Checking In On Your Money
On this episode of Financially Naked: Stories from The Financial Gym, Certified Financial Trainers Catriona and Sam Cash are here to talk about money dates. A money date is a regular check-in with yourself to review your finances and goals. They explore why these check-ins are important for building financial awareness, tracking progress, and aligning your spending with your goals. Whether you're new to the process or looking to refine your routine, Catriona and Sam share practical steps, tools, and tips to make money dates effective and enjoyable.
Podcast Notes
Introduction to Money Check-Ins
What is it? A regular check-in with yourself to review your finances. It's a time to make sure your spending, savings, and goals are aligned. If the term' money date' doesn't resonate, you can call it a 'check-in' instead.
Why is it important? These check-ins help build financial awareness, track progress, and ensure your actions are aligned with your goals. They can be extra helpful during transition periods in life or the holiday season when you may be spending more than usual.
Make it fun! Grab a coffee, snack, or your favorite beverage. You are much more likely to stick to regular check-ins if you don't dread the process.
Keep it consistent. Regular check-ins reduce stress and prevent financial tasks from piling up. Weekly or biweekly is great, especially when you're new to this process. Catriona likes to have a money date with each paycheck. Find what works for you and stay consistent.
Steps for a Successful Money Check In
Start with the basics. Awareness is key. You'll want to check all balances, review recent transactions, and make sure all your bills are paid. Make sure you recognize all of your transactions and any automatic payments are the expected amount.
Check your regular expenses. If a bill goes up, make a plan to call and negotiate or shop around for alternatives. It never hurts to call and ask for a better rate.
Focus on variable spending. Categorize your expenses and reflect on where your money is going. This is not to judge your spending, rather ensure that it is aligned with your goals and values. If you've overspent in a certain area, set the intention to change and make a plan of action.
Set a routine. Pick a time when you're not exhausted for your money date, and stick to it. These check-ins can be quick. For deeper reflection and analysis, you can check in quarterly. For those deeper dives, review your credit score, investment accounts, and tackle larger tasks, like insurance planning.
Tools, Tips, and Mindset
Choose the right tools. The best tool is one you will stick with. Apps like Rocket Money or spreadsheets help track spending. A money journal or pen and paper is also a great option. Use what feels good for your preferences and goals.
Create friction if needed. Delete saved credit card info on websites or shopping apps to reduce impulsive purchases. If there are apps on your phone that lead to overspending, remove them from your phone entirely.
Plan ahead. Look at the week ahead and make a spending plan. Decision fatigue is real, so having a plan helps you stay intentional without thinking about it constantly.
Be kind to yourself. Don't beat yourself up over past mistakes. Focus on what you can learn and move forward. You do not have to go through this process alone. A Certified Financial Trainer at The Gym can be your accountability partner.
Your Finances can be boring. When things are on track, your finances should feel routine and predictable. Get to know your money so you can trust it's doing what it's supposed to do.
If you want to work with a Certified Financial Trainer to help navigate your finances, schedule a free warm-up call today! If you have any ideas or questions for the show, send an email to trainerpodcast@fingyms.com.
Resources
Meet The Trainer
Catriona Williams, Certified Financial Trainer
Sam Cash, Certified Financial Trainer