Stacked Intent

Seasons for Your Finances

Becca Stackhouse-Morson Season 5 Episode 11
  • Did you know that our finances have season just like the fruit, flowers, and so much more? Because we simple have seasons happening all around us for the activities, back-to-school shopping, holiday celebration, or even the summer vacation and expenses. 
    • These can be seasonal strains on our yearly budget, but we also have life seasons of change in our finances. 



Call to action: Figure out the season you are in and what you want your long term goals to be and then work on your plan to reach your goals per each season and stage of your life. 


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Let’s simple talk about season within your financial journey, because we are bound to have them throughout our lives, and they are most definitely going to change. We each faces different seasons with our finances that are a stage of life and some are a season within the year. 

  • Understanding the different ages and season within a financial journey.
  • Understand the different season you’ll find yourself within. 

Did you know that our finances have season just like the fruit, flowers, and so much more? Because we simple have seasons happening all around us for the activities, back-to-school shopping, holiday celebration, or even the summer vacation and expenses. 

  • These can be seasonal strains on our yearly budget, but we also have life seasons of change in our finances. 

Topic 1: The different ages and season in our financial journey 

  • The Accumulation Season
     
    • The accumulation season starts at about the age of 20 and goes until we are around 55, as you can see this is typically our longest financial season. Because what we do during this season will really set us up for the rest of our life. This is remembering to set up financial objectives of saving and investing. 
    • One way to do this is leveraging your employer-sponsored retirement plan. 
    • High Yields Savings 
    • These hard-earned savings is to enjoy life now but be able to help yourself in the seasons to come as you watch your seasons grow. 


  • The Preservation Season 
    • This is between the age of 55 to 65 that you are key here in protecting the assets for retiring and being ready to assess the risk tolerance. You are still going to have some ups and downs without panicking for your investments. 
    • This stage is where you are going to begin to transition into being more conservative with your investments. 
  • The Distribution Season 
    • It is important to look at the tax liabilities in retirement and when you are withdrawing from retirement accounts to make sure you are setting yourself up for success throughout retirement. 
  • The Succession Season 
    • This is the season of where you want your money to go once you’ve passed away. This is why it is important to have an estate plan in places. 

 

  • Topic 2: Different Financial Season You’ll Find
     
    • Throughout the seasons you’ll find yourself in it’ll help to have a budget or spending plan that you have created to help you be able to identify the ebs and flows within the seasons of your finances. 
    • Spending Season 
      • Do you ever feel like money is just flowing out? There is no stop to it coming. This can be that you are in a particular time of the year that we tend to spend more money. This can tend to happy to us during summer vacations, holidays because they bring us social gatherings and gifts. 
      • Events such as: Moving, Weddings, or having a baby can all be seasons that trigger a spending. We even have seasonal spending such as times of years that we put out more than we are able to keep in such as birthdays, holidays, vacation time, and school related cost. Just remember it can be easier if you have budgeted in these seasons of spending. 
      • The key to handling a season of spending it to be prepare. This can mean saving in advance for expenses or factors that are coming from a goal. Most of the time we can plan for the seasons of spending. Though sometimes we do have those unexpected times that slap us in the face to crip up around the corner. These are the moments to have an emergency savings built up. 
      • This can be helped by you making sure that you have your spending prioritize around your goals. 
      • Sales and Discounts can help you here as you keep an eye out for special offers that are happening with a brand or product you have your eye on. This is definitely one of my favorite ways to shop is to have an idea for those I will be needing to purchase gifts for throughout the year and when I see something special for a person, being able to grab the 80% off or bogo deals. Though let’s be honest here is that sometimes even the best of deals we have to pass up!  
    • Savings Season 
      • There are in between moments that a season of saving can happen. Though this might be a hard season to find at a moment that funds are tight for one reason or another reason. Though you might be able to find this season at an annual bonus or tax refund. 
      • Savings takes being very internal when you have a bonus or tax refund by going ahead with the number or specifics you want to place into your savings. Create the habit and practice of not spending the money until you have it within your checking account. This one you will always thank yourself for, because it is a bad practice to spend more before you have it if you can get to the point of living ahead. Which yes this can be a struggle. 


  • Hibernation Season 
    • This is a season in life to not just push through but focus your energy when you are struggling with motivations. Perhaps you’ve already had a financial plan in places that’ll be able to just be in a maintenance mode. This is why it is important to have a plan in place that is actual to your day in and day out budget. 


  • Action Season 
    • This is the stage in which you are ready and willing to work on your financial plans. 
      • You are dedicated to creating a budget and having a plan to pay off debt. This can happen at this anytime of the year.  Harness this energy can be stressful and hard for the follow through but rewarding on the other side. 


 Call to action: Figure out the season you are in and what you want your long term goals to be and then work on your plan to reach your goals per each season and stage of your life. 

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