As the winter season comes to a close, we anticipate the coming of spring and all its joy. Springtime brings with it wedding season and the planning of spring and summer break vacations. My husband and I are in the season of life where we ride the “wedding circuit” each spring and summer. The past two years we have traveled all over to attend weddings, from Houston to Dallas and Mexico City to San Diego. Although we cherish all of the memories made in this season of life, traveling, especially internationally, can be expensive. As a now-seasoned traveler, I have developed some top travel tips to ensure a smooth, enjoyable trip while also being wise with money.

1. Create a budget and do your research. The first thing I do when planning a trip is put together a budget. Flexibility is a necessity when traveling, but an idea of what you are willing and able to spend is essential in the planning process. Research your destination to discover off-season travel times, which may help decrease the overall expense. I find it helpful to jot down an estimate of potential expenses as I research, including flights, meals, excursions, and transportation. Awareness of the total cost can help you scale back where needed and avoid overspending during the trip. For bigger trips on your bucket list, set aside money for a “travel goal” in savings each month.
2. Purchase flights wisely. Many travel assistance websites have the ability to monitor flight prices to identify the best time to buy. If you fly frequently, consider signing up for a free rewards account with your favorite airline to accumulate points. Be wary of booking directly with third-party sites such as Expedia; certain airlines do not offer flexibility for missed flights or rescheduling when the flight is booked indirectly.
3. Book excursions ahead of time. This will allow you to compare costs across multiple different experience groups, choosing the best value for your budget. Paying ahead of time can offer better rates, reduce the hassle, and spread trip costs out over time.
4. Take advantage of discounts. During a recent trip, we discovered that our hotel offered a percentage discount when booking a rental car through a specific company. This can be a great way to cut costs for a service you were going to secure regardless. Contact your hotel’s concierge service to see if there are any discounts they offer for local activities or restaurants.
5. Review insurance coverage. Check with your health insurance plan to see what international coverage options may be available, as benefits often differ internationally. Travel policies are available to cover everything from unexpected delays, medical emergencies, and cancellations. Review refundable options with your hotel, excursions, and airline tickets. Evaluate your risks and ask yourself – am I willing to self-insure, or is insurance the best choice?
6. Choose your credit card wisely. Credit cards can have many benefits abroad but be aware of hidden expenses. For my personal international travel, I prefer using a credit card over a debit card for the extra fraud protection it offers. Find a card that has zero foreign transaction fees and offers attractive travel benefits such as points or miles. Keep in mind what kind of card it will be (Visa, Mastercard, etc.) and choose one that is widely accepted. A credit card’s online app could be helpful to track transactions and contact the bank as needed while abroad.
7. Bring along cash. It is a good idea to have some local currency on hand when traveling abroad. Plan ahead by requesting a currency exchange at your bank before the trip, or visit a major bank upon your arrival. Avoid exchanging at the airport or standalone ATMs abroad, as they tend to have poor exchange rates and higher fees.

With proper saving and financial preparation, you can experience your trip with peace of mind. Work with a CERTIFIED FINANCIAL PLANNER^TM professional to implement a financial plan and work to achieve your goals.

Published in the Victoria Advocate

Sarah D. Nix is a CFP® professional and Associate Advisor with Keller Wealth Advisors.

The new year is upon us, and with it comes the annual ritual of setting resolutions. We vow to exercise more, eat healthier, learn a new skill, or save more and spend less. But as January fades and February arrives, many of us find our good intentions falling by the wayside, and gyms empty to their pre-resolution crowds. Why is it so hard to stick to our resolutions? And how can we increase our chances of success?

I believe the answer lies in creating a New Year’s Resolution Roadmap. Like many of us who returned from our holiday travels in the last month, navigating a successful trip requires planning in advance, realistic milestones, and a roadmap.

Step 1: Define Your Destination
What do you truly want to achieve in the coming year? Be specific and avoid vague resolutions like “get healthier” or “save more money.” Instead, set SMART goals that are Specific, Measurable, Achievable, Relevant, and Timely. For example, instead of “get healthier,” aim to “exercise for 30 minutes, three times a week.” Instead of “save more money”, aim to “increase my emergency fund by 10% within the next six months.” These quantifiable objectives provide clear mile markers and a sense of accomplishment as you cruise toward your ultimate destination.

Step 2: Identify Your Roadblocks
Every driver encounters roadblocks. What has prevented you from achieving your resolutions in the past? Be honest with yourself about your weaknesses and temptations. Recently I found myself disappointed that I often have been missing my gym goals. To counter that, I set a daily alarm to remind myself to go to the gym. Do you struggle with impulsive spending? Lack of motivation? Unhealthy eating habits? Once you identify your roadblocks, you can develop strategies to overcome them.

Step 3: Choose Your Route
There is no one-size-fits-all approach to achieving your goals. Experiment with different techniques and find what works best for you. For example, when it comes to budgeting, some people prefer a spreadsheet, others prefer a mobile app, and even others prefer pen and paper. Do what works for you so that you can stay motivated along your journey.

Step 4: Fuel Up for the Journey
Just like a car needs fuel to reach its destination, you need the right resources to power your resolutions. Surrounding yourself with people who believe in you and are working on similar goals can help you stay motivated and accountable.

Step 5: Enjoy the Scenery!
Take time to appreciate your progress and celebrate your accomplishments. Reaching your goals is a marathon, not a sprint. For instance, I always enjoy a small reward after working out or achieving my financial goals. Celebrating your milestones with small rewards can keep your motivated to continue on your journey.

By following these steps, I hope you can increase your chances of success in your new year’s resolutions. Just like a trainer can help you achieve your fitness goals, a CERTIFIED FINANCIAL PLANNER™ professional can be a great resource to have to help you set, monitor, and achieve your financial goals. Happy New Year!

Published in the Victoria Advocate

David Faskas CFA, CFP® is the Chief Investment Officer, Chief Financial Planning Officer, and a managing member of KMH Wealth Management, LLC.

Recently personal finance news headlines have been flooded with news of budgeting app, Mint, shutting down in January 2024. With over fifteen years in business and millions of users, this leaves many searching for where to go next for their budgeting needs.

Maybe the idea of using a budgeting app does not resonate with you. Perhaps the word ‘budget’ holds a negative connotation in your mind as it did with me for a very long time. I have vivid memories of my parents going through receipts and line by line through the checkbook, manually entering each number onto a spreadsheet on our home computer, and then saving to a floppy disk to revisit again the next month.

Now as a CERTIFIED FINANCIAL PLANNER™ professional, I can sense the same feelings a client or prospect has when they hear the word ‘budget’ as part of our meeting discussion. I have found over the years that hesitancy around budgeting comes from the overwhelming feeling of where to start, or fear that you are doing it wrong. If you find yourself falling into one of these two groups, I hope that the following bits will give you the encouragement to see budgeting in a different light.

#1: Don’t get bogged down in the ‘lingo’.

If you search for budgeting methods on your internet browser, you will find dozens of articles with different approaches of how to ‘best’ budget your money. You’ll hear terms like ‘the envelope system’, ‘the no-budget budget’, and ‘the 50/30/20 budget’, and so on. It’s very easy to get overwhelmed by all the jargon when all you are probably really trying to do is be more responsible with your money and have an idea of where it all goes each month. Take away all the fancy names and a budget is simply a guideline created to make sure that the money coming in is equal or greater to the money going out each month.

#2: There is no one size fits all for tracking your finances.

Just like how people have different learning styles, you can expect people to approach budgeting differently. If you’re someone who is always within reach of your smartphone, a budgeting app may be the best way for you to regularly check in with your budget. If you work in Excel often, you may be happier checking and logging your monthly numbers there. You might find that an online program like Quicken best automates your transaction review and budget organization. The key is finding a system you’re comfortable with and sticking to it. Keep in mind that no matter what system you decide to use to track your finances, it’s going to take some legwork to create. Be realistic with yourself that you’re not going to have every line item figured out on the first day.

#3: Your budgeting habits will change over time.

I believe there is a common misconception that if you begin budgeting you’re going to have to continuously do it the exact same way for…well forever. In reality, what your budget may look like at 30 with kids will look different than what it does at 60 as an empty nester. Your budgeting habits will change. When you first begin budgeting, regardless of what that budget looks like, it’s a good idea to check in at least weekly so that you can keep yourself within the parameters you created. As budgeting becomes a regular habit, you’ll most likely find that checking in every few weeks or at the end of each month is enough to maintain a healthy budget.

The holiday season is upon us and while a new family budget may not be the present that your family hopes to receive, know that financial awareness and security are gifts that will keep on giving. If you’re unsure where to start or want trusted help, seek out a CERTIFIED FINANCIAL PLANNER™ professional.

Published in the Victoria Advocate

Sara Potts is a CFP® Professional and Lead Advisor with KMH Wealth Management, LLC. 

While completing my “fall” cleaning of electronic documents on my hard drive, I came across a list of 10 Financial Health Tips. I had written these for a luncheon featuring a women’s financial panel a few Novembers ago. To justify keeping this list, I decided to recycle and revamp for your reading pleasure today.

1. Diversify your investments – Spread your money among different investments to reduce overall risk. To put another way, don’t plant a garden with all the same seed. If you’ve ever kept a garden, you’ll understand that variety is key. Despite your efforts, inevitably one type of produce will not sprout or will be less bountiful.
2. Review insurance policies often – I read something this week that said the average person spends less than an hour reviewing and understanding their open enrollment decisions. Likely just checking the box to keep things the same as the previous year and not knowing what they are or are not insured for. I dive deeper into this financial health tip in a separate article “Insurance Tips and Tricks”.
3. Review your finances regularly – You should have a feel of where you stand with your finances and where your money is going…are you on track to meet your goals? If you can’t answer that question, you may need to first review your goals then take a closer, more frequent look at your overall financial picture, including budget and net worth.
4. Don’t carry a balance on your credit card – My credit card company could be considered my second employer. They are constantly paying me cash back for purchases. Have a healthy relationship with your card by swiping then paying the FULL balance each month. An outstanding balance would be subject to a huge interest charge and would eat into your credit card perks.
5. Make automatic retirement plan contributions – Whether through payroll deductions to your employer sponsored plan or setting up a monthly contribution to an Individual Retirement Account, making savings automated is an easy way to maintain your savings goals.
6. Be engaged in your finances to understand what’s going on – Letting your personal finances be your spouse’s “thing” or not asking questions to avoid feeling unintelligent are recipes for disaster. Feel empowered by knowing about your finances and ask questions to fill in the gaps.
7. Know how much you are paying in fees on your investments – There are costs associated with investing that decrease return. Shop and compare fees associated with your investments and the cost associated with managing.
8. Make payments in advance of the due date – Late payments are avoidable. Auto pay is a heaven-sent tool.
9. Know how to be frugal – Frugal doesn’t mean cheap. Frugal is being prudent or economical in the consumption of resources. Make smart money decisions by considering value, necessity, and affordability.
10. Shop wisely – Especially for large or consistent purchases, shop wisely. Consider and compare total cost of ownership; how long something will last; is it better to buy in bulk; quality over quantity.

Readers of this article may be different than the original women’s organization audience they were written for, but these tips still hold value. Our own financial health is something we all should continuously be monitoring and improving to keep in tip-top shape.

Published in the Victoria Advocate

Beth Koonce is a CFP® Professional and Lead Advisor with KMH Wealth Management, LLC.