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Moven Analyzes Housing Spend

Moven Info-graphic: How Much Should You Spend on Housing?

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When it comes to renting or buying, having the right insights can make a huge difference to your financial health.  At Moven, we’ve come up with a number of rules of thumb and key insights to help you make smarter financial decisions.

1. First, your monthly housing cost – rent/mortgage, utilities, maintenance – should be less than 1/3 of your income.   Simply divide your annual income by 40 and use that amount as your maximum.

2. Second, consider buying a home only if you plan on keeping for at least 7 to 10 years.  That’s about the a typical economic cycle; anything less and you risk losing your money to broker and bank fees.

3. Next, look for a property where it’s price to rent ratio is comparable to the neighborhood average.  To find the price to rent ratio, simply divide the purchase price by the annual cost to rent the same property (or one like it).

4. If you live in a pricey city, try to keep your housing spend in line with your peers.  Spending less than a third of your income on housing may be harder in bigger cities, but don’t let yourself become house rich and cash poor!

5. When buying a home, be conservative with your expectations of its future value.  Think of your home as a way to protect rather than grow wealth.  Remember that home prices don’t typically increase that much more than the rate of inflation.

6. Take advantage of the current low rates, but do so responsibly by putting 20% down and having 10% set aside.  Buying a home often has many unforeseen expenses, so be sure to have a buffer.

Check out the info-graphic below for more details and be sure to join the conversation on Facebook and Twitter!

Moaven Analyzes Housing Spend
Moven Analyzes Housing Spend

 

Jill Kathan

Our Live Rich, Spend Smart Winner

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Moven is proud to announce the winner of our “Live Rich, Spend Smart” 2014 contest: Jill Kathan.

During the month of January Moven received submissions that resulted in thousands of shares and reached over 3 million people all over the U.S. about how they make smarter spending decisions to live rich each and every day.  Many of the stories were inspiring, but one stood out the most.

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Detroit is a city under siege.  The recent financial crisis has had a devastating impact as auto manufacturers shuttered factories, banks foreclosed on homes, and the city even filed for bankruptcy.

Despite all this, it is still a city full of hope. There are many who still call it home and remain steadfast in their belief that Detroit will rise again.  Among these is our winner, Jill Kathan.

A graduate of Michigan State, she served her city for seven years as an elementary school teacher.  After marrying her sweetheart and having their first child, she chose to stay home with her daughter, Kelsey Anne.  But that hasn’t kept her from volunteering at her daughter’s school whenever she can and keeping a strong network of friends and family around her.

Being a stay-at-home mom was part of Jill’s live rich and spend smart mentality.  Switching from a dual to a single income household meant a tighter budget, but more time together as a family.

Jill and her husband met the challenge to live rich and spend smart in three ways.

 

Honoring the Future

Jill and her husband are always thinking about their future selves.  Whether buying their first home, saving up for a dream car, or planning for retirement, every dollar was given a purpose.  Together they have a clear set of long term goals that helps define how they spend day to day.

“When you plan, it’s easier to save,” she says. “We have a family budget and know what we’re going to spend and not spend. We have even started planning ahead for Christmas!”

 

Managing Money Hand in Hand

For any of their plans to succeed, Jill and her husband practice another spend smart, live rich principle: managing their money hand in hand.  The two of them are in constant communication about their spending choices.  With a clear vision of their shared future together, they almost never fight and find that working so closely together keeps their marriage strong.

“I am very communicative with my husband about money.  Both of us always know what is going on with our money since we’re both equal partners in this,” Jill states.

 

Choosing Gratitude over Debt

The final piece of Jill’s approach to living rich and spending smart is to always choose gratitude over debt.  Any budget, no matter how rich, always has its limits.  And it’s always tempting to choose debt over making difficult choices.  Jill and her husband have found that practicing gratitude for what they have, rather than obsessing over what they can’t afford has helped them maintain their financial health.   They almost exclusively use debit cards and only buy what they can afford.

And now that her six-and-a-half year old daughter is old enough for an allowance, Jill is passing on her philosophies to her as well.

“Not only am I not living with debt, but I am teaching my daughter the importance of money. She knows she can’t have something if she doesn’t have the money for it in her piggy bank,” says Jill.

 

So join us in congratulating Jill and her family for living rich and spending smart.   You’ll be hearing more about her and other contestants.  We hope that they are an inspiration and help you reflect on the many ways that you can live rich and spend smart!

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A big thank you to our partners David Bach, Wisebread, GoGirlFinance, Phroogal, Rockstar Finance, and MoneyDesktop for their support. 

What are David Bach’s tips on how to live rich? Watch them here!

 

Join Us and David Bach for #SpendSmart

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Join us and David Bach, 9 time New York Times best-selling author and financial expert, for our #SpendSmart Twitter chat on Tuesday 2/4!

Living rich does not mean mindless spending. 2014 is about getting back on track and making smart spending decisions! To wrap up our Live Rich, Spend Smart contest, we will be discussing with our winners and participants their stories about how to live rich and spend smart in 2014.

Chat participants will have the opportunity to win $50 and $100 in a Moven account, so be sure to chat with us on 2/4 at 2pm EST!

 

Live Rich, Spend Smart - Facebook Ad Image

 

 

Chat Details
When: February 4, 2014

Time: 2:00pm EST

Hosted by: @getMoven and@AuthorDavidBach

With our partners @Wisebread, @GoGirlFinance, @RockstarFinance, @Phroogal, & @MoneyDesktop

Hashtag: #SpendSmart

 

RSVP Required to Win Prizes

RSVP below to be eligible to win prizes.

Winners will be picked at random using random.org and will be announced during the party. You will receive a Direct Message requesting your contact and mailing information.

 

Chat with you all soon!

 

Meet Carrie, NY Money Coach

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Moven is thrilled to announce we will be working with Carrie Birgbauer of NY Money Coach, an educator and certified holistic money coach! Carrie will be supporting our Live Spend and Spend Smart contest and providing money coaching consultations to our winners. Carrie is an accomplished money coach whose feedback and insights have been invaluable to Moven.

In a recent interview with Carrie, she shared her passion for financial wellness and how she’s mastered her practice over the years.

 

What inspired you to become a money coach? 
Carrie: My own journey as a money coaching client inspired me to become a coach.  The process was deeply transformative for me – I went from zero financial skills and total overwhelm to feeling strong, confident and empowered around money, plus I doubled my income the first year after learning how to create flexible monthly and annual spending plans.

 

How long have you been a money coach and what types of clients do you typically work with?

Carrie: I’ve been a certified money coach for 4 years and an educator for 17 years.  I typically work with process-oriented professionals who want to master the art of personal finance as the path to fulfilling their deepest goals and desires.  I work with individuals and couples, celebrities and everyday people, who want to create a healthy and sustainable relationship with money. Money coaching is particularly effective for people who want to increase their consciousness about money, have come into sudden money or are in transition: moving in, changing careers, getting married, getting divorced, or having a baby.

 

What is the most important piece of financial advice you’ve ever given?
Carrie: It’s not about the money.  Happiness, earning potential, lifestyle choices, fulfilling relationships and success have very little to do with bank account balances. Financial well-being is an inside job and can be cultivated in anyone with curiosity and an open mind.

 

What are the three things everyone should be paying attention to as it relates to their money?

Carrie: Pay your credit cards off in full on the 30th of every month – this is essential for capturing and managing each month’s spending. How you relate with money is how you relate with life. A monthly budget is sustainable only if you include an average of your periodic (anticipated non-monthly) expenses.

 

How will you live rich and spend smart this year?

Carrie: I live rich by practicing gratitude and seeing all of the gifts in my life. I tell my loved ones why I love and appreciate them. I share with my clients what a pleasure and honor it is to work with them and I take time to breathe deeply. I plan to spend smart with financial wellness and accountability tools like a cash tracking app, Moven and the Money Minder. I use a proactive planning method for my spending, saving and earning and then stay connected to my money on a daily basis to see how I’m doing. Forward planning is much more effective that rearview mirror accounting at the end of the month – this way there is time throughout the month and year to make any necessary changes.

 

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Carrie Birgbauer, MA, CYI

NY Money Coach

carrie@nymoneycoach.com

 

 

Save More and Spend Less

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Saving money has always been an important factor for maintaining your finances, irrespective of who you are and where you are. Saving more money is important than spending it. Improve your knowledge on finances and start saving more than what you have been saying till date. Make a plan as to how much you would want to save within the time you are going to retire.

What are the strategies you need to follow so that you can save more than the amount you spend every month?

Keep reading

Alexs kids

Teaching your Kids to Live Rich

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Kids consume.  That’s what they do.  You give them something they like, and they’ll always ask for more.  And as a parent of two boys, ages 7 and 5, I can tell you that buying them stuff is fun.

But here are some interesting stats: 60% of kids under the age of 18 have savings accounts (a vast majority were started before the age of 3) and 50% of parents provide their kids with an allowance.

So, at a very early age, our kids – these bottomless consumption machines — get involved in the world of “money.”  The last thing I, as a parent, would want is for my kids to begin connecting the dots between their desire for boundless consumption and money.  So, how can I teach them at an early age that money is not all about mindless consumption?  That there are many ways for someone to live rich and spend smart?  Keep reading

New Year Chapter One

4 Ways to be Financially Responsible in the New Year

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If the words “financial planning” fill you with visions of traders gesturing wildly on the market floor and stock analysts deciphering intricate graphs while spewing incomprehensible jargon, I have good news for you.  It’s not that complicated.  Taking financial responsibility really just boils down to basic addition, subtraction, a smidge of compound interest, and some good old-fashioned willpower.

Keep reading

Chuck

Going for Broke

LifestyleUncategorizedWellness

 

This is Chuck.

Born during the Great Depression to Irish-American parents in the small working class town of Elizabeth, New Jersey, Chuck learned early on the value of money and hard work.  He earned his college degree on a GI bill after serving in the Air Force in Korea and started his own small business where he worked his entire life. He passed on these life lessons to his five children, each of whom paid their way through college working as waiters, maids and cashiers.

Now 82 years of age, Chuck readily admits that he’s always been a “shabby dresser” as the $15 rubber Casio watch on his wrist will quietly attest.   And it was only after his 75th birthday that he ever flew in first, something he’s quite embarrassed to admit as he’s always flown coach. “They decided as part of my 75th-birthday celebrations that I would be entitled to fly first class…I’ll be honest, I’m not good at flying anymore. To my credit, I can stretch out on two coach seats.”

Chuck’s lifelong dream has always been to die broke, or as he so bluntly puts it, “I want the last check I write to bounce.”  He’s determined to spend his remaining golden years living richly, though perhaps not how you might expect.

As a small boy he remembers how his mother, a nurse, would “conveniently” drive by their disabled neighbor as he headed to the bus stop so she could give him a ride instead.  It was this spirit of giving that prompted Chuck to decide a little over 30 years ago that he wanted to give away practically all of his money.  And if everything works out as planned, he hopes to spend his last few dollars sometime in the next three years.  “I had one idea that never changed in my mind—that you should use your wealth to help people… I don’t dislike money, but there’s only so much money you can use.”

Because he doesn’t own a home, a car, or even a nice watch, Chuck’s been able to give to a whole range of causes.  Among the many that he supports are charities that build peace in his native Ireland, provide medical care in Vietnam, prevent AIDS in South Africa, and promote higher education in the US.  For 15 years Chuck made these donations anonymously, taking great pains to avoid any recognition.   He never expected his name to be memorialized on a university building or plastered onto a hospital wing.  Nor did he ever want it to be.

So you can imagine his dismay when people began writing about his extremely modest lifestyle, years of exceptional generosity and determination to die broke.  Soon he found himself being called “a spiritual leader” and an inspiration for the philanthropy of both Warren Buffett and Bill Gates. While Chuck firmly believes that “people who have money have an obligation” he meekly adds, “I wouldn’t say I’m entitled to tell them what to do with it but to use it wisely.”

Humble words from a man who will have given away over seven and a half billion dollars by the end of 2016.

You see Chuck Francis Feeney is the co-founder of DFS, better known as the Duty Free Shoppers Group.  And if you’ve ever bought tax free liquor, perfume or tobacco while passing through the airport mall on your way home from abroad, then in a way you’ve met Chuck.

“I try to live a normal life, the way I grew up…I set out to work hard, not get rich.”

 

How will you live rich, while spending wisely like Chuck? Share your thoughts and you could win $5,000 + a money makeover by David Bach.

 

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Learn more about Chuck and his inspiring life story in “The Billionaire Who Wasn’t”.

Written by Mohamed Khalil of Moven. Follow him at @mikhalil.

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25 Tips to Live Rich Without Breaking the Bank

LifestyleUncategorizedWellness

 

Most people would love to be able to live rich but don’t have the funds to be able to do so. When hearing stories about travel adventures, seeing pictures of luxurious homes, reading reviews of the latest 5 star restaurants, seeing social media updates about a newly announced concert, or even checking out the newest gadget at the electronic store, sometimes living frugally can make you feel like you are being held back from fully enjoying all life has to offer. The good news? It is possible to live rich without breaking the bank!

Keep reading

Live Rich, Spend Smart - Blog Image

Share your plan for 2014 and you could win $5,000!

SpendingUncategorizedWellness

 

We can see the light at the end of the tunnel of a deep and long economic downturn, but will we make the same mistakes again? It’s too easy to get caught up in our social media feeds and the parading of exotic trips, extravagant events, and new gadgets. It’s seems like there is only a constant flood of temptation to spend frivolously.

We want to harness the power of social media to inspire others to remember that living rich does not mean mindless spending. 2014 is about getting back on track and making smart spending decisions that enable us to live rich not only every day, but for the long term.

 

We want you to live rich, while spending smartly in 2014

Moven has teamed up with financial experts David Bach, Wisebread, GoGirlFinance, Rockstar FinancePhroogal, and MoneyDesktop to ask you how you will live rich, while spending smartly in 2014.

Keep reading

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