Category: Wellness

How Much to Spend

1 in 4 Millennials Are Looking for Financial Advice on Google

FinancesLifestylePersonalitySpendingUncategorizedWellness

Moven Research Reveals the Frustration Behind Americans’ Money Woes

It’s no secret Americans today are facing a challenging financial landscape and paying close attention to their finances is a priority moving into 2015, but money anxiety and limited resources have them looking for help in all the wrong places. New research from Moven, the first spending app and debit card that provides real-time behavioral feedback and instant receipts to help customers spend smarter, shows that 1 in 6 (17%) Americans are actually turning to the Internet or Google for financial advice. That number is even higher among millennials (ages 18-34), with 1 in 4 (24%) reporting they would seek out advice via Google or the Internet.

Moven commissioned accredited research firm YouGov to study the financial behavior of a representative sample of 1,178 American adults. The findings indicate that money anxiety is causing Americans to actively seek out financial information, but they lack the tools and resources needed to truly be successful. Given the upcoming holiday shopping season its likely many Americans will overspend in the coming months and Moven’s research suggests most will be unprepared for the inevitable shock once it’s time to pay the bills.

“For most people, sticking to a budget is nearly impossible because monthly expenses never stay the same and unexpected expenses can easily throw consumers off track,” said Alex Sion, President of Moven. “In reality, budgets are an outdated way of managing expenses and consumers would be better served finding resources that help them understand how fast they spend and where they are spending. With real-time feedback they can focus more on changing their behavior instead of tediously updating a budget,” he added.

Additional key findings from the research include:

Financial Wellness a Concern, But Tools are Sorely Lacking

  • Financial wellness is a major concern moving into 2015: Half (50%) of Americans are planning to discuss financial wellness with their families in the next 12 months. This is significantly more than plan to discuss their physical health (46%), career/ the job market (34%), education (26%), or mental health (19%).
  • Americans don’t think they have what they need to be financially successful in 2015: 1 in 5 (19%) Americans think they would keep a financial resolution in 2015 if they had better resources to do it. 1 in 6 (18%) think that if they had real-time feedback on their spending habits it would help them keep a financial New Year’s resolution.

 Money Matters When It Comes to Love

  • Talking financial wellness could save a romantic relationship: 1 in 4 (26%) of Americans said financial wellness caused the most stress in their relationships. In fact, it was listed as the number one stressor in romantic relationships across all age groups.This was at least doublethe amount of Americans that listed physical health (12%), their career (11%), mental health (10%) and their geographical location (8%) as number one.

 Keeping Track is Too Much Work, Especially For Millennials

  • Americans don’t take budgets seriously: A third of Americans (33%) that keep a budget found it frustrating just because they couldn’t stick to it. More than a quarter (26%) were frustrated because it was too stressful or overwhelming. And, in today’s digital age, a surprising 1 in 3 (36%) Americans are keeping track of their monthly expenses on a piece of paper.
  • Americans would rather someone else do their work: Consumers know they can’t keep a budget on their own and are turning to other people or services to track their monthly expenses. Technology is becoming increasingly important in this regard, as almost a quarter of Americans (24%) are relying on services from their bank and 1 in 10 (10%) are relying on a personal finance app.
  • Men are lazier than women at keeping budgets: Men and women are both equally terrible budgeters, 23 percent don’t keep a budget at all. Men that do keep a budget are more likely to be frustrated with it because they are lazier (22%) than women (19%). Men (11%) that keep budgets are much more likely to keep track of their expenses with a personal finance app than women (8%). More than 1 in 3 women (42%) that keep budgets are actually doing so on a piece of paper, compared to just 31 percent of men.
  • Americans are obsessed with checking their bank accounts: Despite the fact they can’t stick to their budgets, Americans are trying to monitor their spending. Nearly a quarter (23%) of Americans check their spending accounts once a day or more. 1 in 4 women (24%) check their spending accounts once a day or more, compared to 1 in 5 (21%) of men.
  • There’s no cure for millennials’ financial anxiety: 1 in 11 (19%) millennials check their spending accounts multiple times a day, more than any other age group, but a third of millennials (31%) don’t even keep a budget at all. They are most likely to benefit as technology evolves and provides resources beyond just budgeting services for money conscious consumers, yet just 1 in 6 (18%) has turned to a personal finance app to track their monthly expenses.

“Financial health, like physical health, is about understanding your current situation, behaviors and trajectory so that you can make changes to improve your ability to live your life and survive unexpected shocks,” said Sion. “The upcoming holiday season is a great time to step back and take stock of your finances and reflect on whether your daily habits and behaviors are empowering or endangering your long term money goals which is much more effective than trying to stick to a budget that’s destined to fail,” he added

To sign up, visit Moven at www.moven.com or download the Moven app on Itunes or Google Play.

Connect with us on Twitter @getMoven.

Research Methodology
Moven commissioned accredited research agency YouGov Plc to poll the views of a representative sample of 1,178 U.S. adults. Fieldwork was undertaken between October 24-27, 2014. The figures have been weighted and are representative of all U.S. adults (aged 18+). The research was carried out online.

RentHop Cost of Living Article

Looking at the Hidden Costs of Living in New York

HousingLifestyleWellness

When you’re comparing places to live, it’s important to remember that your total cost of living can vary widely between two places even though the rent or mortgage you’d pay would be the same in both places.

RentHop digs into spending data in New York City for three key drivers of household expenses – food, transportation and entertainment – to illustrate how even adjacent neighborhoods can have strikingly different costs of living.   Read more at RentHop!

This article is part of series based on Moven’s infographic on housing spend.  Join the conversation on Twitter @getMoven.

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.

photo (32)

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

IMG_7360

3 Tips to Avoid Arguments About Holiday Spending, Before They Start

SpendingWellness

 

Ah, the holidays – sparkling lights, get togethers with family, and lots and lots of spending! The holidays are like life on steroids:  a pressure cooker of money issues and old family dysfunction, with less time, more things to do, and extra sugar thrown in.  No wonder it is so stressful!

So how can you save your sanity, enjoy the holidays, and avoid arguing about money, too? Keep reading

1Gift box sparkles - instag

How to Change Your Holiday Money Story

LifestyleSpendingWellness

 

Twinkling lights are appearing.  Familiar songs waft through stores.  Sugarplums and family gatherings and gifts are just around the corner …

Meanwhile: who turned up the volume on my Money Story?

Money affects all of us, every single day.  On the emotional level, the practical level, the interpersonal level, the spiritual level … all of it!  And during the holidays, our “money stories” can get a little louder:  more prominent, more joyful, and often — let’s admit it! — more challenging.

Keep reading

reindeer

How to stay in the black this Black Friday and stop overspending

SpendingWellness

Black Friday arrives in just a few short days. But the way consumers will pile debt on their credit cards like never before, you have to wonder why they don’t call it Red Friday.

Accenture estimates that this holiday season, Americans will spend 11 percent more on gifts, or $646, as the appeal of Black Friday reaches a five-year high. But that’s not the only thing going up: NerdWallet’s 2013 estimates (based on Federal Reserve statistics) show that the average U.S. household credit card debt now stands at $15,159. That’s a 4.2 percent jump from 2012, when it was $14,517.

To make sure your spending doesn’t add to your debt load this holiday, you’ll need to put at least as much thought into your spending plan as your shopping list. Here are six steps to make sure you stay in the black this Black Friday and beyond. Keep reading

photo (9)

10 Reasons Why Experiences Trump Having More Stuff

LifestyleWellness

Achieving financial independence and being smart with your money is all about making sacrifices.  Most of us aren’t millionaires so we know that we have to prioritize certain needs and wants.  What one person prioritizes though might be completely different than another person.  Living life to its fullest can get expensive pretty fast so it’s important to know how to spend your money wisely. Keep reading

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