Ready to increase your bank account? Follow these 3 easy peasy steps, and you’ll be increasing your bank in no time.
Step 1: Know where it’s at
Whether you get the same salary monthly, or you have different revenue streams, bottom line is that you need to sit down each time you get a pay check, and WRITE DOWN your monthly income.
Easy enough right? Now head on over to step 2!
Step 2: Where did all the dollars go?
Now that you know how much you have for this month, it’s important to see your spending habits- literally. Check out your bank account statement from last month to highlight all the areas where you spent your hard earned money, and to know precise numbers for what expenses (like your car insurance) are.
I’ll let you in on a little secret.
Years ago I had one of those OMG moments when I realized that all my extra $$$ was being spent going out for dinners with friends.
Worst yet, I didn’t even enjoy it!
Between the often noisy locations, and having waiters/waitresses constantly interrupting you (how is it that they always seem to interrupt during the best part of a story!?) I wasn’t getting that intimate one-on-one time I wanted with my friends.
So I started telling my friends that I preferred to grab tea instead, asking them “does that work for you?” And they were like “Heck ya!”
This was a double win. I saved money, all while having more meaningful experiences when I connected with my friends.
Step 3: Spending & Making Bank
You’ve got your pay check (Step 1), you know where you’ve been draining your dollars (Step 2), and now it’s time to MAKE bank!
When you hear the word “budget” how do you feel?
If, like a lot of us, that word springs up a fear mindset, then create a word that empowers you.
For me, I think of the “BUD” as a budding flower wanting to grow, and in order to “GET” that “BUD” growing I need to nurture my money.
Basically, in order to get my money growing I need to budget, so now budget doesn’t sound like a dirty word.
That means I need to write down all the areas I’m spending in, and setting money speed limits on the area’s where I want to cut back.
The cutting back, is WHERE your money is at!
So set your limits and stick to them. You are well on your way to a flourishing bank account.!
Summed up with my example:
Write down what you make:
It’s like meeting up with a friend.
Write down all of your monthly expenses:
You don’t just jump in your car and go to meet your friend, you HAVE to know where you’re going to meet them.
Write down where you’ve been spending (non expense spending)
You need to know how much gas it’s going to take to get you there so you don’t run out!
Write down your spending limits and stay within them (that’s the really hard part)
You wouldn’t drive 140km/h in a 60 zone (or at least without getting the Polices attention). Just like you know your speed limits, you need to know your spending limits and stay within them.
Like Kevin Hart says, we all need to stay within our own financial lanes and I hope today’s message inspired you to start making sense of your dollars and cents J
Thank you so much for being here, and to all my fellow Canadians Happy Thanksgiving & Go Jays Go!
~Daniele
*oxo.
*Feeling the break up blues? Grab your FREE Break Up Blues Cheat sheet to get your happy back. E-mail us with subject line “Yes I want to grab my free copy of the Break Up Blues Cheat sheet” and we will send it to you faster than a popped kernel: daniele@danielelamb.com
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