One of the things I absolutely hate, is when I'm blindsided by my bank account. You know that feeling when you are like, sooo, where did my coins go? I realized that I don't have any one real addiction, meaning, I don't have a shoe, handbag, or any other kind of fetish. But nonetheless, the fact was that I would go through periods where money would just slip through my fingers. Well in 2019, the members of The Prestige Society and I decided to take control of our personal finances by joining a DFREE Academy mastermind. In this mastermind, we focused on our relationship with money and the program focused on three different kinds of spenders. Spenders that buy things to align themselves with a social status, spend on material things to compensate for something missing in their lives, or spending on things just to spend it and have absolutely no clue where there money goes. Well, ding ding ding, you guessed it, that was sooooo me! OMG! Just like you probably, figured out, to get a clue on where your money is going, you have to TRACK IT and girl bosses that is exactly, what I wasn't doing. So here are the three steps I took to track my funds to ensure I was no longer losing my coins to frivolous spending! 1. There's an app for thatI tried a few apps to help me get started and none really worked for me which made me result to paper which was not always optimal when I was out and about. I then found Fudget! An app on my phone that allowed to me to set goals and track in the moment. That means that I would literally swipe my card and while still at the cash register, I would log in the amount I just spent. Within seconds, my transaction was captured. This means that your first step has to be getting a system that is going to help you be successful with your efforts. If the process is too cumbersome, involves too many steps, or something that won't let you easily access it immediately when you need it, you will find that your efforts will be short lived. 2. Set a Spending BudgetAfter laying out all of my bills for the month, including all expenses such as, food, gas, entertainment etc. I set a spending budget. The spending budget amount goes into my fudget app in which I give it the title: 2 Week Spending Budget. Every time I purchase something, I enter the amount as an expense and the balance let's me know what is left to spend that week. 3. Cut it out bossOnce I was all set to capture my poor spending habits, I started to see that my largest expense was eating out. I was spending up to almost 20 dollars a day during the week and at least 100 dollars during the weekend on food and eating out over a 2 week span. I also saw that I was spending money on subscriptions to places and things that I hadn't used in over a year. So the natural thing to do of course, was to to cut it out of my life. If I'm not using it , get rid of it. I started cooking more and being more aware of how many times I was whipping out my phone at the cash register to enter yet another thing I just had to buy.
Do you know how much money your girl can save in 1 year by reducing my spend on eating out? Literally, $9,100 in one year! What can you do with all those cheesburger, Starbucks, and Chick-Fil-a dollars? What new part of your business can you invest in? How can saving that dollar amount help you reach your financial goals? This is why tracking your coins, setting financial goals, and just doing the work is so important for you. Let's go! If there is an app you use to help you get financially fit, please share below.
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AuthorNicole Doss is a mother, speaker, author, founder, and CEO of the Prestige Society and Girl Guess What is a compilation of thoughts ideas, and ah-ha moments all curated in one space for the girl boss! Read, have fun, and add a comment if you like! Archives
June 2020
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