In this episode of the One of a Kind Financial Show Daily, Certified Financial Planner Mike Milligan and consumer‑advocate co‑host Gary Nolan use the start of tax season as a catalyst for a "financial spring cleaning". They walk listeners through a step‑by‑step audit of personal finances: reviewing and canceling unused subscriptions (citing a 2023 CNR Research study that 42 % of Americans waste $1,084 / yr on dead services), assessing debt and choosing a payoff strategy (snowball vs. avalanche) against a backdrop of a 21.5 % average credit‑card APR and $1.2 trillion national credit‑card debt, and building an emergency fund (highlighting that 56 % of adults can’t cover a $1,000 emergency). They then shift to tax‑document organization, recommending a simple physical system (shoebox or envelope) or a digital asset‑mapping tool, and stress that early organization prevents missed deductions and stress. Throughout, they frame the advice with March‑Madness basketball analogies—game tape, full‑court press, matchup analysis—to emphasize preparation. The segment repeatedly promotes Mike’s “One of a Kind Financial Plan” and offers a free, no‑obligation consultation via phone (757‑403‑5078) or text (IDEAS to 600‑700). Legal disclosures note Mike’s affiliations with One Oak Financial, Advisory Alpha LLC, and that the content is educational only.
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Welcome to the One of a Kind Financial Show Daily. This is your host, Mike Milligan. Tax season is officially underway. You've probably in the last couple of days received either W-2s or 1099s, or they're flooding through the mail to you right now. But instead of dreading it, what if you could use this moment to get ahead? From reviewing your spending to tightening up your debt strategy and emergency savings, we're sharing smart ways to prep your finances. And yes, We've got a few lessons from college basketball to help you stay in control of the court. You are one of a kind, and enjoy this segment of the One of a Kind Financial Show Daily.
We're just getting into the thick of tax season. While it's tempting to put it off, this is actually the perfect time to take stock of your finances and start fresh like a basketball team preparing for March Madness. This season about strategy, organization, setting yourself up for victory. Whether it's tracking expenses, tackling debt, or building a strong emergency fund, your financial spring cleaning starts now. So, let's dig into a few smart plays you can make early in the year to gain momentum and peace of mind. Reviewing spending. Yeah, you gotta take a look at that. Scouting your own financial team, Mike.
Yeah, you start the year with a clear view of where your money's going. It's like watching game tape of what you did in the past. So, it helps if you identify some strengths, weaknesses, and blind spots. I'll tell you, my wife and I, Liana and I, did this already. We were taking our own advice, and we found a lot of money that was going out the wrong way, right? And so we were able to save a lot of money going in. Matter of fact, one of the things that caught my eye is when I saw the research for this segment, I saw there was a 2023 study by CNR Research that found that 42% of Americans are still paying for subscriptions they no longer use. We found those guys.
Wow.
We found them. And the average of that study found that it was $1,084 a year. We actually found just a little bit more money than that. Ooh, that's a lot. It is. That's money that could be redirected, in our case, to savings. We have our debt pretty much under control, but it can be redirected to debt payoff. But more importantly, like we are, we're going to redirect it to giving. And so guys, beginning this year, right? We're several weeks in, but we're still at the beginning of the year, right? It's winter until spring gets here. It's the beginning of the year. We can look at your budget with you, give you ideas to be able to do an audit of your spending so we can build better financial behaviors and tighten up those unnecessary expenses so you can have more money to do the things you want to in life.
Yeah, that's something I need to take a look at myself. I got so many subscriptions I don't think I use anymore, Mike. I'll be taking a look at those for sure. Debt planning, start strong before the pressure builds.
January is a good time to start looking at your debt situation before the pressure of the year builds up like a full-court press in basketball. With the average credit card APR, annual percentage rate, hovering around 21.5% and household credit card debt surpassing $1.2 trillion nationally, according to the New York Fed, getting ahead of high-interest balances is critical. One thing you can't do, folks, is you can't expect that President Trump is gonna come to your aid and reduce those credit card rates from 21.5% to 10%.
Yeah, that's not gonna happen.
You need to actually take control of it yourself, right? Don't allow, that would, if they lower the rates to 10%, it's gonna hurt financial companies, and financial companies line the pockets of politicians. So the probability of that going forever is not gonna be there. Don't expect government to bail you out of this. Let's create a plan, whether it's a snowball plan or an avalanche plan, to be able to help you get out of debt.
Yeah, absolutely. The show is the one-of-a-kind financial show with Mike Milligan. I'm Gary Nolan, your consumer advocate. Mike is with One Oak Financial. I want to give you the phone number, give you Mike's personal cell phone number this weekend to get on his calendar, get you all set up with that comprehensive plan. There's no cost, there's no obligation to get a better handle on your financial situation, but it starts by picking up the phone and dialing this number: 757-403-5078. Mike's going to be busy this weekend. On his own cell phone, 757-403-5078. Call right now. Get yourself all set up again with that comprehensive plan. No cost, no obligation. If you like to text, you could text too. You could text IDEAS to 600-700. That's another way to get a hold of Mike and the team. All right. Emergency fund, your first line of defense for 2026.
It's early in the year, which makes this the perfect morning, the perfect morning and day to start or rebuild your emergency fund. According to Bankrate, 56% of US adults can't cover a $1,000 emergency without borrowing or dipping into credit. That's why our radio friend Dave Ramsey says on his 7 Baby Steps, start with a $1,000 emergency fund, because that would cover that. It's really a vulnerable position to be in if you can't cover that, especially as we face some unpredictability in the economy going forward. So if you're trying to build that financial safety net as emergency funds, start where you're spending. See if you can capture some money that's going out like we talked about in the previous debt planning, I mean, the previous budgeting side. And then if you can, a little bit over time, emergency saved will help you when that emergency really reveals itself.
Couple of minutes left. Tax documents, clutter or clarity, Mike?
It's time to get a shoebox, folks. It's time to get a big envelope. It's time to get something. And as they roll in, as the emails roll in that says your W-2's available online, as the Fidelities and the Schwabs and Edward Jones of the world start getting them together, it's time to start collecting them. But it's also time to evaluate, am I organized and am I in the right place? See, would it be easier if all those accounts were in one place for you? Would it be better if you had a recordkeeping system, kind of like Asset Map that we use in our company? Or do you live on this envelope in a shoebox and then pray it's all right? So disorganization is frustrating, but it also leads to missed deductions, unnecessary stress, and overpayment of taxes. We help folks walk through this. We, uh, in February, we spend most of our time in One Oak Financial helping people get organized so that they never have to do it again in any successive years. But tax planning begins when you start getting tax documents, and that's what we help with.
Absolutely. All right, tell us about the One of a Kind Financial Plan again, Mike.
Well, it's here. Tax season's here, just like college basketball season's here, the end of the football season's here. It's all about seasons, guys. Taxes are the biggest expense you'll ever pay in your life. We at One Oak Financial help with the tax math that's required to reduce taxes over your lifetime. It's the number one thing where we make an impact. And let's be truthful, guys, many people do not have a tax strategy. It's not something that is readily talked about in financial advisory firms. Most people only look at taxes from a historical standpoint. So If you want a conversation about a better tax strategy, better risk, how do you get retirement income you need? It's time to come in and talk to us. It's time to call me today on my personal cell phone. I can't wait to talk to you. Gary, tell them what that number is.
Sure, Mike. Absolutely. That number is 757-403-5078. 757-403-5078. Your chance to benefit from the one-of-a-kind financial plan. Call right now. We have a limited number of availabilities this week. And remember, the consultation is offered at no cost or no obligation. One more time on the number, 757-403-5078, or text IDEAS to 600-700.
Well, you have to have a March Madness mindset. So, and that includes preparing before the clock runs out. On the segment, we missed ending with this. See, college basketball teams just don't show up to the tournament unprepared. They analyze matchups, fine-tune their strategy, and practice execution. Your finances deserve the same level of intention, whether it's repositioning assets to tax efficiency, reviewing contributions to your retirement accounts, or checking your required minimum distribution plan. It's about having a game plan before the pressure hits. So what mindset shift can help you this tax season with confidence rather than procrastination. I think that mindset shift should be creating a one-of-a-kind financial plan. If you want to do that, text ideas to 600-700 and we can get started. This podcast has been syndicated from the One of a Kind Financial Show Daily with thoughts from Mike Milligan, Certified Financial Planner. Mike Milligan is an investment advisory rep with Advisory Alpha LLC. He's also the owner and founder of One Oak Financial. One Oak Financial is owned by Ideas by Mike and is a coaching, education, and planning business. that offers financial services in all 50 states in the United States. If you are looking for a team to help you, I would encourage you to reach out to One Oak Financial at the website www.oneoakfinancial.com. That's number one oak financial dot com. As a reminder, Advisory Alpha LLC and Ideas by Mike doing business at One Oak Financial are unaffiliated entities, although Mike is owner of one and investment advisory rep of the other. This has been for educational content only.
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