5 Minute Friday: Your Budget
Hey Friends Shona here in on this five minute Friday. We are talking about five lies about your budget that you need to know today. You're listening to millennial money with award. Winning Money Expert and serial entrepreneur. Shana come to game where we flip the script on the old school approach to everything. Your parents have never taught you about money. Each week Shawna creates a safe space by talking with special guests from around the world about money wellness entrepreneurship trailing boss. And what makes millennials tick unique stories. Trail-blazing PERSPECTIVES TIPS tricks. And everything there is to know about money. You find it all here. Is You. Cover your money story and unlock the life. You WanNa live pretty cool right here. Shawna money expert. Indiana hoosier and Burger aficionado. It's no lie that budget. Is this word that a horrible feeling and a lot of people you feel like. It's a chore or something that you have to do something that you hate to do something that tells you what you can or can't do in so for a lot of us. We just refuse to even do anything related to budgeting and the problem with that is that it creates this negative connotation in our head and potentially keeps a stock from actually achieving the goals. And all of the amazing things that you actually want to do in your life. I say this so many times that the only reason that you actually do a budget or fill in the blank with whatever words you want to call it because by the way you don't have to call it a budget you can change it to be whatever you want it to be for example. I used to call it a travel itinerary because we love to travel so much so it was just the mechanism for how I could actually reach those goals. So I think you need to really just change in your head that wiring from a budgeting something that is negative and horrible and tells you what you can't do into something that it actually put you in the driver's seat and tells you what you can do so why number one budgets don't work. I'm going to throw that out. I don't care if you call it another name or whatever you WanNa call it where the US an APP or use. A piece of paper used posted notes. Whatever your system is if you're stuck in line number one that budgets don't work it's because you're not actually working the budget correctly remember. It's got to be rooted in your goals. It has to give life direction affirmation for those particular goals. Okay line number two. I know how much I spent. I'M GONNA CALL BS on this lie. You don't none of us do until you're actually in your numbers looking at your numbers. Categorizing your numbers. You don't know where your money's going. You have some general idea of where your money's going but you really don't know so the active practice of getting in your numbers and knowing where your cash is going is so freaking powerful for your future and for your right now. You just have no idea okay. Line number three. It's a chore. All right we already talked about this. One yes I understand. It may feel like something that you need to take time out of your day of your month to look at your money to make a plan for your money. But it doesn't have to take that long. It could take fifteen twenty minutes a week. That's how much I allocate every Sunday. I said a calendar item. Fifteen twenty minutes. I'm just going everything where we at. How are we tracking towards our goals? Have a little quick check in with Jeff Okay. Yep Yep we're on the same page. Do we need to plan for anything upcoming? Okay quickly categorize my expenses for that week. Ez Right in less minutes than actually watching a normal Sitcom TV show. You can plan out your whole week. And where the money's going how it's flowing in and how it's flowing out okay. Line number four. I make a Lotta cash so I don't need to do this. I hear this one over and over and over again and congrats. That's awesome if you make a ton of cash and you're sitting pretty. I am so happy for you. Because that's a really great place to be in but newsflash. It doesn't always stay that way right. And why are you leaving money on the table right? Why are you letting your money just drift off in places when you can powerfully? Give it direction so if you make a lot of cash. Don't fall into that light. You still need to know where your money's going and maybe even more so because now you've got more of it so you need to give it more direction. Alright line number five UNITA a budget. Now this is going to make your head spin a little bit because we just spent four and a half minutes talking about budgeting but you don't actually need budget. You actually need to know where your money's going how you're spending your money. What are the goals that you want to achieve? How much are those goals going to cost? Then you can route your money in different directions so if you hate the idea of budgeting fantastic throve. Dang thing out. I give you full permission not to do it but what I don't give you permission to do is not know where your money's going so my question for you is. What are you missing out on today? What if you could find five dollars or fifty dollars or five hundred dollars sitting in your bank account and powerfully directed? It's up to you my friend. I know you can do this. Thanks for checking out this episode of millennial money for all the bts on today's episode. Check out the show notes. Oh and while you're at it share this episode with a friend. Share it with your co workers even share it with that. Who get your name correct every time? Money Mindfulness is something. We could all use a little help with. So why keep all this knowledge to yourself? Remembered sharing is caring. See back here in a few days with a fresh new episode talker.