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!
