At Walters Financial Wellness, we believe that achieving your financial goals starts with awareness and consistency. Tracking your income, expenses, savings, and debt doesn’t have to be complicated or expensive. In fact, several free tools can help you stay on top of your financial progress and make informed decisions along the way. 

1. Mint

One of the most popular free budgeting tools. It connects your bank accounts, credit cards, and loans to automatically track spending, categorize transactions, and provide a complete picture of your finances. You can set savings goals, get bill reminders, and monitor your credit score, all in one place. 

Best for: Individuals who want an all-in-one budgeting and expense tracking solution.

2. Personal Capital

Personal Capital is often associated with investment tracking, but it also offers budgeting tools for free. You can view your cash flow, analyze your spending habits, and track your net worth over time. 

Best for: People who want to manage their day-by-day finances while keeping an eye on long-term investments.

3. Goodbudget 

If you like the envelope budgeting method, Goodbudget offers a simple, free digital version. It helps you allocate your income to different categories (or envelopes) so you can control your spending and stay on budget.

Best for: Couples or families who want to budget together using a shared system.

4. EveryDollar (Free Version)

The free version on EveryDollar provides a zero-based budgeting system where you plan every dollar before the month begins. It’s great for those who are new to budgeting.

Best for: Beginners

5. Your Bank’s Mobile App

Most banks provide free tools through their mobile banking app. 

Best for: Those who prefer minimal setups and want to keep all their financial tracking in one place.

Getting Started

Picking the tool you use isn’t as important as just picking one and sticking with it. The best tool is the one you use consistently. Be sure to review your progress regularly. Set aside time daily, weekly, or monthly (what ever works for you and your family). During this time, combine tracking and planning. Both are important to ensuring that your money goes where you want it to.

Contact Us

At Walters Financial Wellness, we encourage our clients to start small, build strong habits, and leverage free resources to create a clearer picture of their financial health. Planning  ahead can be hard, but you don’t have to do the process alone.  Contact us today for an appointment!

*Note: Not sponsored or affiliated with tools and apps listed above

When it comes to improving your financial knowledge, the right book can make all the difference. Whether you’re just starting your financial journey or looking to improve your investment strategies, financial books can provide invaluable insights. 

1. The Intelligent Investor by Benjamin Graham

This book is often referred to as the bible of investing. It offers deep insights into value investing, risk management, and the psychology behind smart investing. Even Warren Buffett calls it one of the most important books ever written on the subject. 

2. Your Money or Your Life by Vicki Robin & Joe Dominguez

This book is more than just about money—it’s about aligning your spending with your values and achieving financial freedom through conscious choices. It’s perfect for anyone looking to redefine their relationship with money. 

3. The Millionaire Next Door by Thomas J. Stanley & William D. Danko

This research-based book breaks down the habits and characteristics of everyday millionaires. Surprisingly, most of them don’t live lavish lifestyles!

4. I Will Teach You to Be Rich by Ramit Sethi

A modern, straightforward guide for millennials and Gen Z, this book covers everything from automating finances to conscious spending and investing without guilt.

5. Thinking, Fast and Slow by Daniel Kahneman

Not a finance book in the traditional sense, but this book is an essential read for anyone who wants to understand how psychology affects financial decisions. It teaches readers how to avoid cognitive biases that often lead to poor money choices.

Why Reading Finance Books Matters

Financial literacy is not just about knowing where to invest. It’s also about changing the way you think about money. By reading the right books, you gain the tools to make better decisions, reduce financial stress, and plan for a secure future. 

Walters Financial Wellness

At Walters Financial Wellness, we help individuals and families take control of their finances with personalized strategies. Start with a book from this list, and you’ll already be a step ahead.

*Note: Not sponsored or affiliated with the books listed.

For active duty service members, your Basic Allowance for Housing (BAH) is one of the most valuable benefits you receive. However, how you use it can make a significant difference in your financial stability, both during your service and after. At Walters Financial Wellness, we help military members turn their BAH from a simple housing stipend into a powerful financial tool.

What is BAH?

BAH helps cover housing costs when government housing isn’t provided. It’s based on:

• Your duty station’s cost of living,
• Your rank, and
• Your dependents status (with or without dependents).

This tax-free allowance is designed to help you afford adequate housing near your duty station, whether you choose to rent or buy.

How to Maximize Your BAH:

1. Understand your local housing market

Before making any housing decision, research the local market. Is renting more affordable than buying? Are there neighborhoods where your BAH stretches further? Knowing your area is key to avoiding overpaying for housing.

2. Avoid “using it all just because you have it”

It’s tempting to spend your full BAH on rent or a mortgage, but you don’t have to. Consider choosing a place slightly below your allowance to free up extra cash for savings, debt reduction, or emergency funds.

Tip: Choose a mortgage or rent amount that still allows you to use BAH for utilities

3. Explore shared housing or roommates

If you are able to, sharing a home with another person can significantly cut your costs and allow you to pocket more of your BAH for financial goals.

4. Renting vs. Buying: Run the Numbers

Buying a home can be a great investment if you plan to stay at a duty station for several years. But if you expect to PCS in a short time, renting may protect you from unexpected costs like closing fees or property management headaches.

5. Take advantage of military housing resources

Many bases offer financial counseling, housing offices, and tools to help you find the best housing deals. Combine these with professional guidance for maximum results. 

What to do with the extra BAH you save

• Pay down debt

High-interest credit cards or loans can drain your future wealth.

• Build your emergency fund

At least 3–6 months of expenses is ideal, especially with the unpredictability of PCS orders.

• Invest for the future

Contributions to your Thrift Savings Plan (TSP) or a Roth IRA can grow tax-free over time.

Mistakes to avoid

• Overspending after your allowance increases. If you are in military housing, your entire BAH goes to housing. You must notify them of any changes and update your payments to the correct amount, if you wan to avoid debt and late fees. If you are not in military housing, view the recommendations (above) about using a BAH surplus wisely.
• Signing a lease without understanding early termination clauses for PCS moves
• Forgetting to factor in utilities, insurance, and maintenance when calculating affordability

Final Thoughts

Your BAH is more than just a housing stipend, it’s an opportunity to build wealth while serving your country. With the right strategy, you can keep your living expenses reasonable and put the rest to work for your future.

At Walters Financial Wellness, we specialize in helping service members create personalized housing and budgeting plans that fit their goals. Whether you’re renting off-base, buying your first home, or planning for transition to civilian life, we can help! Contact us today!

Inflation is a hot topic right now. It affects your grocery bill, gas tank, and even your savings goals. Understanding inflation and how it works is the first step to protecting your financial health.

What is inflation?

 Inflation is the rate at which the cost of goods and services rises over time. A moderate level of inflation is normal in a growing economy. But when inflation climbs higher than wages or income growth, your purchasing power buys less than it used to. That is when it really starts to impact your daily budget.

Ways inflation impacts your budget:

1. Grocery and Household Expenses

Food prices tend to rise quickly during inflationary periods. Staples like bread, milk, and eggs may cost significantly more, leaving less room in your budget for non-essentials.

2. Gas and Transportation

Fuel costs ripple into transportation, delivery services, and even rideshares. Whether you drive daily or rely on public transit, inflation in this category often hits fast.

3. Rent and Housing Costs

Landlords may increase rent to offset rising costs, and mortgage rates can go up if the central bank raises interest rates to control inflation.

4. Utility Bills and Services

Energy, internet, and even subscription services may adjust their prices annually, often in response to inflation

5. Savings and Debt

High inflation can reduce the real value of your savings if your money isn’t earning competitive interest. Meanwhile, variable-rate debts like credit cards or adjustable-rate mortgages may cost more if rates rise.

How to adjust your budget during high inflation:

1. Revisit Your Spending Plan

Review your monthly expenses and cut back on non-essentials, temporarily

2. Prioritize High-Impact Categories

Focus on the necessities: food, shelter, utilities, and transportation

3. Shop Smart

Use loyalty programs, coupons, and bulk buying where it makes sense

4. Consider Adjusting Savings Strategies

High-yield savings accounts or inflation-protected securities may help your money thrive in this environment

5. Pay Down High-Interest Debt

Reducing debt during inflationary periods helps free up more money for essentials

Planning Ahead with Walters Financial Wellness

Inflation is a reality, but it doesn’t have to derail your goals. With a proactive approach, you can keep your budget strong even when prices rise. At Walters Financial Wellness, we help individuals and families navigate challenging financial climates with confidence, offering personalized strategies to stay on track. Ready to protect your money against inflation? Contact us today for a one-on-one financial counseling session.

If you are struggling with multiple debts, you are not alone! Many people face the challenge of juggling credit card bills, personal loans, and medical expenses. Two common strategies to regain control are debt consolidation and debt settlement. Understanding the difference can help you make a confident, informed decision.

What Is Debt Consolidation?

Debt consolidation combines multiple debts into one single loan or payment. Instead of making several payments each month (often with different interest rates), you pay one consolidated amount.

• How it works:

1. Take out a personal loan, balance transfer credit card, or use a debt consolidation program
2. Pay off all your existing debts with this new loan or account
3. Make one monthly payment, ideally at a lower interest rate

• Pros of Debt Consolidation:

-It simplifies your payments into one manageable bill

-It may lower your overall interest rate

-It can improve your credit score over time (if you can be more consistent with payments)

• Cons of Debt Consolidation:

It requires good to fair credit for the best rates

-It doesn’t reduce the total debt. You still owe the full amount

-It may extend the repayment time 

-It may involve fees (origination fees, transfer fees, etc.)

What Is Debt Settlement?

Debt settlement is a negotiation process where you, or a company, work with your creditors to reduce the amount you owe. Instead of paying your full balance, you settle for a lump sum that’s less than the total debt.

• How it works: 

1. Stop making payments to your creditors (temporarily)
2. Save funds in a dedicated account for settlement
3. A settlement company or negotiator contacts creditors to agree on a lower payoff amount

• Pros of Debt Settlement:

-It can significantly reduce your total debt

-It helps you avoid bankruptcy in some cases

-It may allow for faster debt elimination than paying in full

-It may help your credit score in the long run because of your ability to make payments

• Cons of Debt Settlement:

-It harms your credit score in the short term because missed payments are reported

-Creditors are not obligated to settle

-Settlement fees can be high (often 15-25% of your enrolled debt)

-There are possible tax implications (forgiven debt may be considers taxable income)

Key Differences: Consolidation vs. Settlement

• Debt Consolidation: Restructuring & Simplifying

Goal: Combine and simplify payments

Impact on credit: Usually neutral or positive

Timeframe: Longer-term repayment

Upfront costs: Loan fees or balance transfer fees

Debt reduction: No ( you pay full balance)

• Debt Settlement: Negotiating & Reducing Debt

Goal: Reduce the total debt amount

Impact on credit: Negative (initially)

Timeframe: Shorter if settlements succeed

Upfront costs: Settlement program fees

Debt reduction: Yes (you pay less than owed)

Before making a decision:

• Review your credit report
• Calculate your total debt and monthly budget
• Consider speaking with a financial counselor (Hi 🙂 )

The Bottom Line

Debt consolidation and debt settlement are not right for everyone. You should always talk to a financial counselor before you take any action. There may be other options that may make more sense. That being said: here is a quick review:

You might want consider debt consolidation if:

• You have a steady income
• Your credit score is good enough to qualify for a lower interest rate
• You want a structured repayment plan without damaging your credit

You might consider debt settlement if:

• You are behind on payments and are struggling to stay afloat
• Your debts are already in collections or close to it
• You are willing to accept a short-term credit hit to reduce your debt

Walters Financial Wellness

At Walters Financial Wellness, we help you choose the right approach to become debt-free faster with the least long-term damage to your financial health. Contact us today to schedule a consultation!

Buying your first home is one of the biggest financial decisions you’ll ever make. But with so many steps, it’s easy to feel overwhelmed. At Walters Financial Wellness, we believe the key to a smooth home-buying experience is a clear plan and smart financial preparation.

Here’s a step-by-step money guide to help you navigate the process with confidence:

1. Assess Your Financial Health

Before you start house hunting, get a clear picture of your current finances:

• Check your credit score. A higher score can help you qualify for better mortgage rates.
• Review your debt-to-income ratio. Lenders want to see you can comfortably manage a mortgage alongside existing obligations.
• Evaluate your savings. Ideally, you’ll need funds for a down payment, closing costs, and an emergency buffer.
•  

Tip: Aim to keep your monthly housing costs (mortgage, insurance, taxes) under 30% of your gross income.

2. Set a Realistic Budget

Work out how much house you can afford before falling in love with a dream property. 

Consider:

• Down payment: Typically 3–20% of the home’s purchase price.
• Closing costs: Expect 2–5% of the loan amount.
• Ongoing costs: Maintenance, utilities, property taxes, and insurance.

Pro tip: Use a mortgage calculator to model different scenarios.

3. Save Strategically

Once you know your target number, build a savings plan:

• Automate your savings. 
• Set up a dedicated account for your down payment.
• Cut unnecessary expenses and redirect the funds toward your home goal.
• Explore first-time homebuyer programs. Many states offer grants, tax credits, or low-interest loans.

4. Get Pre-Approved for a Mortgage

A pre-approval letter shows sellers you’re serious and gives you a clear price range. Then, spend some time shopping around for lenders (This will not hurt your credit). Compare fixed vs. adjustable-rate mortgages.

Make sure to ask about fees and timelines up front.

5. Find the Right Home

With your budget in hand, work with a trusted real estate agent to:

• Identify neighborhoods that fit your lifestyle.
• Attend open houses and ask about long-term value.
• Avoid emotional buying! Stick to your numbers so you don’t go over-budget.

6. Close with Confidence

Once you’ve made an offer:

• Review the inspection report carefully.
• Make sure you understand your closing documents.
• Keep your finances stable. Avoid big purchases or new debt before closing day… it’s a requirement from lenders.

7. Plan for Life After Closing

Your financial journey doesn’t end at the closing table. Here are some items focus on after closing:

• Start (or rebuild) your emergency fund.
• Budget for new homeowner expenses.
• Consider a long-term financial plan to balance your mortgage with savings and retirement goals.

Final Thoughts

Buying your first home is about more than just the keys. It’s about building a foundation for your future. At Walters Financial Wellness, we help first-time buyers create a financial plan that feels empowering, not stressful. Ready to start your home-buying journey? Contact us today for personalized guidance and take the first step toward your dream home!

High-interest rates are common when you are building or rebuilding your credit. But it is also possible for it to happen during times of economic security. Whatever the reason for your high-interest rate, there is a way to negotiate lower interest rates with your creditors

Why Lowering Your Interest Rate Matters

Even a small reduction in interest can make a big difference over time. For example, lowering your credit card interest rate from 22% to 16% could save you hundreds, or even thousands, of dollars if you carry a balance. That’s money you can redirect toward paying off your principal faster.

Step 1: Know Your Numbers

Before picking up the phone, gather the following information:

• Your current balance
• Interest rate (APR)
• Your payment history (on-time payments work in your favor)
• Competing credit card offers or lower rates from other lenders. This preparation shows your creditor that you’ve done your homework.

 

Step 2: Call Your Creditor

A simple, polite phone call is usually the best approach. Start by asking to speak with someone in the retention or account services department, they often have more authority to make adjustments.

• Example script: “Hi, I’ve been a loyal customer for X years and have always made my payments on time. I’ve seen offers from other companies with lower interest rates, and I’m hoping you can help me stay with your company by reducing my rate.”

Step 3: Be Persistent but Polite

They my say, “no.” Don’t take it personally. 

• Questions you can ask next: 

1. “Is there a supervisor I can speak with?”
2. “Are there any promotions or programs I might qualify for?”
3. “If I set up automatic payments, could that help reduce my rate?”

Persistence shows you’re serious without being confrontational.

Step 4: Follow Up in Writing

If your rate is lowered, request a confirmation email or letter. This ensures your agreement is documented and prevents misunderstandings later.

Step 5: Consider Alternatives

If your creditor won’t budge, explore:

• Balance transfers to lower-interest cards (watch for fees!)
• Debt management plans through a nonprofit credit counseling agency
• Debt consolidation loans if you qualify for a better rate

Tip: These options should only be taken after talking with a financial counselor. They may not be your only options.

Additional Information for Active Duty Service Members

If you are an Active Duty Service Member, the Servicemembers Civil Relief Act (SCRA) may be an option. The SCRA is a Federal program that lowers your interest rates (on accounts that were opened prior to enlisting) to 6%. Additionally, several states have a State-run SCRA program that lowers all interest rates to 6% while you are serving actively in their state. 

Final Thought

Negotiating lower interest rates is a powerful tool to help you regain control of your finances. It won’t eliminate your debt overnight, but it can give you more breathing room and more momentum on your journey to financial freedom. If you need more assistance, contact Walters Financial Wellness. I help clients negotiate lower interest-rates with a high success rate. Contact me today!

Living paycheck to paycheck can feel like you’re never going to get ahead. But, breaking the cycle is possible with a few simple changes to your financial habits. 

Here are five practical budgeting hacks to help you take control of your money and start building a stronger financial future:

1. Track Every Dollar

You can’t fix what you can’t see. Start by tracking your spending for 30 days. This includes everything: coffee runs, streaming subscriptions, spontaneous online purchases, etc.

Why it works: Awareness is the first step to change. Many people discover they spend hundreds each month on things they barely notice.

Quick tip: Use free apps like Mint, You Need A Budget (YNAB), or even a simple spreadsheet to keep tabs on your transactions.

2. Use the 50/30/20 Rule

Budgeting doesn’t have to be complicated. The 50/30/20 rule divides your after-tax income into three buckets:

50% for needs (rent, groceries, utilities)

30% for wants (dining out, entertainment, hobbies)

20% for savings and debt repayment

Why it works: This rule provides a clear structure while allowing flexibility. If your percentages look different, that’s okay. You can adjust them, as needed.

3. Pay Yourself First

Instead of saving whatever is left over at the end of the month, treat savings like a non-negotiable bill. Move money into savings the moment your paycheck arrives.

Why it works: Automatic transfers make saving easier and you’ll learn to live on what is left over, rather than spending first and hoping to save later.

4. Identify and Cut “Budget Leaks”

Small, recurring expenses can quietly drain your income. Subscriptions you rarely use, expensive takeout habits, or unnecessary bank fees all add up. Review your bank statements for the past three months. Highlight anything that’s not essential or that you’ve forgotten about. Cancel or reduce all or most.

Why it works: Saving money on non-essentials that you can live without adds to your cash flow.

Tip: If possible use the money that you save as part of your automatic transfer to savings at the beginning of the month.

5. Create a One-Month Buffer

The ultimate way to stop living paycheck to paycheck is to get one month ahead on your bills. This may sound ambitious, but start small: set aside $25, then $50, then more as you go.

Why it works: A one-month buffer means you’re always using last month’s income to pay this month’s bills, creating a cushion between paydays.

Need More Support?

Breaking free from the paycheck-to-paycheck cycle doesn’t happen overnight, but small, consistent changes can create big results over time. Start with one or two of these hacks, build momentum, and watch your financial stress begin to ease. 

If you are still having difficulty, you are not alone. Contact Walters Financial Wellness to set up an appointment today.

***Not sponsored by Mint or YNAB

Money is part of life, but many of us never learned how to handle it until we were already struggling with debt, bills, or budgeting. Teaching your kids about money early gives them a head start toward financial independence, confidence, and security. The good news is that you don’t need to be a financial expert yourself to raise money-smart kids. You only need to start the conversation and keep it going. Here’s how to teach money lessons that grow with your child:

Ages 3-6: Introduce basic concepts

At this age, kids are beginning to understand choices and consequences. Use simple, everyday situations to introduce the basics.

Key lessons:

• Money is used to buy things
• You have to choose how to spend it
• Saving means waiting to get something you want

Activities to try:

• Let them hand over money at the store
• Use clear jars to show how money grows when saved
• Play store or restaurant to practice spending and change making

Try saying:

“We only have $5 to spend. Do you want the crayons or the stickers?”

Ages 7-10: Build money habits

Kids in this age group can grasp more abstract ideas like saving for a goal or earning money. Now is the time to lay the foundation for responsible habits.

Key lessons:

• Money is earned through work
• Budgeting means planning how to use money
• Needs and wants are different

Activities to try:

• Offer an allowance tied to simple chores
• Help them divide money into “spend,” “save,” and “give” jars
• Set a short-term savings goal (like a toy or game) and track progress

Try saying:

“Do you want to spend your allowance now or save it for something bigger next week?”

Ages 11-14: Teach responsibility

Tweens are ready for deeper money conversations, especially around choices, peer pressure, and setting goals.

Key lessons:

• How to track spending and stick to a budget
• The value of comparison shopping and delayed gratification
• How advertising can influence spending

Activities to try:

• Let them manage a monthly allowance for needs like school lunches or gifts
• Introduce a basic budgeting worksheet or app
• Talk about real-life money decisions you make (like grocery shopping or bill paying)

Try saying:

“Should we spend money on the applesause that is $8 for 10 or $12 for 12?”

Ages 15-18: Prepare for the real world

Teens are on the edge of financial independence. This is your chance to give them hands-on experience with earning, spending, saving and making mistakes while the stakes are still low. 

Key lessons:

• How bank accounts, credit, and interest work
• The basics of taxes, paychecks, and saving for large goals
• How to avoid debt and use credit responsibly

Activities to try:

• Help the open a student checking/savings account
• Review a pay stub or create a mock paycheck together
• Practice filing out a FAFSA, scholarship form, and budget for college

Try saying:

“Let’s discuss where to put Summer your paycheck.”

Need more support?

Contact Walters Financial Wellness for more tips!

Want to make learning about money fun for your kids? Download the Money Basics Kid’s Pack in our shop!

Struggling with debt can feel isolating, but you are not alone, and there is help available. If your monthly payments are getting harder to manage, your credit card balances are climbing, or you are simply overwhelmed by financial stress, credit counseling could be the lifeline you need.

What is credit counseling?

Credit counseling is a confidential, non-judgmental service designed to help individuals regain control of their finances. A financial counselor (hi there!) can help you review you full financial picture, starting with:

• Budgeting assistance
• Debt analysis
• Credit report review
• Personalized action plans

7 signs that you might need credit counseling

1. You are only making minimum payments 

2. Your debt feels unmanageable

3. You are behind on bills

4. You use credit for everyday essentials

5. You are facing collection calls

6. Your credit score is dropping

7. You feel stressed, overwhelmed, or hopeless about money

What happens during a credit counseling session:

1. A confidential financial review is conducted

2. You will receive personalized guidance

3. A personalized action plan is created

Credit counseling vs. debt settlement

• Credit counseling: works with creditors, often preserves credit score, provides financial education, and a debt repayment plan is created.
• Debt settlement: negotiates to reduce what you owe, can damage your credit score, focuses only on debt relief, and may result in tax consequences

Ready to explore your options?

Contact Walters Financial Wellness to begin the process!