This week we are diving into…
…money!
I know that it’s one of those topics that can plague us in the most profound of ways but today we’re going to be looking at a number of simple ways that you can use to stop yourself doing battle with your bank balance.
You can feel friendly with your finances and that’s what we’re going to explore in this episode.
Listen here:
Key takeaways:
💛 In the online space, we see a lot of people who coach around the topic of money but not many of them feel relateable.
💛 Often, that heavy feeling in your chest when you think about your bank balance comes from a place of not knowing things. So you might have a rough idea of what money is coming in but you’re not certain and you don’t really know how much you’re spending.
💛 Get really clear and aware of exactly what is coming in and what is going out each month and then you can create a plan based on your actual circumstances rather than what you think your circumstances are.
💛 So many people have direct debits and subscriptions that they have no idea about. Some of these can be cancelled, others can be re-arranged and made cheaper. BUT you need to look at them first!
💛 It’s important to look at both personal and business finances, not just one or the other. It’s also important to remember that the two interlink and overlap.
💛 When you’re self-employed, it’s easy to fall into a trap where you think, “if I just pay for this thing” or “if I just join this membership” then everything will be okay and I’ll get loads of clients. It’s about getting really clear on what you actually need and what is going to work for you.
Cat’s simple-to-implement money habits:
💛 Know exactly what you have coming in and going out each month. Unless you know what you’ve got left over, you can’t begin to make any plans or set any goals.
💛 Give every £ a job! Think about what is really important to you and allocate money to that first e.g. fitness, hair and beauty, anything that you value. This will help avoid getting to the end of the month and asking yourself where all of your money went.
💛 You can allocate money to different things and save for different things using separate bank accounts, or by withdrawing cash and keeping it separate to your other money e.g. putting the money into an envelope labeled “date night” or “petrol money” etc.
💛 Unlink your bank account/bank card from Amazon so that you can’t buy with one click. If you have to pause and physcially go and get your card to make a purchase, you will think about it more.
💛 If you regularly spend money on a particular type of thing e.g. books, try having a no-spend day!
Top tips on creating and working with budgets:
💛 Be realistic! We can have amazing intentions but if we’re not realistic about them, we won’t be able to stick to it and then we beat ourselves up about it!
💛 The idea of having a budget can feel really restrictive – a lot of people see it as something that is telling you not to spend. BUT, if you come up with a spending plan, where you want the money to go and you’re planning your spending, it feels a lot better!
💛 Don’t cut things out just because you don’t think you should be doing them e.g. trips to the pub, coffee with your friends. Include them all in your budget/spending plan.
💛 Use a really simple spreadsheet to list out everything that comes in, the regular outgoings (non-negotiables), the things like shopping, trips to the coffee shop etc. But also think about future things like Christmas and your holidays etc. by putting some money away each month for them so that you don’t panic and get in a mess when the time comes around.
💛 Remember to keep coming back to your budget to review and tweak it so that it works for you.
Great tips for people in debt:
💛 It can be tough when you have credit cards and loans etc. to pay off because you want to clear the debt but you don’t want to live a completely strict lifestyle.
💛 Get clear on why you want to pay the debt. Often people can start a debt-clearing journey and they lose motivation because they don’t see progress fast enough.
💛 Be clear on what you have available to start paying off towards your debts. Use a tool like What’s the Cost Snowball Calculator, plug your debts in there and play around with the calculations.
💛 If you are in a place where you are really struggling and you are looking at what’s coming in and what’s going out and you feel stuck, there are some really great debt charities out there that might be able to help you with advice etc.
💛 Banks and credit providers are much better than they used to be about supporting people so if you are struggling, reach out to them to talk about your situation.
How you can work with Cat:
💛 Check out Cat’s website and follow her over on Instagram
💛 Power hours, 2 session packages or 3 month packages. Working on money mindset, financial plannings, accountability etc.
Listen to this episode here.
The links + stuff:
Your challenge:
Make sure you share your homework tagging #yourbizyourrules and @dairepaddy
Get really clear on what is coming in and what is going out of your accounts. Have a clear idea of what money is left.
If you’ve already done this, think about what your goals are with your money.
For the next week, every time you think about money, just be aware of what you are feeling and where that feeling is coming from.
Share your takeaways, your ah-ha moments etc. with us at the end of the week on Instagram.
Listen here:
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