Tagged With "financial edge"

Something to think about Troy! The holidays can really put you in that festive mode, that you totally forget to check your account and realize that you are spending way too much money. Half the things that we give as gifts never get used. I believe we should definitely put a spending plan together for the holidays and stick to it.

Deon, that is a great key point about gifting. But who are the people or even age groups that are really bent on reducing their budget for gifts during the holiday amid inflation pressure? There is so much room for a whole new discussion that could be taken in so many directions. I am leading a first-year college class on how price consciousness has become a defining characteristic of consumer behavior in a few weeks; let me know if you are interested in collaborating. Thanks for the insight!

Unlike impulsive buying, emotional spending is frequently heightened by stress, grief, or moments of happiness or sadness. Regardless of these triggers, they can impact your finances negatively. For example, you shop to make yourself feel better after a bad day at work. As a result, compulsive shopping and spending stems from an impulse disorder habit that can be addictive for many. The relationship between money and happiness is now seen as complete. Aknin, Wiwad, and Hannibal (2018)...

Do you have any suggestions for tools like graphic organizers or worksheets that help people to think about and define their values?

Chris, I created and used a worksheet that I found effective with a college class a few weeks ago. It requires the participants to list all their values. Then, identify short-term, mid-term, and long-term goals related to their top (3) values from their list and explain how finance aligns with their specific goal. We then have an open discussion about barriers that can keep us from reaching our goals, and because life sometimes throws us a curve ball, we also address how to overcome the...

I find that people often state their values, but then recognize a great misalignment between their habits/ actions/ behaviors and the values they thought they prioritized. The Value Clarification worksheet you shared gives a great start to recognition of potential disconnect, and can help formulate discussions or internal reflections leading to a meaningful reassessment (of behaviors and/or values) to influence goal setting and progress. Thanks for sharing!

Personal finance research informs high-quality financial education briefings, publications, and 1:1 financial counseling with clients. Included are findings and implications from three studies published in 2023.

Transitioning into 2024 marked a new year. Many of us saw the new year as an opportunity to start fresh, but financial hardships and losses can have a lasting impact on our mental health. This type of impact leads to unforeseen trauma. Often, we make resolutions to hit the ground running in the new year, but old habits die hard, mainly when these habits are deeply rooted in our psyche. Let us be realistic: We all plan to go to the gym on January first; we even go shopping over the holiday...

Inflation continues to be a global economic challenge, impacting everything from food costs to housing affordability. Explore the difference between objective and subjective financial stress, identify questions to ask your clients, and connect with additional learning opportunities, including an on-demand webinar to learn more.

As service providers address the needs of military families, grasping their unique financial challenges becomes paramount. Various aspects of military life can significantly affect a service member’s or a military family’s capacity to meet financial obligations. Explore strategies to bolster military families' financial preparedness.