The one money habit that matters more than your paycheck

Member Spotlight: Grace Lantz coaches couples to financial freedom

One of the biggest mistakes families make is not having a plan—regardless of income level, financial coach Grace Lantz says.

“I’ve realized that income doesn’t determine financial success,” she said. “I’ve worked with people earning lots of money who spend more than they make, and I’ve seen families with modest incomes be wise with it because they have a plan.”

Tracking spending is the first step. Whether you use an app, a spreadsheet, or pen and paper, knowing where your money goes allows you to adjust your budget and move closer to your goals. This is especially helpful for families living paycheck to paycheck or spending beyond their means.

Grace also encourages families to plan ahead for windfalls like tax refunds.

“Decide before the money arrives,” she said. “Maybe put a percentage toward generosity, another toward savings or paying off debt, and some for fun can be helpful,” she said. “Without a plan, it’s easy to mentally spend that money several times before it even hits your account. At least talk to your spouse about it.”