Just a few years ago, Kumok Love, a Spokane Valley homeowner, was in debt for thousands of dollars in student loans and credit card bills.
Being a single, divorced mother earning $ 24,000 a year, the turning point in changing her financial habits came after she paid for her son’s $ 1.09 ice cream cone with a McDonald’s credit card. drive-thru.
In 2016, she founded The Budget Mom’s blog to document her financial journey and eliminated debts of more than $ 77,000 by creating a “budget-by-check” method.
Budget Mom has become a large community with millions of followers on social media and a business that provides resources to others to meet debt, track expenses and create budgets.
Love, an accredited financial advisor who moved from The Budget Mom’s apartment and operation in her Spokane Valley apartment to the debt-free home in her dream home that she paid for in cash, is now looking to expand. much to help others gain financial freedom. .
Love launches personal finance instruction book “My Money in My Way: Getting Back in Control of Your Financial Life” February. 1 through Penguin Random House in New York, one of the largest book publishers in the world.
Love is scheduled to appear on Good Morning America on Wednesday to discuss the book. She previously shared budget tips on Good Morning America in 2019, in addition to appearing on Today, CNN and Inside Edition.
“All the content I’ve put in the world, which is sporadically on YouTube, Instagram, in all these different places – it’s really all in this book,” Love said. “I even get into things I don’t talk about often, like retirement, investing, paying off debt, saving, and my budget-check method.”
“This is not just a budget book, this is a general basis of the financial plan that you can build after reading this book,” she added.
The book provides readers with a step-by-step plan to take control of their finances, regardless of debt or income level.
Through stories about divorces, recessions, evictions, layoffs, and more, readers will learn how to use their emotions to their financial advantage, create a budget based on real-life scenarios, and launch a motivating debt settlement plan.
Love said her decision to write the book was made by The Budget Mom community.
She began writing the book during the pandemic, shortly after opening The Budget Mom at 414 N. Julia St. in Spokane.
Writing the book is about eight months, a process that Love describes as “one of the most challenging but rewarding things she’s ever done.”
“With The Budget Mom, I’ve always had this financial philosophy, but no one has ever really asked me to define it in a way that can guide people through these steps of what I’ve found in my life.” she said.
“The process was very challenging for me, but I think in a way that allowed me to grow to discover what I really want to say here, and it was certainly difficult,” she continued. “But now I’m in a place where I’m so glad I went through this process.”
In the book, Love describes the budget-by-check system, which includes identifying expenses and listing them along with due dates and payment dates on a calendar, sorting expenses based on each paycheck, and dividing a set amount of cash into multiple envelopes. labeled for food. , gas, entertainment and other expenses.
The end of each chapter provides readers with clear and concise steps. The book also incorporates graphics and imagery to demonstrate financial concepts, Love said.
The book is intended to help readers discover three aspects of financial fulfillment: clarity, stability, and confidence.
“I think that once you really find these three things in your life, your financial plan will write itself. This is the plan that will succeed, “she said. “It took me a year to really define what I found in my life, financial fulfillment.”
Love hopes that every reader can find the same fulfillment for themselves.
“It’s beyond our final financial goals,” she said. “This is a deeper state of being, an understanding of one’s true self. And that’s exactly what this book is about. “
Penguin Random House has chosen to publish Love’s book based on its identifiable approach to helping people understand the emotional components of their financial struggle to get out of debt.
When Helen Healey, editor of Portfolio and Penguin Random House, saw The Budget Mom’s close community on a private Facebook group, she knew she had to meet Love.
“Her message is one I have never heard before. Until I see that I am the solution to my money problems – not the cause – I will never fix my relationship with her “, Healey said in an e-mail. “After years of hearing that financial struggles are the result of weak will and irresponsibility, Miko’s advice was advice I didn’t know I had to hear.”
“Working with Miko for the past two years, I’ve met women who have followed her advice and drastically transformed her financial life, moving from a lifestyle from a check to a paycheck,” she added. “In the process, I became converted to Budget Mom, achieving my own goals that were not once achieved.”
Kaylyn Ontiveros, a resident of Coeur d’Alene, discovered The Budget Mom while having dinner with her sister-in-law, who used the envelope method developed by Love.
“I have never made a budget. My husband and I have three small children and we have lived from check to check, ”said Ontiveros.
She asked her sister-in-law about the envelopes, and the family member sent Ontiveros on Love’s Instagram page.
“At the time, she was still living in her apartment and she was so friendly,” Ontiveros said of Love. “In my spare time, I was watching all her old videos on Instagram to see what the method was about and if it would work well for us.”
In 2017, Ontiveros began tracking his family’s expenses using The Budget Mom’s free resources.
“Honestly, it was a very tough achievement to move to a cash budget,” Ontiveros said. “When I started, I had a $ 51,780 credit card debt. I paid for it in three years using Miko’s method. “
Ontiveros has pre-ordered “My Money My Way” and is looking forward to sharing the book with others.
“Even if you have a really limited income, this method can work if you are willing to work,” she said. “With three small children, we were able to set our own financial goals even after paying off our credit card debt. We still use the method and it applies to every stage of your financial journey. “
“My Money My Way” is available for pre-order on Auntie’s Bookstore and The Budget Mom website.
This article was updated in January. 30 to reflect a change in programming in the release of Love’s Good Morning America.