128. The Skill of Budgeting: How to Create a Spending Plan That Actually Works
episode
Becoming The Wealthy You | How to Save Money, Stop Overspending, Get Out of Debt, Budgeting & Personal Finance for Women
24 min
1 speaker
3 chapters
transcribed 1 month ago
Transcript
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What is the episode about and how does it fit into the Skills of Money series?
You are listening to the Becoming the Wealthy You podcast with Jermaine Foley.
If you're a woman who makes good money in your career or business, but you're not building wealth like you want to, then you're in the right place. In this podcast, you'll learn how to stop overspending, break free from the cycle of debt, save lots of cash, and become the wealthy woman you were born to be. Let's dive in. Well, hello, everyone. Welcome back to the podcast. Today's episode is the final one in our Skills of Money series, where we talked about the 10 financial skills every woman should have in order to build lasting wealth. So I want you to know, if you wanna go back and listen to any of those episodes, they started at episode 111, up until this episode, which is 128. And of course, there are some guest interviews and other episodes sprinkled in between, but episode 111 to 128 is where we handle the skills of money.
And so let me go ahead and recap what they were. So the first one we did was the skill of managing money, the skill of saving money, And then also the skill of actually having money. And that is different from saving money. Okay. Then we looked at the skill of handling credit cards. That is a skill you all, we tackled that. And then we tackled the skill of getting out of debt and actually staying out. We looked at the skill of investing, the skill of earning money, the skill of spending money, and also the skill of building wealth. And today we're looking at the skill of budgeting or what I like to call the skill of creating a spending plan. So here's how this episode is going to work. I'm going to break down this subject into three sections.
The first section is going to be all about what I call the importance of decisions ahead of time. Then we're going to look at the dangers of restrictive budgeting. And then finally, I'm going to share with you my three bank account money management system. This is the system that I personally use for my money. It has been a game changer. I don't do a bunch of tracking. This has been the most low key and successful way of handling my money that I've ever experienced. And And I teach it to my private clients inside of the Wealthy Women's Academy. And I'm going to share an overview of it here with you. Okay, so let's go ahead and get started with section number one, which is all about the power and the importance of decisions ahead of time when it comes to your finances.
So really, all budgeting is, is deciding ahead of time how you're going to use your money. It's putting your higher self in charge of your money, that prefrontal cortex part of your brain, the rational, future-focused part of your brain, so that you're not making decisions in the moment, relying on willpower or reacting otherwise. emotionally to a sale or an urge or a random Amazon find. When we make decisions ahead of time, we're really looking at what's best for us now and what's best for us in the future. We're using the higher part of our brain, like I said, to make decisions that are good for you today and that are going to be good for you in the future. When you wait until the moment you get paid to decide what you're
You're allowing your primitive brain to be in charge. That part of your brain that is all about instant gratification, that is all about doing what feels good in the moment, doing the easiest thing in the moment, right? Sometimes it's easy just to say yes to all the offers that are given to you. If somebody is like, let's go out, let's do this, let's do that. If you don't have a plan for what's happening with your money, you're going to say yes until you run out of money, right? Right. And this is how a lot of us get caught up in that paycheck to paycheck cycle, because you're literally programming yourself to just spend your money as soon as you get it and then deplete it and wait for the next check.
Right. I want you to get out of that. I would love for all of you to forget when it's payday. And that means that you still have money left over in your accounts.
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Chapters
3 chaptersSpeakers
1 identifiedMore from Becoming The Wealthy You | How to Save Money, Stop Overspending, Get Out of Debt, Budgeting & Personal Finance for Women
189. How to Build Wealth Without Giving Up the Life You Enjoy
188. The Biggest Financial Mistake Women Make After Getting a Raise
187. Making Good Money Isn’t the Same as Building Wealth
186. Why Making More Money Can Still Leave You Feeling Behind
185. Your Past Money Habits Created Your Current Financial Life
184. Why Money Keeps Coming In and Going Right Back Out