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MONTGOMERY, Ala. — A virtual budgeting and saving weekly workshop hosted by Operation Hope’s financial well-being coach, Larry Rockette, last Tuesday, offered practical financial guidance free to area residents to learn about building healthy financial habits.
“For a season, you don’t need subscriptions such as Netflix, Amazon, Hulu, Peacock when you’re trying to be more financially responsible; Be willing to make those small sacrifices because you don’t need that stuff,” said Rockette, who discussed the importance of having an emergency fund and being financially disciplined. He encouraged attendees to make temporary lifestyle changes when trying to become financially stable.
Rockette, who spoke to 12 participants online, emphasized the importance of creating a realistic budget that fits one’s lifestyle rather than following generic spending plans. Attendees were encouraged to track expenses, prioritize needs over wants and set achievable financial goals.
“All budgeting is, is telling your money where it’s going, because it helps you prioritize your expenses and keeps your spending aligned with your income,” Rockette said.
Another focus of the workshop was identifying regular expenses, such as rent, utilities, transportation cost and what are irregular expenses, such as travel expenses, gifts for birthdays and the holidays. He expressed how important it was to know what is a need and want to be able to meet the goal an individual has set. In a 2024 Forbes article, Nneoma Uche gives tips on how to make a better college budget.“ If you spend more than you make in a month, you can adjust your spending habits by cutting back on some wants, which would fall under the non-essential irregular expense,” Uche reported. First, you would need to create a budget spreadsheet that will show you how much you’re spending. Second, you would calculate your net income to determine how much money you’re making to plan out how much money you can spend. Next, you would need to list and categorize your expenses to determine what is an essential expense and what’s a nonessential expense. Then, you would estimate the monthly cost of each item to calculate your total monthly expenses. Lastly, you would compare your income to your expenses to see if you’re “living within your means” or above it.
Rockette has been a coach for four and a half years and on average, 10 to 12 people usually attend his workshops. Within his coaching career, he has reached close to 1,000 people. His influence and tips have one Montgomerian returning for more guidance. Lauren Walker completed Rockette’s program a year ago and she’s back for a refresher because she’s working on buying a house after taking advice from the financial coach by paying off her Affirm accounts. “ I’m still on the verge of working towards home ownership and I did take your advice, so I finally paid off all those affirmed accounts,” said Walker.
Overall, workshop participants were given accessible financial tools to apply in their daily lives for achieving monetary freedom. These community financial planning virtual workshops are open to the public and hosted for free every Tuesday. Contact Rockette at Larry.rockette@operationhope.org for more information.
