Tune in to this episode of Detail Therapy for all the deets on taking care of your finances! From building your savings to to tracking your cash flow, these are my financial health must-haves.
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(3:29) What to expect from today’s episode
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5 Ways to Take Your Finances More Seriously
1. Ask for Help (5:00)
Asking for help is hard because talking about finances has been so taboo for so long. Don’t be afraid to talk about it because it will ultimately make you better.
(6:01) Those who lead you to believe you cannot create more abundance for yourself are those who are teaching you the scarcity mindset. Think you don’t know how to master a mindset? If you’re convinced money is evil, then you’ve already mastered it.
(6:35) Recognize the state of your mind and that not only is it possible for you to master a mindset of more possibility, but to get control of your financial health and steer it in a better direction.
2. Track everything (9:47)
(10:28) My must-have apps for financial health:
- NerdWallet: Track net worth, credit, cashflow, and ways to optimize.
- N26: Banking app that allows you to save for different goals easily and user friendly
- MyFico: Deep dive real time credit updating
My biggest tactic is to have multiple bank accounts for different things:
(17:49) Accounts for business:
- Tax withholding
(19:36) Accounts for personal:
- Personal checking
- Short term savings
- Long term savings
- Food budget account
- Home expenses account
(21:38) Book reco: Profit First by Mike Michalowicz
3. Paperless billing and automatic payments (22:42)
Give yourself the peace of mind of knowing those bills will come out of your account without a second thought.
(25:03) If you can’t remember if you’re a member of something or how many things you’re a member of then you’re probably spending too much in recurring memberships
- iPhone apps
- Spray tan booth
(25:37) Find the opportunities to pull back by looking over your receipts and cancelling whatever you can. See if you even notice its gone!
4. Designated savings (26:42)
Designate a firm % of your income that will go to savings.
(27:21) If you have an emergency and you think you can’t save, this is the literal reason why you need to save. You need funds for emergencies and there actually aren’t as many as you think there are.
(27:59) You will stop living paycheck to paycheck when you take the steps to keep you from doing it. You must save money if you want to start exploring abundance.
5. Get Educated (28:12)
My favorite books about wealth:
- You Are a Badass at Making Money by Jen Sincero
- I Will Teach You To Be Rich by Ramit Sethi
- Profit First by Michael Michalowicz
- Money: Master the Game by Tony Robbins
- The Total Money Makeover by Dave Ramsey
(30:57) You must become financially literate to be successful. Become a master.
- Read/listen to audiobooks
- Read books about issues that directly affect you
(32:43) Thank you to everyone who left a review on this podcast!
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