Episode 119: A Better Way to $pend the Holidays with Amanda Teixeira of Wallet Win
What You’ll Learn
The Teixeira Story (01:10)
A Call Within A Call (05:10)
Avoiding the Holiday Hangover (06:46)
Inviting Children into the Holiday Budget (16:45)
Adulting During the Holidays (19:22)
Practical Ideas for Doing MORE with Less (26:20)
The Catholic Money Approach (39:00)
Rapid Fire Questions (42:35)
More About Amanda (49:50)
The holidays are upon us and they are filled with good and right celebration! But it can be really difficult to honor our finances during a time of so much GOOD or if we are honoring our finances...not to do so without creating a scarcity mindset.
But, don’t worry, because we’ve got you this holiday season! We’re bringing back out Holiday Planner! It is an extensive Holiday Planner! Grab yours here!
On sale for $19 ($25 regularly)!
To set us on the right path is Amanda Texiera! She is the co-founders and co-owner of Wallet Win with her husband. Their mission is to help Catholics find financial freedom by eliminating debt, building savings, and changing the world through generosity. They are also the creators and hosts of their very own Podcast, the Catholic Money Show!
The Teixeira Story (01:10)
Amanda and Jonathan have three daughters who came to them through adoption, and they’re in the adoption process for baby number 4. Their family is rounded out by their Lab Winnie. You’ll find them homeschooling, and when the Nebraska winters get too cold, they’ll occasionally hop in the RV and travel.
Their finance story is born out of their own struggles. When they were married, they had submitted every part of their lives to the Lord…except their finances. It all came to a head on their honeymoon (of all times) and upon returning, they realized they had $25,000 in debt ($10,000 less than their yearly take-home pay).
Looking at those numbers, they made a decision to get rid of the debt, and learn skills to manage their money in a way that glorifies God. They wanted to clarify the Church’s teaching on x, y, and z.
As they were learning,. they were able to pay off their debt in 7 months, and they took that same zeal and applied it to saving, buying a home, and adopting three children in four years!
A Call Within A Call (05:10)
Amanda and her husband noticed that more and more people were coming to their dinner table to be coached on their finances or how to get out of debt. They began speaking at Theology on Tap events on budgeting.
The Lord was asking them to unpack finances according to the Catholic faith, and it became their new passion. In late 2017, they rolled out Wallet Win for the first time, and 16 people enrolled! Almost 6 years later, they have a membership with thousands of people in it, and things have just taken on a life of their own!
Avoiding the Holiday Hangover (06:46)
One of the biggest questions Amanda and her husband get each year is Christmas! How do you make it through the holidays without the financial hangover in January?!
The hardest “no” is between a “good” and a “good,” and that can really come up during the holidays. It can be easy to fall into an all-or-nothing mindset.
Amanda suggests beginning with the end in mind…how do you want to feel in January? What are the things you would like accomplished, and be specific about naming those things. Don’t be attached to the HOW, but be clear on the WHAT. Do you want parties, a Jesse Tree, a tour of lights? Be clear on what matters to you and your family.
There’s an endless amount of paths to YOUR magical Christmas, and these things don’t always require loads of money. For example…the Texieras had a family vacation planned in June. The couple sat down and discussed what they really wanted to accomplish on the trip, then it was meticulously planned. Sadly, there was a flood, and Yellowstone washed away the week they were supposed to leave. The park was evacuated, and nobody could come.
This was a moment where Amanda could have a fit (or despaired), OR she could go back to that list that said the whole goal of the vacation was to spend time together, play games, eat some good food, and get away and rest for a few weeks…these things could really happen anywhere!
If you go into the holidays focused on what you’d like to accomplish, you can still create the Christmas you want. This eliminates scarcity because you stay in control, and you know you still have tons of options in front of you. The Lord will provide if you’re willing to be creative and open.
Getting in the mindset of, “We’re going to do it without debt,” and understanding that’s going to look different every year depending on what resources are available, will kill scarcity. You can really get to the end goal on ANY budget. There’s a path for your family, and it doesn’t have to involve wrecking yourself financially.
Inviting Children into the Holiday Budget (16:45)
Studies show that the word “budget” has the same effect on your brain as the word “diet.” It doesn’t have to be that way! As Catholics understand it, a budget is the MOST practical way to live virtue with our money, because it helps us in transparency, accountability, and stewardship.
Consider bringing your kids into the holiday budget! Maybe you want to give each of them a small budget for purchasing gifts for siblings…kids want to give (not just receive). Children are aching to get into the generosity of Christmas, AND it’s a great way to give them an opportunity to manage money in a very small way.
Adulting During the Holidays (19:22)
For adults, create a holiday budget! In an ideal world, you’ll be saving for Christmas all year round. Take what you want to spend on Christmas, divide it by 12, and save that amount each month. When you do see an item throughout the year, you can purchase it (because it’s in the budget).
Amanda has given a free Christmas Budget Calculator to our listeners! This will help you plan the HOW of spending your Christmas budget this year, and it will also help prioritize the WHAT for your family.
If you haven’t saved for Christmas at all, DON’T panic! Maybe your family can only come up with $200 for this Christmas, and there is NO shame in that! Now you have a boundary around what you’re working with.
Knowing what the limit is, and having the hard conversations will keep you within your budget. Now is the time to communicate with your family and let them know if gifts just aren’t possible for you this year.
There should be NO shame about handling your money well, and having those hard conversations.
Practical Ideas for Doing MORE with Less (26:20)
Try couponcabin.com. Each day there’s a gift card you can win, check out the the Wallet Win Podcast Episode #19 here to learn more! The Teixeiras were able to use their winnings from this site for gifts one year.
Consider re-gifting gift cards! Throughout the year, people may send you cards you can’t use…why not use them as gifts!?
Make gifts! People appreciate thoughtful homemade gifts.
Within the family (because you don’t want to be the cheap one bringing used gifts to friends), consider the gently used market.
Try working the markets around Christmas (especially if you’re good at making handmade items). You can take the earnings and use them for holiday spending, and it’s a great way to set an example (and let children earn a little money too).
If you have older kids, think about giving them a budget and letting them choose their own gifts within those boundaries.
Do. Less. There are many benefits to just giving fewer gifts. If you have a large family, try drawing names, or even better…drawing families (and doing a family gift).
You can only eliminate so many things in your budget to increase your holiday spending, but another part of the equation is earning more money to ADD to the budget overall.
The Catholic Money Approach (39:00)
Essentially, scripture verses can’t just be cherry picked and applied to money. As Catholics, we need to look at our finances in light of scripture—yes—, but also in light of sacred tradition (the Catechism, encyclicals, letters, exhortations, the lives of the Saints).
Looking at money with a Catholic perspective means we realize it’s a gift and a resource entrusted to us and the Lord expects it to come back with increase. Money must support our family, our vocation, and the common good of all.
Rapid Fire Questions (42:35)
A simple truth about money Amanda has learned from her clients is that if money is handled wisely, when a situation arises and there’s a need, the Lord will ALWAYS provide, sometimes through miraculous means.
The money lesson she wishes she’d learned sooner is to live generosity from day one of earning. Practically, Amanda would have loved to have leveraged the power of compound interest at a very young age.
Even the most Caholic-y of Catholics would be surprised by the fact that the Lord doesn’t obligate us to give a certain percent (10%), but we are called to give from the heart and from a spirit of generosity and love—to the point where it’s sacrificial—where we feel it. If you can only give 2%, and that’s all you have, that’s ok too! Second, the Church teaches that private property is a fundamental bedrock of our dignity. However, the Church also teaches that everything we have belongs to everyone. If we have extra and there’s a poor person about to die on our block, but we have food, it belongs to them. It’s called the Universal Destination of Goods.
Three things your friends or family would say you’re good at during the holidays are…
Hosting Thanksgiving.
Cooking and sharing delicious food.
Bringing the joy on the Feasts (Saint Lucia for example).
Holiday practices that make the Teixeira family special around the holidays are the Jesse tree (with ornaments from an ornament exchange) and the O’Antiphons.
More about Amanda (49:50)
In January 2012, FOCUS missionary Amanda Teixeira, and her husband, Jonathan, had $25,000 in debt and a deep desire to break free. A short — and zealous — seven and half months later they wrote their last check to Sallie Mae and closed the doors on debt forever. Since kicking debt to the curb, they’ve focused on saving, investing and giving in a way that set them up for total financial peace for a lifetime.
Upon hearing their story, a few people asked them money questions — and they answered. That snowballed into hundreds of answers, speaking at events, providing financial coaching and founding WalletWin.
Jonathan and Amanda live in Omaha, Nebraska with their three daughters, and they’re in the process of adopting baby number four.
Please check out their website WalletWin.com
Their Podcast is The Catholic Money Show
Learn more about their Adult Personal Finance Membership the Catholic Money Academy
Wallet Win Kids is available for High School, Middle School, and Elementry aged children.
They have a book! How to Attack Debt, Build Savings, and Change the World Through Generosity: A Catholic Guide to Managing Money
We have TWO ways to set you up this holiday season!
First, our Holiday Planner! It’s extensive AND beautiful! Inside, you’ll find…
Ideas
Inspiration
Lists
Activities
Planning Sheets
Checklists
Life Notes Pages
GIft & Card Organization
Resources & more!
Finally, the Teixeiras have shared their Debt Free Christmas Spending Planner with our guests! Get yours today!
Did you know…we read all your reviews? We do and we LOVE them! If you haven’t reviewed the podcast yet, head to your favorite platform and let us know what you think!
Don’t forget sweet momma…you are doing beautiful work.
