Money = Broccoli

broccoli imgs_wordpress

A few months ago, I read an article from Entrepreneur that is still sticking with me. There was a specific tip that really changed my perspective on my finances.

Know that making money is like making broccoli.

 

Money = Broccoli?! Yup!

So basically, instead of getting hung up on money — treat it like you would the food in your fridge. Use what you have, you can always get more.

Money in general can be very scary. For me, parting with my money is a struggle sometimes. I like the security of seeing all those dollars saved up for when “just in case” happens. While that is a great mentality to have, I sometimes miss out on a lot as well. (Still kicking myself for not splurging on the Katy Perry concert tickets.)

I love the idea of knocking down the power of money and turning it into a vegetable! Long ago, vegetables were more valuable than a piece of metal or paper anyways – check out Deepak’s similar thoughts on money and wealth.

I believe the way for me to get past the fear is to build realistic goals for the future that are aligned with my core values. I can do that by asking myself if what I want to do with my money provides growth for me, my family, my business, etc. Those goals can be reflected in my financial budgeting plan so I can easily identify if I am making a beneficial investment, while still being mindful of my money.

We have been talking financials and work all week in the Review Reflect Relaunch 2016 Program and learning bunches. As we paused to capture what happened over the past year, this is what has come up:

  • It seems easier to ignore finances than deal with them
  • Facing how we interact with our finances is actually empowering – not scary!
  • Our relationships between work and money are closely tied together
  • It is important to remember that the value of our work is defined by much more than money
  • Mindful investments – whether monetary or other types – contribute most to our growth

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How do you interact with your money?

Not sure what your money story is? Check out this link or this money personality link.

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A Job for Every Dollar

Money - EmilyMarko.com

Earlier this month I shared some tips on being proactive in my newsletter. One of them was on the topic of maintaining finances.

I believe there are two types of people when it comes to money – spenders and savers. I fall under the category of saver; my husband is a spender. So it makes for some heated discussions when finances are brought up. We struggled to compromise on our finances for years and then I found YNAB (You Need A Budget).

I have always believed that in order to maintain financial stability, one must know where each dollar is going. I just never had a good tool to keep track until this program. It changed everything for my personal and business finances.

The philosophy is to assign one job for every dollar. It is simple and effective.

For monthly and day-to-day expenses, budgeting is easy for me, but when those yearly or random expenses pop up it can get tricky. I know every year my car will need inspected, an oil change and new tires and in the past I would deal with it when the expense already occurred. I now budget for all anticipated expenses by estimating amounts, dividing it by the number of months remaining and save a little each month. This way I cannot forget or use the money elsewhere.

I feel more in control of my finances because I know what I am saving and spending for. I might not be in the financial position I would ideally want, but I know I have a plan for future finances; which will help move me to a happy money place.

I even set my daughter up with her own budget through the program. Although she is a saver as well, she still needed a tool to track everything. it is a great way to teach teens how to manage money.

No matter if you use YNAB or another program – establishing a budget and assigning a “job” for each dollar is key to proactive saving and spending.

Disclaimer: YNAB has a referral system. If someone signs up through my referral link, they receive a discount on the software and I receive a certain amount in my account. I am not one to partake in referral systems normally, BUT this program is so fantastic I recommend it to everyone. Whether you sign up through me or not, I strongly recommend trying out the trial. It is life changing.

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What is your biggest challenge when it comes to finances?

How do you stay proactive in your spending and saving?

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What Fuels You

I finally finished up my year in review of 2013! Woo hoo!

This was the first time I used a formal template and it really helped me to capture all my thoughts. As I solidified my goals for 2014, I wanted to be sure I was creating goals that would align well with all aspects of my life AND really be meaningful to me. So I created a template, closely based on the Wellbeing categories, to keep me on track.

What Fuels You - emilymarko.com

Each goal I identified had to fall into one of the 6 categories and truly be something that would fuel me through out this year.  My plan is to keep the template posted in my office as a reminder of what to focus on so I remain content, full and balanced.

  • Career covers the details of what I do – type of work, clients, environment, etc.
  • Health is about how I keep my whole self healthy – physical, mental and spiritual. The Wellbeing category is Physical, but Health resonates with me more.
  • Community is all about how I interact with and support my communities – neighborhood, school district, city, state, country and organizations I belong to.
  • Financial is about the security of my finances, but also how I track and spend.
  • Social focuses on people I interact with on a regular basis.
  • Family is a huge focus for me so I separated it out from Social.

These categories seem to be working for me, but its flexible. I have a client who tweaked this to fit her situation.
Are there different categories you would use?