Charlotte financial coach wants to help people get debt free and ‘crush’ their money goals
After climbing out of debt, Charlotte money coach Bernadette Joy is on a mission to help others find financial freedom.
Her first book, “CRUSH Your Money Goals: 25 Smart Money Habits to Save, Invest, and Fast-Track Your Financial Freedom,” was published Dec. 10 by Adams Media, an imprint of Simon and Schuster. The financial expert wrote about tips for dealing with money and helping readers break free from debt.
Joy’s advice goes beyond typical topics such as putting money in the stock market.
“People want to know what they can do today in the present that are simple and practical, given that the world is a lot more complicated than what traditional personal finance advice has given us for years,” she said.
The first-generation Filipina-American’s financial journey began in 2016 after graduating with a master’s degree from UNC Chapel Hill. That came with $72,000 in student loan debt, but she was able to pay it off a year after graduating.
Using what she called the “C.R.U.S.H. method,” she was able to get rid of $300,000 in debt and gained a net worth of $1 million in her 30s. It’s a method to help people think about spending money in five steps: Curating your accounts; Reversing into independence; Understanding your (net) worth; Spending intentionally; and Healing your money wounds.
She is now the CEO of Crush Your Money Goals, a company educating clients about money and has been a financial coach since 2020. Here are a few tips from Joy.
The $1 rule
Instead of overthinking purchases, Joy said people should consider a “$1 per use” method to avoid feeling guilty and to get their money’s worth. “It’s OK to buy things if you’re going to make good use of it,” Joy said.
For example, Joy recently spent $22 on a turtleneck at the Madewell store in South End. She said it was a quality purchase and plans to wear it at least 22 times.
“I could go to Temu or H&M or something cheaper, but it’s not going to last,” Joy said.
Joy gets positive feedback from women in Charlotte who like that rule since a lot of time is spent thinking about small purchases.
“We think buying something cheaper is going to save us money, when actually it’s hurting our pockets more by buying things that are not going to stand the test of time,” she added.
Understanding your financial advisor
One of the biggest mistakes people make is not understanding how their advisor gets paid, according to Joy. Examples include a 1% fee on assets or commissions from products that can add up.
So for instance, a $500,000 portfolio with a 1% fee comes out to $5,000 a year — regardless if investments do well. Over time, the fee compounds with cost of tens of thousands of dollars, Joy added.
It’s best to ask up front about flat fees, commission or percentage of assets when it comes to picking an advisor.
“Transparency is key,” Joy said. “Even when you think you’re paying a simple advisory fee, watch for extra costs like transaction fees, fund expense ratios or management fees inside investment products.
“Ask for a full cost breakdown of your investments,” Joy added. “Every hidden fee takes a bite out of your returns.”
Budgeting for success in 2025
Budgeting is not about being flawless, Joy said.
“Even with a few missteps, consistent budgeting will guide you to debt freedom,” she said. “Many of my clients gave up on budgeting at first because something unexpected happened to them, like a surprise expense or one bad day of undisciplined spending.”
But people and life aren’t perfect, Joy said.
“So, expecting to have a budget go exactly as planned every month is a surefire way to be frustrated and disappointed over and over again,” she said.
For Joy, this can include taking a break on Sundays to eat out with friends or using emergency funds for a surprise visit from family — rather than just life-or-death situations.
“It might mean you go over budget this month with the intention of planning differently next month to make up the difference,” she said. “Start 2025 with a renewed approach to your finances — your future self will thank you by aiming for 80% success instead of a perfect A-plus.”
No screens Sunday
Smartphones, TVs and computers are a major part of people’s lives. But Joy encourages her followers to take a break on what she calls “screenless Sundays.”
She locks her phone inside her car on Sundays and will not turn on anything with a screen — and it’s a way to save money, according to Joy. Instead, she encourages people to explore Charlotte, build relationships in the real world and work on finances.
Find support
People in debt are not alone.
Joy encourages readers to seek help from people in the same situation. This includes finding two or three people to meet on a monthly basis to talk about finances or getting better with money.
More on C.R.U.S.H.
For more information about Joy and her new book, visit www.crushyourmoneygoals.com.
This story was originally published January 2, 2025 at 6:06 AM.
