A couple of months ago, I shared the beginning of my experience with Financial Gym. Think personal trainer, but for your money. I’ve loved my experience for a lot of reasons. I love how nonjudgemental they are of your current status and future goals, how practical and thorough the plan they give you is and just how empowered I feel to manage my money my own way.
I’ve been so turned off in the past when a financial expert acts like there is a one size fits all approach that works for everyone. That’s not true when it comes to relationships, health, career so why would it be true for money?
The people who’s work and attitude resonates most deeply with me are the ones who can respect everyone’s individuality and allow them to trust themselves. I also appreciate coaches and anyone giving guidance who can meet you at different levels. Something that my trainer Joy was able to do was go high level then bring it to practical details.
So I’d like to share my experience in that same way. If you want more of the high-level view of my experience definitely check out my last post detailing my thoughts on my experience so far. [read: Creating Financial Abundance with Education & Mindset]
Today I want to add some grounded practical tips so that you can start building some money confidence and momentum starting today. If these tips resonate with you I totally and wholeheartedly recommend working with a Financial Gym trainer.
I’ve recommended them to my friends and family and getting clear about your financial situation is one of the best investments you can make.
So let’s get practical!
Here are the 3 biggest practical money takeaways from working with Financial Gym
Keep it separate & Pay Yourself
This one is specifically for someone who is self-employed or if you have a freelance gig in addition to your regular job. With my business, Sometimes I’d transfer money sporadically from my business to my personal checking but there was no strategy or clarity. I had been setting money aside for taxes but still was kind of fuzzy on really how much I should be spending and paying myself every month. Joy helped me figure out how to separate the two. She helped me with exactly how much to be saving for taxes and how to set up an automatic direct deposit from my business to myself each month. This has been huge. Now I use cash and my credit card to track weekly spending and pay the credit card off completely every month. And I have a separate account for my taxes that helps me see clearly just how much money my business and I have.
Make Saving Automatic
This one is major. I’ve set up different savings accounts based on my goals. I had heard this advice here and there but I finally had the accountability to set up different savings accounts for different goals and make the transfers automatic. Joy helped me set the dollar amount for monthly transfers which was huge. Before, I had a really hazy idea of how much I was spending each month so I really didn’t know how much I could afford to save. Turns out when things are automatic you can forget for a couple months then feel great when you realized you’ve saved over $1000 for things you really want.
When Joy gave me my plan based on our hour-long consultation I was a little overwhelmed. There was a lot to think about. However, I appreciated that she was able to break down the tasks over time. I’m someone who thrives on momentum. Making one change helped give me the confidence to make the next. Sometimes when I feel like I’m not making progress or going backward I remember that it doesn’t all have to happen overnight and it’s better to make slow progress than go crazy then crash and burn. It’s ok to be overwhelmed. Just start small.
I also asked my friends at the Financial Gym to give you their best tips and they totally delivered.
Top 5 Practical Tips To Manage Your Money Mindfully from the Trainers
- If you’re trying to stick to a weekly budget, but don’t like using cash, set a weekly goal for yourself and pay off your credit card at the end of every week so that your balances don’t accumulate and you can keep yourself in check!
- If you’re ready to start investing, you should be sure that you know what time frame you’re investing for. Short-term goals require different asset allocations than long-term goals like retirement.
- When paying off student loan debt, get into the habit of making an extra payment every month, even if it’s only $50. Make this payment on a different date than your payment due date to attack the principal more directly.
- Keep 2 different checking accounts. One for your bills and another for your day to day spending. This way you always know how much you actually have to spend.
- Using travel rewards points is a great way to keep costs low! Make sure you do your research and find out which card is best for you based on your spending habits and how the points are redeemed.
I hope this post gives you some ideas and places to start. If you want something more tailored to your specific challenges and goals I would highly recommend working one on one with a coach.
You can learn more about the Financial Gym and how to get started here:
Do you want to learn more about The Financial Gym? You can schedule a free consultation call here or join their FREE Online Open House next week. They will be going over everything from emergency funds to credit management to retirement planning! You can register for that here.