Money Musings š 2 life-changing mindset shifts
What youāll find below:
Reflection: 2 life-changing mindset reframes
Money Move: Simplify your money life
You Gotta See: Q&A series -
Reel of the Week: Check out this cost per use logic
Last month I had the pleasure of speaking at Under Armourās Womenās Summit hosted at their headquarters in Baltimore.
I kicked off the talk with mindset. There are two mindset reframes that make taking steps in our money lives much easier and more effective.
The firstā¦
BUDGETING AND TAKING CARE OF OUR FINANCES IS AN ACT OF SELF LOVE.
So often we consider dealing with our money as a punishment or something painful. We donāt want to do it. We avoid it as long as possible.
But really, having a plan is key to giving ourselves what we actually want. Budgets get us closer to reaching our financial goals, give us peace of mind and help us better enjoy the money we do spend.
This reframe is critical because it gives us the motivation to make a plan and it reduces our resistance. From there we can dig in and make a budget.
The second reframe?
PERSONAL FINANCE IS A SKILL WE CAN GET BETTER AT OVER TIME.
Being good with money is not something weāre born with. Itās something that we can learn about and get better at over time.
I encourage everyone to cultivate a growth mindset around money. Instead of thinking of personal finance as an innate skill, think of it as something you can cultivate and grow with every mistake you learn from.
Instead of looking at each misstep as something futile, we start to think, āokay, what can I learn from this?ā or āwhat can I try next time so this doesnāt happen?ā
What have been your most powerful mindset reframes around money?
P.S. Nikki Kurt created a graphic drawing during my talk. It was so cool! Iāve included it below for you š
MONEY MOVE OF THE WEEK
SIMPLIFY YOUR FINANCES.
Before the New Year is the perfect time to simplify our financial life. When we have fewer accounts, thereās less to track AND fewer passwords to reset.
That might mean closing extra bank accounts we donāt use or need, or finally rolling over an old 401(k). Yes, simplifying can be tedious but it pays dividends šø in the future (pun intended).
Make a list of your accounts. Do you have multiple bank accounts? How about multiple investment accounts? Donāt kill the messenger but having investment accounts all over the place does not count as diversifying.
Write down the steps it will take to simplify your financial life. That might mean transferring over the funds from one account to another, changing where an expense hits and eventually closing an account. You don't have to do it all in one day. You can tackle one or two steps each week. āļø
You in 2024 will thank you!
you Gotta see this
ASK ASHLEY: WHAT COMES FIRST - HOUSE OR DEBT?
QUESTION: Should we prioritize paying off our debt or saving for a house first? We're planning to buy a multi-family home soon. The idea is to have a tenant pay fair rent, which will help us pay off our debt more easily.
ANSWER: Watch this to decide which will come first.
If you have a question, amazing! Please share them here!
your weekly money wins
Here are all the amazing money moves you made this week ššš
Shae: Finally cleared out my condo so I can remodel it and lease it out
Kristin B: Maxed out our HSA next year to combat additional therapy costs ā¤ļøāš©¹
Brittany: Got my 2024 planner at significant discount and it's so pretty!
Becca W: Meal-prepped so much sweet potato/bean/lentil chili using only ingredients found in my kitchen!
Ariel F: Paid my credit card bill... a fat one
Rachel: Forgot about my DFSA. Put the cash in high yield savings and stocks š
Alli: Got back on track with my 100 envelopes challenge that I started in Jan. There's still time!
Stewardess: Used coupons at a box retailer and walked away with just a $7 bill!
Julia R: Set to max-out 401k contributions for 2024 š„³āØš
Sara J: Switched my car insurance to one that's way more affordable. š
Taylor F: Hit FIRE number
Rachel K: Borrowed a dress from a friend to attend a black tie wedding instead of buying or renting!
Janet: Shifted responsibility for my credit card to my 23 yo daughter.
Jessica T: Paid for Christmas gifts with cash/out of checking account instead of charging them.