Budgets, spending, and debt, oh my! Featuring The Bartelles - 150

[00:00:00] Budgets and can help you with both saving and spending your money. Let's learn how in today's episode.

[00:00:06] Welcome to Money Talk with Skyler Fleming, making sense of your money one money talk at a time. Let's get talking.

[00:00:13] Welcome to today's episode of Money Talk with Skyler Fleming. In today's episode we're talking a lot about budgeting.

[00:00:19] Should you even do it? The Bartelles are joining me today to discuss just this. The Bartelles are a married couple who love talking about money,

[00:00:26] so much that they have their own show. They will share more about themselves in a moment on today's interview,

[00:00:32] but I have actually been on their podcast before, so I'll link to my appearance on their show in the show notes.

[00:00:37] But guess what? This is my 150th episode. How exciting is that? It's insane to think that I've been doing this for three years,

[00:00:45] because on Friday, September 20th is actually the three year anniversary of my first episode of Money Talk with Skyler Fleming.

[00:00:52] It's been three years since that episode of my life. That's crazy. How exciting is that?

[00:00:57] This podcast has had a lot of different guests and I've learned a ton throughout my time doing this show.

[00:01:01] If you've found any value in the last three years, please consider sharing the show with a friend,

[00:01:07] and so we can help you continue to grow and have more and more money talks, consider sending them

[00:01:11] a link to my website. Moneytalk was Skyler Fleming.com. And guess what? I have a special episode coming out on Friday

[00:01:17] to celebrate three years of my show. That's right, we're breaking the weekly cycle with a special episode on Friday,

[00:01:24] so look forward to that. But I'm excited for today's episode. This is a great one where we go back to one of the basics of budgeting.

[00:01:31] I know you're going to learn a lot and I don't want to make you wait any longer, so let's get into the Money Talking Points.

[00:01:36] The Money Talking Points for today's episode are, why do you think budgeting is or isn't important?

[00:01:41] And two, how does credit card debt impact your life? With the Money Talking Points in mind, let's get talking.

[00:01:57] Hello, everybody. Welcome to today's interview on Money Talk with Skyler Fleming. Joining me today,

[00:02:02] I have the Bartels. And I've been fortunate enough to be a guest on their show and now it's time to

[00:02:06] return the favor and have them on here. So I'm looking forward to this conversation. You'll have to

[00:02:10] make sure and go check out my interview with them on their show. But what do you guys go and

[00:02:14] introduce yourself to everyone? Sure. I'm Johnny Bartel. We have YouTube channel and podcast.

[00:02:23] And this call Bartels Money Talk. And we provide content every week on those particular platforms.

[00:02:33] And I am Theresa Bartel and I am a financial coach and I am the CEO and owner of Bartels Financial

[00:02:40] Coaching. And I'm so glad to be here with you today's scholar. Awesome. This will be great. We're

[00:02:44] going to kind of lay down the basics. We both have shows where we specialize in talking about money.

[00:02:49] So we're just going to have a fun conversation about kind of some of the basics people need to

[00:02:54] learn and get under their belt. And so they can hit the ground running. But let's start off

[00:02:58] just write out the gate. Why do you guys think people should budget? Well, I think that's a great

[00:03:05] question to ask scholar. And the simple fact is without a budget, you'll have no idea what you

[00:03:14] have coming in. What you have going out. So it's very important for people to establish a budget

[00:03:22] just for that simple fact to kind of understand what they have coming in, that you come and

[00:03:27] work they have going out their expenses. And when you know that then it kind of helps you better

[00:03:33] plan for things that's going to come up. Yeah. Absolutely. Theresa? Yes. And my thought on that is that

[00:03:42] we should have a budget because it is a safety guard for us. It's a safety net for us. And if you

[00:03:49] don't have a control of your money, your money will control you. And when your money controls you,

[00:03:55] that can equal a miserable life, that can equal depression and that can equal insomnia. So you really

[00:04:01] need to have a budget so that you can learn how to live within your reality. Yeah. I wholeheartedly

[00:04:09] agree even though on the second question, I'm going to take the devil's advocate role and maybe

[00:04:14] maybe someone shouldn't budget. I maybe let's say I think it's overwhelming. I think it's like too

[00:04:21] much. It's not worth it. Is there ever a reason why someone should not budget? Is that okay or do I

[00:04:26] need to figure out what's going on in my mind and correct my path? You want to take that one?

[00:04:32] Yeah. I could take it. Yeah. I think it could be a tie with you may not be able to budget.

[00:04:39] And since if you lose your job, that could be a time that you may not have to be able to

[00:04:46] budget because you're not sure what income that you will have coming in if you have any coming

[00:04:50] in at all. So you kind of have to do what you have to do to get through that spot until you

[00:04:58] actually either get a job or becoming plaudy again before you can actually start back budget.

[00:05:05] What do you think of it? Yeah. And so what I want to say on that for us regular people, right?

[00:05:12] I'm speaking on regular people. I'm not talking about the people who have more money than they

[00:05:16] are able to spend. They have the freedom whatever they want to. But when you're talking about

[00:05:21] the middle class or the upper middle class, in my mind, God has provided us with this money.

[00:05:28] And is our responsibility to be accountable for the money that we have. So honestly, if you have the money

[00:05:35] and you're not budgeting, in my opinion that's being lazy or you have a fair of facing

[00:05:43] your reality. You don't really know how much you may and you don't want to know. So the only

[00:05:50] instance where I would say someone should not budget is like if there's a death or there's an illness

[00:05:56] or you lose your job. The first thing you need to keep in mind is your full walls. Then you need

[00:06:03] your life someone and you need to keep food on the table. Well, you're not going to be able

[00:06:06] to budget if you don't have enough coming in or you just had a catastrophic event in your life.

[00:06:12] Other than that, if you are regular person, you need to have a budget and there's no excuse for

[00:06:18] not having a budget unless you're just kind of like lazy and you don't want to be accountable

[00:06:24] for your money. I really like the idea that you have to be accountable. That's what it comes down

[00:06:30] and doing good with the money that you're provided. Do you guys think it's a good idea to

[00:06:35] kind of have that emergency budget in your back pocket? Because you talked about those times where

[00:06:39] maybe you can't budget because it's truly like you're just going through so much. How can that

[00:06:44] like emergency bear bones budget help people through those times? Safety net. I think when I think

[00:06:52] of emergency budget. Because you know, in life there's always things that's going to come up.

[00:07:00] Whether it's your vehicle breaking down, whether you might have something going wrong in your house,

[00:07:08] your children might need something if you have children and it could be an emergency, right?

[00:07:14] That emergency budget helps you get through those tough times when you may not have a job or

[00:07:22] have to line up using your emergency budget to pay your mortgage or your rent to whatever case may be.

[00:07:30] So it's key to have one because without one, you lose your safety net and with that

[00:07:36] safety net what happens? You usually hit the ground hard. So yeah so yeah you do it. So like

[00:07:44] speaking of an emergency budget. So for me I am a financial coach. I call that an emergency fund

[00:07:50] and what we recommend is a three to six months emergency fund. So it's going to be up to you,

[00:07:56] the budget term to figure out how much money you need to live off of for three to six months. But

[00:08:02] what I can tell you from reading books, seeing stories that sometimes a vent can be so devastating

[00:08:09] your three to six months budget. It could go within an instant. It could go within a week.

[00:08:15] And so in that instance if that happens you're really not going to be able to budget. You just

[00:08:21] go have to survive and keep food on the table your life's own and your mortgage or your rent pay.

[00:08:26] But I do stress to importance of having a three to six month emergency fund so that you can't

[00:08:32] have peace of mind or if you do lose a job, you at least have enough time and enough cushion

[00:08:38] to where you can find a better job. So leading off that we highly recommend a three to six month.

[00:08:46] Immersive.

[00:08:47] Yeah, and it's great to have that there as that safety net like so you don't hit the ground hard.

[00:08:51] I think that'll be the key takeaway from all of us. They don't hit the ground hard. Have your

[00:08:58] members. That was a good one. But also when you're when you're budgeting,

[00:09:04] you might feel like you have things in control and maybe you start spending more money or

[00:09:07] something like that. But how does budgeting help us be patient when it comes to spending our money?

[00:09:12] Mm. I'll go first. Okay, scala, our background is we lived like the Genesis. We didn't really

[00:09:21] have a budget. You know, then I wrote everything down on paper, but it really wasn't a budget.

[00:09:27] I just wrote down when to pay.

[00:09:30] I just just write it down. That's all I'm doing. There really wasn't a budget. But the first thing

[00:09:37] you have to do is get control of your mindset. You have to be okay being able to live off of what

[00:09:43] you have. So if you have a budget, if your heart and mind is set on living on a budget,

[00:09:51] or it will give you patience because just take for instance, if you want new furniture and it's

[00:09:55] $3,500, you use a budget and app. You have a category for furniture. Well, your budget will tell

[00:10:02] you, yes or no. And you're going to have to have the endurance and the patience to wait

[00:10:09] until you save up enough money to go make that purchase on that furniture. And if you're serious

[00:10:14] and if you don't wait, you're going to feel self defeated. You're going to feel discouraged.

[00:10:20] So a budget, it can definitely teach you patience because it will tell you, yes or no.

[00:10:27] Yeah, well, does that just, does that just make you feel bad about spending? Or does it help us

[00:10:31] avoid debt? How does that balance come into this with budgeting? If you want to get control of your

[00:10:37] money, it's not going to make you feel defeated. It's not going to make you have that negative

[00:10:43] feeling. It's going to empower you because once you get the money that you need in your budget

[00:10:50] and you can go and buy what you won't without using the credit card. To me, that's going to build

[00:10:56] yourself. A steam is going to build your confidence and even if you have someone that likes patience,

[00:11:02] they might decide that they might want to go get a part-time job or they might want to do

[00:11:06] door dash or something to get that money up instead of just using the credit card.

[00:11:13] I like that. I like that realignment of what you do when you do want to hurry things along. It's

[00:11:18] not go the wrong way in today. It's go the right way and make some more money when you want to

[00:11:23] things moving along. How does budgeting help us avoid debt? How does it actually help us in that aspect?

[00:11:31] Well, I tell you without a budget is easy to slip into debt because you are spending money

[00:11:41] that you're not sure you really have. When you spend in this money, you can go out and you might

[00:11:48] be like the Joneses because you see somebody got a car or you see somebody got this nice,

[00:11:53] fancy home and you just go out or close that you lack and it's been this money and you have no

[00:11:59] clue what you spend it. With the budget, it helps you align yourself based on the categories

[00:12:06] you have in your budget, saying for instance, you want to do a car and you have a line item in

[00:12:12] a budget stating car. You know what you want to pay for the car and so because you know what you

[00:12:20] want to pay for that car, you're not willing to actually go out and get the car until you have

[00:12:26] the amount of money you want to put into the car to get the car. So you won't be into debt. So

[00:12:32] what a budget really does for you is help you kind of control the situation. So you can see what

[00:12:41] you actually have to get into debt without a budget. You don't know so you can be a lot of debt

[00:12:49] and having no clue. Yeah, it's realistic expectation that was what my main note from that was

[00:12:55] is then you're able to more be truthful with yourself. So to speak, like you're able to say,

[00:13:00] yeah, I can actually afford this and one of the best stories that I have of recent is my work trip

[00:13:06] took us to took me in my wife to Tampa and it was only like an hour and a half drive to Orlando

[00:13:11] and because of our budget and knowing how we saved money and everything like that, we're like

[00:13:16] we're going to Disney World and we had a phenomenal time because of a budget like that's a perfect

[00:13:20] process. Freedom, we had so much fun. It was a great time. Do you guys have maybe a story of how

[00:13:25] budgeting helped set your spending free? Well, the budget has set us free in many ways and the one

[00:13:35] thing that I can tell you what it has done is we've been in our house for a while and you know,

[00:13:41] we do need more furniture but I have to say that we're not using a credit card to get furniture

[00:13:47] because it's not worth it. It's not that serious to me. So we have a line item okay on our budget

[00:13:54] for furniture. Well, you know, other things have been coming up and guess what's going

[00:13:59] if I go and look at that item, that line is blank. There is zero dollars there because we've been

[00:14:05] moving it around for something else. So that budget has saved me from saying, well, I'm just

[00:14:13] going to go and finance it and get a store credit card in the first place. Whoa, it really sets

[00:14:19] the tone for my mind and said, and so when we do go and get the furniture, I'm going to be so happy

[00:14:25] because the money is going to be there and I'll be with it get what I wrote and when we leave from there,

[00:14:32] there's no debt we don't owe anybody for it. And so and lately, we've been taking a couple of

[00:14:39] work trips with our culture business. Guess what? We had a budget for that. We were able to eat,

[00:14:46] like we wanted to eat. We stayed where we want to stay and that it gives you a sense of freedom.

[00:14:52] Yeah, and I hope everyone listening is like finding some inspiration from this to say, wow,

[00:14:57] that would be a fun place to be where a workshop takes me to a certain area and I get to

[00:15:01] enjoy the local sites and scenery and things like that. Because that's honestly a super fun

[00:15:06] place to get to, and also I thought that I had is your guys as furniture budget kind of helped

[00:15:11] keep you guys on the other side of, I don't know the full story, but it kept you on the other side

[00:15:15] of potentially a disaster because the nice thing about as you start saving with your budget

[00:15:20] is when that three to six months does disappear like that because the emergency is bigger than you

[00:15:25] thought, you then have other couple savings categories you can pull on. It makes it so much easier

[00:15:31] to weather those storms because maybe you're saving money for a really nice couch, but then

[00:15:36] all four tires go flat and it causes more damage into your car than he thought it would.

[00:15:41] Your whole thinking fun for your emergency has gone, but that little bit of your couch can wait

[00:15:48] four more months because now you need to fix this. And honestly, what I said,

[00:15:53] because if you finance that, now not only do you have the debt payment to the car, but you're

[00:15:57] probably also don't have the money to cover them emergency. There's so many things that

[00:16:02] compound interest starts working against you that like you said that budget allows you to

[00:16:08] just be kind of saved from all of it. It makes it so much easier doesn't it?

[00:16:11] It does. It does. And I feel in my heart for some reason, I need to add something else to this.

[00:16:17] When you for our budget, for our food and groceries, that can be a huge expense.

[00:16:25] And sometimes when I just don't feel like looking, let's just grab something.

[00:16:30] And so like if you have a budget, you can look on your line of items and say, well, we only got

[00:16:35] seven to five dollars left for this month to eat out. Well, we won't be able to go no place decent.

[00:16:40] So you know what it does. It makes you go in your kitchen. Find what you have and you cook a meal.

[00:16:47] Because you don't want to go over your eating out or your grocery budget. Just like just to make it

[00:16:53] more simple. So like if you're a listeners, don't have a budget is very important like to

[00:16:58] have a budget because you're a food eating out and groceries can really just blow your budget out of

[00:17:05] water. So you don't need to be able to keep a count of what you're spending at the grocery store

[00:17:10] and at the restaurants. Yeah, goes back to sending realistic expectations. But even I like what you

[00:17:16] said there because things are so expensive now and it just feels like everything's tugging on

[00:17:21] the last few threads that are holding our wallets together, right? Everything's tugging on

[00:17:24] it. And then once every dollar out of our wallet, everything like that. But is that? Is that

[00:17:31] leading people? Is credit card inevitable? Like is it even possible to avoid it with how expensive things are?

[00:17:38] Yes, it is. Yes, it is. Yeah, it is.

[00:17:41] And how are paying it? It hasn't been saying no. I would have been a little like if you had

[00:17:44] came in here and said no, it's just a part of the credit card that I've been a little worried.

[00:17:48] No, no, I might I hope we don't get back last but you want to elaborate on that. We just don't

[00:17:53] believe that you have to get it as your card. Well, what we believe is credit card data is a choice,

[00:18:01] right? You don't have to get it credit card debt because it ties back to what we're talking

[00:18:06] about since we kind of started the show. It's your budget. Right? If you have a budget,

[00:18:12] and you already know your lines that you have on your budget, and if you know your lines

[00:18:18] you're having your budget, you know the dollars amount that tie to each line. Especially if

[00:18:22] you talk about like an emergency or just a normal item like clothes. So if you really want to go out

[00:18:31] and buy something, the credit card should be like the last resort. It should you always

[00:18:37] look your budget and lines to what you have planned and you use your money to purchase what you want.

[00:18:46] Because credit cards, you know, some people are responsible for using credit cards.

[00:18:52] Some people may not be responsible. They might just charge it up and pay. You're credit card

[00:18:57] off every month but in a event that you do use a credit card, you need to pay the credit card off

[00:19:05] like every month. You don't need to use a credit card and allow it to accumulate over time

[00:19:13] because one thing that's doing is build an interest on what's purchased. So then you pay

[00:19:18] more for what you purchased that could have been $20, not letting it lay over time and it's

[00:19:26] $200, $250. And so in our opinion, no, it's still a few. Right and I've got to add to that and

[00:19:37] it's about your motivation. If you have a job and you feel like you're undervalued,

[00:19:43] you're not being paid enough then figure out what you need to do to either get a raise

[00:19:49] or you go out and you find a better job. You may have to get a certification. You may have to go

[00:19:54] take a class. You may have to go do like an internship but if you're not satisfied with the

[00:20:00] money that you make and then you're using a credit card to raise that gap. You get your

[00:20:06] credit card debt, it is a monster to get out of. It's credit card debt is like destroying people's lives

[00:20:13] is destroying marriages. People are just in trouble with credit card debt so to me, get an

[00:20:20] credit card debt is a choice. It's nothing that you have to do. All the things I can say is be motivated

[00:20:27] to do better, to make the money that you feel that you need to have in order to sustain the life

[00:20:34] that you desire to have but don't use a credit card to do that because I promise you a credit card

[00:20:39] if you play with fire, you'll get burned and if you don't have self-control just say no to yourself

[00:20:45] or use a budget. Say no to yourself. Yeah, go back to the budget idea. I love it. But we're also

[00:20:52] kind of speaking to people who maybe aren't in credit card debt or a teetering on the edge of it

[00:20:56] but like you said credit card debt is ruining so many lives, marriages. All sorts of things

[00:21:01] how is it even possible to get out of it? How do people get out of credit card debt? Okay,

[00:21:07] I'm a financial coach. Yes, it is. If I have a client to hands credit card debt, the number one

[00:21:15] thing I'm going to tell them is to stop using the card. It's like a lot of people say oh I don't want

[00:21:21] to be in credit card debt or then why did you open? Why? Why? Go guess it in back. Well,

[00:21:27] a matter of code bay but you want to go out of credit card debt. So number one, you have to stop using

[00:21:33] the card. Number two, either you cut the card up or you put it in the freezer to where it would

[00:21:40] be very uncomfortable in being used to get that card. What should do that? Call the credit card

[00:21:47] company and see if they will be nice enough to lower your interest rate. Okay, the credit card

[00:21:53] company, Massacard Visa, you want to be ruled to me? There are a lot of credit card companies now

[00:21:58] that are offering these transfer, um, uh, a council with no fees and no interest for a year. Well,

[00:22:05] if you have to and if you're serious about getting out of credit card debt, make some phone calls

[00:22:11] if the credit card won't work with you and decrease that interest rate. Then you call a credit card,

[00:22:16] that will give you no interest and you work your rear end off and pay as much as you possibly

[00:22:23] can on that card to get it paid off. So it is possible but I promise it won't be as easy as it was

[00:22:30] to get into it but it can be done. Yeah, it can be and there's so many there's credit card

[00:22:36] companies that when you look at the promos they offer them because they know people don't take

[00:22:40] advantage of them. It ends up making them more money but if you can actually take advantage

[00:22:44] of what the credit card companies are offering, you can come out ahead. So like those 0% rates

[00:22:49] you're talking about. If you can set a plan to pay your card off in a year 18 months, you move it over

[00:22:54] to a 0% rate. You just saved yourself and insane amount of money. Oh yes, and you do what I don't

[00:23:01] care if you got to deliver dominoes piece. If you get asked your boss for overtime and you got

[00:23:06] the dollar walk, you do everything you can to get that credit card off your back because the

[00:23:12] interest that it builds up. Scott, one of it is like 24% is ridiculous. Yes, yeah. And if I could

[00:23:19] get 24% on the investment, all my money is going. That's why credit card companies, yeah,

[00:23:25] they try to put you in debt so much with the credit cards because it makes them so much money

[00:23:29] when you're paying 24% interest. That's why they can offer these two 345% rewards

[00:23:34] to the people who are managing their cards is because your pay and so much an interest when

[00:23:40] you're carrying credit card debt. Right, right. Yeah, there's some people like to say they use it for

[00:23:45] the wall. Yeah, it's a dangerous line to walk. You have to be careful because when that emergency

[00:23:54] comes and everything seems to be hit in the fan so to speak and then you swipe it and now

[00:24:00] you're like, oh I can't pay it off and it just compounds and builds. It's a debt snowball

[00:24:03] in the wrong kind of way. It's kind of like you were pushing it up the hill and it ran back over

[00:24:07] you instead of pushing it down. And it ran over flat too. Yeah, it's like a cartoon. Yeah,

[00:24:16] awesome. So people are listening to this episode. We've gone from budgeting to get credit card debt

[00:24:21] staying out of it. What's maybe something that's still sticking in your mind that you would

[00:24:25] recommend someone to go have a money talk with their friend about like what's what's a good

[00:24:29] starting place for people to ignite a conversation with their friends? Well, with friends,

[00:24:38] and you talking about starting when it's all, but first they you have to relax,

[00:24:43] if your friend feel comfortable with starting when it's all because I think that's one of the

[00:24:47] biggest challenge with anybody, you know being true about their financial picture right?

[00:24:55] So in that if that's the case then one of the way you can spot those conversations.

[00:25:01] It's tell a story about just about your own financial story, you know, to your friend and

[00:25:07] just be transparent and be saying, you know, I could remember the time I had an issue with saving my money

[00:25:13] and you know, and McCullard didn't save and didn't budget, you know, I read it to this issue

[00:25:18] and it calls me a lot of heartache. And once you do that, most of the time that conversation

[00:25:25] is sparked your friend to kind of want to share their financial story. And then from there,

[00:25:31] you can easily share tips and just something that helped you along the way kind of get you out

[00:25:39] of your disgraceful situation into, you know, how you was best successful and winning with money.

[00:25:48] And yeah, that's that's what I think, you know, that really helped kind of spark the conversation.

[00:25:53] Awesome, Teresa. What do your thoughts on getting the money to talk started? How do we move past that

[00:25:57] word? Hey, I want to talk to you about money. Okay. And of course, you know, I'm just going to be

[00:26:02] a little long way and like the piggy bank off of it with friends, you know, you can also pick them up a book,

[00:26:09] a good financial book, give it to him and they're going to want to know, what does this book about?

[00:26:14] And that's going to open it up to talk about the book and they may open up a little bit about their

[00:26:19] financial fears of what's going on with them. And then there's so much information on YouTube.

[00:26:24] If you have a favorite YouTube show that you like to watch that gives you financial information,

[00:26:30] you can recommend that to them and they're going to say, well, what is that all about?

[00:26:34] Look at even share video. Let's go to you. Yeah, yeah, and share your guys the show share

[00:26:39] my show all of them and then go have some money to talk. Right. So that's a good way to open up

[00:26:44] conversation too with friends. And then I want to talk about like with spouses. And a lot of cases,

[00:26:50] sometimes women, they don't know what's going on with the finances. You know, they have anxiety.

[00:26:57] They can't sleep at night because they really don't know and really some of them make you

[00:27:02] feel like the role can just be yanked from under them. And you don't feel comfortable talking

[00:27:07] to their husbands about it. But what I've learned in marriage, in many cases, women seem to think that

[00:27:13] their husbands are supposed to read their minds. And when the husband doesn't read their mind,

[00:27:17] then they get upset, you know, and and and pound about it. But if you truly are a woman and you

[00:27:23] feel uncomfortable speaking to your spouse about finances, I recommend, you know, maybe you're

[00:27:29] right them a note and say, just tell them how you're feeling about the finances and maybe that

[00:27:34] will open up a dialogue. If you have children, maybe get your babysitter sit down and just be honest

[00:27:40] with your husband because your spouse is supposed to be your safe place. And it's going to

[00:27:46] have a safe place and you need to be able to share with your husband how you're feeling about

[00:27:51] the finances. And so a lot of times the husbands don't say anything because they feel like it's

[00:27:56] their job to take care of us and to protect us. They don't know what you want to know. So ask and this

[00:28:04] may be cornered, but you can even send a text message. Everybody's a text message for everything.

[00:28:09] Send your husband a text message about how you're feeling about the finances. You'll be surprised

[00:28:14] he might say, well, gosh, I'm doing the same way. I just didn't know I could talk about it. Yeah, that's

[00:28:20] all right. It's all about right and marriages really are crumbling under financial problems,

[00:28:27] finding that and you can't ignore it. You have to talk to your spouse that's your safe spot. So

[00:28:35] I encourage them to write a note. Send a text message and get into the problem. Yeah, send a email

[00:28:43] do whatever you can to open up the dialogue with your husband because you don't want to be in the

[00:28:50] dark. You want to feel comfortable and you want to have peace. Yeah, that's a fantastic place

[00:28:55] to leave this on. You want to feel comfortable and have peace with your money by budgeting,

[00:28:59] getting out of debt, having those open money talks. We've really expand the gamut of

[00:29:03] some great conversations today. Thank you both for joining. I have two final questions here as we wrap

[00:29:09] the first one is how can people find you online or learn more about you and then the last one

[00:29:14] after you answer that is going to be what's one thing you both wish you knew sooner when it comes to money.

[00:29:19] How can people find you online? Okay, well, you can find us. We have, like I said,

[00:29:25] we have a YouTube channel and podcast and it's called bar tails money talk and we come out with

[00:29:33] new content every week where we're talking about money like you scholarly. We love to talk about money

[00:29:41] and so we talk about money and so you can find us on in those platforms out there. Right,

[00:29:49] and again, I am Theresa Bartel. I am a trained financial coach and also like I have the former

[00:29:55] training but I also have the life experience and the life training and currently you can find me at

[00:30:00] Bartel's FinancialCulture.org. Our website is under construction but you will be able to get there.

[00:30:08] So if you want to reach out to me for an appointment so that we can maybe get you set up with some

[00:30:13] coaching so that I can help you win with your money, please go to Bartel's FinancialCulture.org

[00:30:18] to reach out to me. Fantastic. What is one thing that you each wish you would have known sooner

[00:30:24] than it comes to money? Well, I start with just saving the saving aspect of money when you are

[00:30:32] younger. When you start saving money at a young age money to me is like a living entity. You can

[00:30:41] watch it grow. If you start early that means it can compound to wow to whatever you start with.

[00:30:51] Right, when you start with a small amount because it will help me a big amount.

[00:30:56] Or whatever you have is to add a little start in the early. So one thing I wish is that I would

[00:31:02] start early when it came to the savings of reading because that changes your whole life.

[00:31:14] Yeah, Theresa what's something you wish you were doing on Twitter?

[00:31:17] And what I wish I would have known sooner is about investing and scoundrel we were probably

[00:31:22] married for 15, 16 years before I even knew anything about a stock or mutual fund.

[00:31:32] So if I would have learned and would have known about investing that also would have reeled over

[00:31:37] into us not getting into debt to live like the Joneses because it would have been so important

[00:31:42] to invest our money we would have known not to get into debt and let the interest work

[00:31:48] against us instead of for us. So I wish I would have known about investing.

[00:31:54] Yeah, so often I think almost everybody's answers in some sort of vein for that question of just

[00:32:00] starting sooner and getting compound interest working for you. And to go to your point of saving

[00:32:05] money younger and younger is I can't remember the exact number but I know I want to say it's less

[00:32:09] like $5,000. If you were to put that in an index fund at like for your kid when they're born

[00:32:15] if you were to put just that amount in there they'd be a millionaire multiple times over by

[00:32:19] time they're 65. Like that's the power of starting to save earlier but fantastic both great

[00:32:25] answers to round this off here. Thank you both so much for joining this has been a really fun

[00:32:29] conversation. Thank you so much for having us gone and we look forward to talking with you again about

[00:32:35] money. Yes. Thank you so much to the Bartels for coming on my show it was a fantastic conversation

[00:32:52] and I had a ton of fun talking about money with them and be sure to go check out their show in

[00:32:56] the episode that I was on but I want to jump into the money talking points because that was a

[00:33:00] little bit of a long-guring review so let's head towards the finish line here and talk a little

[00:33:05] about about the money talking points. The first one is why do you think budgeting is or isn't

[00:33:10] important? This is going to be a great one to go and have with a friend because some people are

[00:33:14] firmly on the side of budgeting not being important and I do believe it's good to hear

[00:33:18] both sides of this story because you can still manage your money while without a budget I'll be

[00:33:23] I think it's easier and simpler and better to do it with a budget but there are ways that you

[00:33:28] can stay on top of your money even if you don't have a normal typical regularly top budget.

[00:33:35] I think budgeting is important and it's become a foundation for my wife and I had to build the rest

[00:33:39] of our good financial habits so I do think everyone should give budgeting a shot and I guarantee

[00:33:44] you'll learn away that budgeting can work for you. It might be some sort of slightly different

[00:33:48] alternative method of budgeting like the anti-budgeter things like that but I do think everyone

[00:33:52] can find a way to make budgeting work for them essentially what it is is tracking your expenses

[00:33:57] and then giving your income a job that's what it is so figure out some way to do that in your

[00:34:02] life and I guarantee you're going to make a lot of progress in your finances by figuring out

[00:34:07] the second money talking point is how does credit card debt impact your life? Again, another

[00:34:12] great question to ask a friend and have a money talk about because they might be in credit card

[00:34:16] debt and so badly wanting to get out of it but they don't know how to ask that question so if you

[00:34:20] go to them with this great money talking point and say hey how does credit card debt impact your

[00:34:24] life? I heard this podcast recently that talked about credit card debt being a chain around you

[00:34:29] a reverse snowball that crushes you. It's going to be a great conversation to have but I wanted to

[00:34:34] share a little bit about how credit card debt impacts my life. It impacts my life with a healthy

[00:34:39] fear to stay away from it, it doesn't impact my life in a bad way currently but that makes me

[00:34:44] very grateful and honestly completely aware of the idea of how bad credit card debt can be so if

[00:34:51] it doesn't impact your life in a bad way you should be very grateful and if it does take a second

[00:34:56] to think about what your life would be like without it that's one of the greatest ways that

[00:35:00] can turn the ship around and start hitting in the right direction with your credit card debt

[00:35:04] is to understand that it'll provide you more freedom, more choice, more opportunity and ability

[00:35:09] to do what you want. How do those things sound? I think they all sound pretty great. It's kind of

[00:35:14] self-promoting commercial. Get out of credit card debt. It provides you with a better life so make

[00:35:19] sure you are pointing in the direction that's going to get you out of credit card debt. How can you

[00:35:24] get out of it? There's a lot of great ways the snowball, the debt avalanche reach out to me or the

[00:35:29] I'm sure either of us would be happy to help explain to you how you can get out of debt and help you

[00:35:34] work through that and consider getting a money buddy to help you stay accountable. But let's wrap it all up next.

[00:35:49] So of course to wrap it up, let's all make sure to stay away from credit card debt and use

[00:35:54] our credit cards wisely. Credit card debt is one of the biggest problems that people in the world

[00:35:58] face. If credit card debt were to go away it would completely change the economy as a whole.

[00:36:04] And so, use that motivation in that like grand vision to change your personal economy as a whole

[00:36:10] and get rid of credit card debt. Your own little family economy will be completely different if

[00:36:16] credit card debt is not part of the equation. So start budgeting if you haven't already and figure

[00:36:21] out away that works for you and use that to motivate you towards getting out of credit card debt. And with

[00:36:26] budgeting make sure to give yourself a few months to figure it out so that you can find the method

[00:36:30] works for you. That does it for this episode how exciting is it that we're on three years of the podcast?

[00:36:36] That's so awesome. Thank you to everyone who's less than and please consider sharing with a friend

[00:36:41] to continue to help the show grow and leave a five star review. If you've found any value over

[00:36:46] the last three years I would greatly appreciate it. It's very easy to do on your podcast player just

[00:36:50] find where it says review or leave a review and give me five stars I would greatly appreciate it but

[00:36:55] remember Friday is going to be a special episode celebrating three years of the podcast so look

[00:37:00] forward to that make sure you're subscribed and then go out and have a many talk. Thank you for listening

[00:37:05] to Money Talk with Skylar Fleming. I'm your host Skylar Fleming, have a great week.

[00:37:09] Thank you for listening to Money Talk with Skylar Fleming. This show is provided for

[00:37:13] informational and entertainment purposes and may not be specific to your unique situation. Please be sure

[00:37:19] to do additional research before making any financial decisions.