Welcome to Financial Conversation, the podcast where the topic of money is anything but taboo. Our hosts, Kayla, Erin, Chonce, and Kristi talk openly about how to increase your income through a thriving business or side hustle, successes and failures, budgeting and saving, and how to manage it all. They believe the secret to living a fulfilling life is being intentional with your finances, whether you're a saver or a spender. So grab a seat, and let’s talk money!
FCP S3E10 - Wrap Up + Where Do We Go From Here?
As we wrap up the third season of the podcast, we're also saying goodbye. Taking the lessons we've learned from the podcast, we reflect on why we're no longer continuing the show and give you a hint at what we'll be up to elsewhere. Thanks so much for the support, we really appreciate it!
This may come as a bit of a shock to you, but this is the final episode of the Financial Conversation podcast.
The show will live on via this website and iTunes so you can still listen to all of our past episodes and learn as much about money as possible.
The three of us will also be around the web sharing tips, tricks, and advice about personal finances and life on our own platforms.
In this week's farewell episode, we're taking about the history of the podcast, including some of our favorite moments and episodes, as well as why we've made the difficult decision to end the show.
FCP S3E9 - What is Financial Freedom and is it Even Possible?
Have you ever thought about why you want to improve your finances and save money? This seems like an obvious question but trust us, sometimes it's so common to get caught up in the motions and the habit of doing something that you forget why you're even doing it in the first place.
When it comes to your finances, you always want to keep your why in mind so you won't make unnecessary decisions or sacrifices that don't end up helping you reach your goals.
Since this season is all about saving money, we want you to look at your reasons for wanting to save in the first place. For many of us, our core reasoning is to reach financial independence/freedom one day.
This may be a hidden goal of yours that you haven't even considered but let us tell you why it's so important.
Defining Financial Freedom It's pretty safe to say that most people probably don't want to work forever. As you age, you'll most likely realize that you may not be able to work forever even if you wanted to because your energy levels are likely to decline.
Since we all can add retirement to our financial wellness bucket list, it's important to prioritize saving so you can become financially independent. Becoming financial independent is very similar to financial freedom because it means you're basically free to do what you want with your money for the most part and you won't have to work to support yourself.
In other words, you'll have enough savings and passive income coming in to support your lifestyle so that working will be an option and not a requirement. Financial freedom sounds like a dream, but saving and investing your money can help you get there.
5 Reasons To Seek Out Financial Freedom 1. No debt to worry about - Reaching financial freedom means you'll be free from money worries like debt. As glamorous and some things seem, no one wants to be in debt forever and spend several years of their life paying off their stuff.
2. Feel more secure - When you have enough money saved and invested to become financially free, you'll feel much more secure and at peace whenever you think about your finances. You won't have to worry about being unable to cover an unexpected expense, or not being able to make ends meet if you get injured and have to take time off work.
3. You'll only have to work if you want to - Have you ever woken up one day and just been not in the mood to do any work? When you reach financial independence, you won't have to work anymore unless you want to. You can pick up jobs to stay busy, but you won't really need the money which will be an amazing feeling.
4. Freedom to do what you want - Another motivation for seeking out financial freedom is that you'll have the freedom to live life on your own terms and do what you want with your money. If you value traveling, you can spend more time doing that or making more memories with your friends and family. If you want to pick up a unique hobby you'll finally have the time to commit to it.
5. Retire early or take mini-retirements - Another huge reason to seek out financial independence is the fact that you can retire early or take several mini-retirements throughout your lifetime. You don't have to wait until you're 65 to become financially free. You can develop a plan that allows you to save and invest aggressively so you can retire early than that and enjoy more of your youth. Or, if you'd rather take a mini-retirement and stop working for a year or two to explore, becoming financially by saving enough money to cover your expenses during your mini-retirement will allow you the opportunity to make that decision.
In This Episode, We Discuss: 1:45 - Financial Independence 16:10 - Mini retirements 27:00 - Early retirement examples Related Links to Check Out: Financial Freedom Definition Frugalwoods Mr. Money Mustache Our Next Life Value Based Spending: The Easiest Way to Save Money The Road to Financial Wellness This episode was brought to you in part by Audible.com. You can listen to an
FCP S3E8 - What's the Easiest Way to Save Money Without a Budget?
Are you looking for a way to save more money and still be able to spend on the things you enjoy? If so, you need to practice value based spending.
In this week's episode, we'll be talking about what value based spending is, how it works, and why it lets you enjoy your money while still pursuing financial goals.
What is Value Based Spending? If you've never heard of value based spending before, it's basically a way of allocating your money based on what you truly value and enjoy.
Instead of a traditional budget where you might be tracking every penny you earn and spend, with value based spending you simply make conscious decisions about what to spend money on.
This can be a lot more freeing than living with a bare bones budget, which is what a lot of people start with when they first begin budgeting. But after a while, a bare bones budget with no room for spending on fun can lead to feelings of deprivation and burn out.
On the other hand, value based spending can also help you avoid spending money just to spend it.
For example, maybe you used to put money aside in your budget for eating out every month. But, after some self-reflection, you realized that eating out is not something you care about and you'd rather spend money on other things. Instead of continuing to include that in your budget, you can instead put that money toward other things you do care about.
Basically, value based spending is just about not getting caught up in spending money just to spend it. But instead, it's about spending only on your necessities and the things you care about.
How to Get Started with Value Based Spending To get started with value based spending you have to commit to making a mindset change. It's definitely different than traditional budgeting.
For some, that means giving themselves permission to spend money on things other than the bare necessities. But for others, value based spending means learning that it's ok to stray from the norm.
Self-reflection is a must to figure out what your values are. You also have to be ok with explaining your values and sticking to them when others may be trying to get you to stray.
It can be difficult to stick to value based spending if you are easily influenced by society's expectations, advertisements, and peer pressure. Value based spending is not something that everyone has committed to practicing. But, if you truly give value based spending a chance, you'll likely find that it's good solution to both saving money to reach your financial goals and being able to spend money on things you enjoy.
In This Episode, We Discuss: 1:10 - Value based spending 14:10 - How you started value based spending 25:45 - Impulse buying Related Links to Check Out: The Importance of Defining Your Values Minimalism and Money The Importance of Tracking Your Spending This episode was brought to you in part by Audible.com. You can listen to any audio book for FREE with a 30 day trial using our link!
FCP S3E7 - What Are Sales Traps and How Can You Avoid Them?
We all shop from time to time whether it's an activity you like or not. When out shopping, I'm sure many of us can relate to an awesome deal we spotted on a particular item.
If deals and sales make you happy, you're not alone. There's nothing wrong with wanting to stretch your dollar and save money on regular purchases.
However, what stings is when you purchase an item that you think you got at a deal price only to find out you didn't really save any money on the purchase after all. If this has ever happened to you before, you probably fell for a sales trap from the retailer.
What's a Sales Trap? A sales trap is when a retailer promotes a sale in an attempt to reel you in to make a purchase. Only, the 'sale' is not really a sale because you won't truly save money on the item if you buy it.
It's a tricky concept to grasp at first, but it's very common and the more you know, the better you can protect your finances. Since we're talking about saving money this season, this week, we decided to record an episode highlight 5 common retailer sales traps you need to avoid at all costs.
Why Do We Tend to Get Excited Over Sales and Deals? To understand the 5 common retailer sales traps and how to avoid them, first, we need to address why we fall for the sales traps in the first place. To sum it up, most people get excited when they see sales and deals in the store, but why is this?
We found some great research that explained the big hype surrounding retailer sales but to sum it up, finding a sale generates excitement for consumers because they feel like a smart or savvy shopper.
The consumer becomes more confident with the shopping experience when they come across a deal especially if they're on a budget and trying to get more bang for their buck. The research we found from the Association For Consumer Research also indicated that as a consumer, you can even feel partially responsible for taking advantage of the discount which shifts your perspective to an emotional standpoint.
When you become a shopper who buys items based on emotion rather than need and practicality, you're bound to develop some dysfunctional shopping behaviors or in other words, fall for common sales traps and regret your purchases later.
Better Ways to Get Excited About Saving Money If you want to avoid becoming an emotional shopper and falling for retailer's common sales traps, consider getting excited about other methods that are sure to actually save you money. Here are a few things you can to to save money more effectively.
Start by saving 10% of your income. Set up automatic transfers from your checking account to your savings account so you can save money to meet a financial goal. Adopt a frugal lifestyle or adopt some minimalist traits so you can begin to live well on less. Take advantage of free activities and events for entertainment to save money Price match. If a store you like has a price matching policy, use it to your advantage to purchase food and other items for less. Now, we still haven't address the giant elephant in the room. If you want to know what the top 5 common sales traps are and how to avoid falling for them and wasting your money, you're going to have to check out the episode below.
We had so much fun revealing each sales trap and sharing examples and experience from our own lives in order to help you save money so listening in is definitely a must!
In This Episode, We Discuss 1:10 - What are sales traps? 7:30 - BOGO traps and how to avoid them 15:35 - Shopping trends
FCP S3E6 - Is There a Right Way to Save Money?
You may not realize it, but there are right and wrong ways to save money.
For example, when you go shopping and get things on sale, the cashier may tell you, "You saved $50 today!"
But in reality, you haven't actually saved $50. What you've actually done is spent money on whatever it was you were buying.
Of course sales and discounts can be a good way to save money on things you truly need and were already planning to buy. But, the truth is, many of us get caught up in these sales tricks and end up spending money on things we may not need or have purchased at all if they weren't on sale. When we do this, we aren't saving money the right way. We are actually throwing money away on useless clutter.
Make a List One of the easiest ways I've found to make sure I'm not falling for marketing ploys and ending up spending more to "save" more is to make a list of the things I actually need before setting foot in a store.
Once I'm there, I try my best to only go down aisles that contain the things I need, and to only go down each aisle once. This way I'm not tempted by things I never go past and I'm only tempted once by the things I do have to walk past to get items from my list.
Even when clothes shopping, making a list can help. Keep your list visible and only look for things you have written down.
Think it Over If you do find something you want that isn't on your list, add it to the bottom with the date next to it. Then, take time to think it over. Wait a few days before buying that item. Decide if you still really want or need it. If so, feel free to buy it without guilt. If not, you'll have saved yourself some money.
Save Your Savings The next time a cashier tells you how much you saved, go home and transfer that amount to your savings account. This act of actually saving your savings from shopping can be a good way to add to your emergency fund, vacation fund, or even just a general savings fund.
Be Mindful One final exercise to try and save money the right way is to be mindful while you're shopping. Don't be in such a rush that you don't take time to think about things before you buy them. Try asking yourself the following:
Would I buy this if it weren't on sale? How often will I use this? How long will this be valuable to me? These questions can help you determine if something that's on sale is actually a good buy or just a waste of money.
Check out our episode for more tips on how to save money the right way.
In This Episode, We Discuss 1:15 - Saving: right vs. wrong 12:30 - Examples of how to save money the right way 23:35 - Save your savings Related Links to Check Out: Your Time is Your Money Why You Shouldn't Skimp on Self-Care Overcoming Shopping Addictions Unroll.me This episode was brought to you in part by Audible.com. You can listen to any audio book for FREE with a 30 day trial using our link!
FCP S3E5 - Can Saving Money Lead to Freedom?
Can money buy you freedom? We think so. We're sure you've heard that money can't buy you happiness but freedom is much different from happiness. Happiness can be a temporary emotion and it's never really wise to base your emotions on money and what money can buy you.
On the other hand, what you do with your money can help provide you with freedom. When you manage your money properly and save up for your goals and the future, you'll be setting yourself up for a better quality of life.
This week on the podcast, we're discussing how saving money can be used as a tool to help you gain freedom.
The First Step, Defining Freedom If you want to use money to gain more freedom, first you need to define what freedom means to you. Freedom means something a little different for all of us. Generally, however, freedom means you have options and can make your own choices without letting factors like money hold you back.
If you want to quit your job to pursue something you're more passionate about, having money saved up can provide you with the freedom to make that decision. If you're in a bad relationship but you're financially stable, you'll have a better sense of freedom needed to walk away without worrying about finances.
Freedom could mean being able to travel when you want or take time off work for health reasons instead of stressing out about not being able to earn a paycheck.
We may not realize it, but money is a lead cause of stress. It can really make you feel trapped especially if you're dealing with issues like debt, having a low income, paying too many bills, etc.
Saving money means you're prioritizing your freedom (whatever that looks like) and giving yourself more options so you can live a life you truly want to live.
Buying Back Your Time One of the big ways saving can provide you with freedom is that it helps you buy back your time. Time is one of the most important assets we have in life because once it's gone, we can't get more of it.
If you've ever fallen for click bait on the internet and watched a video or read an article that wasn't interesting to you in the slightest, you've probably gotten mad at yourself for wasting time that you can never get back.
Time is so important and we all need to make sure we're spending the bulk of our time on what matters most to use. Once you figure out how you want to spend a majority of your time, you can start to use the money you saved to "buy your time back" from activities that aren't as important or valuable to you.
Some people want to retire early and live a life of more freedom. Others want to cut out time-consuming responsibilities like landscaping, cleaning, running errands, and working overtime. Whatever you preference is, you can save money to meet those goals whether that means investing aggressively or outsourcing tasks.
Ready to learn how to start saving money so you can gain more freedom along with the mindset shifts you need to make in order to be successful? Check out these week's episode. We'll be giving you some motivation and practical tips you can start putting to use ASAP.
In This Episode, We Discuss 2:00 - Why people think they can't spend money at all while saving 5:45 - Saving is hard, but it's worth it! 11:50 - The problem with instant gratification 13:15 - How saving money has given us freedom Related Links to Check Out: The Road to Financial Wellness The Importance of Defining Your Values How to Practice Delayed Gratification How to Save Money on Travel Afford Anything This episode was brought to you in part by Audible.com. You can listen to any audio book for FREE with a 30 day trial using our link!
A great conversation to have
Loved the financial mistakes episode. So many success stories out there, sometimes we learn the most from our mistakes.
I love how the hosts break down complicated financial topics by making them accessible for everyone. There's no judgement -- just great ideas and encouragement from smart women who have been there.
Great personal stories and transparent financial advice in a lighthearted tone