Can You Change Your Money Habits?
I’ll explain more below but in the meantime - check out my upcoming workshop on September 24: The Woman’s Compass Workshop: Guiding You Through Financial, Legal and Self Care. We presented last year and the attendees loved it!!! Just in the last 6 months, I’ve taught at Yale School of Management, Freelancers Union, Barnard and more. Don’t miss this one!
My most successful financial planning clients and workshop attendees all made changes with their money habits. It didn’t always happen right away but it does happen. Get the help and support you need! Accountable and practical steps below.... Registering for The Woman’s Compass Workshop will help you too!
Be Aware Being aware is the most important thing you can do and definitely first step! Don’t worry about making the changes or stressing about it - just find out where you are with your spending, savings, earnings and what you owe. Mint is a great tool for this.
Avoid Triggers This really works for me. I’ve started unsubscribing from shopping emails and deleted many apps from my phone. Out of sight, out of mind. If you know that walking down a certain street or opening emails or following someone on Instagram or spending an afternoon with unsupportive friend, then consciously don’t walk, open or hang out with those trigged.
Consolidate When I start working with a new client, one of the first tasks we tackle is consolidating their old 401ks, IRAs and investments to one investment firm (usually Vanguard or Fidelity). They can now do checkups easily seeing them in one place and have few investments. Money habit changes fairly seamlessly.
Download Spending Apps Initially they are fun and will make you want to input your spending. Subconsciously, you’ll spend less and find more money to really do what you love. YNAB and Personal Capital are my favorites.
Don’t do it alone.
Sign up for a class. Get a coach. Hire an independent financial planner
Focus on one Small Step
Pick one area of your finances but here are examples (just pick one!): switch to cash for a week, only use one credit card that sends you notifications every time you spend, consolidate your investments to one no-load investment firm (i.e. Vanguard), run your credit report
Create a Fun Goal
It can be a trip to look forward to or a fun piece of furniture or downpayment on a home or paying down your mortgage faster. You’ll have to prioritize your spending. Check out Digit app for creating financial goals.
Make it Automatic
Create automatic savings from your bank, online higher interest savings (like Capital One 360) or try out Acorns app.
Don't forget to check out "The Woman's Compass Workshop" You can't afford to wait....