151. Why You Don’t Need Another Budget: Instead, You Need a Simple Money System That Works
episode
Becoming The Wealthy You | How to Save Money, Stop Overspending, Get Out of Debt, Budgeting & Personal Finance for Women
16 min
1 speaker
3 chapters
transcribed 1 month ago
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What is the main topic discussed in this episode?
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. This is episode number six in our Do Both Method series. And today we're talking about one of the most important and practical parts of really mastering your money. And that is having a system for your money that works for you in the background. Now, if you've missed... the earlier episodes, go back and listen to episode 146 through 150, where I covered the first four pillars of the do both framework.
And that is vision, having a vision for what you want your life to be like, knowing what you want, The second pillar is all about values-based spending. So we really uncovered what that means. The next, we talked about emotional money management because this is the thing that a lot of us really get tripped up on, right? We self-sabotage because when we're bored, when we're sad, when we're frustrated, when we're stressed, we spend and that sabotages all of our goals and efforts that we've put in. And then the final piece we covered, which was last week, we looked at the five core areas of money that you must master in order to really build wealth. Now, each one of those pillars build upon the other.
And this one, I believe it's the one that makes everything else possible. It's the one that makes them all stick together. And that is having a simple system for your money. Because here's the thing, it's not enough just to have a budget or a spending plan. You actually need a system that supports you, especially when life gets busy, when you're tired, or when motivation fades. So we're going to walk through what a simple money system is, why it matters, and the three core reasons why it's literally a non-negotiable. if you wanna build wealth and enjoy your life at the same time. I know that that was a very matter-of-fact statement, but I mean it. This is one of the most impactful tools I've ever used.
It helped me pay off over $200,000 in debt and build a multiple six-figure net worth that is very close to a million dollars. And it's something that I teach every single one of my private clients. And with that, My clients are doing amazing things. I have one who had just paid off $11,000 in debt. Another one has saved 5K in just two months. And then I have another one who is very, very passionate about travel, but it was one of the reasons why she kept going back into credit card debt. And so she took multiple trips this past year and did not go into debt to do so. That's what happens when you stop relying on motivation and start relying on systems. So by the end of this episode, you'll understand what a simple money system really is and the three key reasons why it matters so much.
And once I share these three reasons with you, you'll finally understand why it's been so hard to stick to a budget, a spending plan, or any other kind of financial routine. Because really, it's not you. There's nothing wrong with you.
What is a 'simple money system' and why is it more than just a budget?
It's psychology. It's just the way your brain is wired. Most of us are trying to manage our money in ways that actually go against how our brains naturally work. We try to use willpower. We try to push our way through. We make too many decisions on the fly and we leave everything up to how we feel in the moment. And honestly, that's exhausting. But when you understand the psychology behind money management and build a system that actually works with your brain instead of against it, you'll stop fighting yourself. you finally will create consistency. Not because you're trying harder or using more effort or have become more disciplined. It will be because you have a system in place that's doing the heavy lifting for you.
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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