How to Manage Your Money Like a Pro with Automation

Have you heard of decision fatigue? The idea is pretty simple. According to this article from the AMA, decision fatigue refers to “the idea that after making many decisions, your ability to make more and more decisions over the course of a day becomes worse.” Thanks to this phenomenon, it pays to reduce the number of decisions you need to make in a day. That’s where automation comes in.

Automation = Better Financial Habits

Automation is your money’s best friend. By automating your finances, you reduce your opportunities for decision making and decision fatigue, thereby reducing your chances to change your mind about saving money or paying a bill in full. By reducing your decisions you set yourself up for success! Automation can build up your savings and pay off your bills, without any extra effort on your part. So, how can you use automation as a financial tool?

Automate Your Bill Payments

There are many different facets of your finances which can benefit from automation. Automating your bills is a good place to start. Many banks have online bill pay options available that help you pay your regular monthly bills on time. In particular, automation is a good way to ensure you always pay your credit card balance in full, so that you don’t accrue any interest fees. However, one important thing to be aware of when automating your bills is that you will need to stay aware of your bank balance, to avoid over-drafting your account. As long as you keep an eye on your balance, automating your bills is a good way to avoid late fees, build good credit, and stay on top of your finances.

Automate Your Savings

The other major arena of your finances that definitely deserves some automation-attention is your savings. I touched briefly on automating your savings in an earlier article, which you can read here. The most important thing about automating your savings is that if money automatically gets moved out of your spending account, you have no chance to spend it. That makes saving that much easier! We do this with our retirement savings, and it really helps us keep it up. A great resource for further information about automating your savings is The Automatic Millionaire by David Bach.

If you liked this article and want more tips on financial organization that will make your life a LOT easier, you’ll probably enjoy a free copy of my eBook, 9 Secrets of Financial Self Care. Click here or below to download it!

By |2023-04-27T08:04:53-07:00April 27th, 2023|Categories: Banking, Financial Clarity, Money Mindset, Personal Savings, Personal Spending|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

Why Retirement Planning is Important for Solpreneurs

Solopreneurs and small business owners alike face a particular challenge when it comes to retirement planning: nobody else is planning it for you. While an employer is likely to offer retirement benefits, small business owners must go the DIY route. This is why retirement planning is so key for financial success! Let’s talk more about why this is a crucial move for solopreneurs:

Get Informed

When you’re not offered a typical company retirement plan, it’s important to get informed about your options by doing your own research. This is the first step to building out any retirement plan, so take it seriously and set aside some time for yourself. I recommend my article “My Top Resources to Learn About Money Around the Internet” as a good place to get started.

Make a Plan

Once you’ve researched some options, it’s time to make a plan. What’s your next step towards creating your ideal financial future? This plan will change over time, just as your life does. Nevertheless, it’s good to have a scaffold in place.

Set Aside Some Money

Perhaps the most important part of this process! It might seem like a no-brainer, but it can be easy to do all the prep work and then forget to put money away. So, set aside some money for your future self. I am a proponent of IRAs for this purpose, but there are many other ways you can do this step too.

Find a Trusted Adviser

In my next blog post, I’ll recommend a couple different resources for finding helpful financial advice surrounding retirement. 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.

If you enjoyed this article, you’ll probably like the At Peace With Money newsletter! This is a great resource for solopreneurs looking to level up their personal and business finances. Subscribers receive a monthly newsletter full of tips and insights, plus access to weekly blog posts!

Click here to join us, it’s a great place to be.

By |2022-10-20T11:22:23-07:00October 20th, 2022|Categories: Financial Clarity, 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

Book Review: 55, Underemployed, and Faking Normal by Elizabeth White

Elizabeth White might know impostor syndrome better than many of us. In her book, 55, Underemployed, and Faking Normal, she discusses the financial insecurity that has become a reality for many older people, women, and marginalized groups in the workforce. This book is emotionally uplifting and full of resources. Here are a couple of my favorite points from the book:

Unshaming Underemployment

What’s so interesting about this book is the way it’s starting a conversation  that seems to be sorely needed. Case in point: Elizabeth White originally began this book project after first penning an essay on the same topic online. It got a huge response, because so many people are in a situation where they are experiencing the same level of financial insecurity and ageism.

Not only does this book bring this topic out into the light, but the author also does a wonderful job of absolving older and vulnerable people of the shame they may be feeling around their finances. She discusses many different contributing factors, including our changing retirement system, healthcare system, ageism in the workplace, women and minorities earning less, and women living longer. She points out skillfully that these are not things individuals can control. 

Seeking Support

Along with this robust discussion of societal factors, the author also brings in a guide to creating support groups. She terms these “Resilience Groups.” She describes these groups as small groups of people coming together to discuss their financial circumstances openly with one another. They can be a hub for information- and resource-sharing, and group problem-solving.

If you’ve read my blog for awhile, you’ll know that having open and honest conversations about money with other people in your life is something I advocate for consistently. Creating space in multiple relationships in your life to talk about money is very important. It’s one of the best ways to release the shame of whatever financial situation you may be dealing with. As Elizabeth White points out, it’s also a great way to access resources and new perspectives on your situation. For more reading on these ideas, check out my articles on money buddies, building a money team, and finding a mentor.

Busting Through Denial

“The cavalry is not coming.” The author is adamant that one important facet of managing financial insecurity and instability is accepting your circumstances. She discusses the importance of letting go of magical thinking, and introduces the concept of “smalling up.” This concept encourages us to think about what we really need to be content, and prioritize that. Going beyond a call for us to live within our means, she asks us to think about what it would mean to “live a life not defined by things.”

This point resonate deeply for me, as something I often work on with my clients is helping them uncover their values and shape their finances to better reflect what’s important to them.

You can learn more about this book on Elizabeth’s website. The book is both an important wakeup call and a helpful resource. I highly recommend reading it! I hope you enjoyed this review. If you’d like to get connected with more of my content, sign up for my newsletter! Blog posts are delivered to your inbox every week, along with a monthly tailored note to you from yours truly.

☮

Angela

Image: Elizabeth White

By |2021-08-23T15:11:14-07:00August 16th, 2021|Categories: Money Mindset, Personal Savings, Personal Spending|Tags: , , , , , , , , |0 Comments
Read More

Love Your Future Self

Love Your Future Self: At Peace With Money

One of the best forms of self love is this: put some money away for 65 year old you! Starting an IRA is the perfect way to do this. 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

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. 

LOVE YOUR FUTURE SELF: At Peace With MoneyPlay 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!

For more  specific info on types of IRAs, here’s the IRS’s info page, plus a helpful article from NerdWallet. I love to talk to people about IRA’s and how setting up Profit First can make saving for retirement more possible, so if you’d like to chat, check out my services page and schedule a curiosity call!

☮

Angela

Image Source:  Ivan Jevtic

By |2019-02-21T02:09:06-08:00February 21st, 2019|Categories: Financial Clarity, Money Mindset, Personal Savings|Tags: , , , , , , , , |0 Comments
Read More

Why Automation Is Your Money’s BFF

Why Automation is Your Money's BFF: At Peace With MoneyAutomation is your money’s best friend. By automating your finances, you reduce your opportunities for decision making, thereby reducing your chances to change your mind about saving money or paying a bill in full. By reducing your decisions you set yourself up for success! Automation can build up your savings and pay off your bills, without any extra effort on your part. So, how can you use automation as a financial tool?

Automate Everything!

There are many different facets of your finances which can benefit from automation. Automating your bills is a good place to start. Many banks have online bill pay options available that help you pay your regular monthly bills on time. In particular, automation is a good way to ensure you always pay your credit card balance in full, so that you don’t accrue any interest fees. However, one important thing to be aware of when automating your bills is that you will need to stay aware of your bank balance, to avoid over-drafting your account. As long as you keep an eye on your balance, automating your bills is a good way to avoid late fees, build good credit, and stay on top of your finances.

The other major arena of your finances that definitely deserves some automation-attention is your savings. I touched briefly on automating your savings in an earlier article, which you can read here. The most important thing about automating your savings is that if money automatically gets moved out of your spending account, you have no chance to spend it. That makes saving that much easier! We do this with our retirement savings, and it really helps us keep it up. A great resource for further information about automating your savings is The Automatic Millionaire by David Bach.

I hope this motivates you to try out automation with your finances!

☮

Angela

Image Sources: Mitch Lensink, Lucas Silva Pinheiro Santos

By |2018-06-11T19:43:23-07:00June 11th, 2018|Categories: Banking, Financial Clarity, Money Mindset, Personal Savings, Personal Spending|Tags: , , , , , , , , |0 Comments
Read More

My 2 Easy Must-Do Rules for Personal Financial Success

flowers and planner on desk

Today I’m sharing my top two easy must-do tips for personal financial success. My husband and I have done two things that I believe without question were key to getting us ahead in our personal finances.

First, we have always contributed to our employer retirement program. Even if we felt like we had to scale it back at some points, we still always participated. If your employer offers a matching contribution – even better. If you have an employer retirement program available to you, contribute to it! If you’re self employed, you still have options. Setting up a retirement planning system to regularly contribute to your financial growth and personal gain will only help you in the long run. This is exactly what the Profit First methodology I specialize in is all about!

2 Rules for Financial Success

Second, we always pay our credit cards in full every month. Even if this meant going on lockdown with our spending, we did it. Early on, we made the decision that we would not carry balances on our credit cards.

By establishing these two golden rules years ago, we set the course for financial success.

☮

Angela

Image Source

By |2018-03-13T03:10:35-07:00March 13th, 2018|Categories: Financial Clarity, Personal Savings, Personal Spending|Tags: , , |0 Comments
Read More
Go to Top