Financial Coaching for Women: How To Budget, Manage Money, Pay Off Debt, Save Money + Paycheck Plans Ideal Balance | Vanessa & Shana | Christian Financial Coaches | Dave Ramsey Fans

We're on day five of our budget school, and today, we're talking all about savings, emergency funds, and investments. Here are some episode highlights:



Savings 101: Savings is the part of your budget that's not being spent for right now. It's money set aside for the future. We want to help you be prepared for life's expected expenses.

Emergency Fund: Start with a mini emergency fund, like $1,000, which can vary depending on your family size and comfort level. The goal is to have 3-6 months' worth of living expenses set aside in a dedicated account.

Investments: Investing is a crucial part of financial planning. Aim to save at least 15% of your income for investments, but adjust based on your goals and financial situation.

Budgeting for Savings: Create savings buckets for annual or irregular expenses like Christmas, birthdays, and car maintenance. Calculate how much you need for these expenses annually and divide it by 12 to budget monthly.

Becoming Your Own Bank: The goal is to rely on your savings and investments rather than credit in emergencies. This financial freedom comes from careful planning and dedication.

Action Steps:

1. Identify where you are in your financial journey: emergency fund, debt payoff, savings buckets, or investments.

2. Start funding your financial goals with each paycheck. Consistency is key.

3. Prioritize building your emergency fund before diving into investments.

4. Set up savings buckets for expected expenses, so you're prepared when they come up.

5. Invest regularly to secure your financial future.



Don't forget to check out our Budget Power Hour workbook with a special discount code "100" for $100 off! 📘




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Ever wonder how much money you should be setting aside for your personal spending every month? 🤔 Curious about creating a realistic grocery budget that won't leave you pinching pennies? 💰 And what's the deal with using cash versus a debit card? 💳 We've got the answers, and we're serving them up with a side of our real life stories today! Here's a sneak peek into what you can expect from our "Spending 101" podcast:



🌟 Back to the Basics - In Chapter 1, we'll break down what spending really means. Hint: It's not just savings or bills! We're talking groceries, gas, kids' expenses, and even that occasional treat-yourself moment.



🌟 Personal Spending: Why You Need It - Chapter 2 dives into the importance of personal spending. We'll show you how it can prevent impulse spending and keep you on track, all while having a little fun with your hard-earned cash. 💸



🌟 Using Cash: The Cash Chronicles - Chapter 3 explores the magic of using cash. Discover how it keeps you accountable, curbs impulse buys, and even teaches your kids about money. Plus, we spill the beans on cash categories and how to make the most of them. 💵



🌟 Digital Envelopes: Modern Budgeting - In Chapter 4, we'll introduce you to digital envelopes. It's like your trusty cash system but with a high-tech twist. We'll also guide you on setting up checking accounts for your digital envelopes. 📱💳



🌟 How Much to Allot for Spending - Chapter 5 is all about personalization. We'll help you figure out the right spending amounts for your unique budget and goals. From gas to groceries, we've got you covered.



So, if you're ready to level up your spending game and take control of your finances, join us on this journey! Don't forget to take on our challenge and get those 90-day insights into your spending habits. Let's make budgeting a breeze! 💪💰✨



🚀 And here's a special offer just for you: Take advantage of our $97 budgeting per hour sale to supercharge your financial journey! Don't miss out, and remember, you've got this! 💪💰🌟



Next Steps > > >

Email us any questions: info@myidealbalance.com

Interested in Coaching? We work 1:1 with clients to do everything we talk about in this show. If you’re interested, click the link below to set up a FREE 30 minute free session with us. We’ll chat, get to know one another and see if coaching is a good option for you! There is no obligation whatsoever on this call, but we will give you some quick wins you can implement immediately to level up your money management!

⁠⁠Book a free 30 minute financial coaching session with us!⁠⁠⁠⁠⁠⁠ ⁠

Join our free Facebook Group!

Visit Our Website 

"I love Shana & Vanessa and this podcast is amazing!" If that sounds like you, please consider rating and reviewing our show! It helps us to reach more people – just like you – to help them change their financial future. Don’t forget to follow the show so you don’t miss any episodes! And, if you’re feeling really generous, we’d be SO honored if you would share this podcast with someone. 

Click here to view our privacy policy.

This description may contain affiliate links, meaning we may get a commission at no cost to you if you click & purchase!  


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🌟 Let's dig deep into the world of managing your moolah and bills in a way that's totally streamlined and, dare we say, fun! 🎉
First off, gather up all those bills - credit cards, subscriptions, and whatever else is lurking in the financial closet. We want them all in one place, nice and organized. Why? Because clarity is key, my friends!
Now, it's time to Marie Kondo your finances! 🧹Identify those duplicates and subscriptions that are just hanging around, taking up space. You know the ones – they're not sparking joy anymore. It's time to kiss 'em goodbye and put more cash back in your wallet. Cha-ching!
Here's a little secret: your bills aren't set in stone! 🤫 Yep, you heard me right. Take the opportunity to re-quote those bills like insurance, phone plans, and internet every single year. Shopping around can lead to significant savings. More cash for the fun stuff!
To stay on top of your budget game, it's all about distinguishing between your needs and wants. 🏡🚗🍔 We're talking the "four walls" – housing, transportation, and food. These are your essentials, so prioritize them.
Now, here's where the magic happens: create a separate account just for bills. 💰 Your paycheck goes there, and bills are paid automatically. No swiping allowed in this account! It's like your financial command center, keeping you on the straight and narrow.
Last but not least, think of this bills account as your financial HQ. 🏦 You're the CFO, the big cheese, supervising payments and checking them off as they get settled. It's a stress-free way to handle your money and gives you that sweet, sweet peace of mind. Ahhh, serenity.

Oh, and one more thing – don't mix personal and business bills. Keep 'em separate, my friends. 🙅‍♀️

Now, let's talk homework, because we're all about action! 📚
- List out all those bills, get 'em on paper.
- Categorize them, focusing on your "four walls."
- Identify and cancel any bills that aren't bringing you joy.
- Make a list of bills to re-quote, like insurance.
- Create that separate bills-only checking account – it's a game-changer.
- Remove that bills account debit card from your wallet and online accounts. Adios, temptation!

Bonus homework, if you're up for it: consider snagging our Budget Power Workshop and Workbook. It's like a financial ninja in one workbook, making budgeting a breeze. 🥋💼

Remember, we've got your back on this financial journey. Let's simplify your finances, declutter that financial closet, and rock that organized and empowered life! 💃💪💰
⁠⁠Book a free 30 minute financial coaching session with us!⁠⁠⁠⁠⁠⁠ ⁠
Join our free Facebook Group!
Visit Our Website 
"I love Shana & Vanessa and this podcast is amazing!" If that sounds like you, please consider rating and reviewing our show! It helps us to reach more people – just like you – to help them change their financial future. Don’t forget to follow the show so you don’t miss any episodes! And, if you’re feeling really generous, we’d be SO honored if you would share this podcast with someone. 
Click here to view our privacy policy.
This description may contain affiliate links, meaning we may get a commission at no cost to you if you click & purchase!  

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Get Your Discounted Budget Power Hour Workbook & Workshop Here!



🎙️ Welcome back to Budget School, everyone! It's time to dive into Day 2, and today, we're going to tackle the topic of debt. We know you didn't learn this stuff in school, so we decided to make our own school. This is all about getting back to basics and giving you a fresh start. So, let's get started!



What Is Debt?

💰 Debt is simply any money you owe to any person for any reason. This includes things like car loans, credit cards, student loans, bank loans, personal loans from family or friends, bank lines of credit, HELOCs (equity lines of credit), medical bills, taxes owed to the IRS, and even those sneaky store credit cards or payment plans for gadgets and gizmos.

💡 Pro Tip: Pay back personal loans to family and friends – they've been there for you, and it's the right thing to do.



Your Credit Score: The Love for Debt

❤️ Your credit score is often seen as the "I love debt" score. The higher your score, the more debt you have and the more debt loves you back. It's a cycle that keeps you hooked on borrowing.

🔑 Key Insight: Credit scores were invented in the 1950s, and they're designed to keep you in debt. Your great-grandparents didn't have credit cards, and they managed just fine!



Debt-to-Income Ratio: Are You Working for Debt?

💼 The debt-to-income ratio is all about how much of your income you're working to pay off debt. Consider it as how many hours you're working to pay for past expenses.

📉 Moderate debt-to-income ratio ranges from 20% to 36%. It's essential to ensure that your debt isn't consuming too much of your income, leaving little for your future.



The Minimum Payment Trap

🧐 Credit card companies are clever marketers. They want you to pay just the minimum so they can secure their steady income stream.

💡 Tip: Cutting up and closing credit cards is a smart move. Credit card companies expect you to add more debt over time.



Acceptable Debt vs. Petty Debt

🏠 "Acceptable" debts are tied to valuable assets like mortgages and car loans. They can be seen as investments.

🛍️ Petty debts, like store credit cards, are unnecessary and keep you in a never-ending cycle of small payments with high interest.

💰 Wealthy Money Management: Rich people use debt to further their assets, not to hold them back. They make their money work for them.



Debunking the Myth

🤔 Rich people may have debt, but it's debt with a purpose – to build wealth, not just to collect points or rewards.

🚫 Stop stressing about credit card points and start making your money work for you in investments like a high-yield money market account.

💡 Final Thought: Building wealth the right way is less stressful and more rewarding than chasing credit card points.

📆 Age of credit doesn't matter; focus on paying off debt.

💳 You may think credit cards offer free money with no strings attached, but there's interest, stress, and anxiety attached.

💰 You don't need a credit card for emergencies; you can create an emergency fund and become your own bank.

🚦 Be cautious with 0% interest offers and read the fine print. Most people don't pay them off in time, and it's a bummer. Don't even give it a chance. 🙅‍♂️



How To Take Control of Your Debt:

- Step 1: Stop borrowing and cut up your credit cards.

- Step 2: List your debts smallest to largest.

- Step 3: Ask to reduce interest rates on loans.

- Step 4: Calculate your maximum payment on payday for the smallest debt.

- Step 5: Daydream about life without minimum payments.



Next Steps > > >

Email us any questions: info@myidealbalance.com

⁠⁠Book a free 30 minute financial coaching session with us!⁠⁠⁠⁠⁠⁠ ⁠

Join our free Facebook Group!

Visit Our Website 

Click here to view our privacy policy.

This description may contain affiliate links, meaning we may get a commission at no cost to you if you

Get Your Discounted Budget Power Hour Workbook & Workshop Here!

Welcome to our five-day budget school series! 🎉 Get ready to revolutionize your budgeting mindset. These next five days will break down the essentials of budgeting, from the basics to the advanced. We're here to guide you through it all.



💼 Income 101: It's not just about your regular paycheck. Your income includes everything from your job earnings to tips, bonuses, refunds, and even Grandma's birthday money. Every dollar needs a purpose in your budget, whether it's for essentials, savings, or a little treat for yourself.



🍕 Gross vs. Net Income:*Think of gross income as the whole pizza and net income as the slice you get to enjoy. We focus on net income for budgeting. Deductions like taxes matter, but we don't count them as income. And if you're dealing with debt or a tight budget, consider pausing investments to prioritize financial stability.



📆 Irregular Income vs. Regular Paychecks: Create a holding account for irregular income sources to maintain consistency in your budget. Pay yourself a consistent amount regularly. And remember, even with extra income, give it a purpose in your budget; don't let it vanish.



🗂️ Structuring Your Budget: Not everyone gets paid on the same day every month. If your payday falls at the end of the month, consider it part of the next month's budget. Your budget should always have a plan for every dollar.



💰 No Such Thing as an "Extra" Paycheck: Every dollar needs a job, even those from "extra" paychecks. Allocate them to essentials or your financial goals.



Your homework: Organize your income in your budget, align it with your paycheck dates, and evaluate if it meets your financial goals.



And don't forget to grab our Budget Power Hour workbook and workshop for just $97 for the first 100 sales! 📘 Get it here with code "100."



Next Steps > > >

Email us any questions: info@myidealbalance.com

Interested in Coaching? We work 1:1 with clients to do everything we talk about in this show. If you’re interested, click the link below to set up a FREE 30 minute free session with us. We’ll chat, get to know one another and see if coaching is a good option for you! There is no obligation whatsoever on this call, but we will give you some quick wins you can implement immediately to level up your money management!

⁠⁠Book a free 30 minute financial coaching session with us!⁠⁠⁠⁠⁠⁠ ⁠

Join our free Facebook Group!

Visit Our Website 

"I love Shana & Vanessa and this podcast is amazing!" If that sounds like you, please consider rating and reviewing our show! It helps us to reach more people – just like you – to help them change their financial future. Don’t forget to follow the show so you don’t miss any episodes! And, if you’re feeling really generous, we’d be SO honored if you would share this podcast with someone. 

Click here to view our privacy policy.

This description may contain affiliate links, meaning we may get a commission at no cost to you if you click & purchase!  


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Send in a voice message: https://podcasters.spotify.com/pod/show/idealbalance/message

Learn More About Financial Coaching

In today's episode, we're diving deep into the reasons why so many people find themselves living paycheck to paycheck.

Reason 1: Focusing on Paychecks, Not the Monthly Picture

- 🤔 Many of us think in terms of individual paychecks, not the bigger monthly picture.

- 📅 Our expenses are monthly, so it makes sense to look at our income as a whole for the month.

- 💡 Creating consistency in your budget is key, especially for essential expenses like gas and groceries.

- 🔄 Stop assigning your paychecks to different jobs each time; consider the entire month's income instead.

- 🧐 When you see your entire monthly income, it might surprise you and reveal extra money you didn't notice before.



Reason 2: Spending Without a Plan

- 💳 Swipe, swipe, and hope there's enough in your bank account is not a plan.

- 📊 Without a spending plan, you're using your bank account balance to guide your spending, which can be chaotic.

- 😩 Don't let past failed attempts at budgeting discourage you; it takes time to get it right.

- 💪 Give yourself grace and remember that the third or fourth month is when you'll start to see real progress.



Reason 3: Waiting for the Perfect Moment

- ⏰ Waiting for everything to be perfect before you start budgeting is a common pitfall.

- ✨ The reality is, life is full of ups and downs, so start now and adapt as you go.

- 🌟 Overcoming challenges and busy times will make it easier when things align perfectly.



Reason 4: Lacking Big Goals

- 🌠 Without significant financial goals, budgeting can feel pointless.

- 💭 Your "why" is essential to resist impulse spending; focus on what you're working toward.

- 🏖️ Think about exciting goals like vacations, debt reduction, investments, or retirement.



Reason 5: Staying in Your Comfort Zone

- 😌 Comfort zones can limit your financial potential.

- 🌐 Explore what's possible beyond your current beliefs and boundaries.

- 👩‍🚀 Success starts at the end of your comfort zone; embrace challenges and growth.



Reason 6: Lifestyle Creep

- 📈 As your income grows, avoid increasing your spending in proportion.

- 💰 Prioritize saving, investing, and paying down debt instead of inflating your lifestyle.

- 🏡 Don't succumb to the pressure of keeping up with others; focus on your financial goals.



Reason 7: Credit Card Dependency

- 💳 Credit card debt can drain your paycheck, especially if you're paying high-interest rates.

- 🔄 Avoid using credit cards as a budgeting tool; it can lead to overspending and debt accumulation.

- 💡 Consider alternative savings options like money market accounts to earn interest instead of paying it.

- 🎁 Plan for big expenses like Christmas and vacations with cash rather than relying on credit.

We hope these insights shed light on why you might be living paycheck to paycheck.

Next Steps > > >

Email us any questions: info@myidealbalance.com

Interested in Coaching? We work 1:1 with clients to do everything we talk about in this show. If you’re interested, click the link below to set up a FREE 30 minute free session with us. We’ll chat, get to know one another and see if coaching is a good option for you! There is no obligation whatsoever on this call, but we will give you some quick wins you can implement immediately to level up your money management!

⁠⁠Book a free 30 minute financial coaching session with us!⁠⁠⁠⁠⁠⁠ ⁠

Join our free Facebook Group!

Visit Our Website 

"I love Shana & Vanessa and this podcast is amazing!" If that sounds like you, please consider rating and reviewing our show! It helps us to reach more people – just like you – to help them change their financial future. Don’t forget to follow the show so you don’t miss any episodes! And, if you’re feeling really generous, we’d be SO honored if you would share this podcast with someone