Getting financially fit can be challenging for anybody, but a lot of the steps towards building a healthy relationship with money can be more tough for those with Attention Deficit Hyperactivity Disorder. Recently we interviewed Amalia Sirica, a FinGym client and LCSW. Working with a mental health professional can be a crucial part of ADHD management, but according to Amalia, this avenue may not directly address how ADHD and money intersect.

The basic facts of the racial wealth gap are that Black Americans hold about 13% of the wealth of white Americans. This wealth disparity can be seen through almost every measure of wealth, from actual financial holdings, to income levels, to housing values, to stock ownership. While this issue can seem simple on its surface, the history, current reality, and potential solutions for this problem are complex.

In four more months I’m becoming a father for the first time. My wife and I are excited to bring a new person into the world, but with it come so many challenges. How much do we spend on childcare? Are we going to need to buy the latest and greatest stroller? What about college, which can push up to $50,000/year in tuition?

So, not unlike many of our clients at the Gym, you bailed on your big city tiny apartment and giant rent burden in favor of getting through a tough time without bleeding cash. Good for you for making a wise financial choice! Still, despite the charms of living in your childhood bedroom and having a concierge grocery service, you may be itching to re experience the freedoms of your own place. Somehow you did this before without missing a beat, but now with your new savings rate and bill-free living, stepping back into the world of the rent-paying adults seems more daunting than it once did. Lucky for you, we’ve been feeling this question a lot lately and we’ve got you!

As trainers, we always give our clients a weekly spending goal. This is supposed to be for everything that isn’t a fixed monthly expense. My fixed bills each month are rent, utilities, internet, and a Netflix family subscription. I do have a monthly Peloton subscription (just the workouts, as I don’t have the bike) but it’s reimbursed from my credit card for the rest of 2021. Annually, I also pay for renter’s insurance, 2 travel credit card fees, and professional license dues/fees. So my weekly spend goal is for things like groceries, takeout/delivery, bubble tea (I drink a lot of this), and all the other random stuff I buy.

At the Gym we work with a lot of people who are focused on building credit. Some people are recent grads who are transitioning from school to full time work and becoming financially independent from their families. Others are new to the U.S., just got a social security number, and are establishing a new financial life in a new place. Whatever the reason, the process can be less than intuitive, and having a checklist to follow as you move forward can be helpful. Today we’re going back to basics to answer one of the most common questions we see: how do you establish credit when you have none?

131 trillion dollars. That’s the amount of money that governments, companies, organizations, and people like you and me need to invest in climate solutions between now and 2050 to meet the targets in the Paris Climate Agreement. As if that number wasn’t scary enough, global investment is nowhere near that level. If you’re now thinking, “well, this is hopeless,” you’re not alone! 68% of Americans are anxious about the impact of climate change; this is so pervasive that the term ‘eco-anxiety’ has been coined.

So, what is “house hacking?” In short, house hacking is a way to offset your living expenses by reducing or eliminating your housing expenses, or even making money off of your home. It can require doing some research and making some compromises, but if you are interested in owning and investing through real estate, house hacking can be a great way to get started, especially if you do not have the cash to make an entire mortgage payment on your own.

Under previous law, if you were eligible for the Child Tax Credit (CTC), you could get up to $2,000 per qualifying child that was age 16 and under as of the end of the year. The American Rescue Plan Act expands the CTC for just the 2021 tax year. Now, families can receive either of the following: Up to $3,000 per qualifying child that is between the ages of 6 and 17 as of December 31, 2021 (17 year olds are now included!), or up to $3,600 per qualifying child that is under age 6 as of December 31, 2021. This means you could potentially get an additional $1,000 to $1,600 per child!

There are many different reasons you might be looking to re-evaluate the terms of your student loans. Are you looking to lower your monthly payment to help manage cash flow? Are you looking to lower your interest rate? Maybe you are even looking to reconfigure your loans so your co-signer can be taken off the bill. No matter what’s led you to the decision to rethink your student loans, you’ve probably come to the same fork in the road: debt consolidation versus refinancing.

As states begin to reopen and the whole world strives to figure out what “new normal” looks like, one question we should be asking ourselves is what does a “new normal budget” look like. As things like travel, more regular dining, and various activities become available to us again, now’s a great time to look at and update your budget! Here’s some steps you can take to do so!

Netflix, Hulu, Spotify, Amazon Prime, Peacock, Disney+, Audible, HBO Max, Paramount+, Britbox, ESPN, if you’ve got them all, then this is for you! I can remember when Netflix first came about and I convinced my parents to start a subscription so that I didn’t have to. I thought this was both clever and a huge success for my budget. I had seemingly unlimited TV at the touch of a button, until suddenly it wasn’t enough.

The Internal Revenue Service recently announced that the due date to file your 2020 federal income tax returns has been automatically extended from April 15, 2021 until May 17, 2021! This means you do not need to complete any forms or do anything in order to get the additional 1 month extension on your federal taxes. Some states have followed suit and given the same 1 month extension but other states have not so make sure to check your state deadline.

Nikki Boulukos and Carissa Jordan first met a decade ago as young analysts at Goldman Sachs. Ten years later, they happened to reunite in the same New York City suburb as friends and neighbors raising their young children. Nikki and Carissa founded Benjamin Talks with a mission to make all kids financially fit, no matter what their circumstances. Read on to hear their expert advice on all things family & finance.

The summer should be an opportunity for teachers, and other school employees, to relax! No more grading papers and tests, no more lesson plans to write, and thankfully, no more asking students to turn on their cameras for Zoom class. But as much as you were looking forward to the last day of school, if you aren’t financially prepared for the summer, you’ll just as quickly start counting down days until the first day of school! So if you’re a teacher, what can you do financially to prepare for the summer to make sure you get the break you deserve?

Unlike other expenses that you can go without if needed (like streaming services, takeout, or buying new clothes), groceries will always be a part of your budget. It’s inescapable. For that reason, focusing on getting your grocery bill under control can pay dividends for years to come. A lot of (still great) advice about cutting food expenses such as meal prepping and meal planning can be time consuming. Here are other ways to save without carving out more time from your schedule:

The Financial Gym Client Mackenzie Stewart shares with us how she approaches paying off her debt on a less-than-ideal income. Mackenzie breaks down both concrete steps as well as how to shift your mindset in order to conquer those debt repayment goals.

As fall 2020 approached winter, I put increased emphasis on self-improvement. The year from hell needed some sort of silver lining, right?

Some big questions that freelancers, self-employed workers, entrepreneurs, and individuals who dream of starting a business always ask themselves; should I incorporate? How do I do that? When will I know if it’s the right time? What type of corporation should I be? And down the rabbit hole they go. It can be overwhelming! My goal here is to help pull back some mystery surrounding two very common business types. Let’s get into it.

One of our favorite parts of our community is getting to learn about all the amazing things our clients are doing. To round-out Women’s History Month, we have decided to share some of the businesses owned by women in our Financial Gym community.