Personal Finance Archives - Recovering Women Wealth

Developing Resilience for Mental Wealth & Money Management, part 1

October 12, 2020 By Deanna 3 Comments

Resilience can take you far in life and it’s what most athletes train for. Whether or not you think you are an athlete, I’m here to tell you, you are an athlete in the game of life. I recommend we all grow our resilience muscles.

Let’s start with defining it:

Resilience

noun

The capacity to recover quickly from difficulties; toughness.
The ability of a substance or object to spring back into shape; elasticity.

And then let’s look at some synonyms of resilience – flexibility, pliability, suppleness, plasticity, elasticity, springiness.

I’ll go further and state that if we can develop resiliency in the game of life, we’ll be able to recover quickly and bounce back from adversity.

Making Financial Amends in Recovery

September 21, 2020 By Deanna Leave a Comment

In most 12-step recovery programs, there are amends to be made. This can include financial amends. So if you are at the beginning of your recovery program or if you are not in recovery, you may be saying what the heck is a financial amends?

A Financial amends can include many things like debt pay off, returning stolen goods, and living with more fiscal responsibility. This post is to describe in what constitutes a financial amends.

First and foremost here is step 9:

Made direct amends to such people wherever possible, except when to do so would injure them or others.

Shopping for Automobile Insurance

August 24, 2020 By Deanna 2 Comments

Photo by Vidar Nordli-Mathisen on Unsplash

Every six months our car insurance policies come up for renewal. Sure the easiest thing is to just renew it and forget about it. However, since my debt pay off journey and my general interest in personal finance/ financial independence began, I look for the best deals. Maybe shopping every 6 months is not necessary but I would argue that shopping your automotive policy once a year is a prudent exercise.

It takes a little extra time but it can be a worthwhile exercise. I had been with the same insurance company, Allstate, for years and I liked them. However, when I decided to shop them and found I could save over $100 for a new 6-month policy if I switched to Progressive. I made the switch.

Now, I shop it every renewal or at least once a year. Although, my progressive rates have remained competitive for three years so I almost didn’t shop it this renewal, but as you’ll read on, I’m so glad I did…

Helping (not Enabling) Family Members Financially

August 17, 2020 By Deanna 6 Comments

Today’s post is somewhat of a continuation of last Monday’s post. However, this one is geared at helping family members with living expenses rather than end of life expenses. Additionally, I touch the difference between helping and enabling our loved ones.

I still stick to the basic rule that if you are convicted to help a family member financially, consider it a gift rather than a loan.

Gifts come with fewer expectations for both parties. Moreover, if you are gifting someone the money, you may be more inclined to be careful in considering how to help them.

That being said, I’ve thought of some ways, we can help family members who are struggling financially. These ideas will be more likely to make sure the money goes where it’s intended.