How Are You Managing Financially?

“The wise woman builds her house” (Proverbs 14:1).

I invited my friend Lisa Hice to share some of her financial story with you today. Her journey has taken her from a 6-figure income to being flat broke to now helping others. If you are struggling financially, I hope Lisa’s story encourages you. You’ll also find some of her tips and resources to help you manage your money!

Lisa says:

I see so much of the last thirteen years as being like a butterfly. The old is gone and the new has come. I went from a six-figure income in the mortgage industry to earning much less working in health care, coaching and ministry.

While working in the mortgage industry I had it all: money, a house, car, boat, huge retirement and so much more. LIFE WAS GREAT! So, I thought. Then the unthinkable happened!

At 30 years old, my life slowly began to crumble. I lost my job with a six-figure income, was so broke I had to sell all my possessions including my home. I was eventually led to go back to school and finish my college degree in Leadership in Ministry which led to my current lower income. Working in health care, life coaching and ministry, has forced me to change my spending habits and the way I view money. I have gone from extreme shopping sprees at Nordstrom to enjoying shopping at Goodwill, Value Village and even donated items.

By the love, grace, and forgiveness of God, I have had major changes in my life.

Frugal living is now exciting and fun for me, and this has prompted me to share with others like you. This last year, especially, I know many have been unemployed, broke, and struggling financially.

Living frugally and spending less has allowed me to help family members, give to those in need, save for retirement and reduce my debt, including my student loans. Plus, add money to my savings which includes emergency funds, traveling, a new car, Christmas fund and more. I enjoy saving every month by choosing to eat from home, making outdoor adventures my entertainment, getting books from the library, buying low-cost beauty items, and so much more.

Frugal living has transformed many areas of my life and I hope it will help you. I no longer feel the need to strive for the prideful, lavish lifestyle I once pursued. I now find myself being content on much less, enjoying a minimalist lifestyle, having to work less hours, and giving my time to those in need.

If you are new to frugal living, be patient with yourself as it’s a journey.

CHECK OUT MY FAVORITE FINANCIAL TIPS, IDEAS, AND RESOURCES

• Ask and Seek Help: Be willing to reach out to financial advisors, financial coaches, family, friends, churches, local food banks, government agencies and your social circles for help.

• Keep to the basic needs: Health, Shelter, Food, Clothing and Transportation! Think need vs want with making purchases!

• Food prep and eat from home instead of takeout food. This saves a ton of money.

• Create and utilize a monthly budget!

• Set financial goals which reduces spending.

• Always have an emergency fund but only for true emergencies. These include major needs like loss of income, auto and home repairs, medical etc. If you don’t have an emergency fund and you are working, it is wise to begin building one.

• If you’re struggling to make payments, banks and financial institutions want to work with you. Reach out to your bank, a financial counselor, credit card and mortgage lenders, student loan companies and financial institutions. With my 14 years’ experience working in finance, banks and institutions have highly creative ways to help clients during financial difficulties.
  Just call them and ask for help! Sometimes FEAR can hold people back from calling but just call them. If you are deep in debt with lenders, credit cards companies, hospital bills, and even the IRS, contact them. Many are willing to work with you. Most companies work with people regarding interest charges, fees, will help you set up payment plans and make financial arrangements. Each bank or institution is different so seek them out for full advice and information.

• If you need help regarding public utilities and cell phone bills: many companies are waiving late fees or not shutting off utilities. They can work with you. It is key though to reach out and talk to them.

• Be cautious right now about Identity theft It is on the rise. Check out my Blog: Identity Theft and Prevention!  at www.lisahice.com

• DON’T: take out pay day loans, pull from your retirement account or advances in paychecks, etc. You will have to pay so much in interest. Don’t use credit cards or lines of credit cards unnecessarily or borrow more than you know you can’t payback.

• Check out Facebook Buy Nothing Groups. These are in your local area and by Zip Code. This is a great resource for exchanging items you need for free.

For More money tips and encouragement be sure to follow along over at Frugal Living Network on Instagram and YouTube Channel!

I enjoy sharing and teaching practical ways to budget, save for the future, pay off debt, and be financially prepared in case of emergencies. I also share ways you can protect your credit and money. My teaching is always from a biblical point of view and what the Bible says about money. Matthew 6:25-34.

If you’re interested in financial coaching, feel free to reach out! www.lisahice.com

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I hope this blog helps you! Be a blessing to others and SHARE this information with family or friends.

Blessings.

Poppy