Financial Coaching for Women: How To Budget, Manage Money, Pay Off Debt, Save Money, Paycheck Plans

Latest Episodes:

289 | 11 Personal Finance Statistics You Need to Know Aug 14, 2024

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Episode Summary: Budget besties, we just dug up some mind-blowing stats that underline why it’s so crucial to take control of your money. While these numbers are definitely eye-opening (not to say gut-wrenching), they confirm what we already knew—money stress is real, but it doesn’t have to be. We’re diving into the facts that highlight the importance of budgeting, planning, and taking action so your money can work for you, not the other way around.

Key Takeaways:

72% of adults feel stressed about money. Sound familiar? This is why we always talk about creating systems that allow your money to work behind the scenes so you don’t have to stress over it.
43.5 hours—that’s how long the average full-time worker spends at work each week. Add the chaos of family life, and it’s no wonder finding time for budgeting seems impossible. But hey, that’s why we’re here!
54% of Americans live paycheck to paycheck, even those making $150K or more. It’s not about how much you earn; it’s about how you manage it.
60% of Americans don’t have a budget. Shocker? Not to us. But here’s the thing: the 58% of people who do budget regularly feel more confident about their financial situation.
68% of holiday expenses are charged to credit cards. Let’s break that cycle, besties! Imagine starting the new year without a single cent of holiday debt.

Why It Matters: These stats aren’t just numbers—they’re proof of why it’s so important to have a plan for your money. It’s not about depriving yourself but about making your money do what you want it to do. We’re all about creating systems that save you time, money, and stress, so you can actually enjoy the life you’re working so hard for.

4 Ways To Connect With Us:

1️⃣ FREE CALL: Book your FREE 20-Minute Financial Coaching Call now! Get personalized advice and start your financial journey ➡︎ https://www.budgetbesties.com/freecall

2️⃣ FACEBOOK: Become part of our Supportive Facebook Group. Connect, share, and learn with others mastering their budget skills ➡︎ https://www.budgetbesties.com/facebook

3️⃣ BUDGET: Grab our Signature Budget Template! It's your key to organizing and optimizing your finances effectively ➡︎ https://budgetbesties.com/budget

4️⃣ COACHING: Ready to dive deep into your finances? Sign up for 1-on-1 or Group Financial Coaching. It’s the accountability and guidance you need to make real progress ➡︎ https://budgetbesties.com/coaching

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288 | Breaking the Habit: How to Stop Using Credit Cards for Good Aug 12, 2024

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Ready to break free from credit card reliance? In this episode, we guide you step-by-step on how to stop using credit cards and start paying with cash. 💳🚫➡️💵

Highlights:

Why Stop Using Credit Cards?
Breaking the habit of using credit cards can be tough, but it's essential for getting out of debt. Using credit responsibly is possible, but many of us fall into the trap of relying on it as a budget.
First step? Recognize the need to stop adding to your debt to truly pay it off for good.
The 90-Day Audit:
Print out your credit card statements from the last 90 days.
Highlight all your spending to see where your money is really going.
Visit budgetbesties.com/90dayaudit for a checklist to help you get started.
Creating a Budget:
Use the information from your 90-day audit to build a budget.
Include all your income, debts, bills, spending, and savings. This will give you a clear picture of your finances.
If you find your income doesn’t cover your expenses, start identifying smaller bills to move off your credit card and onto your debit card.
Transition to Cash Payments:
Identify which expenses you can start paying with cash (or debit) immediately.
If you can’t switch everything at once, start with small bills and gradually move to paying everything with cash.
Adjusting Your Mindset:
Embrace the identity of someone who pays cash for everything.
Trust in yourself and your bank account. Build the habit and confidence to rely on your actual money, not credit.
Practical Steps to Success:
Set up separate accounts for bills, spending, and savings.
If you’re carrying a balance, commit to paying it down with any extra money in your budget.
Remember, it might sting to see that balance carry over, but it’s a necessary step to financial freedom.

Key Takeaways:

Conducting a 90-day audit is crucial to understanding your spending habits and making necessary adjustments.
Transitioning to cash payments may be tough initially, but it sets you up for long-term financial health.
Building a reliable budget and sticking to it is essential.
Changing your mindset and habits around money use is the cornerstone of financial success.

4 Ways To Connect With Us:

1️⃣ FREE CALL: Book your FREE 20-Minute Financial Coaching Call now! Get personalized advice and start your financial journey ➡︎ https://www.budgetbesties.com/freecall

2️⃣ FACEBOOK: Become part of our Supportive Facebook Group. Connect, share, and learn with others mastering their budget skills ➡︎ https://www.budgetbesties.com/facebook

3️⃣ BUDGET: Grab our Signature Budget Template! It's your key to organizing and optimizing your finances effectively ➡︎ https://budgetbesties.com/budget

Click here to view our privacy policy.

This description may contain affiliate links, meaning we may get a commission at no cost to you if you click & purchase!

287 | Mastering Money and Homeschooling: Nicole's Path to Success Aug 09, 2024

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Welcome back, budget besties! In today’s episode, Shana and Vanessa chat with the incredible Nicole, who has been a client since last September. Nicole shares her inspiring journey of overcoming financial chaos and achieving financial clarity with the help of our coaching.

Key Takeaways:

Meet Nicole:

A dedicated mom, wife of 29 years, and homeschooler of seven kids, including her own three children and four adopted siblings.
Writer of science curriculum and co-host of a popular podcast, turning side gigs into full-fledged businesses.
Faced financial struggles managing three businesses and household finances before seeking coaching.

The Financial Challenge:

Nicole and her husband were in significant debt, causing stress in their marriage and daily life.
Reached out to multiple sources for help but was often turned down or advised to declare bankruptcy, which wasn't an option due to their home equity.

The Turning Point:

Discovered Shana and Vanessa’s podcast and immediately signed up for coaching, feeling an instant connection.
Determined to make a change, Nicole approached coaching with an all-in attitude, ready to follow every piece of advice.

The Coaching Experience:

Overcame initial embarrassment and challenges by facing the truth of their financial situation.
Implemented savings buckets, automatic transfers, and structured budgets for both personal and business finances.
Achieved the ability to manage four budgets in just three hours a month, gaining mental peace and control.

Big Wins:

Paid off over $42,000 in debt during the coaching period.
Transitioned from a mindset of fear to one of empowerment, now managing finances with confidence and clarity.
Encouraged others to embrace coaching for its transformative power, whether they have significant financial issues or just need better organization.

4 Ways To Connect With Us:

1️⃣ FREE CALL: Book your FREE 20-Minute Financial Coaching Call now! Get personalized advice and start your financial journey ➡︎ https://www.budgetbesties.com/freecall

2️⃣ FACEBOOK: Become part of our Supportive Facebook Group. Connect, share, and learn with others mastering their budget skills ➡︎ https://www.budgetbesties.com/facebook

3️⃣ BUDGET: Grab our Signature Budget Template! It's your key to organizing and optimizing your finances effectively ➡︎ https://budgetbesties.com/budget

Click here to view our privacy policy.

This description may contain affiliate links, meaning we may get a commission at no cost to you if you click & purchase!

286 | From Overwhelmed to Organized: Mastering Money Management Aug 07, 2024

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In today's episode, we dive into some amazing success stories from our clients that will inspire and motivate you on your own financial journey. 💪✨

Highlights:

A Couple’s Journey to Financial Harmony:
One of our favorite clients shared a heartwarming story about her fiancé noticing the positive impact of our coaching sessions. "Can you tell them it's working?" he asked, seeing their finances transform.
This couple is tackling their finances together, and for the first time, our client knew exactly where all their money went. It's not just about feeling like an adult but feeling purposeful with their money.
The Power of Simple Systems:
We discussed how our straightforward, easy-to-follow system is designed based on your actual spending habits. Bills on the desk, spending from the wallet – it all makes sense and works!
Some clients take a few months to see the system work, but the results speak for themselves.
Overcoming Financial Chaos:
One client had multiple bank accounts and investments she didn't understand. We streamlined her finances, consolidated accounts, and created a clear, manageable budget.
They shifted from weekly to monthly bill payments, bringing clarity and ease to their financial planning.
Being Generous with Spending:
Understanding spending habits is crucial. One client labeled herself a spender, and we adjusted their budget to accommodate that while still paying off debt.
It’s all about balance and making the system work for your lifestyle.
Listening and Learning:
Our client who listens to the podcast and applies everything she learns. She’s all in, prepared to get ahead on paychecks, and even worked her elopement funds into the budget!
Breaking Down Walls:
Another client, a single mom and entrepreneur, had a breakthrough moment after a tough coaching session. Sometimes, allowing yourself the grace to pass and trying a new approach can change everything.
The Emotional Weight of Finances:
Money issues carry a lot of emotional weight. We’re here to help you lift that burden, offering a safe space to discuss and manage your finances.
Asking for Help:
It’s okay to ask for help! From childcare to business fees, reaching out for support can make a significant difference.
Bouncing Back from Financial Missteps:
A new client learned a valuable lesson after spending deferred debt payments. We set her back on track with a clean slate and reinforced the importance of setting up separate accounts.

4 Ways To Connect With Us:

1️⃣ FREE CALL: Book your FREE 20-Minute Financial Coaching Call now! Get personalized advice and start your financial journey ➡︎ https://www.budgetbesties.com/freecall

2️⃣ FACEBOOK: Become part of our Supportive Facebook Group. Connect, share, and learn with others mastering their budget skills ➡︎ https://www.budgetbesties.com/facebook

3️⃣ BUDGET: Grab our Signature Budget Template! It's your key to organizing and optimizing your finances effectively ➡︎ https://budgetbesties.com/budget

Click here to view our privacy policy.

This description may contain affiliate links, meaning we may get a commission at no cost to you if you click & purchase!

285 | Financial Freedom: How to Stop Living Paycheck to Paycheck Aug 05, 2024

Show notes

Curious? Check Out Our Budget System!

In this episode, we tackle the all-too-common issue of living paycheck to paycheck. They delve into the mindset and behaviors that keep many of us trapped in this cycle and share practical tips to break free. Whether you're making good money or just starting out, they offer strategies to help you manage your finances better, set big goals, and ultimately achieve financial clarity and freedom.

Key Points:

Understanding Paycheck to Paycheck Living:

Definition and common scenarios.
The stress and limitations it brings.

Common Mistakes That Keep You Stuck:

Relying on a single bank account for all transactions.
Focusing on paychecks rather than monthly budgeting.
Lifestyle inflation without intentional planning.
Relying on credit cards as a budgeting tool.

Recognizing the Signs:

Waiting to pay bills until payday.
Splitting bills due to lack of funds.
Constantly checking the bank account balance.
Spending every dollar before the next paycheck.

Steps to Break the Cycle:

Conduct a 90-day review of your finances.
Set inspiring, big-picture goals.
Create a budget that includes income, debt, bills, spending, and savings.
Separate accounts for bills and spending.
Develop a consistent paycheck plan.

The Importance of Intentional Spending:

Avoiding unregulated lifestyle inflation.
Setting up savings buckets for intentional spending.
Learning to enjoy financial stability over the allure of credit card points.

284 | Debt Payoff Strategies: Is Selling Stocks Worth It to Pay Off Your 401k Loan? Aug 02, 2024

Show notes

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In this episode, we sit down with Budget Bestie Natalie, who’s navigating the tricky waters of paying off debt while managing investments. They discuss strategies for handling 401k loans, the pros and cons of selling stock to pay off debt, and the importance of sticking with long-term investments.

Key Points Discussed:

401k Loan Payoff:
- Natalie’s excitement about paying off her 401k loan by October.
- The unexpected tax issues that delayed the payoff.
Investment Decisions:
- Natalie’s work-provided stocks and whether to sell them to pay off debt.
- The wisdom of keeping investments intact for long-term growth.
- Shana shares a personal story about her grandfather’s Walt Disney stock.
Debt Payment Strategies:
- Why using investments to pay off debt is usually not recommended.
- The pitfalls of short-term fixes like 0% credit card transfers.
- The importance of addressing the root causes of debt, such as spending habits and mindset.
Snowball vs. Avalanche Method:
- Comparing debt repayment methods.
- When to prioritize high-interest debt over larger payments like car loans.
Budget Adjustments:
- Handling a negative monthly budget.
- Balancing necessary savings with debt payments.
- Practical tips for contacting creditors to negotiate lower interest rates.
Group Coaching Benefits:
- Natalie’s positive experience with group coaching.
- The value of a supportive, non-judgmental community.
- How group coaching provides diverse perspectives and accountability.

Actionable Takeaways:

Focus on keeping investments for long-term growth unless they’re underperforming significantly.
Tackle high-interest debts first to minimize overall interest paid.
Review and adjust your budget regularly to accommodate changing expenses, such as back-to-school costs.
Consider group coaching for support, accountability, and diverse financial strategies.

4 Ways To Connect With Us:

1️⃣ FREE CALL: Book your FREE 20-Minute Financial Coaching Call now! Get personalized advice and start your financial journey ➡︎ https://www.budgetbesties.com/freecall

2️⃣ FACEBOOK: Become part of our Supportive Facebook Group. Connect, share, and learn with others mastering their budget skills ➡︎ https://www.budgetbesties.com/facebook

3️⃣ BUDGET: Grab our Signature Budget Template! It's your key to organizing and optimizing your finances effectively ➡︎ https://budgetbesties.com/budget

Click here to view our privacy policy.

This description may contain affiliate links, meaning we may get a commission at no cost to you if you click & purchase!

283 | Budgeting for Back To School Shopping Jul 31, 2024

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Snag Our Signature Budget Template!

In this episode, we tackle the often overwhelming task of budgeting for back-to-school expenses. We chat about common challenges, share our own back-to-school experiences, and give you practical tips to help you, our budget besties, plan effectively for the upcoming school year.

Key Points:

Back to School Stress:
Are you feeling unprepared for the costs associated with the new school year?
It’s common to underestimate these expenses and feel surprised every year.
Common Expenses:
School Supplies and Tech: Notebooks, pens, computers, and other tech gadgets.
Clothing and Uniforms: From everyday wear to sports uniforms and shoes.
Fees: Activities, lab fees, parking, graduation, and more.
Health and Hygiene: Haircuts, first aid kits, hygiene products.
Food and Snacks: Adjusting grocery budgets for school lunches and snacks.
Transportation: Car maintenance, parking passes, and more.
Extracurriculars: Club dues, sports fees, music lessons, and equipment.
Miscellaneous: Home study areas, planners, spirit wear, yearbooks, school photos.
Planning Tips:
Set Up a Kid's Savings Account: Designate a specific savings bucket for school expenses.
Take Advantage of Sales: Utilize back-to-school sales, tax-free weekends, and grocery store deals.
Budget Year-Round: Estimate the total cost and start saving monthly to ease the burden when the time comes.
Be Selective: Decide on necessary expenses versus optional ones.
Practical Steps:
Estimate Total Costs: Don’t aim for perfection; a rough estimate is better than none.
Monthly Savings: Start saving a specific amount each month starting now for next year's expenses.

Final Thoughts: We emphasize that while back-to-school budgeting can be daunting, planning and setting aside funds throughout the year can significantly reduce stress and financial strain. We encourage you, our budget besties, to take control, be prepared, and enter the new school year with confidence.

4 Ways To Connect With Us:

1️⃣ FREE CALL: Book your FREE 20-Minute Financial Coaching Call now! Get personalized advice and start your financial journey ➡︎ https://www.budgetbesties.com/freecall

2️⃣ FACEBOOK: Become part of our Supportive Facebook Group. Connect, share, and learn with others mastering their budget skills ➡︎ https://www.budgetbesties.com/facebook

3️⃣ BUDGET: Grab our Signature Budget Template! It's your key to organizing and optimizing your finances effectively ➡︎ https://budgetbesties.com/budget

Click here to view our privacy policy.

This description may contain affiliate links, meaning we may get a commission at no cost to you if you click & purchase!

282 | Bills & Your Budget: Common Mistakes To Avoid Jul 29, 2024

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Hey there, budget besties! 🎙️ It's Shana and Vanessa here, and we know you sometimes feel like your bills are playing hide and seek with your bank account. Today, we're diving into the top 12 mistakes that make your finances feel super messy and how to avoid them. Let's get into it!

Episode Highlights:

One Account Chaos

Keeping all transactions in one account is like trying to find a needle in a haystack. Solution? Separate your accounts for bills, spending, and savings to get a clear view of your finances.
Multiple Payment Methods

Using different accounts and cards for bills? That's a recipe for confusion. Stick to one account for bill payments to keep things simple and trackable.
Duplicate Payments

Ever paid for Netflix twice? Consolidate all transactions into one account to spot and eliminate duplicate payments.
Overlooked Subscriptions

Those $4.99 subscriptions add up! Regularly review and clean up subscriptions to save money.
Missing Out on Requotes

Not requoting your insurance annually? You could be missing out on savings. Call a broker to get the best deals.
Avoiding Auto-Pay

Afraid of auto-pay? It’s your new best friend. It can save you money and prevent late fees.
Skipping Paperless Billing

Go paperless to reduce clutter and sometimes save money with discounts.
Not Using ACH Payments

ACH payments often come with fewer fees. Make sure to use them to save a bit more.
Overdraft Fees

Overdraft fees are money down the drain. Set up alerts and keep track to avoid these sneaky charges.
Late Payment Fees

Missing due dates costs you. Set up auto-pay and reminders to keep late fees at bay.
Not Reviewing Your Bills

Always check your bills for unexpected charges or increases, especially after promotional periods end.
Forgetting Annual and Quarterly Bills

Annual and quarterly bills can sneak up on you. Set up a separate savings account to prepare for these.

Action Steps:

Separate Your Accounts: Create a dedicated bills account and automate your payments.
Review and Requote: Regularly review your bills and requote services like insurance annually.
Track Subscriptions: Keep an eye on subscriptions and cancel those you don’t use.

We know it's a lot, but trust us, tackling these mistakes will simplify your financial life and save you money. Start with the biggest impact change: separate your bills account and automate your payments.

4 Ways To Connect With Us:

1️⃣ FREE CALL: Book your FREE 20-Minute Financial Coaching Call now! Get personalized advice and start your financial journey ➡︎ https://www.budgetbesties.com/freecall

2️⃣ FACEBOOK: Become part of our Supportive Facebook Group. Connect, share, and learn with others mastering their budget skills ➡︎ https://www.budgetbesties.com/facebook

3️⃣ BUDGET: Grab our Signature Budget Template! It's your key to organizing and optimizing your finances effectively ➡︎ https://budgetbesties.com/budget

Click here to view our privacy policy.

This description may contain affiliate links, meaning we may get a commission at no cost to you if you click & purchase!

281 | Practical Tips for Women to Build Wealth and Confidence with Money Jul 26, 2024

Show notes

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Hey budget besties! This episode is all about breaking down the barriers and fears women have around the concept of wealth. We’ll dive into why the word "wealth" can be intimidating, share personal stories, and offer practical steps to help you start building the financial future you deserve.

This episode is from a conversation we had with our friend Holly Logan from the "Lead with Empathy" podcast. Go check her out on Spotify!

Key Takeaways:

Redefining Wealth:
Wealth isn't just for the elite—it's for all of us! It’s about living the life you want and achieving your personal goals.
Women often shy away from the term "wealth," but it’s time to change that mindset and own our financial power.
90-Day Review:
Start by doing a 90-day review of your bank and credit card statements.
Categorize your spending to see where your money is going. This is the first step to creating a realistic budget.
Creating a Budget that Works:
Use real numbers from your 90-day review to create a budget.
Prioritize your values and allocate your money where it matters most to you.
Bougie on a Budget:
Yes, you can enjoy the finer things in life without breaking the bank!
Identify areas where you can cut back and redirect that money to what truly makes you happy.
Automating Your Finances:
Set up multiple accounts for different purposes (bills, spending, savings).
Automate transfers to ensure your money goes where it needs to without constant manual effort.

Practical Tips:

90-Day Review:
Grab your bank statements from the past three months.
Use different colored highlighters to categorize your expenses (bills, groceries, gas, fun money, etc.).
Identify areas where you can cut back and reallocate funds.
Budgeting:
List all your income and essential expenses first.
Allocate remaining funds to your priorities and goals.
Use a budgeting tool or app to keep track of your spending.
Automating Savings:
Set up separate savings accounts for different goals (e.g., vacation, emergency fund, holiday shopping).
Automate transfers to these accounts on payday.
Managing Debt:
Decide whether to focus on paying off debt aggressively or balancing debt repayment with savings.
Remember, it’s about what works best for you and your financial goals.

4 Ways To Connect With Us:

1️⃣ FREE CALL: Book your FREE 20-Minute Financial Coaching Call now! Get personalized advice and start your financial journey ➡︎ https://www.budgetbesties.com/freecall

2️⃣ FACEBOOK: Become part of our Supportive Facebook Group. Connect, share, and learn with others mastering their budget skills ➡︎ https://www.budgetbesties.com/facebook

3️⃣ BUDGET: Grab our Signature Budget Template! It's your key to organizing and optimizing your finances effectively ➡︎ https://budgetbesties.com/budget

Click here to view our privacy policy.

This description may contain affiliate links, meaning we may get a commission at no cost to you if you click & purchase!

280 | Plan, Save, and Succeed: August Budget Strategies Jul 24, 2024

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Snag Our Signature Budget Template!

Hey budget besties! Have you started on your August budget yet? We're here to help you get ahead and make sure you're all set for the upcoming month. Whether you're preparing for college or your kids are heading back to school, we know there's a lot going on. Join us as we walk you through the steps to create your August budget, even though there's still a week left in July.

In this episode, we discuss why it's crucial to get a paycheck ahead and how to plan for those early August bills. We share personal stories, practical tips, and our signature budgeting methods to ensure you're financially prepared for the month ahead.

Key Topics Covered:

Why Start Your Budget Early?

The benefits of getting a paycheck ahead

Planning for early August expenses

Closing Out July’s Budget

How to review and finalize your July budget

Importance of zeroing out your expenses and adjusting categories

Setting Up Your August Budget

Five simple categories: Income, Debts, Bills, Spending, Savings

Listing all income sources, including unexpected ones like gift cards or bonuses

Updating and setting minimum payments for debts

Reviewing and adjusting recurring bills and subscriptions

Spending and Saving Strategies

Practical tips for managing spending on groceries, gas, and personal expenses

Setting realistic amounts and adjusting based on past spending

Importance of a kids’ envelope/account for families

The excitement of saving money and seeing your savings grow

Special Considerations for August

Planning for school-related expenses like uniforms and sports physicals

Adjusting for increased travel and gas costs with back-to-school activities

Starting to budget for upcoming holidays and family events

4 Ways To Connect With Us:

1️⃣ FREE CALL: Book your FREE 20-Minute Financial Coaching Call now! Get personalized advice and start your financial journey ➡︎ https://www.budgetbesties.com/freecall

2️⃣ FACEBOOK: Become part of our Supportive Facebook Group. Connect, share, and learn with others mastering their budget skills ➡︎ https://www.budgetbesties.com/facebook

3️⃣ BUDGET: Grab our Signature Budget Template! It's your key to organizing and optimizing your finances effectively ➡︎ https://budgetbesties.com/budget

Click here to view our privacy policy.

This description may contain affiliate links, meaning we may get a commission at no cost to you if you click & purchase!

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