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The Money Talks Edu Mobile Personal Finance App is a valuable tool for beginners looking to take control of their finances. With its user-friendly monthly expense tracker, users can effortlessly keep tabs on their spending, enhance their savings objectives, and utilize their time effectively. The app offers a free consultation with a financial professional, available for one session or on a monthly basis, ensuring that expert guidance is always accessible.  
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    This agreement is made between Money Talks Edu (“Financial Coach” or “Coach”) and ________________________________________________________________________ (“Client”). By this agreement, the Client retains the Financial Coach to provide monthly advisory services under the following terms: Section 1. Financial Coaching Services. The coach will provide financial advice monthly. While specific outcomes cannot be guaranteed, the Client has the responsibility to direct the focus of the advice. Although investments may be discussed during coaching sessions, this agreement does not intend to provide investment advice. The Client is encouraged to consult a Personal Financial Planner or Personal Financial Advisor for such guidance. The primary aim of financial coaching is to assess your current financial situation and educate you on how to achieve your financial goals. This includes offering recommendations for specific courses of action. As a Financial Coach, I will not provide tax or legal advice; however, I may refer you to professionals in those fields. The services offered by the Coach to the Client include financial coaching, which encompasses one-on-one sessions as well as email and text support and research services. These services will be tailored in collaboration with the Client. The Client acknowledges that the effectiveness of the coaching relationship relies on the Client's willingness to engage fully. Please note that Financial Coaching is distinct from investment advice or financial planning. Coaching aims to empower clients through education and skill-building, enabling them to make informed financial choices. Coaching services include clarifying goals, brainstorming solutions, asking insightful questions, and teaching clients how to find, understand, and utilize tools, information, and financial data available in the public domain. Clients have the right to decline or counter any coaching requests, and the coach agrees to uphold the highest level of confidentiality. During the financial coaching program, the coach may share information, independent research, or opinions on stocks, funds, insurance products, and other services from external sources that are believed to be accurate but are not guaranteed. This information should not be interpreted as a solicitation to buy or sell any specific securities or products. Financial coaching is not a substitute for financial advisory and planning services; rather, it equips clients to engage more effectively with financial advisors, planners, and brokers. Coaches can work on a fee-for-service basis and/or receive commissions or other compensation from brokerage or financial services firms. As part of the services offered to the Client(s), they will have access to Enriches award-winning financial literacy platform. This platform provides the Client(s) with opportunities to learn about various financial topics outside of scheduled meetings, including budgeting, debt management, insurance, credit, home buying, and saving for financial goals. The Client(s) explicitly agrees that their participation in coaching is entirely voluntary and that they assume all investment and financial risks associated with this activity. Section 2. Coaching Fees. Coaching sessions usually last between 45 minutes and one hour. These consultations are offered at no cost, allowing us to get to know each other and determine if you and the coach can establish a comfortable rapport. Section 3. Communication. The Client can reach out to the Coach via email, text, or phone call only to share updates on their progress and to discuss any issues that may arise. After completing the six months, we will evaluate together the next steps. Additional monitoring sessions are usually recommended for up to one year or longer, depending on individual circumstances. Section 4. Confidentiality. Unless otherwise agreed upon or required by law, Coach will maintain the confidentiality of all information regarding clients' identities, financial matters, and investments. Money Talks Edu adheres to a fiduciary duty standard, which means our coaches are committed to acting in the best interests of the clients to whom they owe this duty. Under no circumstances will Money Talks Edu coaches prioritize their interests over their fiduciary responsibilities, nor will they profit from their role as fiduciaries. By accepting the terms and conditions of Money Talks Edu, you authorize our coaches to provide you with advice that they believe is in your best interest. Section 5. Termination. This agreement shall remain in effect for the duration specified above or until either party provides written notice of termination via text message or email to the other party. Section 6. Client Responsibility. I, the Client, accept full responsibility for the financial decisions I make and will not hold the Coach accountable for any consequences resulting from my choices or actions. I understand that the goal of Financial Coaching is to: - Help me understand issues, resolve problems, and pursue my financial goals. - Provide me with information, education, and guidance so that I can make informed decisions. - Assist me in identifying and utilizing resources to meet my needs and enhance my financial wellness. - Support me in developing and maintaining a spending plan. - Help me with basic money management and saving toward my goals. - Improve my understanding of credit and how to use it effectively. - Reduce my stress and anxiety regarding money management. - Teach me how to make my money work harder for me. I recognize that my Coach will not make decisions on my behalf or communicate with creditors or others for me. Ultimately, making decisions and taking action is my responsibility. I understand that my Coach will provide support and encouragement throughout the engagement, but I am solely accountable for my actions.
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    Budget Tips
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    Establish a Clear Financial Goal
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    • 1. Save Regularly: Set a consistent savings plan to build your emergency fund, aiming for three to six months’ worth of living expenses.
    • 2. Invest Wisely: Research different investment options, such as stocks, bonds, or mutual funds, to grow your wealth over time and achieve long-term financial security.
    • 3. Purchase a Home: Consider homeownership as a goal to create stability and build equity. Start by researching neighborhoods, market trends, and mortgage options.
    • 4. Acquire a Vehicle: Plan to purchase a reliable vehicle, whether new or used, to enhance mobility and meet your transportation needs.
    • 5. Establish Credit: Open a credit card or take out a small loan to start building a credit history, which can help you qualify for better rates in the future.
    • 6. *Rebuild My Credit: If your credit score has suffered, create a strategy to rebuild it by paying off debts, making timely payments, and reducing credit utilization.
    • 7. Pay Off Debt: Prioritize paying down existing debts, beginning with high-interest loans, to improve your financial health and free up resources for other goals.
    • 8. Create Additional Income Streams: Explore side jobs, freelance opportunities, or passive income sources to increase your overall income and achieve your financial objectives more quickly.
    • 9. Catch Up on Tax Obligations: Ensure you stay compliant with your tax requirements by creating a plan to settle any outstanding tax issues and avoid penalties.
    • 10. Seek Financial Guidance: Consult with a financial expert or advisor to receive personalized advice and strategies that align with your unique financial situation and aspirations.
    • 11. Cultivating Greater Discipline in My Financial Habits.
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    Identify Your Expenses
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    Keeping track of your monthly budget is essential for understanding how you spend your money throughout the year. By regularly monitoring your expenses, you can identify patterns that influence your finances. This insight enables you to make better decisions and plan your money more effectively. Please select the year for which you're creating your budget.
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    • 2024
    • 2025
    • 2026
    • 2027
    • 2028
    • 2029
    • 2030
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    Kickstart your budgeting journey by reviewing your finances from last month! Start by gathering all your financial statements, credit card bills, and even those little receipts that tend to pile up. Make sure to include transactions made through cash apps like Venmo and PayPal—every cent counts! Next, categorize your expenses. This step is crucial not only for tracking your spending but also for providing you with a clear picture of your creditors and how your money flows. By organizing your finances this way, you'll gain valuable insights that can empower your future financial decisions. Now, please select the month for which you're creating your budget.
    Please Select
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    • January
    • February
    • March
    • April
    • May
    • June
    • July
    • August
    • September
    • October
    • November
    • December
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    Whatever your hustle may be, we know that "time is money"! Understanding your financial situation is crucial, and that's where the term “Gross Monthly Income” comes into play. It represents the complete sum of money you earn each month before any taxes or deductions. To confirm this amount, simply refer to your pay stub from last month, where you will find your “Gross Pay” clearly indicated. This number reflects your total earnings, giving you a clear view of your financial standing before any deductions hit your paycheck. Please provide the specified dollar amount.
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    Your net income represents the actual amount you bring home after all deductions are accounted for. To ensure you're fully aware of your financial standing, please share the total net income from your pay stub for last month. Please provide the specified dollar amount.
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    Emergencies catch us off guard, and for many, living paycheck to paycheck is a reality. Indulging in non-essential items or luxury spends can strain your budget. A smarter approach is to understand the vital link between time and money. By setting aside a portion of each paycheck for unforeseen expenses—like a flat tire or a broken appliance—you can create a financial safety net. Additionally, investing in employer-sponsored retirement plans, such as a 401(k) or 403(b), and contributing enough to take full advantage of any employer match is an essential strategy for long-term savings. What amount do you plan to allocate for savings? Please specify the exact dollar amount, and if you plan to allocate nothing, please enter $0.00.
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    To estimate your utility costs, it's important to note that the average U.S. household spends roughly $400 a month on these services. This typically breaks down as follows: about $117.65 for electricity, $72.10 for natural gas, $70.39 for water, $14.00 for trash and recycling, and around $60.00 for internet service. You can use these figures as a general guideline if you don’t have your specific utility costs available. Alternatively, you can refer to your utility bills from the previous month for more accurate information. Please provide the exact dollar amount for each category.
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    Housing expenses encompass both rental and mortgage costs, each presenting unique opportunities for financial growth. While renting may introduce additional fees, owning a home allows you to invest in your future through mortgage payments that can build equity over time. These costs play a pivotal role in shaping your housing budget and, in turn, your financial journey. Each path—renting or owning—offers distinct responsibilities that align with your personal circumstances and aspirations. Embrace the process of exploring different apartments and houses online, as this research can empower you to make informed decisions about rental and mortgage expenses, paving the way for your dreams. Remember to enter the exact dollar amount for each category.
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    Dining expenses at home can add up quickly, and it’s crucial to take control of these costs. A well-structured budget is essential for managing your spending effectively. Start by reviewing your recent financial statement and calculate the total amounts spent in key areas: groceries, food delivery services like Door Dash or Uber Eats, fine dining experiences, snacks, and any other food-related categories. This analysis will show where you can adjust your budget. Take control of your finances and make smart and healthier choices! Enter the exact dollar amount for each category.
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    When budgeting for transportation expenses, one should consider it akin to planning a road trip. It is essential to meticulously outline your route and allocate funds for ride-sharing services such as Uber and Lyft. Additionally, one must account for costs associated with fuel, tolls, parking, and automobile ownership, which includes expenses for repairs, registration renewals, and licensing fees. Alternatively, for those who prefer a more straightforward approach, public transportation may be a viable option to consider. Enter the dollar amount for each category.
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    Do you require a lot of attention when it comes to personal care, or do you treat grooming as an important part of your routine? Think about the things you typically need to keep yourself looking and feeling good. This includes regular activities like getting your nails done, visiting a hair stylist or barber, and taking care of your personal hygiene. You might also want to consider everyday household items, such as laundry detergent or pet food, that you regularly buy. Enter the costs of these items to get a better idea of how much you typically spend each month.
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    Maintaining a neat and clean appearance is important, so it's crucial to take good care of your clothing. Budgeting for laundry expenses is vital, whether it's for work uniforms, sports gear, or everyday attire. Keep in mind that certain items may need professional cleaning, which should be factored into your budget. Please input the dollar amount for each category below.
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    Keep in mind how you handle your debts as your lines of credit can be a valuable resource. When utilized thoughtfully and responsibly, it has the potential to enhance your financial circumstances. Enter the monthly minimum payment required for each category below.
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    Life insurance is a valuable investment option that serves several important purposes. It can provide financial support through various products; help secure a legacy for your loved ones and assist in covering final expenses and outstanding debts. If you do not currently have any life insurance policies, it is advisable to seek quotes for Term Life, Whole Life, and Index Universal Life Insurance to better understand your options.
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    To truly thrive, we must nurture not only our finances but also our mind, body, and spirit. Embracing a well-balanced life means putting just as much thought into your health and wellness as you do your bank account. Don't forget to factor in those essential medical expenses—whether it’s the cost of medications, those regular doctor visits, or the vitamins and supplements that keep you feeling your best. It’s all part of investing in a healthier, happier you! Enter your monthly health expenses below.
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    Planning how to spend your leisure time is super important. It’s all about finding the right mix of fun and practicality. Are you thinking about catching a live game, hitting up a concert, or checking out some local gigs? Maybe you're more into playing sports or figuring out the perfect vacation. In this section, you'll want to lay out how much cash you're willing to spend or save each month on these entertainment options.
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    Funds contributed to charitable causes, including church tithes can also be included in your budget. How much are you planning to give to your local charity or church?
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    Effective management of fixed monthly expenditures is crucial for sustaining a stable budget. By accurately identifying and monitoring these recurring costs, one can optimize financial planning and enhance overall fiscal health. It is essential to recognize that fixed expenses are those that remain invariant month over month, making them a fundamental component of strategic budgeting practices. Prioritizing the accounting of these expenses is vital for achieving long-term financial objectives.
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    "Disposable income" is the income that remains for individuals or households after deducting all necessary expenses, such as utilities, housing, and essential food items. This financial indicator is crucial for managing personal finances, as it allows for allocation towards savings, emergency funds, investments, or discretionary spending, which includes non-essential items that one can do without.
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    Keep Trach of Your Progress
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