7 Principles for Financial Wellness

Strive to Thrive

These are my 7 principles to live by in order to make your finances work for you. I follow these on a daily basis and it has brought so much awareness to my finances. I talk about these principles in all of my programs and educate my clients on how to implement these steps into their lives. The results of utilizing these principles is like nothing else and if you put your finances as a priority and manage your monthly system its guaranteed to work for you. This is about discipline and creating a positive money mindset to achieve your ideal lifestyle.

Make a plan, create a budget

This is all about how to make S.M.A.R.T. goals. Specific. Measurable. Assignable. Relevant. Time-based. Create a list of your income so you can see what your actual income is per month on average. Create a list of expenses and put them into categories so you can get an idea of where your money is going. Create a realistic budget based on 3 months worth of your bank statements. You will be able to see your areas of opportunity within your budget and how to refine your needs to meet your projected budget. Every household or individual budget will be unique.

Tackle Debt

Get into a solid money mindset so you can acknowledge what you owe and get it organized so you can start tackling your debt. Examine your bills and see what we can get rid of. Explore all of your options in regards to decreasing your interest rates on debt that you may have. Create a clear plan to eliminate your debt and set a time-based goal to do so. This is where discipline comes in. You have to be strategic with your spending and saving when it comes to paying off debt. Open another savings account to put money to pay off debt specifically so it is out of sight out of mind. Debt is scary and no one wants it but some things are out of your control. If you want to take control back follow these principles.

Increase Income

Increasing income is easy. Your basic hobby can be turned into a thriving business nowadays. It just depends on how much time you have to put into it and how much passion and drive you have to do so. I have many universal strategies to generate more income and I can customize those strategies based on your unique lifestyle. This is an opportunity for you to get creative and come up with different ways to increase your income. You know you and you know what you are capable of. Reach for something out of your comfort zone and don’t take “no” for an answer. Everything is negotiable, even your current salary.

Live Below Your Means

Living below your means doesn’t sound very sexy, I know. Being resourceful is a talent that you should acquire. It will benefit you to try and cut back on certain luxuries if you are in a tight spot money wise. For example, stretching your grocery/eating out budget so that you account for every penny. Cooking at home is definitely cheaper than eating out. I know this because I was eating out close to 5 days a week about a year ago. I didn’t have the energy or want to cook at home. I was LAZY. By the end of the day I was not trying to cook dinner AND clean up the mess so Doordash sounded great every night. Until my money was dwindling and my belly was inflating. Frugal living isn’t about being stingy; it’s about being resourceful.

Question Whether You Need It Or Just Want It

I always say, question whether you need it or just want it. This is huge. This is something I have burned into my brain so that whenever I go to purchase something I check in with myself to make sure I am making a good money decision. Print out a bank statement, highlight every expense that was a “want” and calculate the total so you can then set a goal to put that exact amount into your savings accounts the following month. This will show you exactly how much you spend on things you don’t really need so you can then check in with your budget and make adjustments. You are the CEO of your finances and YOU need to make this a priority.

Invest & Save For Retirement

Investing and saving for your future is so important. THIS is something your future self will love you for. You should at least try and save for that future relaxing time. It pains me that society has burned it into our brains that a typical 9-5 job is how life is SUPPOSED to be when you are in charge of your life. If you don’t have the skills to do a job with flexible hours or be self employed, educate yourself. It’s never too late to learn. I personally try and read AT LEAST one book per month just to continue my education. Considering American schools, we didn’t learn too much about personal finance so I am constantly trying to grow my knowledge so I can be the best at what I do and serve with excellence. Look into stocks, craft a solid plan to start saving towards an emergency fund, and think about 401(k) options and retirement plans. If you need more guidance on this topic reach out.

Journal About Your Spending

This topic is one of my favorites for sure for the simple fact that it gets people out of their comfort zone. Journaling about your spending and how it makes you feel will open your eyes to emotions you never knew you had. This will help you check in with your spending habits and see what your spending triggers are. Some people can’t control their spending because it makes them feel better to do an impulse buy so they can suppress their feelings in another area of their life. This is where I want you to put everything out on the table and get down and dirty with your inner self. I want you to open up about anything and everything you have been avoiding in regards to your finances. Look into how overspending affects mental & physical health, learn how overspending impacts your relationships, find out how journaling alleviates stress & boosts mood, and strategize on priority financial problems. This week provides an opportunity for positive self-talk.

Free Gift

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Journaling About Your Spending

I like to use journal prompts when I do my journaling. I journal about everything. Money, marriage, parenting, work, dogs, unicorns, friends, events… you name it. The sky is the limit on what you can journal about because its all about YOU. This is a great tool to utilize because it helps alleviate stress and boost your mood. Journaling for me helps me get everything out on the table. It helps me focus on the main priorities and hold myself accountable.

We want to BE rich, not LOOK rich.

How Journaling Helps

Journaling helps you figure out your goals and how the puzzle pieces of your finances all fit together. Debt freedom is a huge goal. Paying off debt actually becomes something real and actionable when you break it down into bite-sized pieces. Journaling makes you more aware of your financial standing. It helps you get to know yourself a little better.

Your habits and triggers for your spending are the trends you want to track in order to figure out where you should be cutting back within your budget. Journaling gives you the opportunity for positive self talk. Raise your hand if you have ever bought something and then felt extreme guilt and then beat yourself up over it. I know I have.

Here are a few prompts I use when journaling about my finances…

  • Why do I like buying things?
  • Why don’t I feel satisfied with my bank account?
  • Am I happy with my finances?
  • Am I happy with my life?
  • What is really important to me?
  • What does my dream life look like?
  • What are my long term goals?
  • What are my short term goals?
  • Do I use my budget frequently?
  • How does money make me feel?
  • How do I make more money?
  • How do I make my money work for me?

If you are feeling overwhelmed with journaling about your finances and you realize you need more help then you thought… I’m always here for you.