PART 2 – I Have a Savings Account, Now What?
In last weeks blog, we spoke about planning to save and micro investing to kick start your savings, with as little as $10 a month. If you missed it, you can catch up here.
Now, to increase your contributions…
As your business grows and your savings build; it’s likely this number will increase, so make sure you check in and up the contributions when it feels right.
Remember to continue to prioritize savings money and adjust as you get more comfortable putting money away.
Add it to your budget. Go from $10 a month to $10 a week.
Then $20 and up. As your income goes up (and it will), increase your contributions.
The great thing about something like Acorns if shit hits the fan and I really need the money I just have a transfer it back into my account, but it’s gonna take a couple of days and that is enough to make me really evaluate if I need to spend that cash right now.
Giving yourself some space from the urgency of having to make a snap decision.
Did you know that there is a time in your menstrual cycle where you want to spend money?
That’s right! This article takes a surprisingly good look and how your period effects your spending and money habits. I highly recommend taking a look. https://www.cosmopolitan.com/health-fitness/a39084/how-your-cycle-affects-your-shopping-habits/
My period is not that regular since I have an IUD, but I do notice that my spending will fall into certain patterns that I didn’t really pay attention to before. And I found that even a little bit of attention and awareness has made that a lot easier.
RIDE THE RIDE: Feeling those feelings!
The other side of it is, that you have got to ride the ride, right?
You have to be doing your work. You have to be feeling your feelings and learn to sit with them. When you really reflect on what’s going on with your money, that’s when you start to do it right.
And that work is HARD (sometimes) – but it is not impossible.
We talked about the habit of saving a little bit and then suddenly having a reason to spend it all. And planning is a part of that, but MINDSET is too.
If you’ve never had savings it can actually feel very uncomfortable to have money just sitting in an account. Just the way that it’s challenging for many of us to… tolerate pleasure.
Ever notice even in your business if you get a flood of money, say a client pays up front for a coaching package, or you sell twice as many class registrations as you expected. How long does it take to find excuses to spend the extra cash? It can makes us nervous to see more money in our control than we are used to.
That is our money habit. That is our money conditioning and MINDSET.
And if can be CHANGED!!
So instead of being reactive and driven by your emotions, try pre-planning what your financial goals are, including what you’re going to do with a windfall! Have plans for where you will allocate extra money. I really recommend doing a combination of spending some of it and saving a chunk of it. Deciding in advance and putting that on one sheet of your budget had helped me not blow every dollar that comes across my path.
That spreadsheet means that I have a plan.
Whatever you do, think about it in advance and don’t let your inner teenager who likes to buy sparkly things make all the decisions in the heat of the moment. Sparkly is good but long term that rainy day fund is a better investment.
Like any new habit saving gets easier with practice. That practice is how we expand our mindset and financial habits outside of our comfort zone of “spend it all!”
Recap on Feelings
If it feels like you’re out of control at first that’s ok – ride the ride. Feel it! Feelings matter. But don’t let them run you. Stop and feel and do self care until you can be the one driving the bus again.
Take one small step and then reflect on how you feel about, what resistance comes up for you and what support you need to take the next step.
Then keep going!
It does get easier.
And you are here to build trust with yourself so that you can take great care of you! Money is one aspect of self care that needs tending day to day. Just like food, exercise, sleep and meditation.
Missed PART ONE? Find it here: https://blissyourmoney.com/savings-101/
Want to continue the conversation? Or catch my next Facebook Live where I share all kinds of money tips and trainings?