Posted June 5, 2020 in Podcast

5 Money Moves You Need to Make Right Now

5 Money Moves You Need to Make Right Now

How confident are you about your financial future? 

If your answer is “not very,” don’t worry — you’re not alone. You’re probably already familiar with the story of my family’s financial journey. Over the course of about 38 months, my wife and I paid off about $380,000 in debt. Before we rose to this challenge, I would have said I was feeling pretty insecure about our financial future. But, with the right money moves and by using Dave Ramsey’s programs, we now have a much brighter future on the horizon. 

I’ve gotten so much positive feedback and so many requests for more advice, that today I want to share with you some key money moves that I made to transform my relationship with money for the better. 

But first, I’m giving away a free resource on my website that I’m very excited to share with you. 

You’ve heard of work-life balance, right? If you’re like me and many others, the notion of work-life balance seems like a joke — it’s just not sustainable. If you’re like me and driven by accomplishments and success, it’s easy to ignore the “life” and “balance” parts — rest does not seem as important to an entrepreneur as work!  

Instead, I prefer the phrase “work-life rhythm.” Periods of intense and focused work must be followed by periods of deep refueling and recharging. I’m giving away access to the system I created that has instilled a work-life rhythm in my life, allowing me to create family memories, work boundaries, and set non-negotiables to protect healthy habits. It’s wildly fun, super simple, and totally effective. 

I know what it’s like to struggle with being out of balance and having no rhythm between life and work. And, because I know many others are struggling like I was, I’ve made it my mission to help as many people with this that I can with no strings attached. Head to my website to access my free Work-Life Rhythm Video Training!

Now, for today’s topic, I’ll take you through five money moves — illustrating solutions to some common challenges many people have in creating a healthy relationship with their finances. If you’d like to hear more about how I learned these lessons, definitely go back and listen to Episode #22 of this podcast, in which I lay out the four lessons that cost me $379,504 to learn in my path to becoming debt-free. 

 

Money Move #1: Get on the Same Page as Your Spouse

 

With this first move, I’m speaking directly to those who are married or in relationships. Get on the same page with your spouse. In America, fights about money and money problems remain one of the leading causes of divorce. If you’re going to make a difference in your spending, you need to find alignment as a couple. 

If your goal is to have a sustained and happy relationship, you need to address finances with your partner. Why? Because usually in a relationship, there’s one person who is more naturally inclined to handle day-to-day financial management — things like paying the bills, creating a budget, and tracking expenses. However, both parties must be kept in the loop as to how the partnership’s financial activities are contributing to or detracting from achieving your big goal. If one person is taking care of the finances and the other person isn’t really involved, you’re going to set yourself up for big problems down the road. 

Here’s what worked for my wife and me. We have “money dates” — dates where we intentionally sit down once a month and go through the budget together. We look at upcoming expenses and agree on a plan. This routine helps prevent us from putting too much weight on one person to shoulder the finances, while the other person is totally checked out. We make it fun! Grab some wine, and lean into the “date night” feel of going through finances together. 

Even if you’re single, you can start to think about sharing finances with someone. Think about what your big goal is — more on this in a minute — and clarify what it is you’re seeking in a partner and how that person relates to money. 

 

Money Move #2: Dream Big 

 

The whole point of getting on the same page as your spouse is to work toward a BIG goal. We often get what we aim for — so what are you aiming for with your finances? Are you trying to stop living paycheck to paycheck? Are you looking to eliminate debt? 

There are a few questions that I like to ask to help brainstorm financial goals: 

  • What kind of legacy do we want to leave for our family — our children and grandchildren?
  • What kind of future do I want to live? 
  • What kind of lifestyle do I want to have?

These questions can help kick off the goal-planning process. In addition, asking these questions will help you identify any short-term sacrifices that you may t need to make in order to get ahead in the long-term. This is what kept us going through the debt payoff phase as we sought to eliminate our $379,504 debt in 38 months. We were able to step into the feeling and the vision of what life would be like without debt. 

Dream big and set your sights on a big, audacious money goal!

 

Money Move #3: Align Your Spending with Your Values

 

When you take a look at your personal finances, the challenge is often to determine how much to spend on certain things without feeling guilty. There’s an easy way to solve this issue — look at your values, and then assess if your spending in accordance with those values. 

Let me give you an example. Health and wellbeing are very important to me. It’s one of my high values. As a result, I don’t feel guilty about spending money maybe even a little extra money on a gym membership. I know it will bring me joy and benefit me in the future! 

You may find, when you look at your spending history, that you’re actually paying for things that aren’t aligned with the most important things to you. Maybe you’re spending a lot of money to eat out all the time, rather than prioritizing cooking healthy meals at home. Or, maybe you feel guilty for spending money on a more expensive duvet — but one of your highest values is sleep, which is part of wellness. When you align your spending with your values, you’re able to save money and feel less guilty about buying things that matter to you. 

 

Money Move #4: Be Accountable

 

This money move is part of many of the other recommendations on this list. The challenge here is that if we are left to our own devices, we often end up doing whatever we want — spending on things that don’t really matter or getting off track when it comes to our big goals. 

In other parts of life, it seems obvious that you’d have someone to whom you’re accountable. If you want to lose weight, for instance, you’d hire a trainer. For me, I’ve never been in better shape than when I was working with a personal trainer. I knew that I had to show up when I said I would. I had someone who would check that I had logged my food. I’ve learned through fitness and on my financial journey that accountability is so important.

How can you be more accountable? If you’re married, go back to Money Move #1. Work together and be on the same page as your spouse. If you’re single, find a friend who you trust that will help you stay on track with your finances. Share your values and your big goal with someone, and get them to check in on you to make sure you’re doing all the right things. 

 

Money Move #5: Track Your Spending

 

We all have good intentions with our money and with our spending, but, oftentimes we get a little sloppy. A budget is a way to track your spending and make sure you don’t go too far off course. Even I sometimes struggle to figure out where all the money goes! A budget is like shining a spotlight on bad spending habits. 

Tracking your progress is also really important. It helps you stay motivated. A budget doesn’t have to feel like a punishment — treat it like a plan or a roadmap to help you reach your big goals. 

Overall, a budget will help you discover and eliminate bad spending habits you may not realize you have. Here’s a quick test: Do you know how many subscription services you are using right now? I’d be willing to guess that if you wrote them all down, you might be shocked. There might be ones that you’re forgetting. By writing them down, you may discover that you’re spending more than you thought — and you can quickly make a change. 

 

Start Making These Money Moves

 

I constantly get questions around money, and these moves are a great place to start if you’re interested in cleaning up your spending habits. These moves are also just the tip of the iceberg — I can coach you to become more confident with your money, to get clarity by developing a tailored plan for you, and to help you finally get control of your finances.

If complete financial transformation is something you are ready for, especially as we navigate this uncertainty in our economy, reach out to me on Instagram, Facebook, or LinkedIn. I’ll tell you a little more about the program and give you the first opportunity to jump in.

If you found value from this episode, it would mean so much to me if you took a few seconds and wrote a five-star review on Apple Podcasts and shared it with your inner circle. Also, please tag me, @kyle_depiesse, on Instagram with a screenshot and your takeaways from this episode! I’d be so grateful!

Cheers to your success! I’m rooting for you.

Kyle Depiesse Signature