Good Morning HTM Hooligans!

Sometimes thinking about long-term financial goals can feel discouraging...

“It’ll take years to dig myself out of this credit card debt” 😓

“At this pace, saving up a home down payment is at least a decade away. What’s the point in even trying?” 😩

Well, here’s something to keep in mind to keep you pushing and on track:

The time will pass anyway.

You can continue to put off those high-reaching goals and kick the can down the road. Or, you can take control of your finances, and use this time to put your future self in a better spot.

Either way, the time will pass.

Keep grinding. Your future self will thank you for it, I promise! 💪

TO DO

Start chatting with the family… 🎁

If your family is one of those “let’s go even BIGGER this year!” types, then chances are your holiday spending is spiraling out of control. And getting worse each year.

Maybe it’s time to make a change this holiday season. Like paring down on excessive gifts, pooling money for joint presents, setting spending limits, or organizing Secret Santa, etc.

Now is the time to start having those conversations. You’re not the only one who wants a simpler Christmas (with lower costs). Get those lines of communication open!

Ps. If your family gets angry, just blame it on Matt. He’s been my scapegoat for years.

SAVING

Challenge: No Spend Halloween Costumes 👻

Speaking of holidays, we’re just ~5 weeks away from Halloween! And I personally can’t wait to raid my kids’ candy buckets after they go to bed on the 31st. 😏

Have you started thinking about costumes yet?

The average cost on sites like Spirit Halloween and Party City for premade (and low-quality) costumes will cost you anywhere from $40-80 each, without any accessories included! For a family of 5, this could mean dropping $200-400 or more for a single night of trick or treating!

No thanks! 🙅‍♂️

I’m challenging my friends and family this year (which includes you all) to come up with no spend Halloween costumes, made up of clothes/props/leftovers/borrowed items you already have at home…

Some quick ideas for cheap/free Halloween costumes you may already have the pieces for at home:

• Your spouse/partner- Dress up like your significant other, just raid their closet! Or you dress as someone else you know, like grandma, or a family friend.

• Minion- Yellow shirt, overalls, a yellow beanie, and some DIY goggles.

• Mummy- Just cover yourself in toilet paper. Easy!

• Hippie- Grab some loose, flowy clothes, sunglasses, and a headband. Tie-die shirt, beads, and lots of flower power.

• Danny & Sandy from Grease- Bonus points if you learn and perform some of those dance moves.

• Napoleon Dynamite- Easy old white t-shirt and some iron-on letters to make the iconic “Vote for Pedro” shirt!

• Marty McFly- Anyone you know have a skateboard you could carry around?

• Mario & Luigi- Got a sewing machine? This one is perfect for siblings, couples, or friends.

• Prison Mike (from The Office)- Your regular work clothes, but with a purple bandana! 

Here are 87 more DIY costume ideas to try. 

Another idea is to ask your local Buy Nothing Group on Facebook if any neighbors have spare costumes to lend.

If you’re missing a few key pieces, you can always head to a thrift store or poke around on eBay to put the finishing touches on a costume for cheap.

You have time — planning ahead will save you that $$ and stress the week of Halloween!

TOGETHER WITH FACET*

Financial Planning at your Fingertips!

On the podcast, we’ve discussed how to pick the right financial planner to make sure you’re getting the best advice possible.

When looking for financial advice, it’s important to work with planners who charge a flat-fee, and won’t be earning any commissions from selling you specific investment products.

With their flat-fee membership model, Facet is building the future of financial planning. They make it easy to get personalized advice from top financial professionals, who are CFP® professionals, and always fiduciaries. They offer dynamic financial planning services with monthly check-ins to ensure that your money plan evolves to suit your current needs, and they can help you to navigate a vast array of money challenges, from investing and retirement planning to family and estate planning. And best of all, investment management is included with your membership.

Facet is waiving their $250 enrollment fee for new annual members. Head to facet.com/howtomoney to learn more about which membership option is best for you.

*Disclosure: Joel and Matt are not members of Facet. They have an incentive to endorse Facet, as they receive cash compensation for introducing you to Facet. All opinions are their own and not a guarantee of a similar outcome.

CAREER

Working from Home Savings 🧑‍💻

Would you take an 8% pay cut if your employer offered you a fully remote position? (most people say they would)

If your salary is $80,000/y, that’s $6,400 less in your life… Do you think the cost savings of working from home would offset the reduced paycheck?

You might be surprised if you calculate the cost of your morning commute. Fuel, insurance, maintenance, and drive time all add up! (Here’s a study with average costs for top US metros — the average is $8,466/year!)

Better yet, if you’re a two+ car household you might be able to downsize and get rid of one car completely. That would mean significantly more money back in your pocket!

Above and beyond saving money, there are some potentially invaluable lifestyle benefits that working remotely unlocks. More freedom, reclaimed personal time, and a healthier body are a few of the big ones.

There’s no exact dollar value that fits every individual situation. Not to mention WFH isn’t a great fit for some folks/roles…

But, trying to ballpark this benefit and running the numbers for yourself can be helpful. It’s great for job seekers who are comparing different opportunities, or when it comes time to talk about pay raises or potential promotions with your boss.

More stuff:

• 👩‍💻 Full Blog Post: How Much Money Can You Save by Working Remotely? 

• 🧳 HBR: How to negotiate a work from home arrangement

• ⏱️ James Clear: How much is your time really worth?

ICYMI

Noteworthy news…

$70k Ring 💍 
Who gets to keep the engagement ring when the wedding is called off? We’re about to find out — This messy fight over a $70,000 Tiffany engagement ring has made its way to the Massachusetts Supreme Court!

Work / Life Balance 📲
A new study confirms that checking your phone and email after work leads to burnout and hostility. (Not necessarily a mind-blowing discovery, but a good reminder to CLOCK OFF and ENJOY YOUR LIFE, PEOPLE!!!)

Generic Brand 🍎
Amazon is rolling out a new “no-frills” private label brand called Amazon Saver, with most items under $5. It’s kind of like their Amazon Fresh brand or Whole Foods 365, but even cheaper and more basic.

Passports 🛂
Renewing your passport just got easier. The State Department’s pilot program for online renewals has proven successful — so they are expanding and accepting more applicants. Woohoo!

$1.4m Speeding Ticket
Kind of a click-baity headline (I fell for it 🙋‍♂️), apparently this guy received a $1.4M speeding ticket in Savannah GA for going 90 in 55 zone. The ticket was a clerical error of course, but regardless it’s a good reminder that speeding is NOT COOL and the potential ticket fee (or crashing!) is never worth it.

HOW *YOU* MONEY

Cassie (28) and Cole (31), Jefferson City, MO 🌇

Occupations: Marketing and Engineering Manager
Salary: Combined, $192k

Paycheck deductions: $6,000 - health insurance, HSA contribution, taxes, 401k contributions, etc.
Rent: $772
Other Debts: $362 - truck loan
Living expenses: About $4,300

Leftover savings each month: ~$4,000/m

How are you investing your excess savings each month?
We invest $583/person into our Roth IRAs, $100/person in our taxable brokerage accounts, $500 to travel savings, $1,500 to beef up our emergency fund, $100 for a baby fund, $200 for a home fund, $437 to auto (repairs, new vehicle, insurance) savings.

Biggest “craft beer equivalent” splurge:
Golf and travel! Cole has been an avid golfer for years and I (Cassie) have started getting into it this summer. We splurged this year by getting a country club membership and have really enjoyed going to other states to golf.

Best savings hack/advice:
Discuss goals with your partner and work to collaborate on how to achieve them. We had a, what I call, "Family date day" at the beginning of this year to dream on our goals, set timelines and create our budget for the whole year. I have a powerpoint we went through haha Being on the same page and supporting your partner's dreams is the key to success! And regular check-ins to keep it rolling. We loved it so much we plan to do a Family date day at the beginning of every year going forward!

Recent money win and how did you celebrate?
We paid off the last of our student loans in May! Had over $130k of total loans (vehicles and student loans) in March 2020 and tackled them with great determination. We are celebrating in February with a trip to Cancun.

Anything else you want to share?
You guys rock! I love your podcast and weekly newsletter. Always such great information (: We have a local brewery called Last Flight and I'd love for you to try their beer. How do I get some to you?

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Welp, that’s it for now! Cheers to a great week ahead, chipping away at those long term goals ⛏️

Best friends out! 🍻