Business Innovators Radio - Episode #66 – Keeping Your Summer Spending in Check – The 15 Minute Financial Feast Podcast – With Mark Triplett & Troy Westendorf

Episode Date: June 12, 2024

We believe that every dollar has a purpose and a timeline. When and how your retirement assets will be used should be understood before making important financial decisions.The Triplett-Westendorf Purpose and Timeline 5 Step Planning Process (PT5) begins with Discovery.Understanding where you are now, and then defining where you want to go (Your Purpose) and when you want to get there (Your Timeline), programs your financial GPS. Our Purpose and Timeline 5-step process (PT5) programs your financial GPS.Learn more: http://triplett-westendorf.com/ | https://mypt5.com/The 15 Minute Financial Feast Podcasthttps://businessinnovatorsradio.com/the-15-minute-financial-feast-podcast/Source: https://businessinnovatorsradio.com/episode-66-keeping-your-summer-spending-in-check-the-15-minute-financial-feast-podcast-with-mark-triplett-troy-westendorf

Welcome to the 15-minute financial feast podcast, bringing you 15-minute segments to help you retire with purpose on time. We're serving up food for thought and bread for the head. Are you hungry to learn? Here are your hosts, Mark Triplett and Troy Westendorf. Welcome to another episode of the 15-minute financial feast. Today, you are listening to the audio from a live television interview where one of our favorite local news station anchors asked us questions about a financial feast. topic on the minds of many hardworking folks in our community who are trying to make good decisions and get ahead. Summer is here and according to Airbnb, people are deep into making

plans. Airbnb says there was a 30% increase in searches for outdoor amenities. Searches in the play category have also doubled this summer. So people are looking for stays that are its own experience all around. And as you plan those trips, keep your wallet in mind. According to a nerd wallet study. One fifth of Americans traveling. Plan to go into debt for vacation. So joining us now, local financial professional,

Mark Triplett from Triplett Westendorf Financial Group. Mark, doesn't sound like a good idea to go into debt for vacation. What are some easy steps people can follow to get on the right path when it comes to financial savings this summer? Well, that last statistic you threw out there really hurts my heart.

Folks, don't go into debt. just to have fun this summer. There are ways to really just have a good time and spend time with family and friends without breaking the budget. One thing I would make sure everybody does or request everybody to do is really set a budget. I know people don't like the B word,

but setting a spending plan really helps keep you on track. Some folks like to have a separate account set up specifically for vacation travels or fun things to do in the summer. But there are a lot of free activities to do right here in the state of Iowa, free festivals, movies in the park, some of these small towns have things like that, or great state parks that we have right here under our noses if we just look up from our phones.

And Mark, what are a few simple tips or pieces of advice we can keep in mind to avoid maybe getting any bad patterns or get into debt this summer? Well, try to avoid using credit cards. It's tempting to do so. It's tempting to put summer activities on a charge card and then pay it off. later. And if you're responsible and you pay off your credit cards immediately and you're just using that out of convenience for points, that's one thing. But if you're carrying balances forward with the higher interest rates today, you're really digging yourself a hole. So instead of using your credit card,

maybe use cash or if the venue you're visiting doesn't take cash, use your debit card that comes right out of your checking account, and then track it. I track everything. I keep receipts. Some folks laugh at me, I guess for that. But I keep receipts from every transaction I do, whether it's cash, debit card, or credit card. I write it down and I track it just as if it was in my checking account, or a checkbook rather, so I know exactly what I was spent because if you don't track it, you can't manage it. And Mark, when it comes to the conversation about finances lately, we've heard a lot about inflation. How does that tie into all of this and how do we make sure that we kind of stay ahead of that as we travel? So I didn't hear that last bit. I'm saying,

Sorry, Cheneu, but I'll leave you guys with this parting words. The retirement is your biggest vacation that you'll ever take, and it's important that you don't sacrifice your future just for fun today. I know we can get a little sidetracked about things you want to do right now, but you've got to look 5, 10, even 25 years down the road, and what kind of decisions you make today and what impact they'll have on your future. All right, all good advice there, Mark. So set a budget, track your spending,

Don't rely too much in that credit card. All good pieces of advice there. Mark, thank you so much for joining us today. Thanks for having me. You've been listening to the 15-minute financial feast podcast. Remember, every dollar has a purpose and every dollar has a timeline. If you have questions about today's topic, schedule a call with a team member. Visit www.mip5.com. Until next time, be sure you're taking steps to retire with purpose on time.

Mark Triplett is an investment advisor representative of and advisory services offered through Royal Fund Management LLC, an SEC registered investment advisor. Nothing contained in this program should be considered an offer to buy or sell securities. Different investments have different risks associated with them, and not all investments are appropriate for all investors.