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Lauren Greutman

Lauren Greutman is dedicated to helping others save money. Saving is something that financial coach Greutman struggled with for years. Her inability to save led to $40,000 of debt. But through dedication and simple changes, Greutman and her husband pulled themselves out of debt to reach a point of financial security. Now she shares her knowledge and experiences so that others can avoid the same money mistakes that she made. So if you need help saving money, here’s some helpful advice from a former spender.

Top Financial Advice From Lauren Greutman

Lauren Greutman’s biggest advice is to handle your money based on your values. Do you value spending time with your family? Then manage your finances in a way that allows you to enjoy time with your family. Greutman put herself in debt by spending on things that didn’t align with her goals or values. It was through cutting back on those unnecessary expenses that she finally took control of her finances.

Greutman admits that she was a spender. Saving was not a priority and she had a hard time with it. If you’re a spender too, she has some advice that might help you. The first thing you need to do is admit that you have a problem with spending. Be honest with yourself and understand that you need to make some changes.

Once you dedicate to breaking bad spending habits, take an inventory of all your debts and all your spending. Write everything down. Putting everything on paper will help to make things real. You’ll be able to see clearly and simply what your situation is. Greutman provides forms in her book, “The Recovering Spender,” and on her website that you can fill in with your debts and expenses.

Now that everything is out in the open, it’s time to create a new budget. A budget will help ensure that you don’t spend more money than you want to. Your exact budget will vary based on your financial situation. Do you want to buy a home in the near future? Then saving for the down payment will be part of your budget.

There’s one more key to Greutman’s success. Be frugal! Don’t just cut the unimportant things from your budget. Save money everywhere. One example that Greutman gives is groceries. Groceries are a big expense for most people (escpecially if you’re a mother of four like she is). With just a few tweaks though, you can save money on your groceries. Buy the store brand instead of the pricier name brand. Plan your weekly meals in advance so that you know exactly what you want from the store. You can also use a number online sites and apps to help you compare prices, find deals and stay on budget.

A Brief Bio of Lauren Greutman

Lauren Greutman

Greutman was always a spender. As a result, she was always broke. She would go into a store to buy one thing and come out with five other things. She spent thousands of dollars every year on eating out. It reached the point where she had a $1,000 spending deficit each month. She couldn’t afford her bills and would skip paying one bill just to pay off another. There’s also the fact that she was in she was $40,000 in debt. The thing that made the whole situation worse was that her husband didn’t realize how much she was spending or how much debt they were in.

One day she decided it was time to do something. Greutman printed all her credit card bills, laid them out and had a conversation with her husband. She told him that she had a problem with her spending and she needed help to break her bad habits.

Then she and her husband worked together to turn things around. They sat down and thought about how they should spend their money. What things were important to them? She realized that what she valued was building a family that she could grow old and happy with. She wanted financial security and she wanted to work with her passion of teaching.

With her actual values in mind, Greutman and her husband created a budget to help them meet their financial goals. The budget would limit their spending and help them focus on saving for things like retirement and their children’s college funds.

As they dug themselves out of their financial hole, life got better. There was less stress and they fought less about money. Greutman realized that she could help others by sharing her story. She created a website to tell people about her journey. Saving money on groceries was a particular challenge for her as a mother, so she created simple recipes and affordable meal plans for others to use. She also published a book in 2016 that details her financial struggles and how she overcame them.

Financial Focus and Philosophy

Lauren Greutman has come a long way in her financial journey and the thing that she has found more important than anything else is figuring out what you value and letting that guide your spending.

Greutman also recommends that everyone takes a frugal approach to life. Don’t spend money on things unless you have to. Her website and social media sites are full of money saving tips for people from all walks of life.

In her book, “The Recovering Spender: How to Live a Happy, Fulfilled, Debt-Free Life,” Greutman talks about how she was always a spender. Saving was something she didn’t think enough about. Throughout her book and her blog Greutman tries to help people overcome the habit of overspending.

Where You Can Find Lauren Greutman

Learn more about Lauren Greutman and her money saving tips by visiting her website, LaurenGreutman.com. You can find her on Twitter at @laurengreutman and on Facebook at @Iamthatlady. Greutman’s YouTube account also features money-saving advice.

Recent Projects

Greutman published her first book in late 2016. The book, “The Recovering Spender: How to Live a Happy, Fulfilled, Debt-Free Life” talks about her financial journey to reach a point of financial stability.

Takeaway

Lauren Greutman

Lauren Greutman used to struggle with saving money and found herself $40,000 in debt. However with some simple changes, she was able to climb out of debt and reach financial security. If you’re trying to get your spending under control, Greutman’s story may be worth checking out. She’s also a mother of four who manages to stick to a budget. So if you’re raising a family and have a hard time juggling all the expenses, her advice could help you.

Tips for Following Lauren Greutman’s Advice

  • To start paying off your debt, Greutman tells people to write down everything you owe. A great tool for finding what you owe is your credit report. Learn how to read your credit report because it will tell you all the accounts you have open and their statuses. Do you owe money on a credit card that you haven’t even used in years? Your credit report will tell you that.
  • Looking to have fun with friends? Instead of going out for drinks, which get expensive, throw a game night. Cooking your own food and mixing your own drinks is usually a cheaper option than going out.
  • As you create your budget, prioritize bills. Greutman found herself in a situation where she avoided paying bills because she didn’t have enough to pay them all. View your bills as a necessity and always work to pay them before spending on your “wants.” You can can also save on some bills by comparing prices. Life insurance plans in particular are perfect for price shopping. You might even be able to eliminate some bills from your budget entirely.
  • Marriage is challenging when both spouses aren’t holding up their end of the financial bargain. One step you can take to protect yourself is talking about your finances before you get married. Getting everything out in the open before marriage can save a lot of frustration in the future. There are also other ways to deal with a financially irresponsible spouse, like seeking the help of a professional financial advisor.

Photo credits: laurengreutman.com, facebook.com/iamthatlady, therecoveringspender.com

Derek Silva, CEPF® Derek Silva is determined to make personal finance accessible to everyone. He writes on a variety of personal finance topics for SmartAsset, serving as a retirement and credit card expert. Derek is a member of the Society for Advancing Business Editing and Writing and a Certified Educator in Personal Finance® (CEPF®). He has a degree from the University of Massachusetts Amherst and has spent time as an English language teacher in the Portuguese autonomous region of the Azores. The message Derek hopes people take away from his writing is, “Don’t forget that money is just a tool to help you reach your goals and live the lifestyle you want.”
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