Forming good habits can be tough full stop, but especially hard when it comes to money. However, learning how to manage your family’s finances can provide you and your loved ones with a greater sense of security and a better quality of life.
You can get on the right track with a little help.

In the age of paper receipts, the ability to track spending was much more difficult. Now, families can use banking apps to track and even categorize their expenses automatically. 

Keeping a close eye on your account activity can help you identify and dispute unauthorized transactions. In fact, fraudulent activity and scams have risen over the last couple of years, with U.S. consumers losing over $10 billion in 2023. 

By understanding where your money is going, you can also set a realistic budget for your family. 

“Instead of starting with how much you’re going to spend, let’s talk about how much you’re going to save,” advises Robert Wagner, CPA and leader of the specialty services practice at HoganTaylor, an accounting firm headquartered in Tulsa.

A general rule of thumb? Save at least 10% of your earnings. Next, take stock of your necessary expenses, like groceries and utilities. Whatever is left over afterwards can be spent at your discretion. 

“Maybe you can splurge. That’s the beauty of a budget; it gives you freedom to be okay with spending money on things,” says Wagner. 

With current interest rates still high, borrowing money is expensive. If you have debt, paying down the amount you owe can help you achieve your long-term financial goals.

A common strategy for getting out of debt is the “avalanche method,” which entails paying off your accounts with the highest interest rates first. To really make a dent, put more towards your debt than the monthly minimum payment. This approach attacks your principal balance, helping you pay less in interest over time. 

Wagner advises to consider why you got into debt in the first place. For many families, it comes down to making large purchases that they cannot afford, oftentimes in order to keep up with their peers. 

“There’s a lot of pressure, and it’s hard feeling like you’re not able to do what other families are doing,” he says. “But the dirty little secret is people aren’t as wealthy as they often live. It’s not worth the stress of putting yourself in a hole and being unprepared for the future.” 

Life is full of curveballs. Home and car repairs, medical emergencies and the like can quickly put you in a bind if you don’t plan ahead. 

“As the leader of your family’s finances, strike the words ‘unexpected expenses’ from your vocabulary,” Wagner says. 

By establishing a rainy day fund, your family can be in a better position to navigate hardships and times of uncertainty. At minimum, Wagner advises having $400 set aside. If possible, consider automatically allocating a percentage of your paychecks to go toward your rainy day fund. This extra cash can help your family stay afloat when dealing with out-of-pocket costs. 

Contributing more towards your family’s contingency fund can empower you to stay on track with your financial goals, too. 

“It really is a good feeling,” says Wagner. “Even if it [your rainy day fund] goes from $700 to $1,500 this year, that’s awesome. It’s a big win. It really is a motivating factor to see your savings start building with time.” 

Unlike emergencies, some expenses can be forecasted. Think about life events and major milestones that your family might experience in the next decade, like sending kids to college or needing to purchase a car. 

By giving yourself plenty of time to save, you can reduce the stress involved with planning for these changes and explore different savings options. For example, parents that are saving for their children’s college education may be eligible for Oklahoma 529, a tax-advantaged savings plan that can be used to cover tuition, textbooks  and other common expenses. Establishing an irrevocable trust is another option for parents who’d like to cover their child’s educational expenses. 

Another milestone to consider is retirement. The earlier you begin saving, the better. In many cases, employers provide 401(k) plans, and even matching contributions to their employees. 

“Go for the free money,” encourages Wagner. “Figure out what your employer will match and maximize it. That’s the best way to get started with long-term savings.” 

The term “sandwich generation” describes middle-aged adults who care for both their not-yet-grown children and their aging parents. This phase of life can be particularly challenging for families – both emotionally and financially.

According to the U.S. Administration for Community Living, about 70% of adults over the age of 65 will need some form of long-term care. To best prepare for this transition, talk with your parents about their financial standing and assets. 

Knowing what their priorities are can help your family avoid conflict and make more informed decisions when that time comes. If your parents need assistance with end-of-life planning, consider consulting an attorney who specializes in elder law.

You may also qualify for a Dependent Care Flexible Spending Account (DCFSA), a pre-tax account that can help you save up to 30% on dependent care services. Funds from this account can be used to support a child, spouse, or relative that resides in your home. 

Buying a house may be one of the biggest purchases that you ever make. It can also be one of your greatest investments. 

“For most Americans, a house is their number one asset and the best way to build wealth,” explains Wagner. 

Many homeowners who have paid down their mortgage may qualify for a home equity loan. If you do borrow against your home, Wagner advises to put those funds toward home-improvement projects. 

“It makes sense for people who need to either renovate their kitchens or bathrooms – the things that have been proven to add value,” he says. 

Families may also consider refinancing to get a better interest rate. There are costs involved, but Wagner recommends the consideration of refinancing if it would drop your current rate by a half point or more. You may also want to consider shortening the length of your mortgage, which can help you secure an even lower interest rate. 

There are a wide variety of insurance policies that you can sign up for to protect your most valuable assets. Common forms of insurance are health, life, auto and homeowners. 

Regardless of the type of insurance, consider what your family’s needs are. You may want to opt for extra protection or coverage, depending on those needs. For example, if you expect to incur several medical expenses in the near future, you may want to set up a Health Savings Account (HSA) or Flexible Savings Account (FSA) to help plan ahead and maximize your savings. 

Check with your insurance providers to see if they offer any discounts to bundle your insurance, too. Even if that’s not an option, you may be able to save a little bit of cash by going paperless or paying for your annual policy in full.  

Oklahomans may also qualify for Insure Oklahoma, a health premium assistance program for low-income adults. Some employers participate in the program, so it’s worth checking if your family qualifies. 

When in doubt, getting help from the pros is always a good idea. A financial advisor can help your family create a customized plan based on your personal goals, whether that’s purchasing a house or retiring early. 

There are several types of advisors, from accountants to wealth managers. Research financial professionals in your area and choose one that seems to be the right fit based on your family’s needs.

Some banks and credit unions offer their customers access to financial advisors without charge. If that’s not an option, working with a wealth management firm may be the way to go. Although there may be costs associated with hiring a financial advisor, the long-term benefits are well worth it.

 “I’m passionate about family finances because I know it’s such a big generator of stress for families,” says Wagner. “There are a lot of things you can do to… make the path a little smoother for your family.”

The world of investing can seem intimidating to many. After all, there’s always some risk involved. But if you do a little research, make a plan and consult with the experts, investing can truly help to secure a strong financial future for both yourself and members of your family. 

Firstly, don’t put all your eggs in one basket. This means diversifying your economic portfolio. Stocks, bonds, real estate and other options mean you can maximize your potential returns and minimize potential risk.

Next, consider passive income streams you can enact. Essentially, work smarter, not harder – and make your money work for you. Passive income can look like rental properties or low-maintenance dividend-paying stocks. 

Avoid impulse-led or emotional investments. This means taking out overconfidence, fear, greed or thrill from your investment choices. Instead, create a well-researched plan and don’t stray from that plan unless an expert is advising you to do so.

You can also take a look at low-cost index funds.

“Index funds are defined as investments that mirror the performance of benchmarks like the S&P 500 by mimicking their makeup,” says Jason Fernando in an article for Investopedia. “These passive investments, long considered an unimaginative way to invest, are behind a quiet revolution in U.S. equity markets, attracting a widening swath of investors.” 

While they may be coined as ‘unimaginative,’ the numbers as they relate to index funds don’t lie.

“Passive index funds tracking market benchmarks accounted for just 21% of the U.S. equity fund market in 2012. By 2023, passive index funds had grown to about half of all U.S. fund assets,” Fernando continued. 

Investing, paired with other decisions like smart budgeting, considering home equity, consulting with experts and reviewing your insurance plans, will help your family in securing the financial future you’ve always dreamed of. 

When you think Oklahoma sports, you probably think football. Or maybe basketball. Or baseball … or softball, or soccer, or BMX, or kayaking. The point here? Oklahoma has a hand in so many semi-pro and pro sports, which not only enhance state pride, but boost our bottom line, too. 

In this year’s sports feature, we examine the unique foothold Oklahoma has in the sporting industry. We talk to some state-based teams about their inner workings, how athletes remain healthy during their rigorous workout schedules, and just how much money is infused into our economy thanks to these  efforts.

Oklahoma sports fanatics love the classics – football, basketball, baseball. And for good reason: we’re great at them. But we’ve also carved out footholds in some niche and unique professional sports outside of the traditional box, thanks in part to the establishment of Olympic training sites and regional and national sports facilities. Add onto that the world-class equestrians who live and work in Oklahoma and it’s safe to say the Sooner State is a pro sports hot spot. 

Opened in February 2022, the USA BMX National Headquarters and Hall of Fame Museum stands watch over downtown Tulsa. Track operator Jacob Nelson says everyone – from toddlers to octogenarians to Olympic athletes – can be found at the Hardesty National BMX Stadium.

“We see all skill levels, as long as you can ride a bike,” he says. “We’re open to the public Thursdays and Saturdays and offer weekly clinics on Tuesdays. Usually, riders will try us out first before joining in on a clinic. We also offer the BMX Race League. Olympians are made at the BMX facility, with the U.S. Olympic team training in one of the top training facilities and tracks in the country – if not the world.”

It doesn’t require intense athletic prowess to have fun on a bike, and the facility is family friendly, with summer camps and school programming. In the fall, racing sessions ramp up.

“It’s a great way for brand new riders to get coaching and training on the level they’re at,” says Nelson, “We just ask that you can ride a bike, and we will teach the skills to get you around the track.”

About 8,000 racers participated in events just last year, Nelson says, “and that is just local. We also hosted races including the Gold Cup Championships, Legacy National races, international World Cup qualifiers with riders from 30 countries, to name a few. There are also thousands of visitors for each event.”

Another major sporting niche Oklahoma harbors is in water-based competitions. The Boathouse District in downtown Oklahoma City is home to Riversport OKC, a unique outdoor destination unlike any other water-sports facility in an urban setting nationwide. There, novices, pros and those in between can find opportunities for rapids riding, paddle sports, canoeing, kayaking, zip-lining, climbing, surfing and more. It’s also an official U.S. Olympic and Paralympic Training Site and features the OKC National High-Performance Center, a premier water-sports facility. 

“We became a Paralympic training site in 2009 after successfully hosting Olympic trials,” says Mike Knopp, Riversport’s executive director. “This is an inspiration for people who come to use our facilities and programs, including families doing various water activities. It adds authenticity to the experience – to be where the very best at canoeing and kayaking training occurs, including Team USA before competing in Paris.”

Knopp mentions that their programming, headquartered at the Devon boathouse, began with a focus point on rowing, “but then included canoe and kayak sprints,” he says. “We have, for example, world class sprint kayaker Gus Cook training here and competing at an international level on the national team, and we host national training camps.”

Oklahomans have a lot of teams to support – from semi-pro to pro in categories ranging from hockey and soccer to softball and basketball. Perhaps the most fervent fan base can be found on the national stage with NBA team the Oklahoma City Thunder. 

In December of 2023, the Oklahoma City Council approved a development agreement to create a new $900 million arena in downtown Tulsa where the old Cox Convention Center once sat; this will keep the franchise in OKC through 2050. 

And while the Thunder brings a major morale boost to Oklahomans, the team – and the construction of a new stadium – are huge economic drivers. 

According to the Economic and Revenue Impacts of the Oklahoma City Arena Report by Applied Economics, the operations of the Paycom arena and the operations of the Oklahoma City Thunder support an annual economic impact of $513 million, directly and indirectly supporting close to 2,500 jobs and $273.8 million in annual labor income. 

“With a total of about 472,900 non-local visitor days per year for basketball games and ticketed third-party events, the arena supports an estimated $45.5 million in annual visitor expenditures outside the arena for lodging, food, retail and local transportation, says the report. “The estimated economic impact of construction could total $1.3 billion, supporting over 10,000 jobs during the construction period.” 

Commenting at the end-of-season press conference on the Thunder continuing to grow as a team, executive vice president and general manager Sam Presti said that the future is bright for the organization.

“We understand there’s no silver platters in Oklahoma City,” he said. “We’re going to have to take it. We’re going to have to improve. We’re going to have to scratch. We’re going to have to claw. We’re going to have to battle to get progress, especially in our conference, and our guys are fine with that.”

Another hardworking Oklahoma team that’s boosting the state’s economy is the Tulsa Drillers. Brian Carroll, the Drillers’ assistant general manager, says the team typically draws an average paid attendance each season of between 5,000 to 5,500 for their 69 home games at ONEOK Field.  

“Since the Drillers moved to downtown Tulsa with the opening of ONEOK Field in 2010, the area around the ballpark has changed immensely,” he says. “So many new restaurants, bars, museums, galleries and office buildings have been constructed and opened in those 14 years, completely changing the landscape around the stadium. A baseball game can now include so much more than the game for Drillers fans. An outing might include a visit to the Bob Dylan Museum down the street, followed by a stop for dinner or drinks at a nearby restaurant before ever entering the stadium.  After the game, many establishments are still open and might be visited, too.”

If you want to get involved in the world of sports but don’t have the athletic skills it will take, there are other avenues to explore. 

Athletic trainers, for example, are highly trained specialists involved in the day-to-day tasks and responsibilities of enhancing a player’s overall health and performance. 

Robert Fulton, currently in his 21st year as OU Athletics’ Director of Athletic Medicine/Student-Athlete Health and Wellness, is involved in the matriculation of tomorrow’s trainers. The education, he says, is rigorous. 

“An athletic trainer must graduate with a bachelor’s or master’s degree from an accredited athletic training education program and pass a certification exam administered by a board of certification,” he says. “Once certified, the athletic trainer must maintain licensure under the supervision and in collaboration with a physician, as allowed by their state medical practice act.”

Trainers, day-to-day, have a dynamic schedule. 

“Athletic trainers are healthcare professionals responsible for managing a broad spectrum of injury and illness, including prevention, recognition, rehabilitation and return to play,” Fulton continues. “Day to day, our role is to serve as primary athletic health care providers, ensuring appropriate preparation and response to a wide range of needs. We are often first to arrive and last to leave a practice or a game. We collaborate with a network of providers and professionals to communicate with athletes, parents, coaches and administrators, ensuring an appropriate plan of care.” 

For those interested in entering the sports industry through an academic standpoint, there are plenty of avenues forward. In fact, Oklahoma colleges and universities offer a bevy of classes, certificates and degree programs focalizing on sports. These include:

• Sports management
• Sports media 
• Sports marketing & revenue generation
• eSports
• Advanced sports medicine
• Sports communication
• Sports psychology
• Sports journalism
• Exercise physiology
• Occupational therapy
• Sports science

Jobs in sports can run the gamut, from journalists and agents to general managers, athletic directors, scouts, trainers, coaches, contract negotiators, marketing managers and nutritionists.

No matter the sport – from football and basketball to golf, tennis or swimming – physical demands are intense for athletes. Coaches, players and trainers are always cognizant of the tolls on the body, and work to take care of and repair their bodies after practices and games.

“For baseball today, the biggest injury concern involves shoulder and elbow injuries for pitchers,” says Carroll. “Many professional pitchers now routinely throw 95-100 miles per hour – where 20 years ago, there were only a handful of pitchers reaching those speeds. The strain on the shoulder and elbow has become an even bigger concern for athletic trainers and strength and conditioning coaches.”

OU’s Fulton agrees that the physical demands are great, but education and awareness are also greatly improved as they compare to prior decades.

“Many athletes today are more aware of the physical and mental demands of sport, and recognition is the first step toward action,” says Fulton. “Now more than ever, preparation and recovery from such demands allow for some to separate from others. Resources for educating and addressing healthy habits such as sleep, diet, movement, strength and regeneration are all gaining popularity. Athletes are motivated by development and success. To each, recognizing the value of good habits and science-based practices drives the motivation for development and excellence.”

Alongside the physical demands of the job, the time requirements are hefty.

“Baseball is unique among other professional sports because of the number of games that are played,” says Carroll. “In the majors, there are 162 games each season, while with our team, we play 138 games in a season. Basically, from the first of April through the middle of September, the Drillers play every day – with the exception of Mondays almost always being an off day. For professional baseball players at all levels, the sport of baseball goes on all year despite games ending in the fall for most teams.

“Players today are putting in more hours than ever,” he continues. “For Drillers players, their day begins with arrival at the ballpark around 1 p.m. for a 7 p.m. game. Everything from cardio, to stretching and mobilization drills, to weightlifting take place during the afternoons prior to games, with the activities switching from day-to-day. After that, it is batting practice and drills as well as fielding work for position players and individual, specific drills for pitchers. Most of the same drills are continued on a near daily basis in the off-season.”

Discipline and structure are noted as key elements for every major athlete, says Matt Tumbleson, vice president of basketball communications and engagement at the Oklahoma City Thunder.

“The schedule for professional athletes is structured in order to help prepare the individuals for high performance,” he says. “A typical day in OKC will see a player arrive at the facility between 8:30 and 9 a.m. for an 11 a.m. practice. During those two hours, players are on a schedule that is prepared by the performance team that will see them do pre-practice court work, lifting, meeting with assistant coaches, eating breakfast and getting pre-practice treatment. Practice will typically last from 11 a.m. to 12:30 or 1 p.m. Following practice, depending on their individual plans, players will do more shooting, some will do post practice lifting, and some will do meetings with coaches and post-practice treatments.” 

Photo credit for header image: In Oklahoma City, Riversport is a designated U.S. Olympic and Paralympic Training Site for a variety of water sports. Pictured here are Olympic trials for the kayak cross. Photo by Georgia Read courtesy Riversport  

“Aging gracefully includes being able to continue doing what you love to do on your own terms and having the freedom to make those choices,” says Valerie Bomar, the associate executive director of Covenant Living at Inverness (CLI) in Tulsa.

It is important, as the years add up, to make purposeful choices that can help you continue living life to its fullest. Staying connected to friends and family, considering personal safety, keeping up with exercise, and maintaining a healthy diet are just some of the ways seniors can stay at the top of their game. These decisions will allow them to stay involved with beneficial activities and be able to make their own choices. 

In keeping this level of autonomy over specific choices, the idea of gaining years does not have to mean detracting joy.

“From the personal viewpoint of an employee who has worked with seniors for over 30 years, I believe aging gracefully also begins with breaking stereotypes and stigmas that can exist within a retirement community,” says Debbie Miller, wellness director at Spanish Cove Retirement Village in Yukon. “We can inspire more positive views of aging.”

One important way to age gracefully is to fight the tendency to lose connections. Loneliness has been shown to be a real risk to happiness for seniors and to even shorten life expectancies. Living in a senior community goes a long way toward ensuring the proximity of relationships, but just being there is not enough for many. Participation in offered activities is key to warding off isolation, but it is important that the resident’s individual preferences, interests and abilities are taken into consideration.

“We encourage residents to continue to explore the passions they’ve always enjoyed, such as gardening – we have numerous places for them to garden on campus, or sing in our choir, which meets weekly and performs concerts for our residents,” says Miller.

Gardeners and singers living at Spanish Cove can find an outlet for their interests and make some new friends along the way, but these suggestions are just the tip of the iceberg. Other activities include book clubs, entertainment programs, community events, and trips to local museums, businesses and arenas. And the reason Spanish Cove offers such a wide range of ways to participate is important.

“Spanish Cove believes the social dimension of wellness may be the most important for helping older adults live a life filled with purpose, meaning and engagement,” says Miller. 

CLI is another example of a senior community that recognizes its residents’ need for connection. From the moment a new resident arrives, CLI is a warm and welcoming community, says resident life director Sharon Goforth. Other residents and staff welcome the newcomers and help them get connected. New residents can choose from mixers and community dinner options, live music performances to attend, and even opportunities to eat out with others.

“Our lounge opens for happy hour most nights with an opportunity to enjoy a drink – alcohol or not – and some good conversation,” she says.

Just as staying connected with friends and family can become more of a challenge as the years add up, safety concerns tend to change and increase as well. While the basics of staying safe may not change, some of the peripheral considerations of safety may need to be reassessed.

Wearing a safety pendant is an option any senior might want to consider. This safety method used at CLI is instructed to be activated in the case of an unexpected medical emergency, according to Graham Woods, the community’s security and transportation manager. This device can then alert security personnel to a problem and give them the resident’s precise location.

Staying safe in changing weather conditions is something seniors should also keep in mind. While staying aware of weather may not be a new idea in Oklahoma, seniors’ ability to respond may change over time. Those living in a retirement community should be informed on where to go during a storm and think through how they will get there.

“Living in Tornado Alley, we take storm season seriously,” shares Woods. “[CLI has] two certified storm shelters that can house all of our residents, and we have security personnel trained to assist in a mass shelter-in-place should a tornado warning be issued in our immediate vicinity.” 

Both CLI and Spanish Cove offer safety fairs and informational sessions to help seniors stay educated. These offer details on the latest internet and phone scams, as well as physical considerations for safety, financial planning, veterans’ benefits and assistance with medications.

One important way seniors can contribute to their overall safety and wellbeing is by keeping physically fit. But the ways they exercise may look different between 35 and 75. Some programs or activities that worked during their younger years may not work for older adults.

“Physical activity is an important part of healthy aging,” says Lauren Kotrys, a nutritionist with YMCA of Greater Tulsa. “Understanding limitations plays an important role in finding the right type of exercise to participate in. As we age, we tend to lose muscle mass and balance, [and] stability becomes more challenging.”

Kotrys recommends three types of activity seniors should strive for on a weekly basis: moderate intensity aerobic activity, muscle strengthening and balance work.

Most retirement communities offer opportunities to stay fit.

“Spanish Cove offers an array of fitness options tailored to older adults,” says Miller. Its inclusive approach to wellness drives leadership to offer a broad scope of exercises. This includes yoga for balance, water exercise and line dancing for a heart-healthy aerobic workout, and Stretch and Strengthen for muscle mass improvement. They even have a senior dragon boat paddling team which was the first of its kind in the state, according to Miller. 

But what signs should seniors watch for that indicate a certain exercise has become too much? 

“When exercising, a good rule is: if it hurts, stop the exercise,” says Kotrys. “The main thing to remember is to execute proper form and body alignment throughout the exercise.” 

She also recommends attending to a proper warm-up and cool down to ensure best benefits.

The other main consideration when it comes to staying healthy is your diet. But should diet change as people get older? Is there a need to eat less as metabolism slows?

Kotrys says the answer to that question is a solid “maybe.” 

“If, with age, a more sedentary state finds you, then you may need to consume fewer calories overall to help balance out the inactivity,” she says. But if seniors maintain an active lifestyle, there may not be a need to decrease calories. 

At CLI, Doris Hayden, dining manager, offers several guidelines to consider for eating in later years. Factors such as staying hydrated, as seniors are at higher risk of dehydration; watching fiber intake to ward off constipation; getting adequate lean protein, healthy fats, calcium and vitamin D; and focusing on nutrient dense foods such as fruits, vegetables, whole grains and low-fat dairy. Hayden also recommends checking with a healthcare provider or dietitian regularly to make sure things are on track.

In order to offer a wide range of activities and the connection that seniors need to age gracefully, many retirement communities rely on the services of volunteers.

“Our volunteers lead dance classes, play music, provide respite for caregivers and help with community projects,” says Miller at Spanish Cove, which is celebrating 50 years embedded in the Yukon community on Sept. 19. Spanish Cove also partners with several regional universities, bringing in students who work on developing products and services that allow seniors to more effectively age in place.

CLI has a similar need for volunteers to enrich the lives of its residents.

“Many of our programs can benefit from extra hands, such as arts and crafts classes,” says Goforth. She describes how volunteer musicians offer performances for residents and assist with worship services. Other volunteers help seniors enjoy the beautiful campus by gardening or merely basking in the sunshine together. There is a need for volunteers working with residents with dementia. 

“If you have a skill or just a heart to serve, we can work with you to find a way,” says Goforth.