What are you spending your money on?

Transcript

Hey, team. In this weekly reminder,

I'm going to be talking to you

about money and finance. Now,

I have no accreditations in this area,

so I can't go too deep into it.

But we're just going to start

with the basics this week.

I want our focus to be on

where our money is being spent.

If I take a look at my bank account

Right Now

'll probably see that

I'm spending most of my money on food.

However

I won't know for sure

unless I really map it

all out and take a look

at everything that I'm spending money on .

Sometimes what we think we're spending

money on isn't actually true.

We might be spending money

on something else.

So I want to get clear on that this week,

and I hope that you guys will

do this with me. Let's keep this simple.

Look at your past bank statements

or transactions and just categorize them

into main categories things like food,

entertainment, subscriptions, etc..

Now, while you're doing this,

you're probably going to notice

there are a lot of things

you're paying for that

you don't actually need to pay for.

Maybe it's a streaming service

you no longer use or something

you signed up for long ago

that you don't actually touch anymore.

Map it all out. Have a look at it

in front of you.

Maybe do about three months

so you can get a really good feel

for your spending habits

and then try and go through that list

and see if there's anything you can cut

and unsubscribe to.

Once you've done that,

that's a really, really good start because

you're going to cut out maybe hundreds,

some people, even thousands of dollars

worth of spending that's going nowhere.

If you want to take it a step further,

you can actually start looking at

how to get more competitive

pricing on certain things.

For example, I pay $25 a month

for my phone service.

I know a lot of people can pay up

to hundreds of dollars for their phone

service a month,

but I personally like to keep it cheap

and it's never run out

when I needed it, to be honest.

If you drive a car,

you might need to look

for some more competitive insurance deals.

And there are plenty of apps

that can help you save money

just in little increments, too.

Like I said, I'm no financial advisor.

This task is mainly for you

just to see where you're spending is going

and to see if you're actually

okay with where your money is being spent.

Because sometimes we get into habits

where we're just spending,

not really looking at our bank account

and then before we know it,

there's no money.

I personally want to take back

control over my spending

and I need to get super clear

on where my personal spending is that

I know where the business spending is at,

but I haven't looked at my personal

cards, credit cards,

bank accounts for a while.

And now I'm starting to wonder

if there are some things

that I can cut out to make life

a little easier. I'd love to hear

your tips for saving money

or how you make your money go further.

Put them in the comments

and I'll speak to you guys next week. Bye!!

These days everything is SO expensive! Even lettuce costs an arm and a leg!!

So if prices keep going up, but our pay stays the same, how can we survive?

Well, I’m no financial advisor, but here is what I’m doing….

It’s a little strategy I call;

CANCELLING & CLEARING

I want to take back control of my spending. It can be easy to let spending get out of control, but at the end of the day, it's your hard-earned money and you deserve to know where it's going.

Let’s do this together:

Step 1: Review your past transactions (try the last 60-90 days) and categorise them (e.g. health, food, bills, shopping, gifts, etc). Sometimes your bank / credit card will automatically do this for you

Step 2: Take note of any re-ocurring subscriptions that you don’t use anymore

Step 3: Reflect on how much money you have spent in each category and ask yourself if you are happy with this? If not, move on to the next steps

Step 4: Cancel and unsubscribe from anything you don’t use

Step 5: Search for better deals on things like insurance, phone plans, dog food, fuel, etc.

Understanding our spending patterns can help us to make better financial decisions. It can also help us to identify areas where we might be spending too much. With a little planning and patience, you can easily save money on regular purchases.

Try some of these activities this week and let me know how you go!

What are your money tips?? Comment below!