Step 1 to Building Financial Security (Vol.1 No.17)Sep 01, 2021
Happy September Amor!
If you're human, you've probably spent the summer spending more than usual. After months of social distancing, you've probably been running these streets a little less mindful about your purchases but very intentional about buying things that bring you joy.
Since we are all about enjoying our journeys to financial security around here, I'm glad you've been spending more. There will be seasons of extra debt payments, seasons of extra investment contributions, and seasons of more spending. This is just the flow of building wealth poco a poco.
Now if you've managed to spend less all summer despite the rising prices of everything, then just forward this e-mail to a loved one whose Instagram feed is full of photos at restaurants, new clothes, new furniture, etc. May you continue to thrive during your season of intentional spending.
As for everyone else, whose checking accounts and credit cards have seen extra activity I invite you to join me in tracking your spending all of September using this google sheet. Just make sure to make a copy of it so you can edit it to meet your needs.
The goal of this exercise is to gain awareness of how our spending habits have changed so that we can eventually create a sustainable spending plan for the rest of 2021 and all of 2022. (Yup, I'm already thinking about how we can have our best financial year in 2022.)
Here are some tips for tracking your spending:
Decide when and where you will track your spending. Choose a time that is easy for you.
Track your spending using tools you prefer. If you don't like the google sheet, just use paper and pencil or an app on your phone.
Notice any emotions that come up as you track your spending. It's normal to feel _______ when you start to notice that you are spending a lot on ______. Notice the emotion without getting attached to it.
Choose curiosity over judgement. You are collecting data this month. You want to notice all the things that matter to you and notice the purchases that you could eliminate in the future.
Record the challenges that come up. Do you feel like this exercise is a waste of time or are you just trying to avoid certain emotions? Are you too busy with other commitments or are you not prioritizing your financial security? You WILL want to avoid tracking your expenses so notice how your brain justifies you doing ______ instead of recording your spending.
Step 1 to building financial security is creating awareness about what we truly want to spend our money on. You must become the expert on your spending habits so that you can create a budget that is easy for YOU to follow. Face your purchases so that you can embrace them or change them.
Mi gente, are you in? Let me know via the comments below, e-mail, or Instagram DM. You can expect to see me tracking my spending all of September in my IG stories and creating posts that will keep you motivated to gather your own spending data.
Todo con tiempo,
P.S. I want you to know first...
- I will be doing an Instagram giveaway this month. This will be the prize!
- I am speaking at the National Chingona Conference on September 15th.
- I will be interviewing Latinx Gente in the personal finance space September 15th-October 15th on Instagram Live.