Money Smart for Life

Just got my CDFA (Certified Divorce Financial Analyst)!

I pursued this designation for the knowledge I gained, rather than to practice as a CDFA.

My focus remains on helping people budget, pay down debt, and get their personal finances in shape - but I wanted to be able to better help my clients who are going through a divorce.

It also helps me better help young people preparing for marriage. No one goes into marriage expecting to divorce, but it happens. Marriage is a financial contract as well as a merging based on love - and isn't it better to go in knowledgeable?

I learned a lot!!!

Back to school time!

Do you or your clients need help working out finances with your college-age kids?

⏩ Having conversations with them about using Mom or Dad’s credit card?

⏩ Helping them make spending (and other) decisions in the face of peer pressure?

⏩ Getting a part-time job, even a few hours a week, to earn spending money?

These conversations can be challenging.

Many young adults hear what their parents have to say as CRITICISM.

They get prickly.

They act in opposition to your advice.

Sound familiar?

✅ Remember to approach with empathy.

✅ Be clear about what you'll pay for and what you won't - one of the biggest problems comes when your kid EXPECTS something and you expect something DIFFERENT.

Having a template for these conversations makes ALL the difference!

Schedule a coaching session today to:

🔅 Discuss the particular issues you're facing

🔅 Gain clarity on what you want and expect

🔅 Learn how to frame the conversation

🔅 Notice your reactions and how they can affect the outcome

🔅 Prepare for various responses

🔅 Build and maintain a foundation of trust and encouragement with your emerging adult

Financial coaching isn't just about numbers on a spreadsheet. I combine my background in education, my experience as a parent (and parent coach), and my work as an AFC to help you move your child from financial dependence to independence.

Working with a financial coach, it sometimes takes a while to feel momentum and see real change.

And sometimes it takes just one session!

A client who earns a good salary but was running several hundred dollars in the red each month had one 90-minute Clarity Session with me. A week later, he sent this email:

"Thanks again for meeting last week, it was extremely helpful. Wish I’d done this a long time ago. I have made some changes to the budget ... and am now ~$175 in the black.

I have set up automatic transfers on paycheck dates to fund a sinking fund account and a day-to-day spending checking account, and am going to stop using my (credit card for now).

Thank you again."

He's on his way to paying off his credit card debt and now feels more in control of his finances - and less stress.

Whether just one session can get you on your way, or you need more on-going support and accountability, financial coaching can change your life.

Money affects almost every other part of life.

- Relationships:

Having trouble communicating with your partner about finances?

Dating (again) and need to budget for this (it can be expensive!), or don't know how to broach the topic of money with someone new?

Moving in together and want to figure out how to split expenses?

Want to wean your adult child off the dole, but don't know how to have that conversation without damaging your relationship?

- Health:

Having trouble figuring out how to pay off medical debt?

Interested in all things wellness, but gyms, trainers, supplements, medical tests the typical P*P doesn't order, and health-related gizmos are expensive! Want to figure out what you can afford and when?

Stressed about money? This can negatively impact your health.

- Career:

This one is obvious. Want to do something else, but worried that you can't swing it?

How do you choose between two job offers?

- Housing:

Also obvious. It's expensive! How do you choose? How can you reduce the costs.

- Fun:

Fun often costs money. How do you make choices? How does this fit into your budget?

Financial coaches work on way more than numbers on a spreadsheet (although we do that, too). That's why I love what I do!

Need help with any of this? Let's talk.

This image shows what we all know - that housing eats up most of our budget, followed by transportation.

I work with so many people stretched to the breaking point because they spend SO MUCH on housing (mortgage, taxes, insurance, and maintenance/repair/renovation) and on huge car payments (yes, upwards of $800/month).

Housing costs and mortgage rates are high, but there are many creative ways to reduce them. Co-housing. House hacking. Down sizing. Living in lower cost areas. Living with family.

And cars - do you LOVE them? Were you a kid who collected matchbox cars? Do you know everything about the engines? Are cars your THING? If so, spend the money. If not, an older (but reliable), lower cost model will get you where you need to go.

And then you can put your money towards what you REALLY want.

Need help? Let me know.

Love, love, love to see my financial coaching clients making positive change!

The other day I received an email from a client who worked with me over just two sessions.

She was looking to pay down debt, implement a budget, and feel financially secure as she looks at retirement in five to ten years.

This client owned a vintage car which she kept in storage across the country (in a city where she owns a home which she rents out).

One of the things we discussed was letting go of the car and reducing or eliminating the monthly storage fee.

Here's what she said:

"I wanted to share the good news with you…car ... has been sold!!

I have paid off the smaller credit card, and put a good chunk towards the other card.

I’m putting money into (my) savings account and also have an ... emergency account that I am also putting money into.

Next week I have someone moving items to a smaller storage unit which is going to be half the cost.

I’m definitely moving in the right direction thanks to you!!"

So proud of her!

Sometimes you just need a little bit of help to start taking actions that will change your life.

What a nice surprise to see this shout-out from the wonderful Brooke Silva on my LinkedIn feed today!

"One of my goals for 2024 was to sit down and get to know other business owners, outside of Tech and Real Estate.

One of my first meetings was with Debra Jacobs, Ed.M., AFC Jacobs from my Boston Business Women’s Group.

Head on over to Nerdy and Newsworthy to see why I was instantly enamored and why her financial coaching is so different, no matter where you are in your life!"

Meet Debra Jacobs! Money Smart for Life 💸 Debra makes money matters a blast! From workshops to one-on-one consultations, dive into the world of finance with a touch of fun and a whole lot of expertise.

So delighted to be interviewed by Christine Hetzel on the Time for Bruch podcast.

Christine is a life and running coach, and we talk about the financial impact of a commitment to running - and ways to manage finances to feed the running habit without breaking the bank.

The principles we discuss are applicable to any passion that costs money!

lnkd.in

Thrilled to be featured in Business Innovations Magazine!

Navigating Financial Wellness: Insights from Coach Debra Jacobs - Business Innovators Magazine In this interview with financial coach Debra Jacobs, we delve into the intricacies of personal finance management and the significant impact of financial coaching. Debra, with her extensive experience, discusses the importance of creating tailored financial systems, the emotional and practical effec...

Woke up to this in my inbox today:

"I want to express my gratitude for the outstanding presentation you delivered. Your ability to provide comprehensive education in such an accessible and engaging manner is so refreshing. It was a pleasure to learn from you."

I love coaching, and I love presenting. This was in reference to a workshop I presented last week to a group of women in Michigan (online).

The subject was taxes. The presentation was about the basics, not about advanced tax strategies (I'm NOT a tax expert):

- What are the different kind of taxes that come out of your paycheck (or that you will have to pay if you're self-employed?)

- What are tax brackets and why are they important? How do they work?

- What is AGI? Why do you need to know your AGI?

- What's the difference between tax credits and tax deductions?
.. and more.

I present on many personal finance topics, from a basic "Financial Wellness 101" workshop to one on budgeting, credit and debt, money and relationships, and money and kids.

And I create custom workshops to meet the needs of a particular group.

Would love to speak with you about how I can help your group learn about personal finance!

Feeling that post-holiday financial hangover?

- Ugh, I spent too much.

- How did my credit card balances get so high?

- Why did I over-do it, AGAIN?!?

- It will take me months to pull out of this!

- How can I stop this cycle? How can I prevent this from happening next year?

If you're feeling this pain, you're not alone.

And you don't have to be caught in this cycle forever.

You can take some steps TODAY to start pulling yourself out.

Start by looking at every expense and asking yourself these three questions:

1. Is this expense helping me get closer to my goals or getting in my way?

2. Does this expense bring me joy (or do I need it)?

3. If "yes" to #2, is there a way I can get the same value for less?

These are long-term values-and-goals questions. Going on a "money diet" is a short-term fix and probably unsustainable in the long run.

Figuring out what's most important to you and making positive change to help you get there IS sustainable.

Need help? Financial coaching changes lives.

ust received my copy of Dateline Federation, the Hemophilia Federation of America's magazine.

I'm quoted in an article by Jennifer Larson called "Money Management: Tips on How to Manage Your Finances with a Bleeding Disorder," along with other financial professionals.

The article talks about budgeting, saving, dealing with debt, and more.

In the many financial wellness workshops I've presented for various chapters of the HFA all over the U.S., participants have shared some of their challenges. Those challenges include, among others, the expense of treatment and the interference with work that a bleeding disorder may cause.

I'm always happy to present workshops to HFA members - who are always engaged and ask great questions - and am glad I can be of help via the article or in any other way!

Safety and money.

When we don't know where all our money goes, we feel unsafe.

When we there's not enough to cover expenses - even when we earn a good income! - we feel unsafe.

When debt spirals, we feel unsafe.

When we're heading towards retirement but feel that pit-in-the-stomach feeling that we haven't saved enough, we feel unsafe.

Admitting this is HARD.

Seeking help takes COURAGE.

Moving out of paralysis and into action can feel OVERWHELMING.

Reach out. Find a helping hand. A coach who will create a safe space, a no-judgement zone - and who has the skills to make a difference.

Financial coaching is a growing industry. There are a lot of us. Find one who feels right for you.

You will end up letting go of stress and fear. You will control your money rather than it controlling you.

You will feel safe.

Thinking about gifting your young adult financial education classes and/or coaching?

I just received this testimonial from Coco Hull, a young woman who took my financial ed course last summer then worked with me 1-1:

"My sessions with Debra truly altered the course of my life for the better.

Upon graduating from college I was overwhelmed and terrified by the financial responsibilities that come with adult life. Debra taught me everything I needed to know—things I hadn't even thought of.

She goes beyond typical financial coaching topics of credit cards, investing, taxes... She teaches you how to build financial structure in your life that coincides with your personal values.

She even taught me about philanthropy, and handling financial conversations in relationships.

Debra isn't just a coach who gives advice—she takes an active role in helping you build a customized budget and plan that works for you.

And she does all of this in a fun and engaging way.

Debra gave me financial confidence—the belief that I could handle my finances in order to live my life to the fullest."

Coco goes on to say: "I'm in a really great groove with my finances, and that is truly all thanks to you."

Wow, thanks so much, Coco! Nothing feels better than knowing you've helped someone.

See comments for a link to more info about financial education classes.

Whatever your work, if you're making a difference in someone's life you're going to feel great.

Recently I had a "Clarity Session" with a new client - a one-time, 90 minute financial coaching session where we reviewed all her numbers to get a clear picture of her current financial situation, and made two separate initial budgets showing the impact of taking two different paths.

She had run into some financial difficulties, and her friend had gifted her the session with me.

Yesterday, I received an email from her. Here's what she said:

"I truly appreciate the time and effort you dedicated to our session last week. Your expertise and thoughtful approach are truly impressive, and I am grateful that I had the opportunity to speak with you."

She has already taken some actions and made some decisions that will have a positive impact on her life.

I love what I do!

If you need help with your personal finances - or know someone who does and want to gift them a session - send me a message.

What IS a financial coach? 🤔 What do financial coaches DO?

If you need help with money, you probably think "I need a financial planner." And maybe you do!

But - you need a COACH if you want help with:

- knowing where all your money goes

- making a plan to move off the paycheck-to-paycheck treadmill (even if you earn a lot of $)

- implementing a spending plan that works for your life and that you will stick with

- paying off debt

- building up savings

- thinking creatively about some of the big-budget items in your life

- improving your credit score

A coach will encourage you, keep you accountable, and train you week-by-week to build those personal finance management muscles.

A coach will help you through the shame, fear, overwhelm, and other emotions that money dredges up.

A good coach will work with you to set out achievable, measurable goals for your work together.

A coach will work with you to set up and use budgeting and saving systems that make money management clear and, if not exactly easy, definitely do-able.

What about planners and advisors?

They’ll help you with investments and, if you want, will manage your assets. They’ll assist with retirement planning and will run numbers to see how long your funds will last. Some will help you with insurance.

So which do you need? A coach or a planner? Or BOTH?

A budget is simply a roadmap to get you where you want to be.

If you’re nearing retirement age and feeling stress about money, taking action to manage your expenses can make a big difference!

Yes, even if you’ve never budgeted before.

Even if money scares you.

Even if you’re feeling overwhelm. Or shame.

The time to start is now.

Need help? I’m here. Click link in bio.

You're a moderate to high income income earner, but you just don't know where your money goes. You find yourself stressing in the days before each paycheck, worrying if the money will hit your bank account before the rent or mortgage, car payment, and other bills are due.

You make good money, you can afford to buy what you want, so you do - whether you have funds on hand to cover those purchases or not. Before you know it, you're burdened with high interest credit card debt.

You really want to save, but there just doesn't seem to be enough left at the end of the month. So you live with that nagging feeling of financial fear: "Will I ever get ahead? Will I always be running on this endless treadmill, trying to catch up?"

The answer is "Yes, you CAN get ahead!" With the help of a financial coach, you will:

- Create a specific vision for your life: What do you REALLY want? What do you value most highly?
- Take a close look at every expense, asking "Does this expense align with my goals and values? Does it help move me towards where I want to be, or does it get in the way?"
- Create a spending plan where money flows towards the things you most value and away from "default" spending;
- Put systems into place to help you actually stick to the plan;
- Be accountable for making positive changes in your financial life;
- Make and implement a plan for getting rid of that debt!
- Make and implement a plan to save for both expected and unexpected expenses, and for those things you really want;
- Work on increasing income if that's necessary;
- Work on improving your credit score if that's necessary;
- Move towards a future where you live intentionally and sleep well at night, knowing that YOU control your money, it doesn't control you.

Sound good? Message me. I can help!

When should you stop financially supporting your adult child? Here's an infographic I made that lays out some guidelines. Feel free to share!

Delighted to announce that I am now officially an AFC (Accredited Financial Counselor)! I passed my test years ago but neglected to submit my hours. FINALLY did that, and this showed up in my inbox today!

Are you spending future money?

So many of my clients dig themselves into a hole because they spend money that’s coming (or they HOPE is coming) instead of spending only what they have to spend, today.

“I’ll be getting a promotion in October.”

“My bonus is coming - I’m not exactly sure when.”

“My side gig will bring in $____ in a couple of months.”

“I’ll have plenty once my house sells.”

Expecting that money to drop into their bank account, they spend today.

- That get-away that will cost $3,000? No problem! The money is coming.

- The more expensive car? No problem! The money is coming.

- Even dinner at that new, fancy restaurant - no problem! The money is coming.

This is SO human. We all do it. And most of the time, the money DOES show up.

But what if it doesn’t? What if the promotion never happens? Or the bonus turns out to be smaller than anticipated? Then you’re left with high interest credit card debt that can eat into your budget and take a long time to pay off - and that impacts your ability to reach your financial and life goals.

One of the things I work on with clients is getting in the habit of only spending present income (and of course, saving some of that!). This can be a difficult shift when you’re used to living in the future, but there’s only one way to get ahead financially: spend less than you earn. Today.

Are you spending in the future? How hard would it be for you to switch your spending mindset to the present, and only spend what you actually have now?

Concerned about your young adult child's future?

Want to be sure they'll start off life with the HUGE advantage of knowing about money?

Go to the Money Smart for Life website today and sign them up for financial education classes!

They're fun, interactive, and effective.

And perhaps the most important gift you'll ever give them.

Had a wonderful time presenting my workshop, Credit Cards: The Good, The Bad, and the Ugly, to the Ruby Connection group at the Hemophilia Foundation of Michigan.

What a great and engaged group of people! This was my second time presenting to this group and I look forward to doing it again.

Not true for many post-college kids that they have a lot of disposable income and the time and space to “just hang out” with friends.

For many, student loan payments, super high rents, and not great wages for entry level jobs keep them in Mom or Dad’s house longer than they want.

There is hope, though. For real info about real life, click link in bio to learn more about financial ed classes for college kids and recent grads. They’re fun, interesting, and interactive - and can be life-changing!

Have parents nearing or in retirement, and worried about their financial situation?

Listen to the latest episode of the Money Boss podcast, where financial planner Anna Sergunina interviews me about how to talk to your parents about money.

SUCH an important conversation!