Hi, I’m Jenny Gremillion.

I help High Achieving Women Gain Confidence around their Money so that they can pursue Work they love.

10 STEPS TO BETTER MONEY MANAGEMENT

Step 1:

It’s important to know your Net Worth and track this as a way to watch your debt go down as your assets increase in value. To calculate: (Net Worth= Assets- Liabilities)

Step 2:

Create a Vision for your Money. Have you ever spent time dreaming about what you want out of life? If not, this is your first step to better money management! What hopes and dreams do you have for your future and your family? Want to build a house on a hill? Want to travel to Europe? Want to retire early at age 55? Want to fully pay for college for your children? Want to create a foundation for cause that you’re passionate about? Discuss your dreams and goals with your spouse and get it down on paper!

Step 3:

Determine how much money you will need to save each month for this goal to happen. Create your financial plan. This is where a coach comes in handy. Having someone to guide you can help you gain clarity on what it is you really want and how to create a plan to get it.

Step 4:

Automate your Savings. Nowadays, more than ever, there is ALWAYS something to spend money on. With ads popping up at you everywhere you turn (hello FB add- how did you know I NEED that?!) it’s best to take your money off the table before it ever hits your bank account. This is the best way to ensure that you will save what you need to hit your goals. Automate Retirement Savings, College Savings and more.

Step 5:

Bucket System Budgeting- Create a Monthly Budget/Spending Plan for where your money will go each month….and then separate your money out. It’s hard (and stressful!) to know what’s going on with your money if it’s all in one pile, in one bank account. Create an income account, fixed bills account, spending acct and then savings accts for each big spending goal you have (examples- Vacation, Kids Tuition, Christmas, etc)

Step 6:

Spend money based on your values. The best way to create contentment with your money is to figure out what YOU like to spend money on- and do just that! And ruthlessly cut out spending in other areas. Love to vacation? Ok! Save money each month towards that and drive a paid off car for longer….or do you LOVE nice clothing but travel’s not really your thing? Well spend on that then instead! Take a 3 month look back at what you have spent your money on and decide if your money is going towards things that truly light you up. We all have control of how we spend- make sure your money is going where you want it to!

Step 7:

Meal Plan Weekly- Food is one area where we spend a lot of our income. Sit down with your cookbooks on the weekend and create a meal plan! Create your grocery list for the week to cut down on unnecessary eating out. Cooking is not only cost effective, but it’s healthier too! t’s a Win-win. Post your meal plan for the week on your fridge and stick to it.. (Pro tip- have your grocery delivered to save time and extra spending at the store!)

Step 8:

Don’t compare- Keep your blinders on on your journey and do NOT compare yourself to others along the way! Everyone has different tastes, goals and dreams….just because Sally has the latest “stuff” does not mean that you have to have the same thing. You’ve created your plan and you know where you want to spend your money- be confident in that! Not everyone will spend money the same way….and that’s ok.

Step 9:

Include your Kids in Money Discussions- Do you have a big goal that you’re saving for that causes you to cut back in other areas? Include your kids in this! Let them have input in family goals and explain to them why you are cutting back in certain areas- so that you can spend money in another area! This will create buy-in from them and also teach them better money management from a young age.

Step 10:

Have regular Money Dates- one of the best things you can do for your finances (and your marriage!) is to have regular conversations about your financial “state of affairs” with your spouse. Now, I get it- talking about money all the time may seem like a bore to you…but it’s good to talk about it at least once a month. Ask your spouse to sit down once a month at a scheduled time to make sure you’re on the same page about upcoming expenses, goals and any issues that need to be addressed or resolved around the finances.

DID THIS HELP YOU?

I hope these 10 tips helped you to gain more confidence around your money management! If you’d like more personalized help around your money and any of these steps, feel free to schedule a free call with me below. I’d love to learn more about you and how I can help you.

Book A Free DisCovery Call