When we have so many competing priorities: rent, bills, retirement, student loans, credit card bills, and day-to-day discretionary spending, it can be hard to know what “living within your means” actually means. 

Living within your means is the first step toward achieving financial health. Read this post to find out if you’re already doing it.

If you are hoping to travel in 2023, you are in good company: the U.S. Travel Association is forecasting that Americans will be taking more trips and spending more on them than in 2022. But amazing adventures to sip wine in Porto, Portugal or to hang out on the beaches of Puerto Viejo in Costa Rica don’t just happen, you have to prepare for them.

Money can help catapult you closer to larger life goals making rewarding milestones, like buying your first home or retiring early, a reality. On the flip side, the lack of money can also feel like a setback keeping those very goals out of arm’s reach. According to a 2018 Northwestern Mutual study, 44% of Americans claimed that money was a source of stress. In that same study, an overwhelming nine out of 10 respondents said “nothing” makes them happier or inspires more confidence than having their finances in balance.

With the new year and new goals on the horizon, we thought it would be a good idea to share six roadblocks you may hit while taking action on your finances. 

In order to motivate yourself to change ingrained habits, you need a compelling “why”— something that you can leverage when the initial excitement wears off and the real work begins. Doing something because “I’m supposed to” isn’t going to inspire you for long. But if you dig deep and find a reason that moves you, you can become unstoppable.

January is a popular time to work on new goals, including financial goals. But after the shine and excitement of setting a new goal wears off, it’s hard to stay on track: studies show that most people abandon their New Year’s intentions by February. To avoid a similar fate, you need to find ways to stay motivated and accountable.

Here are five strategies to do just that.

Without fail, the turn of the New Year gives many of us this burst of “you can do it” energy. It’s almost like a new car smell or the gleam of light breaking off the horizon in the wee hours of the morning. A new year is a sunrise to a new set of goals and dreams. One recommendation I offer you now is no matter your goals, you should make them achievable and measurable. Now that we’re feeling good, let's discuss some of the personal financial goals you should have to start the new year!

The one-on-one monthly accountability membership at Financial Gym connects you with a Certified Financial Trainer ®, also known as your B.F.F. (Best Financial Friend). Your financial trainer has one job: to help you achieve your financial goals.

Here’s what to expect when you are considering adding a financial trainer to your life.

So much of our day-to-day lives are made up of habits: small actions we perform frequently without much thought—checking our phones when we first wake up, brushing our teeth, or crashing on the couch after work, for example. These small actions compound and have a major effect on our well-being over time. This is especially true for our finances. If you aren’t achieving your big financial goals, it’s time to look smaller and examine your financial habits. 

On one hand, managing money is just math: how much comes in, how much goes out, and how much gets set aside. On the other hand, it has nothing to do with math and everything to do with emotion. It’s about your perception of time, energy, desire, self-worth, and so much more. All of those non-mathematical factors combine to create money mindsets, or money scripts, in your head. These can manifest as self-limiting beliefs that will keep you from reaching your goals.

Transitioning from the end of one year into the next is the ideal time to start planning. You can look at the year holistically and identify any financial conflicts or opportunities early on. Either way, you’ll be more prepared for the big expenses you say “yes” to and know when you need to so “no” or “not right now.” To plan ahead for 2023, consider the following expenses.

If you are in a rush to embody your “New Year, New You” self, you’re missing out on one of the most important steps of goal-setting: reflection. Reflection allows you to step outside of the day-to-day grind and derive meaning from your past experiences. It helps you identify patterns, understand yourself better, and ultimately, it sets you up to create more meaningful goals for the future.

One of our DC-based Financial Trainers, Mike, explains why you may not want to consider debt settlement right away, even though it may seem like a tempting offer to alleviate some of the stress of paying back your debt.

Loss of income, unexpected expenses, and depleted savings. All of that comes with increased debt-- which is reality for a lot of Americans this year. If it feels like your debt has gotten out of control, you might be wondering, “Hey, is debt settlement right for me?” I’m here to tell you, “No, probably not.” and here’s why!

Last holiday season we noticed a new trend of current FinGym clients purchasing gift memberships for loved ones, and particularly for their parents. The reasons varied. Sometimes it was to help their parents plan for retirement, or to give them the opportunity to have a second set of eyes on their investments to make sure they were ok. For others, having their own financial foundation shaken made them want to offer the security of having a financial plan to others.

By now, we have all experienced the steeper prices and higher interest rates bestowed by inflation. However, inflation has had another impact that you might actually want to take advantage of: namely, the opportunity to save more in your retirement and health savings accounts (HSAs). As costs rise, we need the ability to prepare for higher expenses in the future by saving more now, which is why contribution and income limits for tax-advantaged accounts are indexed to inflation (meaning they automatically increase as inflation rises). Here’s what is changing in 2023.

We give a lot of our time, energy and money to the holiday season so it’s more important than ever to also practice self-care.

When you’re burned-out or stressed, the immediate feeling of it can be hard to manage. Regardless of what scenarios you come across this holiday, honor yourself by acknowledging and sitting with these feelings. Once you’ve given yourself time to respect how you feel, reconnecting with your breath can offer clarity to the situation.

Here are six self-care tips that can help you maintain balance during the season ahead.

The holiday season is expensive: consumers in the U.S. spend about $1,000 annually on Christmas each year. With the added costs of inflation this year, budget-conscious shoppers will have an even greater challenge than usual. Fortunately, there are ways to keep your spending under control while still spreading holiday joy.

Wishlists are great for two reasons: 1) they reduce the stress of having to generate ideas, and 2) you can pick a gift that’s priced within your budget and know that it’s something the recipient actually wants. If all of the gifts on the list exceed your budget, look for someone to go in on the gift with you.

You may be familiar with the phrase, “living paycheck-to-paycheck” — it might even resonate with your current financial situation. If you’d put yourself under this category, you’re not alone. According to a 2017 CareerBuilder survey, 78% of U.S. workers say they live paycheck to paycheck.

Although there may be larger factors at play, like your state’s minimum wage or your area’s cost of living, there are a few areas in your daily financial picture that you can control. To help the cycle of a paycheck-to-paycheck lifestyle, try implementing these steps.

It’s easy to get carried away during the holidays. Spending during this time of year is normalized and there is pressure to make it special at any cost. Looking out for these spending traps will help you avoid a post-holiday credit card hangover.

When you are already in the shopping mood and picking out gifts for others, it’s easy to slip a few things in the cart for yourself. In fact, nearly 60% of shoppers plan to spend on themselves during the holiday season. This isn’t necessarily a problem if those expenses are planned and accounted for in your budget.

Many people open their first bank account as a kid wherever their parents bank and never make a change. But the banking industry itself has changed a lot since most of us were kids and sticking with the same bank may no longer be the best option for you.

Just like in a relationship, even when you know it’s time to end things, the logistics of moving on can be intimidating.

Follow these steps to smoothly leave your old account behind.

The Christmas countdown has officially begun! But if you are counting the cash in your bank account and wondering how you’re going to get through the holiday season without a credit card hangover, we’ve got your back.

Here are five ways to get extra cash quickly and avoid post-holiday financial regrets:

Now is a great time to cash in on those credit card rewards you’ve been building up all year! Redeem your cash back for a statement credit as you shop or use your points to buy gift cards