YOU READY? BREAKING DOWN MONEY MANAGEMENT

I feel like we haven’t talked about finances a lot.

Which is weird because we’ve talked about everything else.

HA!

But really managing finances.

You gotta take charge of it you know.

To be honest here I’ve had to work really, really hard at this.

When I first had a little success I overspent.

I mean, never in my life had I had a credit card.

Crazyyyyy but true.

Once I got that credit card, I was using it like a gift card- HORRIFIC.

I was buying the most random, useless shit.

IT TOOK ME A LOT OF ups & downs to really learn how to use a credit card. In fact, I’m still learning.

So ya, I’m not the best with numbers- it’s just not my thing. BUT 2016 was all about recognizing the importance of really sitting down & looking at spending. “Looking” sounds easy…but it’s also overwhelming. Now I sit down each month & go through every little charge even if it’s a $3 dollar latte.

Point: I want to have a handle on my finances.

Not only do I want to, I need to run a successful business.

Michael is real into numbers ( THANK GOD ). So I figured I’d share some of his tips that have really helped my relationship with money.

A couple of money tips for ya:

Set 10% of your income aside for savings & put it in a savings account that you don’t EVEN LOOK AT. I do this every month- it comes right out of my salary & goes right into a savings account. No sweat- because I act like I never had the amount to begin with. Over the past two years this saving nugget is growing slowly & steady…and something I’m really proud of.

Invest in yourself instead of material things. This means invest in bettering yourself. Invest in books, courses, experiences, healthy foods, a gym. Material things are fleeting. Of course moderation is key here- sometimes you gift yourself a nude handbag……..shhh don’t tell Michael.

Live below your means. If you have a business take some of that money & put it into building your business. This is huge for me. I invest most of my money back into The Skinny Confidential. When I was a broke-ass ( like BROKE-ASS ) bartender I invested all my tips into my business- every single day. I remember literally waking up every morning & going to the bank to deposit my cash tips into The Skinny Confidential INC. If you don’t have a business, invest in yourself to put yourself in the best position for success.

♡ ♡ ♡ ♡ ♡

Also, sometimes women feel they have to buy material things for status- I get it, I’ve been there.

Listen I like nice things but I limit myself A LOT. Especially lately- I’d much rather have financial security & a thriving business, than a $900 pair of shoes that get dirty after two wears.

Pretty much, I do my BEST to manage my money in the most efficient way possible.
Sixty percent of women say they feel empowered when they are comfortable with their financial situation according to Northwestern Mutual.

They have this ‘Financial Fitness Worksheet’ that I highly recommend. Basically it’s a simple interactive worksheet so money/finances/budgeting doesn’t seem so…HORRIFIC. All you do is take a quiz & score yourself based on the answer. AND THEN VOILA: the tips on the second page will give you key takeaways to set financial goals.

Honestly I LOVED what my key takeaways were so much I taped them ( in pink Washi tape ) to my whiteboard. ( & ya, I have a whiteboard and if you’re wondering, it’s amazing for to-do lists ). My score was a 6 which says I’m “on the right path to being ‘Financially Fit.’” A couple things I need to research more? Retirement funds & life insurance. These are two things I mayyyyy need some guidance with. Good to know on my end. Especially since women on average are known to live longer than men…gotta set up that retirement plan! My main goal out of the worksheet though? To write-up a financial plan. I want to create a strategic financial future FOR SURE.

Anyway, you can check out the ‘Financial Fitness Worksheet’ here to help set your own financial goals.

You work on your abs, you work on your career, you work on your relationships…why not work on your finances too? Kind of a win/win.

If you like this post, LMK & I’ll have Michael come do a post takeover on finances?

Happy weekend guys- don’t online shop too much ; ).

X lauryn

+ this post is in collaboration with Northwestern Mutual. As always all opinions are my own.

++ more business posts | another finance post. 

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