1 00:00:00,000 --> 00:00:01,290 Ralph: Let's start with a question. 2 00:00:01,770 --> 00:00:04,529 Do you feel weighed down by financial clutter? 3 00:00:05,040 --> 00:00:09,150 Is your budget, a mess that leaves you stressed every time you look at your bank account. 4 00:00:09,510 --> 00:00:14,010 I know, I feel like that's some days well it's time for some financial spring cleaning. 5 00:00:14,430 --> 00:00:15,750 That's our goal on today's show. 6 00:00:16,110 --> 00:00:20,040 I'm going to give you seven steps to get those finances. 7 00:00:20,400 --> 00:00:21,600 In tip-top shape. 8 00:00:22,230 --> 00:00:23,460 So make sure you listen today. 9 00:00:25,240 --> 00:00:44,340 Intro: Welcome to the Ask Ralph Podcast, where listening to an experienced financial professional with over 30 years of experience can help you make sense of confusing questions, current headlines, and industry trends about taxes, small business, financial decision making, investment strategies, and even the art of proper budgeting. 10 00:00:44,640 --> 00:00:51,430 Ask Ralph makes the complex simple by sharing his real world knowledge from a Christian perspective with all things financial. 11 00:00:51,670 --> 00:00:54,219 Now here's your host, Ralph Estep Jr. 12 00:00:55,470 --> 00:00:57,510 Ralph: Welcome to our financial Friday show. 13 00:00:57,600 --> 00:00:59,880 I'm so glad you chose to join us as always. 14 00:00:59,880 --> 00:01:02,160 I want to thank you for listening and supporting the program. 15 00:01:02,460 --> 00:01:16,560 I'm coming to you live from the Estep Farm at the Saggio Accounting studio let me put on my podcaster, put down those overalls and push that, adding machine to the side and let's get into some financial wisdom from a Christian perspective. 16 00:01:16,920 --> 00:01:23,580 In today's episode, we're going to tackle how to declutter your finances and get everything organized for a fresh start. 17 00:01:23,789 --> 00:01:25,230 Just like spring cleaning your home. 18 00:01:25,530 --> 00:01:28,650 And I'm going to tell you folks, there are days when I think we all could use this. 19 00:01:28,950 --> 00:01:31,830 Well, don't forget to subscribe to the show and join our email list. 20 00:01:32,070 --> 00:01:37,980 You do that at askralphpodcast.com . So you don't miss tomorrow show and here's what we're gonna be talking about tomorrow. 21 00:01:38,280 --> 00:01:40,410 What do I do with my retirement plan? 22 00:01:40,590 --> 00:01:45,240 When I change jobs, it's a question I get very often in my practice. 23 00:01:45,420 --> 00:01:51,330 Sometimes you change jobs, you've got this 401k or this 403B plan or some other retirement plan. 24 00:01:51,570 --> 00:01:55,440 And you're wondering, Ralph, what do I do about that now that I'm leaving the job. 25 00:01:55,470 --> 00:01:57,150 So we're going to handle that on tomorrow show. 26 00:01:57,360 --> 00:02:03,509 So if you know anybody that's changing jobs or looking to change jobs, you want to share tomorrow's program with them as well. 27 00:02:03,780 --> 00:02:04,530 I want to remind you. 28 00:02:04,530 --> 00:02:07,410 We also just launched an insider's group on Facebook. 29 00:02:07,680 --> 00:02:11,880 And I encourage each of our listeners to join the group, to continue the conversation from the show. 30 00:02:12,180 --> 00:02:14,910 It's a great place to share ideas for the show. 31 00:02:15,150 --> 00:02:18,180 Discuss your triumphs and even talk about your challenges. 32 00:02:18,410 --> 00:02:21,060 There'll be a link to the Facebook group in the show notes today. 33 00:02:21,423 --> 00:02:24,540 Well, let's start with a key verse from Proverbs chapter 27. 34 00:02:24,540 --> 00:02:25,380 Verse 23. 35 00:02:25,680 --> 00:02:28,680 You know, I always like to ground us in scripture before we get started. 36 00:02:29,070 --> 00:02:29,970 And it says this. 37 00:02:30,230 --> 00:02:38,910 Know well, the condition of your flocks and give attention to your herds I will tell you this on the way over this morning, I checked on those cows and they look like they're doing great. 38 00:02:39,120 --> 00:02:43,940 It seems like it's going to be a bit of a rainy day here on the farm, but at least I've checked on the herds. 39 00:02:43,980 --> 00:02:47,580 Well this verse reminds us that God calls us to be diligent stewards. 40 00:02:47,940 --> 00:02:49,380 Of what he has given us. 41 00:02:49,470 --> 00:02:51,870 And remember he's given it all to us. 42 00:02:52,170 --> 00:02:54,780 So let's play close attention to our financial condition. 43 00:02:55,110 --> 00:02:56,850 And make some key improvements. 44 00:02:57,183 --> 00:02:59,940 So let's get into our discussion about spring cleaning our finances. 45 00:02:59,940 --> 00:03:02,970 I promised you seven actionable steps to get you started. 46 00:03:02,970 --> 00:03:04,830 So let's get into it right now. 47 00:03:05,100 --> 00:03:06,180 And step number one. 48 00:03:06,600 --> 00:03:07,950 This is the starting point. 49 00:03:08,190 --> 00:03:11,340 You want to gather your financial records and documents. 50 00:03:11,580 --> 00:03:18,600 First gather up all your financial records, your documents, your bank statements, your credit card statements, all your files. 51 00:03:18,810 --> 00:03:28,320 Make sure you collect your tax returns, your bank and investment statements, your bills, your receipts, your insurance policies, and any other financial items. 52 00:03:28,470 --> 00:03:30,840 This is a time to gather all those things together. 53 00:03:31,050 --> 00:03:33,640 Well, you might ask why am I doing that Ralph? 54 00:03:33,660 --> 00:03:35,250 Well, here's a good time to do this. 55 00:03:35,460 --> 00:03:39,480 You're going to organize them into folders or binders by year and category. 56 00:03:39,810 --> 00:03:41,850 This is a great opportunity to shred anything. 57 00:03:41,850 --> 00:03:47,580 You no longer need to keep having everything in one place will give you a clear picture of your finances. 58 00:03:48,030 --> 00:03:53,550 One of the things we do when we spring clean is to make sure that all the things we still are looking at are relevant. 59 00:03:53,760 --> 00:03:56,580 It's a great time to shred items, which are no longer needed. 60 00:03:56,850 --> 00:03:59,010 And make sure you still have those items you will need. 61 00:03:59,280 --> 00:04:02,870 It's a good time to look at those insurance policies and make sure they're still up to date. 62 00:04:03,260 --> 00:04:04,710 Look at those tax returns. 63 00:04:04,860 --> 00:04:11,010 If you've got old tax returns that are past their prime or past that seven to 10 years, it's a good time to shred them. 64 00:04:11,010 --> 00:04:12,210 Why hold onto those things? 65 00:04:12,420 --> 00:04:19,140 So that's the first step, like I said, the first step gather all your financial records and organize them. 66 00:04:19,230 --> 00:04:20,850 So let's move on to step number two. 67 00:04:21,269 --> 00:04:24,120 And that's review your spending from the past year. 68 00:04:24,300 --> 00:04:31,020 carefully review your spending from the past year, dig up old bank and credit card statements and categorize all your expenses. 69 00:04:31,290 --> 00:04:37,080 If you're not keeping track of those on a monthly basis, this is a great time to take a look back and see what you're doing. 70 00:04:37,320 --> 00:04:38,909 Look for spending patterns. 71 00:04:38,909 --> 00:04:42,930 I look for unnecessary expenses and places you can cut back. 72 00:04:43,320 --> 00:04:46,620 Here's a great time to identify your biggest money leaks. 73 00:04:46,919 --> 00:04:54,180 This spending review will reveal areas needing improvement, but if you don't take the time to dig into it, you're never going to find those areas. 74 00:04:54,419 --> 00:04:59,580 This is also a great time to enlist the insistence of a financial app to keep track of your finances. 75 00:04:59,850 --> 00:05:03,630 I did a show a few weeks ago about the best apps for managing your personal finances. 76 00:05:03,840 --> 00:05:05,850 And I encourage you to go back and listen to that. 77 00:05:06,120 --> 00:05:07,710 Well, let's move on to number three. 78 00:05:07,890 --> 00:05:11,460 So once you've gathered all your documents, you've looked at your spending. 79 00:05:11,560 --> 00:05:13,659 Now it's time to set some clear financial goals. 80 00:05:14,110 --> 00:05:16,030 Do you want to pay off debt? 81 00:05:16,330 --> 00:05:18,250 Do you want to boost your savings? 82 00:05:18,460 --> 00:05:25,990 Do you want to increase giving this is a time to be as specific as possible with timeline-based smart goals. 83 00:05:25,990 --> 00:05:28,360 Again, I did a show about those smart goals in the past. 84 00:05:28,659 --> 00:05:34,659 I would highly encourage you to go back and listen to this, but you want to write them down and commit to sticking to them. 85 00:05:34,960 --> 00:05:39,460 It's great to make goals, but if you don't put those into action, you're not going to accomplish everything. 86 00:05:39,729 --> 00:05:50,080 So here's another verse from scripture it's verse 21:5 from Proverbs that says this, the plans of the diligent lead surely to abundance and Hey, that's what we really want. 87 00:05:50,289 --> 00:05:54,130 But everyone who is hasty comes only to poverty. 88 00:05:54,430 --> 00:05:56,320 that is a sharp edge on that. 89 00:05:56,560 --> 00:05:59,080 So be diligent and plan wisely. 90 00:05:59,289 --> 00:06:03,099 Let's move on to step number four and that's make a detailed budget. 91 00:06:03,370 --> 00:06:05,320 This is a great time to revise your budget. 92 00:06:05,440 --> 00:06:08,349 Or if you don't have one, create one, remember this? 93 00:06:08,560 --> 00:06:10,990 I say this probably two or three times a week. 94 00:06:10,990 --> 00:06:12,280 You're probably tired of me saying it. 95 00:06:12,690 --> 00:06:22,020 what gets measured gets done with your goals made it's time for a detailed budget list, your income, then break your expenses down into categories. 96 00:06:22,200 --> 00:06:23,910 Categories such as housing. 97 00:06:24,270 --> 00:06:30,180 Food utilities, transportation, et cetera, whatever categories work the best for you. 98 00:06:30,450 --> 00:06:35,430 And then you want to develop a budget realistically for your needs while aligning with your financial goals. 99 00:06:35,700 --> 00:06:37,740 You set those goals in the previous step. 100 00:06:37,950 --> 00:06:42,060 Well, now it's time to put those goals into action and build a budget around it. 101 00:06:42,270 --> 00:06:46,200 There are a ton of budget templates to track or keep track of your spending. 102 00:06:46,200 --> 00:06:53,640 You can find those online Proverbs again, 27 12 says the prudent sees danger and hides himself, but. 103 00:06:53,700 --> 00:06:55,560 The simple, go on and suffer for it. 104 00:06:55,830 --> 00:06:58,590 So be prudent and make a wise budget. 105 00:06:58,890 --> 00:07:03,600 This is the time to really focus in on your goals and create an action plan. 106 00:07:03,630 --> 00:07:07,590 That's what a budget is no more than an action plan of how to accomplish those goals. 107 00:07:07,860 --> 00:07:12,600 Now I'm going to move on to step number five and this isn't for everyone, but I think it's a good thing to do. 108 00:07:12,840 --> 00:07:14,730 And that's automate your finances. 109 00:07:15,000 --> 00:07:21,990 Automating your finances will keep you on track, set up automatic bill pay and transfers to savings that happen automatically. 110 00:07:21,990 --> 00:07:25,620 I truly don't understand those who have a hesitancy in doing this. 111 00:07:25,860 --> 00:07:28,290 It's a great way to keep yourself organized. 112 00:07:28,650 --> 00:07:33,720 You can start off by having a portion of your paycheck directly deposit into savings or to giving. 113 00:07:34,170 --> 00:07:38,340 Automation helps build consistency and it helps build that discipline. 114 00:07:38,580 --> 00:07:43,740 And as Proverbs 13, four says the soul of the sluggard craves and gets nothing. 115 00:07:43,950 --> 00:07:47,280 While the soul of the diligent is richly supplied. 116 00:07:47,880 --> 00:07:49,740 Automate so you can be diligent. 117 00:07:49,800 --> 00:07:53,220 Hey, if God put it in scripture, it must be important. 118 00:07:53,670 --> 00:07:55,140 Let's move on to number six. 119 00:07:55,470 --> 00:07:57,510 And that is once you've done all these other steps. 120 00:07:57,780 --> 00:08:06,450 It's time to simplify and streamline, get rid of unnecessary complexity, consolidate old bank and investment accounts. 121 00:08:06,450 --> 00:08:13,710 If you got multiple bank accounts and it doesn't make sense to have them anymore, this is a time to consolidate the same thing with investment accounts. 122 00:08:13,710 --> 00:08:20,880 You don't know how many times I've met with clients who have this account and that account I say to them, is there a reason why you have so many accounts? 123 00:08:21,000 --> 00:08:27,030 Well, no, Ralph, you know, I had this account back when I did this and this is, this is a great time to consolidate. 124 00:08:27,030 --> 00:08:27,210 It's also. 125 00:08:27,240 --> 00:08:30,870 Also a great time to call service providers to negotiate better rates. 126 00:08:31,050 --> 00:08:34,170 You'll maybe you call your cell phone provider. 127 00:08:34,260 --> 00:08:38,550 Maybe you call your internet or cable TV provider, call your insurance provider. 128 00:08:38,850 --> 00:08:44,460 This is a great time to negotiate with them and see if you can get better rates and a pet peeve of mine. 129 00:08:45,000 --> 00:08:52,020 While you're looking at your statements, figure out what services you're subscribed to and unsubscribe from unnecessary services. 130 00:08:52,260 --> 00:08:55,050 It amazes me how many people pay for services. 131 00:08:55,050 --> 00:08:59,160 They don't use, they don't need, but every month it just drafts out of their account. 132 00:08:59,400 --> 00:09:01,230 So simplify your financial life. 133 00:09:01,230 --> 00:09:02,700 So it's easier to manage it. 134 00:09:03,090 --> 00:09:06,180 The book of Ecclesiastes, chapter 5:13 says this. 135 00:09:06,480 --> 00:09:12,150 There is a grievous evil that I have seen riches were lost through bad affairs. 136 00:09:12,510 --> 00:09:16,530 Don't be a loser riches are lost through bad affairs. 137 00:09:16,530 --> 00:09:19,139 So streamline your finances to avoid this evil. 138 00:09:19,139 --> 00:09:22,979 Remember it says this, there is a grievous evil that I have seen. 139 00:09:23,279 --> 00:09:25,229 riches were lost through bad affairs. 140 00:09:25,259 --> 00:09:26,819 Don't be a person with bad affairs 141 00:09:27,150 --> 00:09:28,889 and finally get to number seven. 142 00:09:29,189 --> 00:09:30,989 And this one is critical. 143 00:09:31,229 --> 00:09:32,939 A lot of people can't do this on their own. 144 00:09:32,939 --> 00:09:34,709 So it's time to get accountability. 145 00:09:35,009 --> 00:09:35,849 And support. 146 00:09:36,239 --> 00:09:46,139 Finally get some external accountability and support, share your goals and budget with a financial mentor or an accountability partner consider meeting with a financial advisor. 147 00:09:46,139 --> 00:09:50,729 A coach, a lot of people will do this as an entry-level meeting for free. 148 00:09:51,030 --> 00:09:54,930 If you're interested in setting up a financial counseling appoint with me, and yes, I do that. 149 00:09:55,170 --> 00:09:56,369 I work with people. 150 00:09:56,519 --> 00:10:01,019 We have a zoom meeting or an in-person meeting if you happen to be in Delaware, but we can do it on zoom. 151 00:10:01,019 --> 00:10:05,609 I say, I do this all the time where I'll sit down with you and go over your financial picture. 152 00:10:06,030 --> 00:10:09,269 We can develop short term, intermediate term and longterm plans. 153 00:10:09,479 --> 00:10:11,129 I will help you build a budget. 154 00:10:11,369 --> 00:10:16,469 I will help you get a game plan to go forward with so that you can achieve those goals. 155 00:10:16,499 --> 00:10:23,550 If you're interested in doing that, simply go to askralphpodcast.com/store, and you can schedule a consultation right there with me. 156 00:10:23,550 --> 00:10:24,300 And remember this. 157 00:10:24,749 --> 00:10:34,709 The book of Proverbs chapter 11, 14 says where there is no guidance, a people falls, but in an abundance of counselors, there is safety. 158 00:10:34,979 --> 00:10:35,759 Do you hear what that says? 159 00:10:35,759 --> 00:10:39,839 It says, but in an abundance of counselors, there is safety. 160 00:10:39,989 --> 00:10:44,879 So that means you need to seek wise guidance for the safety of your finances, 161 00:10:44,879 --> 00:10:45,780 Well there you have it. 162 00:10:46,109 --> 00:10:48,900 Seven steps to spring, clean your finances. 163 00:10:49,050 --> 00:10:56,280 They're not difficult by gathering your documents, reviewing, spending, setting goals, making a budget. 164 00:10:56,759 --> 00:11:00,269 Automated simplifying and getting support. 165 00:11:00,479 --> 00:11:02,160 You'll get your financial house in order. 166 00:11:02,160 --> 00:11:06,810 I promise you folks, if you'll do these seven things, you will see results. 167 00:11:06,869 --> 00:11:09,599 It might not be overnight, but you will see results. 168 00:11:09,599 --> 00:11:15,479 It takes diligence and prudent planning, but the reward is financial peace and generosity. 169 00:11:15,900 --> 00:11:20,620 And we all need to find that the Bible reminds us to steward our resources wisely. 170 00:11:20,860 --> 00:11:29,140 So take time this spring to tackle these action steps, declutter that budget, organize your money and align your finances with your faith. 171 00:11:29,320 --> 00:11:31,030 How many times have you thought about. 172 00:11:31,510 --> 00:11:38,890 Are my finances align with my faith, becoming a why steward allows you to use what God has given you for kingdom purposes. 173 00:11:39,220 --> 00:11:41,500 If you're not stewarding your resources. 174 00:11:41,500 --> 00:11:42,340 Listen, I had a. 175 00:11:43,030 --> 00:11:43,930 Interview the other day. 176 00:11:43,930 --> 00:11:45,160 And I said this to somebody. 177 00:11:45,520 --> 00:11:51,250 If your financial house is not in order, you are never going to be in a position where you can help others. 178 00:11:51,460 --> 00:11:56,680 So visit askralphpodcast.com for more financial wisdom, and be sure to share this episode. 179 00:11:56,950 --> 00:11:58,840 I want to ask you for a special favor today. 180 00:11:59,170 --> 00:12:02,890 I want you to picture someone who is really struggling financially. 181 00:12:03,130 --> 00:12:07,450 Think about that person in your life, whether it be a friend or a family member or a colleague at work. 182 00:12:08,050 --> 00:12:11,560 And I want you to make a point of sharing today's episode with them. 183 00:12:11,770 --> 00:12:15,040 And the show in general, my goal is very simple. 184 00:12:15,370 --> 00:12:19,240 My goal is simply to help people achieve financial prosperity. 185 00:12:19,480 --> 00:12:25,660 I'm not talking about some pie in the sky idea just to provide for themselves and their family. 186 00:12:25,860 --> 00:12:26,860 But the truth is folks. 187 00:12:26,860 --> 00:12:29,170 We are all living in tough financial times. 188 00:12:29,350 --> 00:12:36,670 The president might say that people have money and things are great, but I don't know about you when I go to the grocery store and everything costs more. 189 00:12:36,790 --> 00:12:37,150 When I go. 190 00:12:37,210 --> 00:12:39,070 To fill up my tank of gasoline. 191 00:12:39,070 --> 00:12:45,100 It costs more, we are in tough financial times and we all need to find resources to help us. 192 00:12:45,250 --> 00:12:46,790 So please share the show. 193 00:12:47,260 --> 00:12:54,970 Share with everybody, you know, and let's grow the audience and reach more people with a positive message of financial prosperity from a Christian perspective. 194 00:12:54,970 --> 00:12:58,480 Remember we always ground ourselves in our Christian perspective. 195 00:12:58,660 --> 00:13:04,450 So as I always say before I sign off, stay financially fit and may God bless you today. 196 00:13:06,150 --> 00:13:09,000 Outro: Thank you for joining us on the AskRalph podcast. 197 00:13:09,130 --> 00:13:12,770 And with a simple click to subscribe, we'll invite you back to our next episode. 198 00:13:12,950 --> 00:13:16,020 And remember, financial issues don't have to be complicated. 199 00:13:16,320 --> 00:13:17,360 Just AskRalph. 200 00:13:17,780 --> 00:13:23,390 The information contained in this episode of AskRalph is based on data available as of the date of its release. 201 00:13:23,449 --> 00:13:26,360 Saggio Accounting Plus and AskRalph Media Inc. 202 00:13:26,520 --> 00:13:29,870 is under no obligation to update this content if changes occur. 203 00:13:29,960 --> 00:13:40,610 Applying this information to your specific situation requires careful consideration of all facts and circumstances, and any information provided is not to be considered as financial, tax, or legal advice. 204 00:13:40,750 --> 00:13:44,700 Please consult your tax advisor or attorney before acting on any material covered.