In part 2 of the Savings Strategies series, Austin and Bob explore the importance of savings in financial management and provide tips on how to get started. The discussion covers challenges people face when trying to save, such as societal pressures to spend and a scarcity mindset.
Their discussion revolves around the importance of balancing financial decisions with mental and emotional well-being, as they touch on the mindset challenges people face when saving money. They continue by highlighting the importance of budgeting and tracking expenses to gain control over finances and conclude with sharing how they as coaches can help couples by providing an external perspective and aid them in achieving financial security at a comfortable pace.
Key Points and Quotes Highlighted:
- Savings Strategies to Gain Traction: Austin and Bob provide options for starting a savings habit and highlight the value of automation to stay consistent. They also cover why it’s important to establish a goal for savings or identify why savings is important for the couple’s financial future to ensure they stay motivated.
- Addressing Limiting Mindsets: Agreeing that couples who struggle to save money often face a certain scarcity mindset, Bob and Austin discuss how to overcome the mental barriers that keep people from feeling confident in their financial management and maintain a balanced approach that feels secure.
- Overcoming the Unexpected Challenges: Effective money management starts with budgeting and tracking expenses to gain control over finances. But sometimes it’s hard to know how to get started or to stay motivated, encouraged and educated when challenges arise. Austin and Bob discuss how they help couples by providing outside perspectives, guiding them to make informed financial decisions and helping them align their goals with tactical strategies so they can feel confident about their ability to succeed.
“Savings is never easy because spending is easier. That’s the society and culture we live in. If you have extra income, save it, but don’t feel guilty about spending it on necessary things either.”
“Your approach to savings reflects your view of money. If you’re saving to avoid pain, it feels different than saving to achieve freedom. Each perspective will make you take different actions with your money.”
“We need to know why we’re doing this. Without a clear goal, saving can seem like a big mountain to climb. But with a purpose, whether it’s for emergencies or future goals, you stay motivated through the hard phases.”
“Don’t feel like you’re going to walk into a restrictive trap by working with a coach. You’re going to walk into a situation that allows you and enables you to feel more confident, more comfortable, more in control of your money and where you want to go.”
Ready to take the next step in gaining control over your money?
- Download the “6 Secrets to Healthy Money Conversations” guide
- Register for my FREE masterclass “Financial Freedom Blueprint” here
Or
- Schedule a FREE Discovery Call to determine if you would benefit from 1:1 coaching
