top of page
Sky

Knowledge Center

Library Bookshelves

What is a financial coach?

Unlike traditional financial advisors, financial coaches focus on educating you and helping you create financial stability. Financial coaches provide unbiased advice and guidance to help you make better financial decisions and achieve your goals. The goal is to teach you how to manage your money effectively so that you can create a solid foundation for your financial future. Financial coaches are experts in the field and work with clients from all financial backgrounds.

Digital Calculator

What is a budget?

A budget is an essential tool for managing your finances. It helps establish priorities and create a realistic spending plan. At Sensenig Coaching Consulting, LLC, we understand that budgeting may be difficult, but we're here to help. Our budgeting services can assist you in setting reasonable short-term goals and tracking your progress towards financial stability.

Mountain Lake Reflection

What is a financial literacy?

Financial literacy can help individuals make informed decisions about budgeting, investing, and saving for the future. It can also help individuals avoid common financial pitfalls, such as excessive debt or overspending. By understanding basic financial concepts and strategies, individuals can build a solid foundation for long-term financial success. ​ Financial literacy is especially important in today's complex and ever-changing financial landscape. With the rise of online banking, investment platforms, and digital payment systems, individuals need to be equipped with the knowledge and skills to navigate these new financial tools effectively. ​ Overall, financial literacy is crucial for achieving financial stability and security. By investing in financial education and continuously improving one's financial literacy skills, individuals can better manage their money, plan for the future, and ultimately achieve their financial goals.

Outdoor Relaxation

What is financial freedom?

Financial freedom is often seen as the ultimate goal of financial literacy. It allows individuals to have the flexibility and independence to make choices that align with their values and aspirations. By being financially literate and making sound financial decisions, individuals can work towards achieving financial freedom and creating the life they desire. This may involve building wealth, saving for retirement, investing wisely, and managing debt effectively. Financial freedom provides a sense of security and peace of mind, knowing that one has the resources to support themselves and their loved ones, both now and in the future.

Beach

Why is it important to start my financial journey now?

Starting your financial journey early is crucial due to compound interest, which grows your money over time. It helps build good habits like budgeting and investing, necessary for achieving long-term goals such as buying a house or retiring comfortably. Early action also mitigates risks, provides time to recover from setbacks, and reduces financial stress, fostering overall well-being and security. ​ This early start enables the cultivation of essential financial habits like budgeting, saving, and investing, which are foundational for achieving long-term financial goals such as buying a home or retiring comfortably. Moreover, starting early provides ample time to manage risks effectively, recover from financial setbacks, and adapt to changing circumstances. By laying a strong financial foundation early on, you can significantly reduce financial stress, enhancing your overall quality of life and fostering a sense of security and freedom in the future.

Business Owner

What is Business Planning?

Business planning is the process of setting goals for a business and developing a roadmap to achieve those goals effectively. It involves identifying the purpose and objectives of the business, analyzing the market and competition, determining strategies to reach target customers, allocating resources efficiently, and establishing metrics to measure progress and success. ​ Key components of business planning typically include: ​ Mission and Vision: Defining the purpose and long-term aspirations of the business. Market Analysis: Evaluating the industry, target market, customer needs, and competitors to identify opportunities and threats. Strategic Goals: Setting specific, measurable, achievable, relevant, and time-bound (SMART) objectives to guide the business's direction. Marketing and Sales Strategies: Outlining plans to promote products or services, attract customers, and generate revenue. Operational Plan: Detailing how the business will operate on a day-to-day basis, including production processes, distribution channels, and supply chain management. Financial Projections: Estimating revenue, expenses, and cash flow to determine the financial feasibility of the business and secure funding if needed. Risk Management: Identifying potential risks and developing strategies to mitigate them, such as contingency plans for unforeseen events.

ATM keypad

13 Bills you should never put on auto pay

1. Utility Bills - Utility bills can vary each month, especially during peak seasons like summer or winter. Putting them on autopay might result in unexpected high payments if you’re not closely monitoring your usage. A sudden spike in your electricity, water, or gas usage can catch you off guard and cause strain on your budget. Instead of autopay, check your bill each month to ensure everything looks correct. It also gives you a chance to challenge any mistakes or overcharges. 2. Credit Cards - Autopay for credit cards may sound convenient, but if you’re not paying attention, it can lead to missed opportunities. You could accidentally pay the minimum balance instead of the full amount, leading to interest charges. Or, if you’re tight on funds one month, an automatic payment might overdraft your account. It’s better to pay credit card bills manually to stay on top of your spending habits and avoid any surprises. 3. Subscription Services - Streaming services, fitness apps, and other subscriptions may seem harmless, but they can add up. When you have multiple subscriptions on autopay, it’s easy to forget about them, leading to months of paying for services you don’t even use. Companies also occasionally raise their rates, and you might not notice if it’s all on autopay. Regularly reviewing and manually paying these bills ensures you’re only paying for what you use. 4. Gym Memberships - Gyms are notorious for making it difficult to cancel memberships, especially if you’ve signed up for a long-term contract. If you stop going to the gym, but autopay continues, you’re essentially throwing money away. By manually paying your gym bill, you stay aware of whether it’s worth the cost and can easily cancel if needed. It’s also a good reminder to evaluate whether you’re getting value from your membership. 5. Medical Bills - Medical bills can be confusing, and the amount due can change based on insurance claims and adjustments. If you set medical bills on autopay, you might pay the wrong amount, especially if insurance coverage updates haven’t been applied yet. It’s smarter to review these bills carefully and ensure you’re not overpaying or missing out on insurance coverage. Make sure everything is accurate before making payments. 6. Mobile Phone Bills - Your phone bill may fluctuate if you exceed data limits or make international calls. Putting it on autopay without reviewing each month can lead to paying for services you didn’t expect. Additional charges can sneak in, and you might not realize it until after autopay has withdrawn the money. Always check your bill first to avoid paying for services you don’t use. 7. Car Insurance - Car insurance rates can increase after an accident, traffic ticket, or even after your policy renewal. If you’re on autopay, you may not notice these rate changes until it’s too late. It’s important to review your insurance bill regularly and look for any discrepancies or opportunities to switch providers for a better rate. Keeping an eye on your car insurance costs helps you avoid overpaying. 8. Cable Internet - Like phone bills, cable and internet bills can include surprise charges, price hikes, or service fees. Companies often change their prices or add extra costs, especially after promotional periods end. Autopay may leave you unaware of these increases, resulting in higher bills without notice. Paying manually gives you the chance to challenge unexpected fees or even negotiate a better rate. 9. Rent or Mortgage - Paying your rent or mortgage on autopay can be risky if your account balance fluctuates. If your bank account is low, an automatic withdrawal for rent could cause an overdraft, leading to hefty fees. Paying this bill manually ensures that you always have enough funds to cover it and gives you peace of mind. It also allows you to review your payment for any potential errors. 10. Student Loan Payments - Student loans can have fluctuating interest rates, payment plans, or even forgiveness opportunities. If you put these on autopay, you might miss out on changing payment plans, lower interest rates, or benefits such as temporary deferment. By paying manually, you can ensure you’re always paying the correct amount and can adjust your payments based on your financial situation. 11. Homeowners or Renters Insurance - Like car insurance, homeowners or renters insurance policies can change after your policy renewal or if you’ve made any claims. These increases can go unnoticed if you’re on autopsy. It’s better to review your insurance statements and make sure you’re paying the correct amount. You might also want to shop around for a better rate before locking into a long-term payment. 12. Property Tax - Property taxes are a significant expense that can change annually based on your home’s assessed value and local tax rates. If you put them on autopay, you might be paying too much or too little if rates change. Manually paying property taxes gives you the opportunity to review any changes and prepare accordingly. Plus, it allows you to dispute any incorrect assessments before paying. 13. Taxes to the IRS - While it might be tempting to put your IRS payments on autopay, tax bills are often complicated and can change after adjustments or deductions. If the IRS recalculates your taxes, you may end up paying the wrong amount automatically. Always review your tax bills carefully and pay them manually to avoid any errors or overpayments.

bottom of page