend's divorce was a wake-up call.

Rule #9 in my Top 10 Warrior Rules: Know Where All the Investment Accounts Are

Many women – often married over five years – say Rule #9 needs to be further up on the Top 10 List. Marriage happens, then kids, you add more accounts, there’s a division of labor, you get busy, more time passes, and the busy cycle continues. All of a sudden you realize you have NO IDEA where all of the accounts are.

Does this sound like you?

If you don’t know where all of your accounts are, I want to you consider my 8-week training: Master Your Dollars to Create Financial Freedom. During the program, you can share money lessons with your spouse every week. Then the conversation about money with your spouse – where the accounts are, how you are spending money, what your financials goals are – shifts from a one-off conversation that gets brushed to the side into one that becomes a meaningful dialogue.

“It wasn’t until you wrote that money is the #1 reason people divorce that I realized I needed your course so I could talk more effectively about money.”

-Kate, 40, newly engaged, Tech Manager, MBA

I’m offering my signature 8-week course at a 50% discount as part of my CrowdFunding Campaign. Plus you get 1 private coaching session (60 mins) and my signed book. How about that for a deal?

Here is the link for iFund Women. Next course starts Jan. 22 to kick off 2019.

If you don’t know where your investment accounts are, please reach out and let me be a helpful resource. My mission is for women to take action on managing their personal finances, whether they are in a relationship or not.

Warrior Rule #1: I take responsibility for my money management whether I am in a relationship or not.

P.S Are you a member of my vibrant community, Wealthy Warrior Women? I share valuable articles and resources to help you on your financial journey. Click here to join.

The post The Shocking Conversation About Money I Had This Week appeared first on Personal Finance Warrior.

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Hey Finance Warrior!

Thank you for being such an incredible audience! What a year it has been so far! Let me first celebrate with you some of the ways we may have met:

  • Money Mastery Expert Interview Series in June
  • 5-Day Money Challenge: Mind Your Cents in October
  • Master Your Dollars 8-week course – now in session!
  • Multiple VIP Days
  • Private 1:1 coaching sessions

Thank you for engaging with your money, saving more money, managing your money and most importantly INVESTING YOUR MONEY!

For Thanksgiving, I want to give you a gift to support you on your personal finance journey.  

Will you talk about money this week?

I want to provide some helpful tips so that you WANT TO TALK about money when you are socializing. Wouldn't it be AMAZING to initiate a meaningful conversation with relatives and friends around money? If you start the conversation, you will be wowed at how people will open up.

Here are some talking points:

  • Markets have been up and down these recently. How are you invested in the market?
  • Do you have a retirement plan through your employer? How do you manage it?
  • I've been reading about personal finance and investing recently. What do you like to read? How do you keep up with the markets?
  • I have been focusing more time on learning about investing. How did you learn about investing?

If those questions sound a bit daunting, here's an easy starter: What book are you reading?

Some of the personal finance books I recommend in my course:

Emotional Currency: A Woman's Guide to Building a Healthy Relationship With Money by Kate Levinson

Getting Financially Naked: How to Talk Money with Your Honey by Manisha Thakor

You see why I need to write my own book so I can recommend it, right?

This leads me to the money topic I will be talking about this week during Thanksgiving – my Crowdfunding Campaign! I would LOVE your support to help me spread my message to a much larger audience.

I will use the funds to write my first book, launch a Podcast (you know I will invite Manisha Thakor/Kate Levinson/Jean Chatkzy/Suze Orman/Sallie Krawcheck as speakers) and produce more videos.

Please support my Crowdfunding Campaign here with REWARDS at different levels. Every $25 counts!

  • $25 – Free video training
  • $50 – Signed copy of my books with your name in credits
  • $100 – Finance Warrior Starter Kit – access to site with podcasts/training & signed book
  • $250 – Coaching Session (60 mins) and rewards from above
  • $500 – Master Your Dollars 8-week online course + Rewards from above (yes private coaching session too!)

Check out the REWARDS for the Campaign here!

Ladies – Thank you for being Finance Warriors! It is an honor and privilege to encourage, guide & train you to TAKE ACTION on managing your personal finances so you can create financial freedom in all areas of your life. One dollar at a time.

HAPPY THANKSGIVING to you & your family!

P.S Are you a member of my vibrant community, Wealthy Warrior Women? I share valuable articles and resources to help you on your financial journey. Click here to join.

The post Will You Talk About Money This Thanksgiving? appeared first on Personal Finance Warrior.

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Hey Finance Warrior!

Ellevate, the world's largest professional women's network, with 95,000 members, has selected its Playbook of Personal Finance Experts. I wanted to share some exciting news with you!

I am an active member of Ellevate and was invited to host a Jam Session early in the year, called 8 Ways To Create Financial Freedom in 2018. Jam sessions are 30-60 minute online webinars led by experts in the Ellevate community.

More than 250 women joined that Jam Session and I'm excited to announce I recently learned it was selected to be featured in Ellevate's Personal Finance Playbook!

Check out the Playbook here.

Ellevate Playbooks are curated resources to help community members accomplish specific goals, packed with valuable resources like blog posts, podcasts, and webinars. It's an honor to have been selected and featured among other incredible women doing amazing work in the finance community.

In addition to my Jam Session with Ellevate, I hosted this same webinar for my audience. How many of you joined?

I wanted to share the good news, and share a fantastic resource with you all…as well as encourage you to join some of my upcoming online events.

P.S Are you a member of my vibrant community, Wealthy Warrior Women? I share valuable articles and resources to help you on your financial journey. Click here to join.

The post Kelly Gushue featured in Ellevate’s Playbook of Personal Finance for Women appeared first on Personal Finance Warrior.

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Tomorrow marks 10 years since the collapse of Lehman Brothers, the largest bankruptcy filing in history.

This week, I celebrated Sallie Krawcheck on Warrior Wednesday. Currently the CEO of Ellevest, she was my boss during the Financial Crisis. She ran my division – Smith Barney Wealth Management – and advocated for clients. I was one of the few female Financial Advisors in the San Francisco office.

Sallie was one of a handful of female executives at the top 10 banks…she ended up losing her job at Citi for being an advocate for clients.

What is not well known is that Sallie was working on the expansion of Smith Barney to London and Asia two years before the Financial Crisis. I had raised my hand to be part of the expansion in Asia. I thought that was my future. Then the tremors in the financial markets started in 2007 followed by fear of risk contagion in 2008 that led to the Financial Crisis.

I was at Citi on that Friday in November when the CEO said to call our clients and tell them their assets are safe when Citi was on the cover of the news about potential bankruptcy.

That weekend, the US government provided one of the largest bailouts for Citi.

That Monday, I called all of my clients to let them know I was watching their accounts. I told my clients I would be there to monitor their accounts and keep them updated with events. I didn't lose a single client that fall.

10 years later, we are at the peak of the business cycle in 2018. As we move through the phases of the business cycle, I will be here for you as my audience.

Sallie shares her thoughts on the role of gender and risk related to the Financial Crisis in her article on Ellevest. I also created a video in my Wealthy Warrior Women private group here.

While there are dozens of men that come to mind with memories of the Crisis, three women come to mind: Sallie, Erin Callan (CFO at Lehman, woefully unqualified for the role) and Sheila Bair, the token female voice advocating for consumers as Chair of the FDIC. All three women – and just three to mention – were disgraced.

Sallie asks an important question we should all be thinking about, ten years after following the start of the financial crisis.

“Do you think the financial crisis would have been worse if the trading floors were 50% women, instead of 90%+ men?”

It's time we start prioritizing diversity in the finance sector.

Thank you for joining me in the conversation around women and money.

P.S Are you a member of my vibrant community, Wealthy Warrior Women? I share valuable articles and resources to help you on your financial journey. Click here to join.

The post Where were the women during the financial crisis? appeared first on Personal Finance Warrior.

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Hey Finance Warrior!

This week marks 10 years since the collapse of the Lehman Brothers, the largest bankruptcy filing in history.

Where were you during the volatile month of September in 2008 when the world was unsure what was happening with the US Banking System?

I was a Financial Advisor at Citigroup – one of the banks deemed “Too Big to Fail.” I was there each day in Sept when the market had wild swings of 400, 500 & 600 point drops. My body still remembers those jaw-dropping, dramatic swings in the market. Our eyes were glued to Bloomberg screens as we watched fear sweep the markets.

I was there the morning of Sept. 15 with the shocking news that Lehman Brothers would go bankrupt.

I was there on the Friday when Citigroup was the name of the day dominating the headlines with questions about whether it would make it.

On that Friday, Citi's CEO held a conference call and asked us Financial Advisors on the front lines to call our clients and tell them their assets would be safe at Citi. Admittedly, I was not certain about that. Nevertheless, I knew I would be the client contact for my clients, whatever happened that weekend – a sale, a merger…or even bankruptcy.

Over the weekend, the government announced a bailout for Citi. Citi was one of the largest global banks. It was one of the lucky ones – it was saved.

Sallie Krawcheck, CEO of Ellevest and Chair of Ellevate Network, was the head of my division a Citi during that time. She ran Smith Barney as the head of Wealth Management. In 2007, she was working on the international expansion of my division to Europe and Asia. I had raised my hand for the expansion to Asia. It's funny to think about that today. Then the market tremors began in 2007 followed by dramatic market events in 2008.

Forget about expansion, it was about survival for Citi in the fall of 2008.

In October of 2008, I finished my application to Chicago Booth. It was one of the most volatile times in financial markets history. I applied to Chicago Booth to pursue an MBA so I could learn all about the Financial Crisis. I wanted to learn about what problems lead to the Crisis so that they would not be repeated. Chicago Booth was home to many thought leaders who focused on Banking, Regulation and Central Banks. Several professors became Advisors to the government throughout the Financial Crisis.

I often refer to my acceptance at Chicago Booth as receiving the golden ticket, just like Charlie in Charlie & the Chocolate Factory. I had read Raghu Rajan's book Fault Lines and wanted to learn from him. (I loved his class!) Anil Kashyap wrote the first MBA course on the Financial Crisis. He created the class each week as the events unfolded. That was my favorite class! Doug Diamond, a Bank expert, wrote the model explaining how bank runs occur (yes, like in the movie It's a Wonderful Life). I didn't even get credit for his class – I audited it to learn directly from him. Diamond will win a Nobel Prize for his work.

Notably, one of the members of the Fed – Randy Kroszner, a Central Bank expert – was one of the five members of the Federal Reserve Board of Governors during the Financial Crisis. As my professor, he shared first-hand accounts of what it was like to be in the room during the tense discussions about what to do with each crisis situation during the fall of 2008. In the fall of 2008, the US banking system was truly in danger.

This was my experience at Chicago Booth – and I LOVED it! I had a deep dive in learning about the moving parts of the financial crisis.

Ten years later, where do we stand?

While financial markets continue to rise (+82% after recovering from the decline), people remain on the sidelines and are not investing in stocks.

For the age group, 18-29, just 31% own stocks (!). This generation was hit hardest by the Financial Crisis related to unemployment, student debt, and stock market losses. Nevertheless, this is the generation that has the most time to benefit from time in the stock market.

Barron's refers to this group as the “Lost Generation.” Are you part of this group? We need to do a better job to educate and encourage this group to invest in equities with a long-term time horizon.

The second hardest hit group is age 30-49. Just 62% are invested in stocks. This number also needs to increase as they also have decades of time to benefit from upward moves in the stock market. This group is my target market. I want YOU to take control of your finances and invest as you have the most to benefit!

As a gentle reminder, the US stock market has generated a 9-10% annual return over the last 100 years. Although there is concern this level of return is not sustainable, I have a different view. I am bullish with the amount of tech innovation driving the US market. If the last decade has been any indicator of the pace of tech change, my money is on (and in) the stock market.

Another major change in the market over the last ten years is the number of people invested in Target Date Funds. Do you own a Target Date Fund in your retirement plan? These Funds are groups of mutual funds/index funds with an allocation to stock and bonds that changes related to how close your age is to retirement. Nearly 50% of individuals are in Target Date Funds – compared to just 14% in 2008.

I talk about Retirement at the age of 100 in my 8-week online course (my next one starts in October). If you are under the age of 50, retirement at 65 is now an outdated concept. You will live to the age of 95 – that's 30 years! Let's make those years productive of LIVING and INVESTING.

What have we learned in 10 years? The stock market continues to be a mechanism that allocates capital to growing companies. While we are near the peak of the business cycle with strong economic growth (3.5%) and low unemployment (3.9%), the stock market will go up and down.

I encourage my audience to be long-term investors. We cannot let fear keep us from investing. If you arm yourself with the tools of a Finance Warrior, you will be equipped to weather the highs and lows of the stock market.

P.S Are you a member of my vibrant community, Wealthy Warrior Women? I share valuable articles and resources to help you on your financial journey. Click here to join.

The post Are you part of the “Lost Generation” after the Financial Crisis? appeared first on Personal Finance Warrior.

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Do you know how much you’ve spent to attend a wedding?

It’s August, and we’re right in the middle of wedding season.

I recently learned that the average amount that a person spends on a wedding is $628.

Most people get invited to between 4-6 weddings per year.

So if you happen to get invited to four weddings this year, you’ll be spending well over $2,000!

Let’s break this number down. The costs factored in are:

  • Travel associated to get there
  • Hotel room

This number DOES not include if you want to buy a fancy new dress or shoes.

You then must factor in the wedding shower and the gift you give, or possibly even the cost of a big night out if you’re also invited to the bachelorette party.

And my favourite (which is a tradition I didn’t really grow up with) is the engagement party! If you’re invited to celebrate the big announcement, you are also usually expected to bring a gift.

So that’s four separate (costly) occasions, for the same couple!

Now so far we’ve only been talking about (relatively) local weddings.

But what if you get invited to a destination wedding?

It’s your decision if you’d like to attend, and in a way you’re really lucky to get invited to a destination wedding.

I remember getting invited to a destination wedding in Cabo that I really wanted to go to. But (you know me!) I decided to calculate the total amount it would cost and ended up realizing it would cost me $1,200.

For a 3-day weekend.

At that time, $1,200 was a lot for me, and being the savvy traveler I was, that amount would have been my budget for a ten-day overseas vacation.

It was a tough call to make, but I had to decline the invitation.

There was another special invite I got for a couple getting married in Yosemite National Park. The lodging was going to cost $500 a night. I managed to crunch some numbers with shared accomodation to get my total down to $900, but it was another one I decided I needed to forgo. There’s still a part of me that wishes I could have witnessed this novelty celebration, but as a fresh out-of-college grad, it was too much to swallow. I put that $900 towards my student loans, and I know that a big part of why I was able to pay my debt off in two years was making decisions like these.

I ask you: How much are you spending on weddings?

In my online course, a big topic we cover is budgets. Weddings are one of those things that so many people fail to include in their budgets. With all the different components spread out over categories (like transportation, gifts and clothes) many fail to realize why they are missing money.

It’s important to think about big ticket items and events that may derail your budget. Weddings are one of the most common ones that people often don’t think about!

Obviously, there are limitations when being choosy with weddings. It’s certain you will want to go and make your family’s weddings a priority. Although you should realize – being IN the wedding tacks on an additional $200 to that $628 figure. When it comes to weddings for friends, it’s important to be conscious of the high costs associated with attending. Especially if you are invited to a destination wedding, then you will have to seriously consider if it is worth it to you, and perhaps treat the event like your yearly vacation (as these weddings can be up to $2,000).

If one of your best friends is getting married it’s understandable you will want to share the day with them. My best friend actually lives in Sydney and I remember saving up AirMiles and money as I knew her wedding was going to be my big ticket item for the year. I kept trying to get her to guess the date so I could plan my big holiday and yearly budget! It was absolutely fantastic to make the mindful decision to go and celebrate with her!

I’m not sharing all this information with you to be a downer talking about the expenses for all these events. I’m here to be the reality check.

So many of my clients tell me about their struggles with money, like paying off credit card debt or lots of student loans. It might not be fun to say no to a wedding, but $628 towards your big financials goals is no small number. You need to think about the best use of your money.

A lot of people tell me things like “Kelly, you made the decision not to go…but I can’t do that with my friends!”. But really, it just becomes a personal decision. It has nothing to do with others, it has everything to do with how savvy you want to be when it comes to your own personal finances.

And if you do decide to attend a costly wedding, try to think of other ways you could save. Could you share a hotel room? Carpool? Borrow a dress from a friend instead of buying a new one?

Overall, the goal of sharing this information with you is to think about that big ticket item, being the wedding itself. Do you need it? Could you live without going? How close are you with the bride and groom? At the end of the day, the cost of the wedding as a whole is what will end up setting us back financially.

So the next time a wedding invitation arrives in the mailbox, I’m not asking you to give it a hard no. I will ask you to calculate the costs involved, evaluate if it is possible for you financially and make the mindful decision about your attendance.

P.S Are you a member of my vibrant community, Wealthy Warrior Women? I share valuable articles and resources to help you on your financial journey. Click here to join.

The post Do you know much you’ve spent to attend a wedding? appeared first on Personal Finance Warrior.

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