Movenblog @movenblog-blog - Tumblr Blog

Spring Clean Your Finances In 3 Steps

Ah, spring! Although the northeast is still digging out from underneath a heap of snow, somewhere the birds are chirping and the flowers are blooming. There is no question that spring is an inspiring time - everything seems a little cleaner, fresher and brighter.

Spring is also a time for renewal that’s full of new possibilities. If ever there was a time to turn over a new financial leaf, it’s now! It is never too late to get started on your financial wellness journey.

But spring cleaning your finances doesn’t have to be an overwhelming project. Just like you clean a house room by room, get started your financial wellness journey with these three small steps.

Step 1: Find the Holes In Your Pocket

The very first step on the financial wellness journey is to understand what is really going on deep in the depths of your bank accounts. What hidden fees are lurking? What bad habits are silently pick-pocketing you each month?

Many people are scared to peer into their finances. They are afraid of facing past mistakes, or finding out that the real picture of their finances might be worse than they had thought. While denial might seem more comfortable in the short-term - taking charge and empowering yourself with information will improve our financial and emotional health in the long-run.

This spring, make a commitment to sit down and review the activity of the last four months for all your accounts.

Tip: Be sure to note the context of your spending, whenever possible. If you notice a spike or a sharp drop in your spending in certain weeks, cross-reference those time periods with your calendar to see what was going on in your life. This will help you identify patterns of behavior and triggers that cause you to veer off-track with your spending.

While it might feel intimidating to confront your money in the short-term, you will sleep better at night knowing that you have already taken the first step on your financial wellness journey.

Step 2: Break Up With Stuff

Sometimes spring cleaning our ‘financial house’ requires spring cleaning our physical house. Not only has clutter been found to create stress, but economists have found that living with some clutter creates a negative feedback loop that leaves you vulnerable to more clutter.

“Economists who study littering have some interesting insights here” explains Henry Tsai in LifeHacker. “In one paper, two economists create a model that argues that those living in environments with lots of litter don't mind leaving a piece of litter because it only makes their surroundings a little bit worse”.

Take time on this first weekend of spring to go through closets and storage spaces and identify things that you can get throw out, donate, and sell. For the items being sold, calculate the approximate resale value of the items and create a plan for the funds that result from the sale. By determining where the money will go ahead of time, you will be more motivated to go through with the sale and you are less likely to ‘waste’ the money once you receive it.

Step 3: Pick One (Small!) New Habit

Finally, embrace spring’s spirit of renewal by choosing one new habit to adopt - anything from packing a lunch to saving your change in a jar. By picking a small habit that does not require a significant lifestyle change and isn’t overwhelming or intimidating, you are setting yourself up for success.

They key to making this new habit stick is to choose a small habit that you can easily incorporate into your daily routine by connecting it to an activity that you already perform on a regular basis. In this great video, Dr. BJ Fogg, creator of the Tiny Habits philosophy, shares his proven techniques for incorporating any new habit into your routine and making it last.

Focusing on one tiny habit and seeing it through to fruition is a great confidence-booster. Knowing that you have the power to create lasting change in your life will be a powerful asset when it comes to tackling larger financial goals.

In the immortal words of George Eliot, “It’s never too late to be what you might have been.”

So open the windows, push back the curtains, and shine some light into your finances this spring. Because it’s never too early, or too late, to get on the path to financial wellness.

Tell us: How will you spring clean your finances? Share your best tips in the comments!

The Best Investment You Can Make: Your Passion

How does your money make you feel?

Does it make you feel strong, safe, and in control? Or does it make you feel vulnerable, stressed, and sad? Unfortunately, many of us have a complicated relationship with our finances that can leave us feeling deflated instead of uplifted.

It’s time to turn the tables and make our money work for us. By using money to unleash our passions, we’re changing the dynamic of our relationship with money. Instead of feeling like money runs our lives, we can use money to architect the life that we want for ourselves.

Hobby Your Way to Health

Bust out those knitting needles and dust off that surfboard - research shows that hobbies are good for your health! As it turns out, when we perform activities that make us feel good, we are creating activity in the part of our brain that manages how we feel about our lives, and stimulating the septal zone of our brain that creates a sense of happiness. Actively pursuing hobbies that we enjoy can also lead to increased self-confidence, reduced stress, enhanced creativity and replenished energy.

All too often we simply see hobbies as a luxury which are the first thing to be cut from our spending in a lean month. When in reality, hobbies are an investment in your long term financial and emotional health that important in the tough times, since they help keep us grounded and calm.

So instead of axing your hobby budget next time your purse strings are tightened, all you need is a little bit of money and some creative thinking to keep your hobby habit on track. For example..

Instead of paying for pricey outdoors expeditions, take a look at the community bulletin board at your local outdoor shop. Many stores offer community outings or lessons at a fraction of the cost of private tours.

If you don’t want to spend hundreds of dollars on new plants and gardening supplies for your home, look into a nearby community garden program. Many groups even allow you to take home your produce in exchange for only a few short hours of volunteering each week!

Thinking of broadening your horizons by taking an interesting class at your local college? Instead of paying fees, look into auditing programs. Many schools will allow community members to join classes in exchange for volunteer auditing services.

Getting the full emotional benefits of a hobby doesn’t require you to spend thousands of dollars. With even a small investment in your ‘hobby fund’ each month, you can create magic.

Turn Your Passion Into Your Paycheque

If Tiffany Krumins’ story teaches us anything - it’s that some of the biggest dreams start small.

Tiffany’s story starts with a few sponges, some fabric, and an idea to improve the lives of sick children.

After seeing the children that she worked with struggle to take medicine, Tiffany created AVA the talking elephant - a medicine dropper that was child-friendly. Knowing that she had an excellent product that she was passionate about, Tiffany got creative and made a prototype out of fabric and sponges. But she knew that even though she was starting small, her idea could improve the lives of millions. So she took a chance and answered a call for entrepreneurs on Craigslist - which ended up being a casting call for ABC’s Shark Tank, where she secured an investment from famed investor Barbara Corcoran. Today, AVA the elephant is changing the lives of families everywhere.

Like millions of people worldwide, Tiffany proves that even the smallest investment of time and money can be used to help us create a career and a life that we are truly passionate about. Whether you want to dive head-first into an entrepreneurial venture, or you want to dial back your hours at work to make room for a creative side-project, investing even $100 each month will allow you to build up a small nest-egg over time that you can use to create the financial freedom you need to pursue your passions.

Doing Good on a Budget

“We make a living by what we get, we make a life by what we give” - Winston Churchill

For many of us, unleashing our passion isn’t about doing for ourselves - it’s about giving to others. It’s about using our good fortune to unleash the power of giving in the communities where we live, work and play. But with so many worthy charities in need of financial support, we can be overwhelmed by our desire to do good - and limited by our financial realities. Here are some tips on how to make your charitable dollar go as far as it can strech!

Many companies have a charitable gift matching policy, where donations made by employees to registered charities are matched by the business. Plan a small charitable drive around the office and double your giving by applying to have your donation matched by your company.

Many community events such as craft fairs and festivals will offer free tables to individuals and groups that are selling items like baked goods or jewelry to raise funds for charity. Get a group of friends together on a Saturday afternoon and bake, bead, or glue-gun the afternoon away for a good cause. You can even approach local businesses to donate the supplies to ensure that 100% of the profits of your sales go to charity!

One of the best ways to send your dollar to work around the world is to donate through a micro-loan program like Kiva. Loaning even $20 through a micro-loan agency can have an enormous impact on the life of the recipient in the developing world. Because it is a loan, the money comes back into your account, and you can continue to give and do good - with only a small investment!

At the end of the day, money is just another tool that we can use to help improve the quality of our lives, and the lives of others. It’s all about making a conscious decision to manage our money proactively, so that we can set it to work for us - and never the other way around.

It’s time for us to stop being reactive, take control of our financial health - and start showing our money who’s boss!

Tell us: What are you passionate about? Tweet us @getMoven and tell us about what you’re passionate about!

Money Management for Freelancers: a Survival Guide

While most people might think that freelancing is a one-way ticket to easy street, real freelancers know that the minute you step away from a regular job, you begin wearing an infinite number of ‘hats’ - all at once. Everything from CEO to Chief Marketing Officer, Bookkeeper and Customer Support. With these unique responsibilities comes some unique financial challenges. Here are some tips and tricks to help you match your professional dreams with your financial realities. With careful planning - you won’t have to choose between the two! Four Essential Survival Habits Making the leap from a full-time job to freelance work requires you to develop new financial habits that make sense for your new lifestyle. Developing these healthy habits early in in your freelance career can help you achieve your professional dreams, without sacrificing your financial wellness. 1. Embrace Honesty

While it might have been easy to act like a ‘financial ostrich’ while you were working at a steady job, with reliable pay, benefits, and a 401(k) plan, that bad habit has no place in your new life. As a freelancer, complete and accurate information about your finances will be your best friend. It is essential that you have a strong understanding of your monthly expenses, but don’t forget to look ahead and account for upcoming major expenses like holiday shopping, or first and last month’s rent if you anticipate moving. This will help you determine how much work you need to actively seek out in order to cover your expenses. 2. Make Debt a Priority

While it may be tempting in the lean months to stray from your debt repayment plan, it will cause greater stress in the long-term to defer debt repayment. Also, if you’re heavily in debt, it might be wise to maintain some level of full or part-time work in addition to your freelancing while you pay off your debts. 3. Plan Ahead

Set up an automatic money transfer of a portion of your income into long-term savings each month. This should not be an arbitrary sum of money, rather it should be based on a savings plan that you have created for yourself (perhaps with the help of a financial planner) - that way you can measure your progress against your goals month over month. Also, be sure to set up a dedicated savings account for your taxes. 4. Treat Yourself Like an Employee

Set a bi-weekly ‘income’ that you will pay yourself from your business accounts. This consistency will allow you to plan ahead. Also, by saving surplus income from large contracts, you are protecting yourself during the inevitable lean times. What? No Corporate Expense Card? While you might have kissed all the worst parts of your full-time job goodbye when you jumped ship for the freelance life, you also bid farewell to expense cards, benefit plans, and employee perks. This means that you are now responsible for everything from insurance to printer paper, and careful management of your expenses is essential to the long-term viability of your business. Here are seven things that you need to consider when managing your professional expenses:

Purchase health insurance, since you will no longer be covered by your employer, and you need to protect yourself and your family in the case of illness

When setting your fees, be sure to take into account your additional expenses (health insurance, supplies, etc.)

Keep your professional and personal bank accounts separate. Keep track of your general expenses and your client-related expenses using online services, but be sure to back up all hard-copy receipts with an electronic or scanned copy.

If you work from home, be sure to research opportunities for tax deductions for home office workers.

If you are looking for an office, consider a community coworking space, instead. They are more affordable and come with built-in networking opportunities.

Price-compare your software - there are many comparable open-source programs available at a fraction of the cost of brand-name products

A great alternative to hiring contractors is to barter with other freelance professionals. For example, a graphic designer and a social media consultant could exchange a logo for having company Facebook and Twitter accounts set up. This is a great way to keep your costs down while building your network.

By taking the time early on in your business to set up processes and systems for managing your costs and expenses, you will have built the foundation for a solid freelance enterprise, allowing you to focus your energies on the most important thing - producing great work! Get Back to Business 101 As a freelancer, your long-term income security is dependent on your ability to create a sustainable, revenue-generating business. While your business might be offering graphic design services, your job is to make money for yourself, and your business. Part of this is charging a fair price and never under-valuing your services. If you do not feel that an offer on the table is fair, be prepared to negotiate fair compensation. Also, do not be afraid to increase your rates to adjust for increased expenses, or your increased experience and credibility. While it is wise to offer some pro-bono work when you are just starting out, do not allow yourself to be pressured by friends and family to provide them with free services if you can’t make room for the project without negatively impacting your bottom line. As a freelancer, you are operating a business and you need to value your time accordingly. Valuing your time as a business owner means ruthlessly prioritizing your tasks. If your business is growing faster than you can handle, consider hiring a virtual assistant or bringing on an intern from a local college to handle administrative tasks, allowing you to focus your time on more lucrative activities And finally, be sure to join networks for business owners in your community, like your local chamber of commerce. In addition to being a great way to network and promote your business, many groups offer free workshops on things like branding, taxation, and budgeting. Your business will thank you for it! Like the old saying goes “do what you love, and you’ll never work a day in your life”. While that is certainly true, staying on top of our financial health while we pursue our life dreams will enable us to reach a little higher, and dream a little bigger. What is your best money tip for freelancers? Be sure to comment and share your thoughts!

What the 4 Hour Chef Taught Me About Habits

We’ve all been there - that moment where we check our bank statements and we realize that our monthly restaurant spending is much higher than we expected it to be. Panicked, we resolve to learn to cook and to start preparing all our meals at home from now on.

It sounds easy enough in principle...so why, then, is it so hard to follow through on our culinary plans? As Tim Ferriss, author of the best-selling book The 4 Hour Chef, teaches us - it has little to do with cooking, and everything to do with behavior. It’s Not Really About the Food While Tim Ferriss’ book may have the word ‘chef’ in the title, The 4 Hour Chef isn’t really about food, or even cooking for that matter. The culinary arts are simply the medium for Ferriss’ message about quickly mastering new skills that will allow you to lead a healthier, happier, more productive life. According to Ferriss, becoming the master of your kitchen is as much about personal growth as it is about creating tasty meals. The same lesson can be applied to developing any financial habit - from cooking at home to saving for a rainy day. It’s not just about penny-pinching and saving money, it’s about personal empowerment. It’s about understanding that you are completely in control of your financial future, and that you are capable of acquiring the skills that you need to realize your financial goals. What is Your Good Life? In his book, Tim Ferriss explains that the goal of learning new skills, like cooking, is to be able to use these talents to lead ‘the good life’. The same is true for financial habits. While skills like monitoring your cashflow and saving for emergencies individually contribute to your financial wellness and personal stability, together they represent the building blocks of your financial future. Just as saving is more about harnessing the power of money to reach your goals than it is about account balances, developing a habit like cooking at home is about using food to design a lifestyle that brings you closer to your dreams. We are constantly bombarded with financial tips and tricks and money-saving advice. It can be overwhelming to process such a high volume of information to find the perfect advice that will help you achieve your unique goals. That’s why the best place to start when developing healthy financial habits is to decide what the good life means to you. Whether it’s retiring at 40 to travel the world, or being able to support the less fortunate in your community, starting with a strong vision of the good life will help you choose the right habits to develop to empower you to live the life you imagine for yourself. Making Habits Stick Once you have figured out what habits you will need to help you live the good life, the trick is to start small and gradually incorporate these new behaviors into your lifestyle. As Tim Ferriss explains, it’s all about breaking down new behaviors into smaller, more manageable habits. “One of the issues with cooking” he explains, “is when people say ‘I want to learn how to cook’ they’re typically trying to adopt five or so habits at once: grocery shopping, prep, cooking, and cleaning. Of course you’re going to fail - pick one at a time”. According to Stanford-based behavioral scientist BJ Fogg, the secret to lasting behavior modification lies in something called a ‘tiny habit’ - a small action that you can incorporate into your life to create larger behavioral change. For example, flossing one tooth a day in the hopes of creating healthy behaviors around dental hygiene. Fogg explains that the best way to incorporate your new tiny habit into your life is to associate it with a daily trigger, something you are already doing. That way, the new habit becomes part of your daily routine. The final and most important step of a ‘tiny habit’ is creating positive reinforcement by celebrating your success. When it comes to creating the larger behavior of cooking from home to save money, begin by breaking it down into smaller habits, like choosing a daily recipe each morning. Your trigger for choosing a recipe can be the first time you turn your computer on in the morning. After completing the tiny habit every morning, be sure to celebrate your accomplishment. This can be anything from giving yourself a physical pat on the back, or announcing out loud that you’re proud of yourself for picking such a delicious recipe (it sounds weird - but it’s important!) Over time, your tiny habit will become part of the fabric of your life. And as you gradually build more tiny habits into your routine, you will see new behaviors develop and you will be able to see the positive impacts of your actions on your financial wellness. Like the pop band Snap! taught us in the 90s, we’ve got the power! The power to learn new skills, create new habits, and live the good life. Tell us: what financial habit do you want to create?

5 Lessons In Life & Money from Female Financial Gurus

In honour of International Women’s Day, we have assembled some of the best financial advice from America's favorite money-savvy women for all stages of your life! From childhood to retirement, here are some of our favorite money lessons. Getting Off on the Right Foot “I truly believe with my whole heart that financial planning should not be a luxury”, explains Alexa Von Tobel, Founder of LearnVest. At the tender age of 28, Alexa was shaking up Wall Street with her plan to bring financial planning and investment advice to the masses online. According to Alexa, one of the keys to leading a healthy financial life is empowerment through education. Alexa’s message is particularly important for teens on the cusp of adulthood. By arming teens with practical financial knowledge at an early age, we are empowering the next generation of financially-savvy adults. “I really look forward to a future where we can pause, where we can take all of the people before they enter the work world, and teach them these really basic financial principles” says Von Tobel, “that we can empower them so that they can end up living powerful financial lives”. The Journey Into Adulthood Ah, the twenties. For many, it is a period of soul-searching and self-discovery. From college graduation to entering the work world, this phase can be both exciting and confusing. That’s why we believe that Suze Orman’s powerful message about the dangers of intertwining your self-worth and your income is particularly important for young women in their twenties. “I realized that until I started acting honestly, I would be broke and unhappy”, Suze explains. “It was my own aha moment: I realized we spend more than when we feel less than. I felt less than because I could not afford what all those rich people could. But look where that got me—in debt and miserable. It was right then that I started to use money as my guide.” Raising Money-Savvy Kids As we move from our twenties into settle into motherhood, we face yet another challenge: talking to our kids about money. While many of us feel a little wiser than we did at 22, teaching our children about financial wellness can be a daunting prospect. It’s one thing to create healthy financial habits for ourselves, and another entirely to instill these values and behaviors in our children. That is why we love Jean Chatzky’s practical advice on how to incorporate financial learning into daily family life. Jean’s advice to parents struggling with the ‘money talk’ is to find teachable money moments. “Kids can grow up thinking money comes in an endless supply if you don’t show them otherwise”, explains Jean. Find small opportunities to role model healthy behavior for your children by including them in your daily financial activities, such as going to the bank. Staying Positive Through Life’s Challenges The path to lasting financial wellness is rarely a straight one. Our lives can take us on wonderful, crazy detours - which sometimes come with unexpected financial challenges. That is why we particularly enjoy Farnoosh Torabi’s message about the power of positive thinking. “I’ve interviewed psychologists, behavioral experts, economists - and while they all come from different points of view, they do agree with the notion that when you harbor negative feelings about money and with money, it creates cognitive bias”, Farnoosh explains. “It prohibits us from making the rational, good, healthy decisions that we ultimately need to make”. Money: The Great Liberator The prospect of saving for retirement can be stressful for many Americans. It can be challenging to save funds for tomorrow, that we know could be put to good use today. That is why we believe that Amanda Steinberg’s message about seeing money as a liberator, not a stressor is an important reminder for those preparing for their golden years. “We have to look at the stories women tell ourselves about money,” explains Steinberg, “which have perpetuated the idea of money being a source of stress for women…[we need to] see it as access to freedom and choices in our lives, not as a source of anxiety.” True financial wellness goes far beyond spreadsheets and budget-crunching. Like these women teach us, it is a lifelong journey filled with important lessons about how we can use money to architect the life that we envision for ourselves. We want to know: What financial lessons have you learned from the women in your life?

Photo Source: She Knows

3 Ways Your Money is Killing Your Mood

While it’s true that money can’t buy happiness, there is no question that it can have a profound impact on your mood and your overall quality of life.

If you're making one of these three common mistakes, you could be secretly sabotaging your mood. 1. You’re Spending It All On You

Money, for the most part, can't buy you happiness. In fact, several psychological studies conducted on lottery winners found that their temporary spike in happiness levels is short-lived, and that some even experienced profound misery in the years following their win. However, Harvard Business professor Michael Norton argues that money can bring you increased happiness – as long as you don't spend it on yourself. In his fascinating TED talk, Norton talks about experiments that he conducted around the world to determine whether or not money could, in fact, buy happiness.

Norton and his team approached random individuals, asked them how happy they were, and then handed them an envelope with a random sum between $5 to $20 inside. Half of the participants received instructions to spend the cash on themselves (buy a treat, pay bills, etc.), and the other half to spend it on others. From privileged college campuses in Canada to the poorest city neighbourhoods in Uganda, one central theme emerged from their experiments: those who spent money on others reported increased happiness, while those who spent it on themselves experienced no additional joy. Chuck Feeney, a famous Irish-American billionaire who has joined Bill Gates and Warren Buffett in their giving pledge, sums it up quite nicely:

"I cannot think of a more personally rewarding and appropriate use of wealth than to give while one is living - to personally devote oneself to meaningful efforts to improve the human condition."

“Using your money to promote underindulgence requires a shift in behavior, for sure”, explains Norton. “But another scientifically validated means of increasing the happiness you get from your money is even more radical: not using it on yourself at all." What does that mean for your wallet? Next time you’re wondering what to do with that crumpled $10 bill, consider buying some groceries for a shelter, or paying for the coffee of the person in line behind you – you might just be able to ‘buy some happiness’, after all. 2. You’re Chasing Temporary Bliss

Have you ever felt a rush at the checkout when buying the ‘perfect' new pair of jeans, or a brand new smartphone? How long did it last? Chances are it was a short-lived feeling, and wore off by the time you arrived at home, purchases in hand. What about the last vacation you took with your family? Chances are – even years later – you still feel the warm glow of happy memories of shared meals, new adventures and laughs over missed off-ramps and detours.

As author Lauren Vanderkamp explains, “travel is almost always worth the splurge. You’ll anticipate the experience beforehand, live through the adventure, and then savor the memory afterwards. So even if travel is expensive, you get a triple happiness whammy for every dollar spent.” When we spend our money on stuff, it has little lasting effect on our happiness and quality of life. But what money can buy, is the happiness that comes from enjoyable experiences and pleasant memories. Studies show that spending money to throw a family reunion BBQ will make you happier than a gleaming new iPhone ever could. 3. You’re in Debt Denial

No surprise here. Debt kills your mood faster than almost anything. In fact, credit card debt is scientifically linked to anxiety and depression. Like Francine Bostick knows all too well, skyrocketing consumer debt can have serious health consequences. After accumulating more than $120,000 in debt over 13 credit cards, Bostick’s blood pressure was so high that she was at severe risk for a life-threatening stroke. Fortunately, she paid attention to the wake up call that her body was giving her, and took the necessary steps to pay down her debt. As Gail Vaz Oxlade teaches young women on her show, Princess, ignoring your debt and letting it pile up can have disastrous consequences for your emotional wellbeing. “I make Princesses face up to how their behaviour is working against them” she explains. “I insist that we move from delusional to rational. And the ones that do reap the additional benefit of developing a sense of peace.”

Choosing Happiness

If your finances have ever kept you up at night, or if you’ve ever felt overwhelming regret after splurging on an indulgence, maybe it’s time to take another look at how your money is affecting your emotions.

From the billionaire who gave it all away, to the retiree who reclaimed her health by paying down her debt, it is clear that money has a powerful effect on our emotional well-being. It is up to us to 'choose happiness' by building healthy financial habits, and using our money as a springboard to our dreams.

Your turn - Can money make you happy? Share your thoughts below!

How Do You Eat a Financial Elephant?

Welcome to Day 5 of America Saves Week 2013! Moven is thrilled to be among the thousands of organizations coming together to promote healthy savings behavior to millions of Americans. Whether you’re a new college graduate, or about to retire, we’ve got some great savings insights for you! Get in on the conversation! Share your best tips for saving on Twitter by tagging @AmericaSaves and #ASW2013, and don’t forget to join in on the Moven Facebook page!

How do you eat an elephant? One bite at a time!

You may have heard this old saying from a teacher coaching you through a daunting homework assignment, or from your parents as you tackled a messy bedroom. Regardless of the context, its message was that no challenge is insurmountable if you just take it one step at a time. But can this simple statement actually apply to real-life money challenges? Think of how many financial elephants roam your financial life. Whether it’s saving for a down payment, paying off debt, or setting aside money for a big purchase, any of these goals can seem like daunting tasks. But as the stories below will show, if you’re persistent in your efforts, you can finish off your ‘financial elephants’ one bite at a time. The Consultant on the Go Emily, age 26, New York City As a consultant, I was so frequently on the road for work I found myself in my apartment only a few nights a month. I gave up the apartment, moved my boxes into storage and while work covered most of my living expenses, I continued to set aside what I normally would have spent on monthly rent. This little nest egg eventually made it possible for me to go back to school without the burden of a student loan. Emily was able to take big bites out of her financial elephant by giving up her apartment. While this lifestyle may not work for everyone, Emily acknowledged that her needs and wants meant that she was different. Rather than live the life that others might expect or want, she made her money decisions match her personal goals. This is the very definition of being financially healthy. By aligning her money decisions with her own aspirations (and not anyone else’s), she was able to fulfill her dream of attending college without taking on any student loans. Emily teaches us our first rule: Financial health means aligning your money decisions with your needs and wants so that you always have room on your plate for some pachyderm paella. What money decisions have you made that don’t align with your needs and wants? Working My Way to a New Laptop Clay, age 36, New York When I got my first Mac, I fell in love. I used it for 24 hours straight. A year later, when the new, smaller, faster models came out I really wanted one, but there was nothing wrong with my current one. So I made a deal with myself. I would only buy a new one using money I made (and saved) from the old one. So I taught myself how to build simple websites. I built two websites for local small businesses, sold each one for $500 and used that money to upgrade my Mac. Clay was able to make quick work of his financial elephant by picking up a new skill and doing freelance work. Rather than view his plate as being limited in size, he found a way to make it big enough to accommodate his goals. He realized that he needed to create and leverage a skill or asset that could give him the freedom to meet his goal. Like Clay, if you’ve made the right money decisions and still can’t make financial room for all your dreams, sometimes you just need some creativity. You can pick up a part time job, do freelance work, sell handcrafted jewelry, or go through your closet and sell clothing you’ve never worn or gadget’s you’ve never used. Whatever you do, remember the second rule that Clay’s story embodies: Financial health means leveraging what you have, whether it be a skill or an asset, so you can have a big enough plate for some elephant etouffee. What skills or assets do you have that can give you more money choices?

The Mouse Took Down the Elephant

Aoife, age 23, New York I recently moved to the United States from Ireland, and I wanted to make the most of my time in America. My roommate and I shared a goal of travelling around the country and experiencing new cities. So for Christmas, I bought each of us a piggy bank as a dedicated fund to help us travel across America. Aoife’s approach is the quintessential example of eating a financial elephant one tiny bite a time. She realized that putting aside just $5 a day was something she could commit herself to doing. While it was a small amount, it also meant that each day brought her one step closer to starting her cross country adventure. By sticking to her plan for only a year, Aoife saved $1,675, enough to stop daydreaming and start planning her trip. Aoife teaches us our final rule: Financial health means that with discipline and vision, even the tiniest mouse sized money chunks can take down a financial elephant. Commit to a daily amount you can afford and find ways to keep yourself disciplined, even if it makes putting an X on the date you’ll finally meet your goal. Which of your financial elephants can mice-sized money tame? What Your Savings Say About You As Tim Sullivan from Get Rich Slowly explains, saving is all about choices and using your money to create the best life possible for yourself. “Figure out your values. Spend on those, skimp on the others”, he writes. By tying your savings efforts to your personal goals, you will view your savings as a long-term investment in yourself, rather than a short-term deprivation. So at the end of each and every day, make sure the choices you make support your goals and dreams. Like Emily, make sure your spending fits your goals so that you have room on your plate for the things you want and need. Like Clay, be sure to leverage whatever skills or assets you have to make your plate as big as you can. And like Aoife, don’t underestimate the power of disciplined savings no matter how small. Because as the old adage says:

“How do you eat an elephant? One bite at a time!”

Editor’s Note: No elephants, mice or plates were harmed in the making of this article. Special thanks to Dumbo, Mr. Snuffleupagus, Babar and Jerry the mouse who were brought in as technical consultants. Have you been inspired to save this week? Share your savings goals with the #ASW2013 tag on Twitter, and help motivate your fellow Americans to reach their goals!

Image Source: Saying What You Mean

3 Signs You Aren't Prepared for a Financial Emergency

Welcome to Day 1 of America Saves Week 2013! Moven is thrilled to be among the thousands of organizations coming together to promote healthy savings behavior in America. Every year this important campaign reaches millions of Americans with a message about the importance of saving. Stay tuned to the Movenblog this week for great tips for integrating savings into your daily life. Whether you’re a new grad, or coming up on retirement, we’ve got some great advice for you! Get in on the conversation! Share your best tips for saving on Twitter by tagging @AmericaSaves and #ASW2013, and don’t forget to join in on the Moven Facebook page! Today we’re talking about saving for emergencies. It’s something that few us talk openly about, but many of us will experience an emergency at some point in our lives. Whether it’s the loss of a home through disaster, an illness in the family, or an unexpected job loss, emergencies and surprises are a reality that we must all be prepared for. So how is it that nearly half of Americans are only one financial emergency away from financial disaster? Part of the problem is that many of us don’t understand how precarious our financial situation might actually be. Here are three common signs that you are not prepared for a financial emergency, along with some tips on how to get moving in the right direction! 1. You Rely on Credit to Pay for Basics Demos published a study in 2012 on ‘The Plastic Safety Net’ in America, and uncovered some shocking numbers. They found that 40% of low to moderate-income households used credit cards to cover basic needs like rent, mortgages, utilities, and groceries. This number jumped to 45% among households with annual incomes less than $50,000. If you are using credit to pay for basic living expenses, you are leaving yourself vulnerable in the event of a financial emergency, especially if you don’t have an emergency fund. Kimberly Palmer, author of Generation Earn, explains that even if you have significant debt, an emergency fund should be a top priority. “At a time when credit is tight,” Kimberly explains, “we can't necessarily count on credit cards and other sources of loans to be there when we need them, so we need our own stash of cash for these types of emergencies”. Even if you can only spare $10 from every paycheck for savings, prioritizing your emergency fund is an important habit to develop. 2. You Could Not Survive for Three Months on the Balance of Your Account Any financial guru worth their salt will tell you that you need to have at least three months of living expenses saved (in cash) that you will not touch, except in cases of emergency. Many people make the mistake of using a line of credit as their ‘emergency fund’. This fund would be used to help cover living expenses should you find yourself unable to work, or cover unexpected critical expenses like emergency repairs to your home. By making your emergency fund a priority, you are investing in your long-term stability - in your ability to weather life’s little storms without having to sacrifice your goals and aspirations. So, how much should you have in your emergency fund? “Add up your monthly expenses”, suggests Miranda Marquit. “Make sure you include your housing and utility payments, and your debt payments. Use your past two or three months’ expenses as a guide for estimating what you spend on groceries”. Once you’ve calculated your monthly expenses, multiply that by the number of months that you want to cover. 3. You Don’t Actually Know How Much You Spend Each Month If you don’t have a firm handle on the amount of money coming and going out of your bank account each month, it is nearly impossible to be prepared for a financial emergency. At a minimum, you need to know the answer to these four questions: 1. How much do you make (before and after taxes) each month? 2. How much do you spend on survival expenses (shelter, food, health, etc.) each month? 3. How much do you spend on non-essential expenses each month? 3. How much do you put into savings every month? Armed with this information, you will be able to determine not only how much you need to save to be prepared for an emergency, but you will be better able to determine the percentage of your income that you are able to put away into savings each month. Often, once we see the numbers in black and white, we are in a better position to make choices about our lifestyle and savings habits. Getting up close and personal with your numbers will also help you find unexpected savings opportunities, like trading in your cab rides for an affordable monthly bus pass. Instead of seeing putting your hard-earned cash into an emergency fund as a short-term sacrifice, think of it as a long-term investment. Building an emergency fund is essentially buying peace of mind and confidence - what could be more valuable than that? Do you have savings tips to share? Post them below, or join @getMoven on Twitter with the #ASW2013 hashtag!

Photo Credit: America Saves Week

You're Better Off Than You Think

Meet Ingvar Kamprad.

He is 86 years old and rides the bus to get around. If he has to go somewhere the buses don’t, he drives his 15-year old car. And when he has to fly, it’s always in coach. He’s your typical middle-class retiree. Except Ingvar is no typical middle-class retiree. He’s the founder of Ikea and rumored to be worth over $40 billion. Thought you knew what ‘rich’ and ‘poor’ looked like? Think again. From Condos to Coupons Executives on Wall Street might look like they’re living on easy street, but behind the closed doors of swanky Manhattan condos, there is some serious coupon-clipping going on. Take Daniel Arbeeny, a Wall Street headhunter who lives in one of New York’s most prestigious neighborhoods and is the stereotypical picture of wealth. Instead of taking annual vacations to luxury ski resorts across North America, Arbeeny now browses flyers for discounted groceries. He is not alone. Once the recession hit, many mid-level Wall Street executives found themselves unable to afford their luxurious lifestyle. Faced with a new normal, they had to reset their expectations and make difficult choices. Though they may still be in the top 1% of earners, these powerful executives are not financially healthy. How can that be? Financial health means being able to endure unexpected money events without dramatically compromising your lifestyle and your life goals. Though these executives are well paid their money choices meant that when the recession came they weren’t ready. Suddenly their lifestyle was unsustainable and their life goals were out of reach. A sense of peace and security is not determined by the size of your paycheck, but by the state of your financial health. The Healthy Debtor Take the story of Erin Frank. Erin was a young woman who moved to New York with $28,000 in student loans. After getting a job paying just $30,000 a year, she managed to rack up another $16,000 in credit card debt. With expenses greater than her income and a growing pile of loans she was far from being financially well. But by making a series of deliberate decisions about her lifestyle and life goals, Erin went from being another consumer debt statistic to becoming a model of financial wellness. Struggling to make ends meet and pay off her mounting debts, Erin started a financial support group. Over several years she was able to pay down her credit card debt and start chipping away at her student debt. Now she’s even saving for a home. Despite her modest paycheck and initial debts, Erin is now a model of financial wellness. She understands her finances, educates herself, and takes small steps everyday to improve her financial health. Why You’re Better Off Than You Think From Ingvar, to Wall Street, to entry-level America – things aren’t always what they seem. We often compare ourselves to the perceived financial successes of others and get discouraged when we can’t afford the luxuries that they seem to enjoy. But if we look a little closer, some of those who appear to ‘have it all’ are actually wrestling with major financial stress, and some of those who seem to have not very much are happier and more secure. Financial wellness is not a dollar figure, a large home, or the ability to spend without a care. Financial wellness is living the life you envision for yourself, fulfilling your dreams and weathering life’s challenges. As Ingvar might tell you, it’s definitely not based on what kind of car you drive or whether you fly first class to Aspen. Are you ready to get the real picture of your financial wellness? Do you want to know if you’re better off than you think? Sign up for Moven. You’ll get instant access to your CRED score, a simple measure of your financial health.

Why Budgeting Will Never Be Enough

Do you know what’s going on in the depths of your bank accounts? If you pulled out your bank statements, would the numbers surprise you? Every month transactions are made, and many of them fly unnoticed under our financial radar. Mortgages, car payments, phone bills, and even tiny monthly subscriptions are taking place, and most of the time we don’t even think about it, they’re just another blip on our credit card statement. It’s never been easier to lose track of what we are really paying. Your Spreadsheets Can’t Save You It’s no wonder that although millions of Americans resolved to budget and save in 2013, many of them had fallen off the budget bandwagon by mid-January. The natural response for many is to make yet another edit to your carefully-planned budget or spreadsheet. And when that doesn’t work, we get exasperated and discouraged. If your life keeps getting in the way of your budget, maybe it’s not the spreadsheets that need a makeover – maybe your habits are in need of a tune-up. No amount of budgeting or number-crunching can keep you on track if you’re stuck with bad financial habits.

Disorganization is Costing You Money Americans spend over $7 billion annually on bank fees. Small buried fees and recurring transactions are burning a hole in America’s pocket. The average credit card late fee is $39 per month, and overdraft costs $25-45 on average. An ATM pit-stop at the bar? That could easily run you $4. Instead of tweaking your budget to accommodate these unplanned expenses, consider taking a look at why these charges happen in the first place, and put in place some long-term solutions to eliminate these surprises and keep yourself in the black for years to come. Do you forget to pay your credit card around the end of every quarter when things get busy at the office? Try setting up automatic payments instead. Ever find yourself using those pricey ATMs while you’re on the go? Make a habit of taking out cash every Friday evening for the weekend ahead, so that you’re prepared for whatever you get into, without having to resort to plastic! We asked several young professionals to share some of their best financial tips. One of our favorites came from Natalie, a 20-year old fundraising assistant. She found herself buying lunch every day at work because her mornings were too rushed to pack a meal. Instead of shuffling money around in her budget, Natalie started waking up 30 minutes earlier in the morning to make sure she would have time to pack a lunch. Everyone faces their own unique financial roadblocks. The best way to protect your bottom line is to get to know the obstacles in your path and create proactive solutions to keep you on track. Recurring Payments: Your Financial Frenemy Caroline, a busy communications manager at a non-profit knew that she needed some help to stay on track with her savings goals. “Since I was paid by direct deposit,” she explains, “I was never forced to go into a bank and transfer a portion of my paycheque to savings”. Instead, Caroline set up monthly automatic transfers from her chequing to her savings account, and watched her savings grow before her eyes. While Caroline’s savings are an example of a positive recurring payment, what about all those subscription services you signed up for? Are you still using them? You know that they happen, but are you happy with what you’ve accepted? Once a month, sit down with your bank statements and go over your recurring payments. For each one, ask yourself: ‘did this service give me value in the last 30 days’? If the answer is no, perhaps it’s time to cancel your subscription. By doing a monthly cull of your recurring payments, not only will you have a better understanding of where your money is going, but you might just be able to find a few extra dollars to save each month! Trent Hamm, author of The Simple Dollar sums it up perfectly, “Every action you take is worthy of a bit of thought, either beforehand, in the moment, or afterwards. A bit of reflection often tells you whether that choice was right or wrong for you – whether it actually adds value to your life.” Tell us: What small change will you make this month to boost your savings? Share your tips below!

Photo Source: Life'd

Moven Wins Best of Show at FinovateEurope 2013

The entire Moven team is very honored to have received a Best of Show award at FinovateEurope 2013, an annual conference showcasing the future of the finance and banking industry. We are humbled that our peers recognize us as a leading financial innovator. It validates that our passions are well placed and that our solutions are full of promise. We are also grateful for all the messages we have received from people all over the world asking us when they too can get Moven. Their messages inspire us, they motivate us, and they reaffirm our belief that the way people want to interact with their money has fundamentally changed. But most of all, we are indescribably excited that we are now getting even closer to launching the first mobile money service that supports your financial health. Our CEO, Brett King, passionately articulated our vision at Finovate with the following words:

In the 60’s, your bank account was a passbook that you took along to a branch to make updates on interest payments each month. In the 70’s and 80’s, your checkbook became your main stream of payments in and out of your account. In the 90’s, you carried your bank account in your wallet, first in the form of an ATM card with a magnetic strip, and then as a debit card with a chip. All of these were your link to your cash, your savings and your nest egg.

I’m not talking about downsizing your internet banking portal onto a mobile screen. I’m not talking about downloading a card onto a mobile wallet. These clumsy attempts at adapting the mobile phone to banking have simply tried to duplicate existing bank modality on your phone.

The real opportunity lies in changing the context of your money, changing the context of a payment, and giving you control every time you make a decision which could impact your financial health...

Mobile is about changing your behavior and connecting you with your money in a very different way....[Y]our next bank account will be embedded in your smartphone. Why? Your phone has the ability to provide you with all the utility of a passbook, checkbook and debit card, but also to connect you with your money in a way that none of those physical artifacts ever could.

All of us here are completely dedicated to and entirely focused on our imminent launch. We absolutely cannot wait to share what we’ve been building with the people whose opinions matter to us the most — you. So we thank you for your support and welcome you to sign up now to be notified when you too can get Moven and experience the future of money today.

Riches to Rags: Lessons from The Queen of Versailles

It’s not often that you hear a riches to rags story, but the tale of mogul David Siegel, his wife Jackie, and their quest to build the largest home in America is just that. In 2007, the Siegels welcomed cameras into their home to film construction of their 90,000 square foot mega-mansion. But the fairytale quickly soured when the markets crashed in 2008. Siegel, once a billionaire, was forced to put the home on the market. The documentary The Queen of Versailles, follows the tale of Siegel’s quickly changing lifestyle. In the spirit of Valentine’s Day, here are three valuable lessons about love, money, and marriage that you can learn from this cautionary tale of rags to riches and to rags again. 1. Be Choosy When Picking a Mate In a particularly honest and poignant moment during the film, David Siegel is asked by an interviewer if he gets strength from his marriage in these difficult times. He pauses for a few moments, stares directly into the camera, and replies with a simple ‘no’. This answer is proof of how incredibly important it is to choose a partner that you can rely on in times of financial difficulty. It is easy and fun to be in love in the good times, in the moments when life is going exactly as planned. The real test of a relationship is the ability to get through the hard times. Life (and the finances that go with it) doesn’t always go according to plan. A strong relationship is one where the partners come together in times of crisis, providing each other with support and encouragement. Financial difficulties happen to the best of us, having a partner who will ride the waves of stress with you, instead of contributing to your frustration, is essential. 2. Don’t be an Ostrich In the trailer, Jackie Siegel candidly admits to not knowing much about the state of her family’s finances. “We don’t talk about financial problems” she says, “I guess I’ll have to watch the movie to find out what’s going on in my life”. Experts agree, the secret weapon to surviving financial hardships for couples is open, honest communication. Keeping the lines of communication open in the good times is one of the best ways to make sure your relationship can weather the lean times. Financial guru Jean Chatzky suggests committing to weekly financial dates with your honey. “Sit down and talk about whatever is going on in your financial life”, she suggests. Knowing where you stand as individuals and as a couple promotes feelings of trust, security, and confidence - all of which are essential for dealing with bumps in your financial journey together. 3. Invest in Romance Financial troubles aren’t sexy. They’re downright unpleasant. They can bring out the very worst of us: resentment, jealousy, infidelity. There are several cringe-worthy moments in the movie that show the ever-growing distance between Mr. and Mrs. Siegel. These heartbreaking scenes illustrate the importance of investing in your relationship in the ‘good times’, so that you will have a strong foundation to turn to in the lean times. Building up your ‘romance account’ gives you and your partner a well of love to draw-down on when things get hard. By investing in your mutual happiness now, you are strengthening your bond and giving yourself the best possible odds to survive a financial rough patch. Romance can be as simple as breakfast in bed, or as elaborate as a surprise weekend getaway. No matter how you choose to do it, investing in your relationship is always a sure bet. Tell us: How are you investing in romance this Valentine’s Day? Share your plans below!

Photo Source: The Arts Desk

Buffett, Scrooge & the Secret to Saving

Warren Buffett has some financial advice for Americans: invest in yourself. And when the second richest man in America, a man who has also pledged to give 99 percent of his fortune to charity, starts giving financial advice—he might just be worth listening to. We’ve all heard the "pay yourself first" mantra when it comes to business. It sends a message to investors loud and clear: "I am a sound investment. I am worth it." But what about applying that lesson to personal finances and savings? We think it’s about time that we stop thinking of saving as Scrooge-like, and start seeing ourselves as an investment more valuable than any stock or bond. Invest in Yourself You should be putting 10 percent of every paycheck into savings, but since everyone's income is different, putting any amount of money away is admirable. Be realistic about what you can save, and then build on from there. It can be hard to motivate ourselves to follow-through on saving when we finally get the money into our hands. Our mind begins to race with all the other wants and needs that the money could be used for. It's human nature to want to live in the moment rather than recognize the long-term benefits of investing in yourself by putting that money away. Let’s take a minute to take stock of the amazing "returns" you can see with even a small monthly investment in yourself. Things like: - Learning: Going back to school, or taking up a new hobby - Comfort: Renovating your home so that it is a more comfortable, serene place - Peace and Relaxation: Taking a vacation after a particularly stressful month at work - Community: Hosting a family reunion or flying your parents to come visit you Just like an entrepreneur invests in the long-term success of the business by paying herself first, saving is investing in your future. Your happiness, your goals, and your dreams. Saving is power—the power to quit your job to move or pursue something more fulfilling; the power to leave an unhealthy relationship and getting yourself unstuck; the power to take care of others without worrying how you're going to take care of yourself. When you invest in yourself, you are also investing in others. Don’t Forget the Rent Let’s be clear: we’re not suggesting that you neglect your electricity bill or skip out on rent for the sake of putting away an extra $50 into your savings. Obviously, that behavior would negatively impact you. It’s all about finding the right balance. It’s about knowing that putting money into your savings is just as worthwhile and important as making a donation, buying a gift for a friend, or setting aside money for a gym membership. Personal finance expert Farnoosh Torabi explains that young people in particular should be focused on saving while they are single and childless. "Whether that means getting additional education—not grad school, exactly—growing your skillset, earning more accreditations, or enhancing your knowledge of a subject and exploring new things, now is the time to be selfish”, she explains. Give your future self a vote of confidence! You know all the amazing things that you will be able to accomplish with the money that you save. This confident attitude will help you to develop healthy financial behaviors and habits, like saving a little every month. And as you begin to see the returns on your investment, you will be more likely to keep up you healthy ways. Save Now, Give Later Many of us have a hard time putting ourselves first. We want to give thoughtful gifts to our families, do favors for our friends, and give back to our communities. It brings us joy and it makes us feel great about ourselves. But we often forget that we are no good to anyone else if we don’t first take care of ourselves first. In the immortal words of Cicero, “you will be as much value to others as you have been to yourself.” We’re all for paying it forward, but remember that charity really does start at home. By paying yourself first for a period of time (weeks, months, or years), you are building up your ability to give back later. Instead of seeing saving now as selfish, see it as a way to make an even bigger difference in the lives of others later on. It’s time for us to make a commitment to ourselves. It’s time for a self-respect revolution, America! When we invest in our future, we’re making a pledge to create a better life for ourselves, our loved ones, and our communities. Are you ready to make yourself a priority? Tell us: What are you going to do this month to invest in yourself?

Generation Screwed: Why Retirement is a Joke

Gold watches, a fat pension and a beach house in Florida. Your grandparents’ generation spent their lifetime paying the bills, raising your parents and saving for retirement. They put in 40 years of hard work to spend their golden years in comfort and security. Generation Screwed You, however, are in for an interesting ride. GenY has now earned the name GenScrewed. With median income flat or declining, higher student loan and credit card debt, a high unemployment rate and competition from nana and pop-pop as they stay at work longer to shore up their retirement fund, things aren't looking so great. Especially when governments are also raising the minimum eligibility age for various retirement benefits. In fact, according to the U.S. Census, the median net worth of people under 35 fell by 37% during the recession, far worse than the 13% drop among those over 65. The traditional view of retirement as a shimmering paradise in the distance is looking more and more like a mirage. It's not surprising then that the generation that is rejecting car and home ownership is also changing their approach to the connection between work, finances and their vision of retirement. Work with Meaning While your parents most likely divided themselves between stable, well-paid but often unfulfilling work and limited, precious but very satisfying personal time, your generation is blurring those boundaries by seeking meaningful, flexible work that blends seamlessly aspects of your professional and personal lives. Many of you are taking jobs based on whether they are aligned with your values, make you happy or can help you change the world. It's not just another way to earn a paycheck, but a way for you to chase your dreams. And while this isn’t true for every single member of GenY, this generation has an unmistakable penchant for entrepreneurship and creativity. But if you’re already getting paid to do what you love, why would you ever retire? Older generations may have postponed their projects of passion until their golden years, but GenY is all about living your dream today. Just like the gold watch and fat pension, retirement has become an outdated concept for many young people who are already pursuing their dreams. The New Rules of Retirement If the old retirement was about having enough money to live out your dreams in your golden years, the new retirement is no longer about having a sizable 401(k), but about being financially healthy and creating real "wealth". And real wealth comes down to two very simple things: 1. Free Yourself: Live Your Dreams Today If your dream is to take a permanent vacation from decades of unfulfilling work once you hit 55, you'll need to save a lot of money to make that happen. But if your plan is to keep doing the work you love with a few occasional vacations well into your 70s, your choices are much different. Without the need to take a high paying but unfulfilling job or an impatience around hitting a certain dollar figure by the time you hit your fifties, your generation can choose a vastly different financial journey that can be comfortable and secure while being extremely fulfilling. The key is to make your dreams attainable by dividing them into smaller goals. As long as your make the commitment to grow each day, value the journey more than the destination, find ways to continually inspire yourself, and are willing to sacrifice pleasure for opportunity, you can dream as big as your imagination allows. While this requires you to focus on your priorities and to give up some things to gain others, it is far more constructive way of dealing with the challenges of today than the old system ever would be. 2. Prepare Yourself: Handle Unexpected Bumps in the Road Every day is unpredictable. Sometimes you'll face unexpected challenges like an illness, a loss of employment, or a natural disaster. You should always prepare yourself so your dreams don't suffer. You may have to work hard to keep three months of living expenses set aside in emergency savings, but developing healthy savings habits and making thoughtful spending decisions will keep your dreams safe. Yes, the magical finish line of 65 is quickly disappearing. But savvy folks understand that this isn’t a limitation, but an opportunity to throw out the conventional thinking and to build a life that’s right for you. And if you need a little bit more inspiration to get started, check out this video courtesy of Trey Parker and Matt Stone of South Park fame. Tell us: What are your plans for retirement? Are you living your ideal life now or waiting until you retire? Tell us below.

Image credit: Steven Depolo

Get Moven: Why We Dropped Bank From Our Name

We live in a great nation.

One of the strongest and wealthiest in the world. And though the great recession knocked us down, we were never out for the count. We took extraordinary measures to save our banks and what has emerged from that effort, and been a long time coming, is a new way to think about our money.

Just recently some of us sat down to talk shop with our peers at a few of the big banks. We were discussing how the industry needs to adapt to the needs of a new digital generation when they made a very revealing comment; in their most recent customer interactions they often found that telling someone you work for a big bank was the equivalent of saying “Hi, f%*! you.” Pretty harsh words, but the reality is that Americans have lost faith in a number of institutions, including the large national banks. In fact, this marks the third straight year that the financial industry is the least trusted industry in the United States. That is why we have made it our mission to tear down and completely rebuild the way you connect with your money. We’ve always believed that banking is not a place you go, but something you do. When was the last time you ever visited a branch or used a bank teller? That is why we are rethinking everything to better fit the social, mobile and digital landscape you know well. We’ve declared publicly that we should always align with and never be opposed to your best interests. When was the last time your bank gave you real insights about your financial choices? That is why we are building innovative tools so you can make better money decisions and improve your financial health. What's in a name? We know that our original name, Movenbank, did not fully capture our revolutionary vision for the future of banking. In fact, it may have even confused. It forced our customers to reference what banking is instead of what it will and should, be. And so, as with every choice we make, we responded to the needs of our most important asset — you. That is why from now on we are just Moven. We're about progress, mobility, change. The first application that empowers your smartphone as the primary payment device and provides immediate feedback with every spending decision. The first service to integrate money with your life with the goal of making you better at both. It’s not just making it simple. It’s changing the way you relate to your money. It’s Moven.

Are You a Slave to Stuff?

Have you ever opened your closet and been buried under an avalanche of clothing? Do you park your car in the driveway because the garage is full of things you don't remember buying? Do you sometimes find a never worn piece of clothing with the tags still attached? Has your "junk" drawer slowly become a "junk" desk and is now an entire "junk" room? There is no doubt that buying new things can be exciting and fun. But how many pairs of designer jeans do you really need? Minimalism: Choosing Less and Doing More Here's a simple equation to help you answer that question from Joshua Milburn and Ryan Nicodemus (aka The Minimalists). "The point," they explain "is that unnecessary consumption leads to debt, debt leads to financial woes, financial woes lead to discontent, and discontent is a key element of unhappiness. And that’s the equation: unnecessary consumption equals unhappiness." How often do we let stuff get in the way of our happiness, sabotaging our relationships and the life we want to live? In the race to accumulate possessions, are we blinded to how our daily spending choices impact our long-term dreams? Joshua and Ryan believe that minimalism is not about what you do or don’t buy—it’s about living a meaningful life. For example, since the 1950s we’ve almost tripled our average house size and have gotten really good at buying things to fill up bigger spaces (thanks to credit cards). But our happiness levels have not tripled. Not even close. They've basically stayed the same. So innovative thinker Graham Hill took this insight to the extreme. He created a revolutionary 420-square-foot apartment in Manhattan that has the functionality of a space three times the size. But he didn't have to fill it with three times the stuff. Now you don't have to sell your house and donate all your money to charity (like this inspirational family did), but minimalism can give something of real value that money cannot buy. It all comes down to knowing the difference between "needs" and "wants". We often spend so much time chasing our wants (trendy clothing, expensive homes, shiny toys), that we forget to meet our needs. How valuable to you is spending more time with loved ones, pursuing an interest with passion, or volunteering at a wonderful charity? These are the things that can you bring you lasting happiness and are worth far more than dollars and cents. So while for one person minimalism might mean only owning 100 things and for another it might mean owning one car instead of two, it isn't about what you choose not to buy but about what not buying allows you to do. Minimalism: Choosing with Gratitude So if embracing a minimalist lifestyle isn’t really about your possessions but about your choices, what are some things you can do today to boost your financial health? 1. Live Within Your Means This sounds so simple, but in a world of easy credit it can be harder than you’d expect. You need to know the boundaries of your financial comfort zone before you can make the right choices to meet your needs. And you must respect those limits and not covet those things outside your bounds or, as Joshua and Ryan so clearly explained, you'll drive yourself to unhappiness. 2. Be Financially Aware True empowerment is being confident that every single decision you make to spend or save will better your life and bring you closer to your goals. We purposely built financial wellness tools like MoneyPulse and Spending Assistant to give you that context because we believe the road to financial health is paved with conscious choices. Using these tools anytime, anywhere, whether on your phone or online, will help you stay and track and remain focused. 3. Live with Gratitude This might seem trivial, but having an "attitude of gratitude" is essential to being financially well. If you’re constantly pining for more money or nicer toys, you'll never be happy or feel "wealthy". As Oprah once so wisely said, "Be thankful for what you have; you'll end up having more. If you concentrate on what you don't have, you will never, ever have enough." Studies have shown that just spending five minutes at the end of each day being grateful not only makes you 25% happier, but even physically healthier. Your life, not your bank account, is your most important asset. Minimalism merely reminds us to value this precious asset over anything that we could buy. And when you think about it that way, financial wellness is not about having things but about having the freedom to pursue your dreams and lead a fulfilling life. When you know what you need (versus what you want) and have the right tools to keep you on track, embracing some minimalist philosophies is a great way to get back to feeling good about your money. Tell us: Would you ever try a minimalist challenge? Share your thoughts!

Photo credit: Land of the Big Sky

How to Avoid Financial Kryptonite

You may not realize it, but your friends and neighbors are out to get you. They may smile and nod, and be polite, but they’re really plotting your downfall. Or not. But they probably aren’t helping you build your financial health, particularly if you spend most of your time acting like Clark Kent, and not enough like Superman. You may remember Clark Kent—polite, unassuming and generally an all-around nice guy, but also somewhat of a pushover and not very self-confident. And whenever trouble came around, he often ended up in a ditch, his glasses all askew. Beware the Evil F.O.M.O. So who are some of the financial bad guys that can push you over the edge? Well, keep an eye out for sneaky and insidious FOMO, dark lord of the financial underworld, also known as the Fear Of Missing Out. Ever made a reservation at a trendy new restaurant because it was the place to go even though it was way out of line with your normal spending? That was the stealthy handiwork of FOMO. Have you ever felt pressured to tag along for a spa day with friends even though you were hoping to put that $50 into savings this month? FOMO was there along for the ride. FOMO lurks everywhere, because as this recent article in The Guardian explains, the multitude of options that we have nowadays can "make it harder to feel good about your life's choices. Choice is an inherently stressful luxury, especially in a culture that suggests it's possible to have it all." How do you say no to a day at the spa? By remembering that you have dreams and goals, and that the only way you're ever going to achieve them is by making them a priority. It helps to say those goals out loud when turning something down. "I can't go to the spa, because I'm saving up for a downpayment on my first house." "I can't go to the spa, because I'm saving for a trip to Ireland. My sister lives there, and I haven't seen her in years." Saying no becomes easier if you always have your goals in sight. The best weapon against FOMO’s temptations is having enough confidence in your choices that you gain the power to say no. Building up your confidence and self-esteem is the ultimate way to fight off temptations brought on by social pressures. When you stop doing things just to please others, you gain the financial freedom to do the things that truly please you. And that is one financial superpower that allows you to take the next step. Tap Your Inner Superhero By staying focused on what brings you joy and fulfilment (and discounting the opinions of others), you will find it easier to make decisions that are right for you. If a spending decision doesn’t feel right for you, trust your gut and respect your intuition. Studies have shown that up to 9 times out of 10, this is the smartest choice you can make. And while you can’t practice leaping tall buildings in a single bound or being faster than a speeding bullet, there are ways to hone your intuition and supercharge your self-esteem: 1. Create Your Own Superhero Club: Surround yourself with like-minded people. Meeting other folks who share common values and interests is an empowering and rewarding experience. You’ll trade war stories, learn new skills and gain confidence in your goals. 2. Strengthen Your Superpowers: Take up a hobby or cultivate a skill that fits within your financial means. There is nothing quite like the sense of accomplishment that comes from learning something new, especially when its your interests and not those of FOMO. 3. Complete Simple Challenges: Sometimes the most heart-warming acts of Superman’s strengths were simple things like saving a lost kitten from a tree or a stumbling pedestrian from certain doom. So why not do the same? Make it a habit to set small and attainable weekly goals and reward yourself when you fulfill them. It will give you the confidence to set your sights on even more challenging tasks. Even packing your own lunch three times a week and rewarding yourself with a delicious cupcake from that awesome bakery down the street will remind you of your strength within. Don’t Keep Up with the Luthors Superman never drove a fancy car, wore expensive clothes, or had a fat bank account, though with all his powers he certainly could. Yet these are the very same things that drove Lex Luthor to dizzying heights of madness. We’re all guilty of doing the same when we try to keep up with the Joneses. We throw bigger parties, get nicer apartments or buy fancier cars. The craziest part of this rat race is that we often don’t actually want to spend that money—we just feel like we have to. But remind yourself that, "People were created to be loved, things were created to be used. The reason why the world is in chaos right now is because things are being loved, and people are being used." So what if you can’t afford expensive gifts, or a pricey spa day? Real relationships and true community is not built on money. The best gift is the opportunity to connect with others. Just as Superman took Lois Lane for a romantic flight over the city, you can use your new financial superpowers to host a potluck dinner, show off your new crocheting skills, or swap trendy outfits with your friends. Don’t Be Afraid of Kryptonite True richness is the ability to live the life we imagine for ourselves. When we let the opinions of others sway our decisions, we get in the way of our own happiness. Don’t let social conformity be the kryptonite to your financial health. You can always find a way to handle a situation without bruising anyone’s ego, including your own. There will always be pressures to conform (from friends, family, companies, and colleagues). Even Superman became Clark Kent so he too could fit in. But at the end of the day, he was always Superman and never hesitated to show his true self when challenged by his foes. So remember, you are the only person who knows what’s best for you. Trust in your ability to make the right choices, tap your financial strengths, forget about the rat race, and don’t be afraid of challenges. Your finances will thank you for it, and more importantly, you’ll be happier! Your turn: Have you ever been pressured to do or buy something you didn’t want? If yes, what did you do to get out of it—if you could?

Trending Blogs

Recently Viewed Blogs

Movenblog