Money Musings 💭 The fastest way to get better with money
This week: Make your mistakes work for you, setting TRUE goals, my "perfect" evening, and community money wins.
What you’ll find below:
Reflection: This may surprise you…
Money Move: Two impactful money moves
You Gotta See This: My nighttime routine (a work in progress)
Reel of the Week: Money boundary scripts for you
One of the biggest mindset shifts I see in someone before they transform their money life is that they shift from a fixed mindset to a growth mindset.
“I’m just bad with money” becomes “I might be able to figure this out.”
A big payoff from this shift? Getting comfortable with making mistakes.
It makes sense. If making a mistake means “I’m bad at money” and “I will never be able to figure this out,” I’m going to hide from my mistakes in shame.
When we do this, we miss out on money lessons that are perfectly tailored to our lives and financial situations.
While it might not feel like it, our money mistakes are a gift. They are a chance to learn something about ourselves, our relationship with money and money in general that can prevent future mistakes and set us up for more success going forward.
And if you’re thinking… “Okay Ashley. I wouldn’t go that far…”
I get it. But the mistake is done. It’s happened. We might as well learn from it.
We have so much working against us when it comes to our money. Personal finance is not something we learn about growing up, yet we have to deal with it almost every single day.
When we seek out help it can be taboo to talk about and the financial services industry is the least trusted industry of any industry.
Plus, if you are a woman, person of color, mother, single parent, part of the LGBTQ+ community or have a disability, you experience financial gaps that compound over time.
All this to say, have some compassion for yourself as you navigate your money.
When you make a mistake, you’re not alone.
We celebrate #FinancialFailFriday each week on Instagram to highlight that mistakes are common and important. For myself included!
This makes it easier to drop the shame and investigate. What happened? What would you do differently next time? How can you set yourself up for success to take the action you want to?
THE 30-DAY MONEY CLEANSE: WEEK 2.
Congratulations! The hardest part of the Money Cleanse is over! From here we only add expenses back in.
This week we’re talking TRUE goals and happiness allocations.
TRUE goals. Make a list of the things you want that make you really happy. This could be a vacation, weekly dinner with friends, a new condo - you name it. Then, brainstorm what these items or experiences actually provide you with. Maybe the vacation provides some excitement or much needed R&R. While dinner with friends gives you connection, fun, love and the opportunity to unwind.
The reframe here? The TRUE goal is the purpose or source of our want. It’s not the vacation, it’s to feel relaxed, rejuvenated, and pampered. The vacation is just one strategy to achieve those TRUE goals, but there are plenty of others. Brainstorm ways to achieve your TRUE goals that cost money and ways that don’t cost money (or cost very little). I can’t wait to hear what you discover!
Your new happiness allocation. I prefer the term happiness allocation to spending plan or budget because it’s more accurate. It’s a plan to allocate our money in the ways that will make us the happiest in the short and long-term.
To do this, we look at what we earn each year and subtract what we spend. That equals what we have available to put towards our top priority money goals.
If you want more support with this, in The Money Club I help members create their happiness allocations and update and refine them each and every month. Consistency is where the magic is!
For the next 7 days, stick with your week #1 guidelines but add back in any TRUE goal strategies that cost little or no money. Frugal joys count!
MY “PERFECT” EVENING ROUTINE.
Earlier this year, I shared that I had created the “perfect” morning routine for me. It’s a 30-min-ish kick off that sets the tone for my day. While I don’t always complete it in its entirety (I have the S.O.S. and full version), it’s going strong.
My evening routine, on the other hand, has been a lot more of a struggle. It’s hard to know when the kids will get to bed, I sometimes continue working into the night, and then there’s trying to get to bed at a reasonable hour while also trying to build in some fun time (for me).
My “perfect” night routine is more of a work in progress but I’ll share what’s been working (and you all can hold me accountable).
Kickoff at 9 pm
3 gratefuls
Write down a kid story of the day (I keep a list of mini moments)
Red light and reading
Skincare routine
Reading
Lights out by 10
I’d love to hear what’s part of your evening routine. How do you get to bed on time?
Here are all the amazing money moves you made this week CONGRATS! Celebrating you all!
Andrea J: Had my biweekly money meeting with my husband to pay bills!
Claire S: Coffee treat once a week, making at home the rest of the time!
Beth: Sticking to my budget (mostly)
Laura Y: My car insurance is actually affordable for the next 6 months thanks to my driving safely!
Jen: Didn't buy a meal out this weekend, we ate what we had
Olivia: Bought a new dishwasher we saved for two months!
Rachel: Started transferring money from one brokerage account to another - one with better perks
Emily: Tracking what I am spending. Cancelling some subscriptions \
Chay: Reassessing my spending plan
Harper S: Checking Poshmark for items before purchasing full price and have gotten major deals
Dianimal: Transferring even more money from my checking account to higher yield accounts to earn more passive income~ trusting myself to rebalance at the beginning of the month if needed for rent, bills, etc!
Claudia: Did spend analysis on credit cards-average monthly spend on my cards is 51.6% of last year's average monthly spend and don't feel like I have paid for more with cash or checks instead this year. So motivating to see!
Share your money wins here!