IDEAL BALANCE

1. The No Judgment Account: Spending with Purpose

Budgeting doesn’t mean cutting out all your fun and guilty pleasures. Allocating a portion of your money to a “no judgment” account ensures you can enjoy some discretionary spending guilt-free. This account lets you spend comfortably while staying on track with your financial goals. And, if you don’t have the account, you will most likely pull from somewhere else. Instead, get used to healthy spending habits by setting a budget to spend on purpose.

2. The Extra Paycheck Myth

Many of us are excited when we receive an extra paycheck in a month. However, you must resist the temptation to spend it or blow it just for funsies. Instead, give every dollar a job and be strategic about what you’re going to do with it. Don’t forget you still have to eat, have groceries and such during the “extra two weeks” as well.

3. The Power of Automatic Transfers

Automation is a game-changer when it comes to managing your finances efficiently. Setting up automatic transfers for savings and investments ensures you’re accidentally making smart money decisions–like in your sleep! By designating funds to specific goals in advance, you’ll effortlessly build your savings.

4. Transforming Your Money Mindset: Save More, Spend Less

Changing your money mindset is crucial to achieve financial success. Focus on saving more and spending less, aligning your spending habits with your long-term goals. Remember, money is a tool to enhance your life, not a source of stress or obsession.

5. Aligning Spending with Your Goals

Use your budget to align your everyday spending with your long-term objectives. By creating sinking funds for big expenses like vacations, car repairs, and holidays, you’ll be financially prepared and avoid unnecessary stress.

6. Investing Your Raises

When you receive a raise, resist the urge to increase your spending. Instead, allocate a portion of your raise to investments. By consistently investing more as your income grows, you’ll enjoy the power of compound interest and set yourself up for a financially secure future.

7. Avoid Lifestyle Creep:

Lifestyle creep is when your expenses continue to grow at the rate of, or faster than, your income grows. Instead, you want to try to still live on as little of a footprint as possible and be aware when your lifestyle is creeping above your means.

8. Cash is a great accountability partner

You may not want to use cash because you’re cool and modern and digital! We get it. But we suggest you give it a try! It’s a great accountability partner. When you only have $20, you only have $20. It doesn’t lie or fudge the numbers. Plus research shows you WILL spend less when you use cash.

To find out the other two tips, listen to the podcast episode!

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We are excited to create the time & space to talk to you about your current money situation. This is a free, no-obligation call where we can answer questions you may have and maybe find some quick wins for your budget.

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