Have you ever looked at your bank account and felt stressed? Or maybe you’ve thought about all the things you should be saving for, or all the debt you need to pay off, and you’re immediately overwhelmed by how to pursue financial health.
Maybe there’s a part of you that knows you should be more intentional with your finances and, well, let’s be real, you think “that doesn’t sound fun AT ALL.”
Well, ladies, today’s your day, because millennial money coach Chloe Elise joined me on the podcast to answer all your money questions and show you that money CAN be fun.
I know, it doesn’t sound possible. But, stay with me here.
In this episode we’re gonna shift your perspective on how you view money and give you lots of practical steps you can start doing today.
And yes, you might just have some fun in the process! 🎉
Money’s such an important topic to talk about because it’s the foundation for everything else. If you wanna start a business, build a home, or cultivate a life of purpose, it’s important to focus on financial health today, so you can set yourself up for success and purpose in the long-term.
That’s exactly why I invited Chloe on the podcast.
Deeper Than Money
Millennial money coach and founder of Deeper Than Money, Chlose Elise is on a mission to show you that finances can be easy and fun, and that you (yes, you) are capable of building wealth.
After paying off over $36,000 of debt in less than 18 months and seeing how it transformed her own life, Chloe now helps her clients get ahead with money, pay off debt and save for those big future investments. (P.S. If you want more advice on paying off debt, check out my talk with Jessi Fearon).
I loved this conversation with Chloe because I truly believe this is gonna bless you today, in every area of your life, and will help you build a foundation for the future.
How Do You View Money?
When it comes to financial health, we often need to start with how we view money. A lot of us have negative mindsets around money and even around our own ability to handle and steward money.
Chloe shared that what we believe about money is usually set in stone by the time we’re 8 years-old.
But, don’t worry, there’s good news!
As Chloe said, “We always have the capacity to update and expand those beliefs about money.”
So, how do we do that? We talked through 3 steps:
- First, identify what your beliefs are about money. Think about how you talk about money. Do you say things like, “I’ll never be debt-free” or “I’m broke”? Do you feel shame or guilt about how you handle money, or the debt you’re carrying? These are all beliefs you have about money that are ultimately affecting how you’re handling your money.
- Once you know how you view money, you need to ask yourself: “Are these the beliefs I want to live by or do I want to update how I view money?” What do you want your beliefs to look like?
- Then ask yourself, “What are the actions I need to take to follow this new mindset?” If you believe that you’re going to be debt-free, then you’ll start taking actions to pay off debt.
Once you’ve addressed how you’re viewing money, you can start taking action towards financial health.
Are You Making These Common Money Mistakes?
One of the questions I asked Chloe was, “What are some of the top personal finance mistakes we make in the short-term that hurt us in the long-term and what can we do differently?”
Her answer really hit home with me. There are two money mistakes that Chloe often sees people make:
- Not understanding your credit score. While your credit score doesn’t accurately show how well off you are financially, it’s still an important thing to understand and improve. Your credit score is like a game, one that can cost you a lot of money if you’re not playing it right. One of the easiest ways to fix this is through financial literacy. Get a Credit Karma account, or something similar, and take the time to learn about where your score is at, why, and how you can improve it. Working on it now will pay off in the future when you’re ready to buy that house, or start that business. 💃
- Not knowing how to advocate for yourself. Learning how to ask questions, negotiate, and advocate for yourself is key 🔑. For example, many medical bills will make assumptions about what care you received (like using a wheelchair to get to the car). You can call and ask for an itemized breakdown to ensure that the billing is accurate. You can also negotiate your hospital fees and your banking fees. Practice asking questions and negotiating, so you’re ready when the next bill comes.
How To Stop Overspending and Start Improving Your Financial Health
Okay, so you’ve got a healthy mindset around money, you’re building your credit score, and you’re advocating for yourself financially. But there’s still that issue of overspending.
And the whole idea of budgeting seems so restrictive to you. You don’t want to have to sacrifice the things you love, so what’s a girl to do? 🤷
Well, here are three things you can start doing today to kick overspending to the curb:
- Stop restricting yourself. When you tell yourself “I can’t” you’re increasing the chance that you’ll quit. Instead of starting from a place of “I can’t,” it’s important to start from a place of abundance.
- Create a realistic plan for your spending by leaving room for your priorities. Your priorities aren’t going to look like someone else’s. Is that haircut important to you? Or that Starbucks coffee? Or maybe it’s giving to that charity. Once you’re honest about those things, it’s time to set aside money for that in the budget. Don’t say “I only need $10 a month for my hair and makeup,” if those things are important to you. Be realistic about how much you want to spend on those things. Budget for the things you love. For some reason, we tend to think that budgeting is only about the basics and you can’t do anything else. But that’s not true! It’s about saying where you want your money to go each month. At the end of the month, you can ask yourself, “Am I proud of where that money went or do I need to adjust?”
- Do the inner work. A lot of times, overspending is about making yourself feel better. There’s a narrative in society that if you’re not happy, then you’re broken. So when you have bad days or are feeling all the feels (we’ve all been there), it can be easy to try and “fix it” by making that Target run. So, ask yourself, “What are other ways I can support myself instead of masking it with overspending?” Maybe it’s time to talk to a friend or spouse about how you’re feeling. Or maybe working with a therapist would better serve you and your long-term health.
Who To Go To For Money Advice
Okay, be honest. How many times have you ever gone to a friend or family member for financial advice? 🙋♀️ Most of us have.
While they can be a good resource, they may not be the best resource. It’s important to understand what their money priorities are and what their financial health looks like before seeking their advice.
Chloe dropped some truth when she said: “Stop taking financial advice from broke people. Always ask yourself if you would confidently switch your bank account with theirs. If the answer isn’t an absolute yes, then don’t seek advice from them.”
So, where SHOULD you seek advice? From a financial expert.
But, not all financial advisors are equal and not all will care about what’s in your best interest. So, it’s important to find one that you trust who will work WITH you, not just for you,
Don’t go to someone who’s gonna say, “I’ll take care of everything. Don’t worry about it.” Go to someone who will say, “Here are the options and here are my thoughts, but it’s your money, so it’s up to you and what will serve you best.”
Before you decide on who to work with, interview each potential financial advisor like you would interview someone you’re hiring. Get references and ask lots of questions, like what returns they’ve gotten for other clients.
This ensures you’re working with someone you trust, who has your best interests in mind (not theirs).
Pursuing Financial Health in Marriage
When it comes to marriage, money can often be a stressful topic. In fact, too often, it can cause fighting and long-term stress on the marriage.
So, how do you avoid that and get on the same page as your partner? That’s exactly what I asked Chloe.
And guys, her response should be on a T-shirt somewhere! 👏👏
She said, “Stop nagging your partner and start dreaming together.”
How true is that?
Sometimes you need to ask “why” you want money and why you’re trying to be better with your finances.
Maybe your “why” is so you can give generously, take your family on trips that will create special memories, or have the money to eat healthier. Maybe it’s so you can retire earlier and spend time with the people who matter most to you.
And it’s important to talk through those things with your spouse and dream together. Because when you can picture what you’re working towards, it gives you motivation to do what you need to do and it makes it meaningful.
Matt and I have regular “dream together” dates. Yes, it’s a thing. If you’ve never done this with your spouse, you should definitely try it!
We’ll sit down together and talk through what our goals are and what we’re working towards. We talk about how much we want to travel and spend time with family, how we want to give generously and the things we want to be able to do together.
A lot of the time, we’ll make it fun. And when we do that and can agree on what our goals are, it makes it so much easier and less stressful to make financial decisions.
Starting a Business with Personal Funds
The last thing I asked Chloe was, “What would be your advice to those who are starting a business and using personal funds to finance it?”
And she gave some really good pointers. So take out your notebook, friend!
- Start thinking through the finance stuff at the beginning of your business. Don’t say “I’ll do it when I make more money.” That’ll end up being a headache for you. Start today and it will pay off in the long run.
- Register your business early on. When you do that, you’ll be able to start claiming expenses as a tax write-off.
- Hire an accountant early on. Consider having a free consultation with an accountant to tell them what you need and ask how much it would cost for them to help.
- Open up two business bank accounts. Make sure the accounts don’t come with monthly fees. The first account is where you put any money you earn from your business, and where your business spending comes out of (NOT your personal account). The second account is specifically for taxes. Not setting aside money for taxes is one of the biggest reasons small businesses don’t succeed. So make sure you start now, even while you’re still growing.
At the end of the day, it’s about learning to be a good steward of your finances. If you can’t manage $100, you won’t be able to manage $1,000.
As Chloe said: “You can’t out-earn your mismanagement of money.”
How to Improve Financial Health for the Long Game
So, if you’ve ever wanted to build wealth, pay off debt, or improve your finances, but you feel a little overwhelmed with it all, this episode’s for you.
Tune into to hear all about:
- How to have a healthy mindset around money
- The top money mistakes
- How to advocate for yourself financially
- Tips to stop overspending without giving up the things you love
- How to keep yourself accountable and get money advice from the right place
- Ways to get on the same page with your spouse and make money conversations FUN
- The steps to take if you’re starting a business with personal funds
Get your comfy pants on and start taking notes, because this episode’s gonna teach you all the things. 🙌
And let me know below: what is your biggest challenge with money?
P.S. If you wanna find out more about Chloe and the resources she has to offer, head on over to her website.