Today on the Dads with Daughters Podcast we have David Domzalski of RuntheMoney.com and the Dad Devotionals Podcast joining us to talk about money and finances in these strange times that we are in. David offers some practical tips and hints to think about as you think about your money in the short and long term.
David shared his experiences with his kids including his 2 year old daughter, and you can tell that he’s learning like all of us have to, but he has definitely had to learn from others to be able to do this. He has learned a lot about how to and not to parent but he is also learning every day.
David has been talking about money and finances on his site, Run the Money. This site combines his passion for personal finance and running and allows him to talk about a lot of topics to be able to help people to make good decisions for their financial future.
As David mentioned, there is no certainty right now, which means that long term planning is challenging. You do need to talk to your financial planner about any decisions you want to make because of the strange times that we are in.
When it comes to budgeting though, you have to have a hard reset when it comes to budgeting. Some people have been stockpiling things which makes a regular budget go out the window. This may not seem rational, but for some, it is important to understand that your brain will process these things in different ways.
If you are getting a stimulus check, you need to look at that and re-consider what you can or cannot pay for. What can you pay down, or not pay.
Now is also the time you have to really think about the things you really need. Now, when things are shut down for the foreseeable future, what are things that you can cut. What are things that your kids may not need or that you may not need that you can cut for the future. Take a moment to really look at what you are paying for on a monthly basis that you can cut, things that you might not be missing.
David Domzalski encourages you to divert 50% of anything that you do have coming in into savings to make sure that you have some money there to fall back on if you really need it.
There is also an opportunity to make more money. If you are on unemployment, assess what skills you do have, especially in an online environment. You can pivot and start to make some money online. If you have skills that are in the healthcare field or that are transferable in this field, there are so many opportunities in this area. Whether this means going back for more education, you have an opportunity to serve others in new ways.
Start early talking to your kids about money. Whether that is just understanding what money is worth but also combining math, economics and more, all of this helps your kids to better understand the value of money. You need to have real conversations about how long it takes for you to be able to afford the things that you do have.
Have a conversation with your partner about what you want or do not want in regards to money and finances. Make sure that you are on the same page in regards to how you want your money to be saved or spent. Get on the same page about money, finances and more especially now that you are in so close of distance together. If you take a step back and think of your own life, you have to think about the positive things that you have and that you can take away from this experience that we are in.
In the end you have to be able to think about what are the non-negational things that you must have in your life. Identify these now so that when we come out of this, you will be ready to do what will make you, and your family happy!
Find out more about David Domzalski