This is Part 2 of your “Cool Adult Financial Action Plan” friends! And boy oh boy are we getting spicy today!

Drumroll please…

I can’t hear you!!

Alright, alright. No drumroll necessary. This one speaks for itself. 

SOCIAL 

…

SECURITY!!!!!!!

via GIPHY

I know, I know, social security isn’t all that cool, but it is something that impacts almost all of us (i.e. anyone with a social security number who has worked in the US, or is married to someone who has worked in the US) and it is important to make sure your ducks are in a row. 

The good thing about this particular adulting financial action item is that it is super duper simple. 

Do you have a Login.gov or ID.me username and password?

If your answer is no: First things, first. You’ll need to make one. I don’t think it really matters which one you pick, but most of my clients have found ID.me to be easier. 

If your answer is yes: Great! You’ll need to make sure your social security account (formerly called myssa) is connected to your existing portal. All you need to do is log into either Login.gov or ID.me and scroll down to the Social Security Administration box to connect the two accounts.

Once you’ve done that, check out your Social Security account! You can see how much you can expect to receive in benefits based on your existing work history as well as your expected future earnings. 

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If anything looks suspicious or incorrect, now is the time to fix it. Believe me, you don’t want to be trying to deal with the problem at the same time you are receiving payouts -- that’ll be an administrative nightmare. 

To fix any issues, the first thing to do is reach out to the Social Security Administration via their chat box. This shows up as “Get Help” in the SSA portal and then looks like this once you’ve clicked into the system. 

That’s all! Just make sure you can log into your account, have your password saved in an encrypted system, and that all of your information is accurate. Check, check, check! 

As always, I’m rooting for you. 

XOXO,

P.S. I’m taking on new clients starting in August! I’d love to work with you to help you determine where your financial pain points are, and create and implement a personalized plan with you to help you not only eliminate those pain points, but also reach your financial goals! 

You can schedule a free consultation call here or fill out the new client inquiry form to learn more about the coaching process and to get started with your goals. Can’t wait to chat more soon!

I love this question because our spending habits, whether as individual human beings, or as companies, say a lot about our priorities. Or, rather, they say a lot about what our priorities actually are, but not necessarily what we want them to be. Whew - that’s confusing. Let me break it down. 

If you look at my family’s spending over the last three months the four categories with the highest expenditures are: 

1. Home (i.e. mortgage, taxes, insurance, utilities)

2. Kids (i.e. childcare, clothing, activities) 

3. Food (groceries & restaurants)

4. Financial (taxes and retirement saving) 

If you look at my business’s spending over the last three months the four categories with the highest expenditures are: 

1. Payroll (by FAR the highest expense)

2. Software (Zoom, Quickbooks, etc.)

3. Office expenses (mostly tech equipment) 

4. Meals 

I feel good about both of these lists. My business expenses are largely related to my personal expenses (i.e. payroll) and my personal expenses are aligned with my values. That isn’t to say there aren’t things I’d like to change. I’d love if travel was a more common personal expense and I look forward to sending my two young children to public school in a few years, but I’m happy to pay for a home I love (and spend a LOT of time in!) and for childcare that is safe, loving, and nurturing. I’m glad I am able to spend on food the way I do and I’m glad my family is paying our taxes and saving for retirement. 

All of that being said, when I first started unpacking my finances (I’ll get more into the nitty gritty of this another time!) I did not at all feel good about the lists. I spent a lot of money on clothes that I didn’t necessarily need or even wear. I spent a lot of money on debt repayments that I knew weren’t strategic. I spent money on food that I didn’t really enjoy because I wouldn’t plan far enough ahead to have groceries at my house. I spent money in a way that reflected my lack of clarity and connection with my finances. 

And I felt SO. MUCH. GUILT. I felt guilty that I wasn’t trying harder. That I didn’t know what to do. That I didn’t understand how to fix the problems because I didn’t even know what the problems were. I felt guilty that I had just stuck my head in the sand. 

I wish I could say that I figured out this perfect, easy system for getting rid of that guilt, but truth be told, it just took time, reflection, a lot of hard work, and reminders to be kind to myself. I may not have always made financial decisions that made me proud, but I worked hard to change that. I learned a lot on my own and then, eventually, I went back to graduate school and switched careers to focus on helping others expel that guilt I once felt and to create systems and structures that mean that when they open their bank accounts they can feel proud too. 

If you’re in the sticking-your-head-in-the-sand phase, I feel you. It can get better. I promise. 

If you’re in the midst of figuring it out -- keep going! You got this!

If you’re in the proud-of-my-spending bucket -- yay! Keep it up my friend!

No matter what, I’m rooting for you.

XOXO,

HOT TIP CORNER

The annual option for subscriptions is often significantly cheaper than the monthly subscription option. The trick is making sure you are ready for that larger lump sum transaction when it comes along! Put in a calendar alert so you don’t forget about upcoming expenses and check here in the next newsletter for a trick on making sure your account is prepared for annual costs!