Beating Broke

The Lazy Person’s Guide to a Wealth Creation Plan That Works

March 13, 2025 By Teri Monroe Leave a Comment

Planning your financial future doesn’t have to be overwhelming. What if you could create a wealth creation plan quickly and easily? With these practical hacks, you’ll have a clear financial roadmap in no time. Here’s everything you need to know to build a plan that works.

What is a Wealth Creation Plan?

A wealth creation plan is a strategic plan detailing how you intend to grow and manage your financial resources over time. It outlines how to earn, save, invest, and protect your wealth to achieve financial security and long-term goals. While this may seem like a lot to include, there are several shortcuts you can take when creating your plan.

What Are The Steps to Making a Wealth Creation Plan?

Using these steps you can easily create a wealth plan that works:

Analyze Your Current Situation: In this section of your wealth plan, you should calculate your net worth, income, and expenses.
Define Your Goals: You should include your goals in your wealth creation plan including short-term, medium, and long-term goals. This should include milestones like homeownership and retirement, for example.
Determine Your Income Growth Strategy: Your income strategy should include all the ways you intend to bring in and generate money such as investments, salary, or business ventures.
Define How You Will Save and Budget: Come up with a budget and saving strategy that will work for your current situation.
Detail Your Investment Plan: Here you should outline what kind of investments you will pursue.
Outline Risk Management: Risk management includes your emergency fund, insurance, and diversified investments.
Create a Monitoring and Adjustment Strategy: Different phases of life may call for your wealth plan to be adjusted. Your plan should outline how often you will review your progress, rebalance investments, and include new goals.
Include a Legacy Plan: As far as legacy planning, this includes your will and estate plan.

How to Make Creating a Wealth Plan Easier

Use Templates

When creating your actual plan, you don’t have to reinvent the wheel. It’s perfectly acceptable to use ChatGPT to create a template. Some AI is geared toward helping you create a financial plan. If you’re short on time, this easy hack can make creating a wealth plan very easy.

Get The Help of a Financial Advisor

If your money is a little more complex, enlisting the help of a financial advisor can be beneficial. They can help you understand your finances, create your wealth plan, and work toward goals. Plus, hiring a financial advisor can save you significant time and energy.

Do you have a wealth creation plan? What does it include?

Ditch Your Low-Interest Account: 7 High-Yield Savings Options in Arizona

Swipe, Regret, Repeat: 6 Sneaky Ways to Outsmart Your Impulse Purchases

March 11, 2025 By Teri Monroe Leave a Comment

How to stop impulse buying — Image Source: Pexels

If you find yourself frequently making unplanned purchases, you may be wondering how to stop impulse shopping. While it may seem harmless in the moment, impulse spending can quickly add up, stretching your budget and putting your long-term financial health at risk. Understanding the reasons behind these spontaneous purchases and learning strategies to control them can help you make better financial decisions. Here are six ways to stop impulse buying.

1. Evaluate Why You Make Impulse Purchases

If you don’t dig deeper into why you are prone to impulse spending, you’ll probably never break the habit. For some people, impulse spending happens when there are emotional triggers. If you’re particularly stressed, the dopamine hit that comes with making a purchase could feel like the release that you need. The instant gratification might make you feel joy in the short term, but it is often a fleeting feeling.

Studies have found that women are likely to make impulse purchases due to social pressure and are influenced by their children and close friends. Men are more likely to be influenced by their parents and colleagues. Being aware of outside pressures can help you curb impulse purchases.

2. Wait 24 Hours

Wait 24 hours before making a purchase — Image Source: Pexels

In an era of social media influencers, it’s easy to make impulse purchases on TikTok Shop. Don’t get caught up in the moment, but instead take a pause. If you’re about to make a purchase, a good strategy is to wait 24 hours and reevaluate if you still want the item. Some experts even suggest a longer waiting period for larger purchases, such as anything that is 1% or more of your income.

3. Delete Saved Credit Card Information

Online, it’s far too easy to make impulse purchases. On sites like Amazon, purchases only take one click. If you want to stop impulse buying, try deleting your credit card information from websites you frequently buy from, your Apple wallet, and so on. If you make buying items online more difficult, you’ll probably be less inclined to buy things impulsively.

4. Unsubscribe from Marketing Emails and Texts

How many promotional emails and texts do you receive in a day? While many companies offer discounts for signing up for emails and text messages, being inundated with marketing messages won’t help you make good purchasing decisions. All of these temptations add up to impulsive spending.

5. Make a List

If you’re tempted to buy something, some people find it useful to keep a running list of things that they want. Then, at the end of the month, they evaluate the list and see what they want to purchase. Just like waiting 24 hours, making a purchase list gives you time to think about whether you really need or want an item before buying it.

6. Find Replacement Activities

While many people love engaging in retail therapy, if you want to stop impulsively spending you may have to find other outlets. Replacing shopping with healthier habits that offer the release of dopamine, like exercise, will be beneficial for your financial health. Plus, you won’t have to deal with the regret or stress of overspending.

How do you stop impulse buying? Share your thoughts in the comments.

What to Do When You Need Fast Funds for an Urgent Expense

Outsmart Inflation: 8 Frugal Living Tips Seniors Wish They Knew Sooner

March 6, 2025 By Stephen Kanaval Leave a Comment

Inflation is hitting everyone hard, and for seniors on a fixed income, it can feel especially overwhelming. The good news? There are plenty of frugal living tips for seniors to stretch your dollars without giving up the things you enjoy. Many retirees have learned these lessons the hard way—here’s how you can benefit from their wisdom and keep more money in your pocket.

1. Downsize Sooner to Save on Housing Costs

Housing is often the biggest expense, and many seniors realize too late that they could have saved thousands by moving to a smaller place earlier. A smaller home means lower mortgage or rent payments, cheaper utilities, and fewer maintenance costs. If your current home has more space than you need, selling it could free up extra cash for travel, hobbies, or everyday expenses. Plus, moving before it becomes necessary gives you more control over where you live and how much you spend.

2. Take Advantage of Senior Discounts Everywhere

You might be surprised by how many places offer senior discounts—grocery stores, restaurants, movie theaters, and even some utility companies. The trick is to ask! Many businesses don’t advertise their discounts, but they’ll gladly apply them if you inquire. Signing up for programs like AARP or checking with local senior centers can help you find deals you never knew existed. Some stores even have designated senior discount days, which can add up to big savings over time.

3. Cut the Cord on Expensive Cable Plans

You shall not watch too much Law and Order. You shall not watch too much CSI. We are joking, but, seriously, traditional cable can cost well over $100 a month, but there are cheaper ways to enjoy your favorite shows. Streaming services like Netflix, Hulu, and Amazon Prime offer tons of content for a fraction of the cost. If you still love live TV, a digital antenna can pick up local channels for free. Some seniors share streaming subscriptions with family members to save even more. A quick review of your monthly entertainment costs can reveal where you might be overpaying—and cutting back doesn’t mean giving up quality entertainment.

4. Plan Meals and Shop Smart to Lower Grocery Bills

Food prices have skyrocketed recently, but smart shopping can help you spend less without sacrificing quality. Planning meals in advance prevents last-minute splurges and food waste. Buying in bulk (especially for staples like rice, beans, and canned goods) often leads to major savings. Discount grocery stores and farmers’ markets can offer better prices than big-name supermarkets. Also, using coupons and cashback apps can bring down costs even further. Cooking at home instead of dining out can save thousands over a year—and it’s usually healthier, too!

5. Rethink Car Ownership and Transportation Costs

Owning a car is expensive, between gas, insurance, maintenance, and repairs. Not to mention, many major urban areas are overly congested with traffic. So, if you don’t drive often, switching to public transportation, ride-sharing, or a senior transit service might save you thousands per year. Many cities offer seniors discounted bus and train passes, making it a budget-friendly alternative. Walking or biking for short trips isn’t just free—it’s also great for your health. If you have a second car sitting in the driveway, selling it could put extra cash in your pocket while cutting unnecessary expenses.

6. Save Big by Choosing Generic Brands

Brand-name products aren’t always better, but they’re almost always more expensive. Many seniors wish they had switched to store-brand or generic products sooner. From prescription medications to pantry staples, generic versions often have the same ingredients and quality but cost significantly less. Shopping at discount stores, comparing unit prices, and avoiding brand loyalty can result in serious savings over time. Even buying secondhand clothes and furniture can lead to great finds at a fraction of the cost.

7. Cut Utility Bills with Energy-Saving Habits

Energy costs keep rising, but simple changes can lower your monthly bills. Switching to LED bulbs, unplugging electronics when not in use, and using a programmable thermostat can lead to big savings. Many energy companies offer discounts or efficiency programs for seniors—check with your provider to see what’s available. Weatherproofing your home can help keep heating and cooling costs down, and washing clothes in cold water or air-drying can also help reduce electricity use. Small changes can add up to major savings over time.

8. Take Advantage of Free Community Resources

There are more free and low-cost resources available than many seniors realize. Libraries offer free books, movies, internet access, and classes. Senior centers provide exercise programs, social events, and educational workshops at little to no cost. Some nonprofits and community groups offer free meals, transportation, and even home maintenance assistance for seniors. Checking out local resources can help you save money while staying active and connected. Many government programs also offer financial relief, so it’s worth exploring what’s available in your area.

Small Changes Lead to Big Savings

You don’t have to make drastic lifestyle changes to see real savings. By implementing even a few of these strategies, you can make your money go further without sacrificing the things you enjoy. If you found these tips helpful, share them with a friend or family member who might benefit from them.