How to Set Doable Financial Goals: 4 Tips

If you set financial goals that are way out of your reach, you’re setting yourself up for defeat and disappointment. Rather than curtail your progress with emotional roadblocks, try simplifying your financial goal-setting for this year. These four strategies can help you create goals that are meaningful, motivating, and realistically achievable.

Check in With Your Values

Check in with your values before setting goals. Your business, your finances, and your goals should enable you to have enough of the things you value in your life to feel satisfied. Basing your goals on your values will also give you a clear way to connect with your “money why” and stay motivated when you’re working towards them. 

Set One Goal

Set one goal, not a dozen. This will make it easier to manage and complete the goal. James Clear is a great thinker around goal setting, and brings up the psychological concept of goal competition. “…Your goals are competing with one another for your time and attention. Whenever you chase a new goal, you have to pull focus and energy from your other pursuits….What often looks like a problem of goal setting is actually a problem of goal selection.”

When you cull your goals down to one, you’re able to direct all your focus and effort towards this one goal. Of course, I’m speaking about the general realm of your finances. In reality you’ll of course still have a full and complex life – all the more reason to simplify things and pick one financial goal to focus on! Which brings me to the next point:

Identify Your “One Thing”

Identify the thing to do in your finances that would make everything else easier or irrelevant. This is from Gary Keller’s book, The One Thing. This book carries a similar message to what I wrote above: multi-tasking is actually holding you back from making progress on your goals. Using the question “What is the one thing, such that by doing it, everything else would become easier or irrelevant?” can help you further cull your goals and make space in your finances to get focused. 

Turn Your Goal Into a System

How will you stay on track with your goal? When setting your financial goal, consider how you’ll turn it into action items, and how you’ll complete those action items. Will you set up a time to make progress each week? Will you find a money buddy to work in tandem with? Will you create a special routine for yourself around checking in with your finances daily? 

Carving out regular time to devote effort and attention to your goal is one fo the best ways to actually achieve it. So when setting a goal, keep in mind how likely you are to be able to do this, and how you’ll set up a system for success. If you’d like to work on a financial goal with my guidance, set up a free Financial Self Care Consultation. Click here or below to schedule:

 

This post was originally published in 2022. 

By |2023-01-18T13:42:48-08:00January 18th, 2023|Categories: Financial Clarity, Money Mindset|Tags: , , , , , |0 Comments
Read More

A 3-Step Reflection Process for Financial Goal-Setting

To see the best way forward, sometimes it’s important to look backward. Reflecting on your financial history thus far can yield some interesting insights into how to set your financial goals for the year. Let’s talk a little more about why this is an important practice, and then get into the process!

Why Reflect?

Reflecting on your financial journey throughout life can yield several important results. First, it can give you a chance to simply notice what’s changed, and how. The last  few years have been economically tumultuous for most of us. Consider where your finances were at in the beginning of the year, as opposed to where they are now.

Aside from noting change over time, this can also be a chance for you to learn from your past money moves. Perhaps this past year you tried some new strategies or made a big purchase. Reflecting on how different events in your financial life this past year have worked out can give you insights into what to do next, and what you’d rather not do again.

Finally, I personally believe that just giving your money the gift of your attention is a positive thing by itself. Simply making it a habit to check in with your money and what it’s doing right now can be enough to start you off. Reflecting and looking at your money history is one way of doing that!

Step One: Try Out Some Prompts

To spur your reflective time, I have a couple different questions you can try asking yourself. These prompts are about your values and your goals, rather than the nitty-gritty details. If you’re more interested in that, scroll down to the review section. You might like to try answering these questions either as journal prompts, or use them as discussion questions with a money buddy:

  • How has my financial situation changed over the course of this year? Where am I now compared to December 2020?
  • Do I feel fulfilled by how I used my money this year? Why/why not?
  • How do I feel about they way I showed up with my money this year?
  • What are my financial lessons this year? What did I do with my money that worked so well, I’m going to do it again next year? What would I like to improve on?

Step Two: Review Your Records

Whether you’re reflecting on personal or business finances, you likely have records of your past money moves. Take some time to reflect on these!

If it’s business finances you’re looking at, I highly suggest doing a year-end bookkeeping review. Even if you do it yourself and then get it checked by a pro, this is a great step in the right direction. Done right, this can give you clarity about what aspects of your business are bringing in the most revenue, and what to focus on.

If you’re reflecting on personal finances, or even your financial picture as a whole, it’s good to get clear on your income and expenses at this stage. For more directions on how to do this, I suggest reading my article “How to Create a Spending and Income Plan, Part One” which goes into detail.

Step Three: Do a Full Check-In

If you’re interested in a more lengthy reflection process, I recommend doing a full check-in. My article How to Do a Business Check-In  goes into detail on a process you can use to do this. I can also recommend my article Three Steps to Financial Clarity for a process that’s less business-focused.

If you enjoyed this article, you’d probably like my free e-Book, Reach Your Life Goals: A Business Owner’s Guide. Click here or below to get your copy!

By |2023-01-11T16:16:45-08:00January 11th, 2023|Categories: Financial Clarity, Money Mindset|Tags: , , , , , , , , |0 Comments
Read More

Retirement Planning for Solopreneurs: How to Find a Trusted Financial Adviser

It’s very helpful to have a trusted adviser take a look at your financial situation. Particularly when you don’t have the support or typical options offered by a corporate job, it can be helpful to get outside recommendations. But how do you find the resources you need from someone who is trustworthy?

What is Good Financial Advice? My Thoughts

One of my big goals with At Peace With Money is to help solopreneurs who don’t manage enormous accounts feel like they too can take steps down a helpful financial path. I strongly believe that no matter what amount of money you make, there are steps you can take to improve your situation and take care of yourself in the long term. I also believe you can do this without hugely sacrificing your quality of life. It doesn’t feel good to be chastised for your income level or your lifestyle, especially when class structure in the U.S. effects us in a way that means we are often not fully responsible for our financial standing. I don’t think that’s the role of financial advice anyway! Instead, good advice meets you where you’re at, and helps you get where you want to go.

 

Know What You Need

Once you’ve decided to find financial advice resources that are relevant to your lifestyle, it’s important to know where you’re at personally. So, be sure to check in with your own finances. If you need a simple process to get clear, check out my Three Steps to Financial Clarity exercise.

Once you’ve done that, you should have a clear idea of your current income level and your hopes for your financial future. Both of these things will help you determine what financial resources are best for you. At the beginning of your journey, you might not be interested in people who talk about managing large investments. That can always come later! Instead, you might be interested in resources that cater specifically to people who’ve just opened an IRA.

My Recommendations

  • Especially for younger people or people who don’t have big portfolios, I recommend working with XY Planning Network. They will work on a project-basis, which makes their advising services more accessible.
  • Many people also like working with Vanguard. They have a lower fee and have people on staff to help advise you.

If you enjoyed this article, you’ll probably appreciate a copy of my free e-Book, Reach Your Life Goals: A Business Owner’s Guide. Click here or below to get your free download!

By |2022-10-27T11:10:30-07:00October 27th, 2022|Categories: Financial Clarity, Money Mindset, Personal Savings, solopreneurs|Tags: , , , , , , |0 Comments
Read More

Love Your Future Self With an IRA

One of the best forms of self love is this: put some money away for 65 year old you with an IRA! Beginning to put money away now so that you can take care of yourself in retirement will vastly improve your life as a whole. It’s important to remember your future self, and make sure you aren’t only treating yourself today. What better way to care for yourself?

Give Yourself a Gift

First, if you don’t have an IRA, open one. For more  specific info on types of IRAs here’s the IRS’s info page, plus a helpful article from NerdWallet. Do a little bit of research to decide which works best for you. 

Then, make contributing to your IRA a fun and regular occasion. Consider it a gift to both your present and future self! Perhaps you could give yourself the gift of a deposit to your IRA for Valentine’s Day. My sister does this for herself on her birthday every year, to celebrate her present and future self! 

Invest!

It’s very important that when you do contribute to your IRA, that you remember to invest it. Don’t simply let it sit in the account in cash.  If you let it sit, it’s not actually accruing any more value, and therefore will not expand beyond the amount you put in. The longer you let it sit, the more time that could be used to expand your investment goes by. 

Play the Long Game

Remember, this is long term money. You won’t touch it for years, so don’t worry about how much your investment increases or decreases in value today.  You are in it for the long haul!

If you enjoyed this post, you’ll love my free e-Book, 9 Secrets to Financial Self Care. Click to get yours!

By |2022-10-14T14:15:27-07:00October 14th, 2022|Categories: Financial Clarity, Money Mindset, Personal Savings|Tags: , , , , , |0 Comments
Read More

How to Use Money Tracking Software to Get Rid of Financial Anxiety

Many of us resist looking at our finances on a regular basis. We ignore looking at our bank accounts and just “hope for the best.” This strategy leads to financial anxiety, even though that’s often what we’re trying to avoid when we do this!

Using a money management software is often the secret ingredient in transforming this anxious-avoidant cycle so many of us engage in. Money management software provides us with an easy way to keep track of our money, where it’s coming from, and where it’s going.

Getting a glimpse at this on a regular basis can simplify financial decision-making. In the long-term it can help us significantly reduce our money stress. If you think I’m being hyperbolic with the title – I’m not. I’ve seen serious transformation happen when people start tracking their spending. 

So, what are some money tracking software options? If you read my last blog post, you’ll know that I have a few tried and true options I recommend to my clients. Here, I compare and contrast these:

  • Good old-fashioned manual tracking. You can do this with paper and pencil or in a spreadsheet. Some people who have a lot of cash transactions in their business or personal finances might prefer this one. Especially in your personal life, it can be nice to keep a notepad or a note on your phone to record cash transactions so you don’t forget about them. However, this is definitely the most laborious way to track your money, and the amount of time you need to put in to do it effectively can prevent people from keeping up the habit. For this reason, I generally don’t recommend it, unless you know you’re someone who will keep up with this system at least once a week.
  • I have personally been using Mint for the last five years. It’s free, it connects to all your accounts and automatically imports your spending information, and it’s very easy to use. It has an app, which is really convenient. However, what I don’t like is that in order to get all the info that’s really valuable, I need to download the data into a spreadsheet. I personally do this at the end of every month to wrap-up my finances. It’s also important to note that as a free program, they are keeping (and likely monetizing in some way) data on your spending habits, and they are constantly advertising to you on this platform. It’s important to be wary of the barrage of credit card offers, banking deals, etc. It’s very basic, but it’s a great tool to get started with tracking your spending. 

  • MoneyGrit.(R) is a new software from Karen McCall who runs the Financial Recovery Institute, and I’m loving working with it so far. The interface provides a more intentional and hands-on experience when it comes to planning your spending. They actually lead you through a process of reviewing your intentions when setting up your spending plan! This emotional dimension can be really helpful in creating a connection between you and the decisions you make with your money.  The program also includes extras like worksheets to set goals and plan out financial self care action items. Lastly, this software factors periodic expenses into your spending plan, which is something a lot of money tracking softwares miss completely. 
  • Your Need a Budget, or YNAB, does a great job of emphasizing putting your money to work for you. While I’ve personally never used this tool, a lot of people love it for that reason.
  • Quickbooks Online is the standard when I’m working with clients on their business finances. This is less tailored to personal financial self care, but worth mentioning here because business and personal finances are interrelated! 

 

The main takeaway here is that there are many different tools you can use to track your spending and make financial clarity more accessible. I definitely recommend using an automated software over manual tracking, because most people are more likely to actually use an automated program.

Tracking your finances is truly life-changing. You can see the effects of the financial decisions you’re making in real time. When you choose to save money, pay down debt, or spend on something you really value, a tracking program reflects that back to you. Using a tool helps you keep track of your financial growth and provide transformative motivation.

If you enjoyed this article, you’ll probably really like my free e-Book, 9 Secrets to Financial Self Care. Click to get your free copy! 

This article has been updated and re-published. It was originally published in 2021. 

By |2022-09-14T11:00:42-07:00September 14th, 2022|Categories: Financial Clarity, Money Mindset, Personal Spending|Tags: , , , , , , , , , |0 Comments
Read More

How to Create a Spending and Income Plan, Part One

Planning ahead with your money is absolutely essential to leading a successful and stress-free life. Creating a spending and income plan for the month ahead can help you achieve your vision of financial freedom. Today, let’s get into the nitty gritty details of how to create a plan that will move you towards your financial goals. 

The ideas I’m going to share here are not new ones, but they are time-tested and solid. Many of my clients have worked with these processes, and I also take inspiration from my mentor Karen McCall, founder of MoneyGrit.(R). This article is part one of two, and these are the first two steps in the 5-step process. Let’s jump right in: 

Clarifying Your Spending

There are a couple ways to do this. I often recommend that my clients sit down with the past three months of their bank and/or credit card statements. (For most of us, these should be available online). Then, I ask them to go through line by line to see where money is really going. 

Karen McCall is a proponent of having people closely track their finances. She reports that the act of tracking every dollar is enough to bring a new level of mindfulness and intentionality into our spending. In her book Financial Recovery, she writes: 

“While people are hesitant to track because of what they fear they’ll have to give up, it is far more often the case that they get more of what they need and want by eliminating unconscious spending.” 

Tracking can be a longer process than simply reviewing your financial records retrospectively, but both bring great insight into where your money is going. Try both and see which works best for you! 

Clarify Your Income

Often when I say this, people immediately think specifically about the money they earn from their job. While this is definitely in the category of “income”, it’s likely not the only thing. Total up all your estimated income from various sources, like selling used items or rental property income. If you need to, you can go back and review all your income information that your bank statements provided you and use that to make an educated guess. 

If you are self-employed or in another situation where your income varies month-to-month, it’s still very important to complete this step. Make a conservative estimate of your income to avoid coming up short, or go through the process of setting up a money system and a solopreneur paycheck for yourself! See my article “How to Create Your Own Paycheck Using a Money System.”

Stay tuned for Part II – and make sure you take breaks and pace yourself through this process.

If you liked this article, you’ll probably love my e-Book, 9 Secrets to Financial Self Care. Get your free copy here!

By |2022-08-19T11:15:30-07:00August 19th, 2022|Categories: Financial Clarity, Money Mindset, Personal Spending|Tags: , , , , , , , , |0 Comments
Read More

Want a Meaningful Life? Check In With Your Values Regularly

You’ve done it – you’ve figured out what you value in life, you’ve culled your spending, and made a savings plan. You are well on your way to having your money bring real meaning to your life. Now what?

Obviously, first let’s celebrate all the amazing work you just put in! Congratulations!

Next, it’s important to know that the work doesn’t stop here. Let’s talk a little about why it’s important to check in with your values on a regular basis.

What You Value Changes Over Time

I’m going to venture a guess that you’re probably not the same person you were 15, 10, or even 5 years ago. Life is full of change, and our priorities shift with it. Although you’ve just done all this good work to set up a financial plan for yourself, don’t expect it to remain static. Give yourself room to change by resolving to check in with your values and update your money system regularly. This could be every 6 months, 3 months, or every year – find a frequency that works for you!

As Your Resources Change, So Might Your Desires

As we deepen our financial learning and grow our wealth, we may find that what we want, changes. Let me share a quote from my mentor Karen McCall that illustrates this point perfectly:

As people continue working through the Financial Recovery process, identifying areas of deprivation and discerning needs from wants, an amazing and intriguing thing begins to happen. They start to access deep desires that they may never have spoken about before or even known existed. Soon they discover buried dreams of buying a home, taking piano lessons, or learning about photography. Some talk of their fantasy of taking a sabbatical or learning about their family’s roots by visiting the homeland of their grandparents. People begin wondering aloud about their dreams of starting a philanthropic foundation or taking time away from work to volunteer for causes they hold dear.

I love this quote because it illustrates how the process of growing your financial literacy can unfold. Once you start to really become aware of the possibilities, you may find that you no longer want to deprive yourself of certain things you didn’t even know you wanted! The key here is intentionality. Checking in with your values on a regular basis, in an intentional way, gives you space for these changes to unfold and get incorporated into your spending and savings plans.

Stay Open to New Delights

Let me share a personal example with you for some encouragement. These days, I am relishing taking really good care of myself. I get facials from Me Time with Francoise, massages, chiropractic, and recently participated in Stasia’s Savasuk’s style school. I feel blessed to have the freedom to support other business owners while also taking great care of myself.

In the past, these things might not have seemed relevant or important to me. As I’ve continued to check in with myself about what’s important to my life, these values have evolved! 

If you liked this article, I have a free e-Book for you! I’m sure you will enjoy 9 Secrets to Financial Self Care. Click to get your free copy!

By |2022-07-28T13:56:34-07:00July 28th, 2022|Categories: Money Mindset, Personal Savings, Personal Spending|Tags: , , , , , , |0 Comments
Read More

How to Bring More Meaning Into Your Life With Money

I am not in favor of making money for money’s sake. In my mind, financial goals that aren’t grounded in the reality of what you need and want in life will not fulfill you. However, money can absolutely help you build a meaningful life!

It all has to do with staying checked in with yourself throughout your financial journey. Here are three ideas that can help serve as guideposts for you to transform the role of money in your life.

Money Is An Energy

Like water, money is a resource meant to flow from place to place. When you water a plant, it grows. When you spend money on something, you expand its role in your life.

Remembering that money is an energy can help us think more intentionally about what we want to expand in our lives. This might affect our smaller spending choices, like what we purchase at the grocery store. Or it might push us to make bigger money moves, like purchasing a vacation or beginning a retirement plan.

So, take some time to consider, what in your life do you want to expand, and what do you want to cull? How can the way you handle your money aid you in this process?

Stay Checked In With your Values

This idea is foundational to my work with clients and goes hand in hand with the first point. The more clear you are on what you value in life, the more valuable your life will feel to you as you bring those good things in.

Really take stock of what you value, and keep yourself checked in with that whenever you’re making a financial decision. Here are a couple articles that can help:

Working Smarter and Living Happier

Sometimes the ways that money can make room for more meaning in your life seem a little mundane. Consider ways that money can save you time and energy so you can do more of what you love. Perhaps you might like to hire a cleaner, or sign up for a grocery delivery service.

Taking on an expense like this can ultimately allow you to spend more of your own time and energy doing what you value and enjoy most.

If you liked these thoughts, you’ll probably also enjoy my free e-Book, Reach Your Life Goals! A Business Owner’s Guide. Click here to download:

By |2022-07-22T14:11:22-07:00July 22nd, 2022|Categories: Financial Clarity, Money Mindset|Tags: , , , , , |0 Comments
Read More

The Secret to Motivating Yourself to Learn About Finances

If you have a poor relationship with money, it’s going to be hard to talk yourself into how to manage it. Whether you view money as boring or you have a hostile relationship with it, getting financial education is probably one of the last things you’ll want to do.

It’s difficult to be motivated to learn about money if you don’t see how it can bring meaning into your life. Here are a couple of my tips for changing your mindset to see how money can be a positive force for life satisfaction:

Get Honest About Your Relationship With Money

First off, it’s important to get a clear idea of your relationship with money. So, how do you feel about it? What are some beliefs you hold about it? Here’s an excerpt from my article “How Your Relationship With Money Affects Your Finances (and What You Can Do About It)”:

If you want to get a quick pulse on your relationship with money, think about money or say “Money,” out loud to yourself, and then keep track of what emotions come up. More than likely, there will be several that come up in a quick succession: anxiety, avoidance, excitement, compulsion or repulsion, etc.

The goal with this exercise is not to suppress or judge any of the feelings as good or bad. Simply take note of them as they come up. Try this several times to get a full emotional picture.

Once you’ve tried this out, reflect on how your current feelings about money can give you insight into how to improve your relationship with it. I list a couple ideas for doing this in the article mentioned above. 

Brainstorm Your Life Goals

Think about your goals for a moment. What are the most meaningful things you can dream of doing? Maybe you dream of supporting yourself as an artist, building a beautiful home, or going on the adventure of a lifetime.

Those dreams are possible, and they are financeable. Your income can be the financial engine that brings those dreams to life! By reflecting more deeply on your goals and connecting them to your finances, you can begin to more clearly see the equation between money and life satisfaction. 

Get Inspired

Many people are able to do amazing things with money. This is where finding your “money crush” comes in. What’s a money crush? Someone you know, or know of, who handles their finances in a way you admire. This could be somebody you know personally who has the kind of financial setup you want. It could be someone who writes or speaks about money in a way that inspires you. A money crush is essentially somebody who models the things you want for your own financial life.

Try thinking about the most generous people you know. Imagine being able to give like they do, from a place of abundance. One of my personal money crushes and favorite resources on this topic is Lynne Twist’s book, The Soul of Money. Check out my book review if you want more inspiration to improve your relationship with money.

If you enjoyed this article and you want regular tips and insights about doing money in a way that feels meaningful, you’ll probably enjoy being on my newsletter list. Click below to subscribe! 

By |2022-07-07T15:57:16-07:00July 7th, 2022|Categories: Financial Clarity, Money Mindset|Tags: , , , , , , |0 Comments
Read More

My Top Resources to Learn About Money Around the Internet

There are a lot of places to seek out financial advice on the internet. Which is great news!  Many of us don’t receive good education on finances when we are younger. When we become adults, we either don’t seek or don’t find the information we need to have healthy finances.

One of the main ways to fix this problem is very simple: self-education! Once you start learning about money and start paying attention to your own financial matter, the hardest part is over. And thanks to the Internet, that is easier than ever.

The last time I put out a resource list on financial education was 2018, and while those resources are all still wonderful, I thought it might be time for an update. So, without further ado, here are my current top resources to learn about money around the internet (plus a few books).

Business Finance Resources

Profit Boss Radio by Hilary Hendershott is a great resource on both business and personal finance topics. She focuses on financially empowering women to be financially successful business owners.

Hadassah Damien of Ride Free Fearless Money has become an inspiration of mine over the last few years. Her content is a mix of business and personal resources. She has an excellent blog, Diva is a Hustler, and a great podcast, Bottom Lines, Top Dollars.

Mikelann Valterra is an awesome money coach who has lots of great content that can apply to both personal and business/professional sides of finance. She has a blog and a whole tab of free resources. 

Personal Finance Resources

Afford Anything is Paula Pant’s podcast, chock-full of useful personal finance info and advice. She makes a lot of content specifically about investing and retirement.

The Bad With Money Podcast with Gaby Dunn is a great resource covering mostly personal finance topics that’s excellent for younger generations and queer folks who feel alienated by other finance resources. Gaby’s tagline say it all: “I’m a money podcast but I’m not scary.”

Karen McCall, creator of MoneyGrit (R), which is an excellent money management tool that I recommend for both personal and business finances, writes an excellent blog too! Her recent series on clothing deprivation and refreshing your wardrobe in a money-conscious way is a great resource.

Stacking Benjamins is a wonderful podcast I’ve been listening to for years. They provide great insights for overall financial learning and offer a lot of resources and interviews.

While we’re talking resources, I should probably mention that the At Peace With Money newsletter is a great free resource to subscribe to.

Subscribers receive my weekly blog posts straight to their inbox, plus a monthly tailored newsletter with customized financial tips. They also receive free access to my full library of e-Books! Click below to join us, it’s a good place to be!

By |2022-06-22T10:56:32-07:00June 22nd, 2022|Categories: Financial Clarity, Money Mindset, Small Business, solopreneurs|Tags: , , , , |0 Comments
Read More
Go to Top