It is time to have your mind blown! If you are an online course creator, coach, or service provider who wants to grow your business, have financial stability and wealth, this is for you. Because it isn't about earning more. You need to change the way you think about money. Because you deserve to live your life to the fullest, whether that's sleeping in on the weekdays or getting your Starbucks on the go with no guilt.
Your host, Sarah Blanchfield, took the Dave Ramsey/Suze Orman/David Bach route full tilt before realizing all the spreadsheets and apps in the world wouldn't protect her from blowing her money at Sephora. Now, as a financial therapist who scaled to six figures during pandemic 2020; she's on a mission to show you that money can be easy! With weekly episodes full of hilarious mistakes she's made, success stories, and tactical advice you won't want to miss a single episode. Ready? Let's go!
Top 5 Mistakes When You DIY Your Bookkeeping
Want to know what the #1 way to reach your financial goals is? Bookkeeping. And when you DIY your bookkeeping it can be the difference between meeting those goals and failing to meet them
5 mistakes I see entrepreneurs make when you DIY your bookkeeping
They clump all their income together – They don’t categorize their expenses (for tips on categories read the blog here – https://www.mybulletproofbudget.com/15-best-business-budget-categories/They don’t reconcile their transactions every monthThey aren’t tracking where their business is coming fromThey aren’t using ANY of the data to forecast future decisions
BONUS: They don’t see the connection between their business finances and their personal finances
Want to know how to work with me as your bookkeeper – get my services guide here – https://bit.ly/3aPiJZV
Want to hear more episodes? https://moneymythbusterpodcast.com
Business Finances: 5 Steps For How To Get It Right
5 things to get right in your business finances:
Separate accounts – you need to have separate accounts for your business finances if you want to make things easier. Read more about that here – https://www.mybulletproofbudget.com/mixing-personal-business-finances/Pricing strategy – pricing is about more than picking a number you think people will pay for… learn more about it in the Psychology of Pricing masterclass – shoot me a DM on Instagram to learn more https://instagram.com/simplicitybookkeepingco/Business budget – having a rough idea of what’s coming in is not the goal – you need a written plan people! Get a free template for that by downloading the CEO’s Guide to Digital Freedom below.Accounting software/receipt capture – Xero – why I love it – it’s easier and less expensive that QBO. Receipt capture – Hubdoc – integrates with XeroTracking and strategy – tracking your numbers is fine but if you aren’t applying the knowledge in your business finances it’s pretty pointless… Without strategy, you may as well leave it a hot mess.
If this has you thinking “Holy crap this is too much, too complicated. I freaking hate numbers!” I am currently accepting bookkeeping clients to do all this for you inquire at https://www.honeybook.com/widget/my_bulletproof_budget_bookkeeping_194382/cf_id/61318cdfaa71c00682d4594a
Don’t miss previous episodes at https://moneymythbusterpodcast.com
15 Most Effective Positive Beliefs About Money
Last week if you missed the podcast about lack mindset go check it out at https://moneymythbusterpodcast.com/lack-mindset/ because it set the stage of us to really dive into the positive beliefs about money we are going to talk about today!
A Note About Positive Beliefs About Money
First, a quick note, as always I do not tell you what to believe. No one should be telling you what to believe. Please listen to this episode with an open heart and mind. Consider this list of positive beliefs about money as potential suggestions for you to consider. Take what you like, mull over what sounds interesting and toss what feels off. While I will challenge you to dig deeper into WHY it feels off (because that could be something worth exploring) ultimately it is always up to you. Always.
What to do after you listen
After you listen to the beliefs, take some time, contemplate. Write them down, listen again and let them marinate. Money mindset is not a one and done scenario. It is ever changing. Should you wish to explore it more on a deeper level make sure you check out the Attracting Abundance Membership – enroll below
Lack Mindset: 5 ways to shift out of it today
You’ve very likely heard of lack mindset before. If you are in the personal development space at all, it’s come up, right? But what exactly IS lack mindset, how do you shift out of it and into a money mindset of abundance? That is what I’m breaking down in this episode today.
5 ways to shift out of lack mindset
Recognize what lack mindset even is – It is anything that makes us think that resources are scarce and that there might not be enough. It can affect our pricing, our ability to sell, pay ourselves in our business and much moreWrite your own definition of abundance – that’s right, you need to define this for YOURSELF, no one else should be giving you beliefs around this – not even me. Write out your beliefs about money – brain dump them all. Good, bad, ugly. Find examples that disprove the beliefs you want to let go of – the first way to really unlock your subconscious mind is introducing information you would normally reject Seek positive examples that prove your definition of abundance – as your mind shifts away from the beliefs you used to hold, give it somewhere to go. Give it reinforced positive money mindset beliefs that resonate with your definition of abundance.
Learn more about getting out of lack mindset
Don’t forget to check out other episodes of the Money Mythbuster podcast at https://moneymythbusterpodcast.com
3 ways to help you stick to your budget as an entrepreneur
Being an entrepreneur is really different than working a 9-5 and it’s no different when it comes to managing your finances. Wanting to stick to your budget is fine, but it’s even more tricky when your income is variable because ALL the guidance out there is for people pulling in regular paychecks. In fact, we have become so conditioned to believe that we need regular inflows of money to create “stability” that we try to recreate these circumstances in our business in the offers we create and the way to run our business. But it’s a lie.
Three reasons your find it hard to stick to your budget as an entrepreneur
Unexpected expensesInconsistent cash flowToo many things they need
How to stick to your budget by proactively addressing these three things
These are the outlines of the solutions I use myself and that I teach my one-on-one clients. While these solutions may not work in every scenario they are based repeatedly positive outcomes that I have personally seen in my own life and the lives of my clients.
When unexpected expenses make it hard to stick to your budget
Solution: Make your life “emergency free” by creating contingency funds for everything!
Write down a list of everything in your business that would prevent you from working or continuing business if it broke or went wrongPrice check a dollar amount for what it would take to fix this should it occurCreate separately named sections of your savings account for each item (easy to do if you have Novo for your business banking – check out the episode on that if you missed it – https://moneymythbusterpodcast.com/podcast/business-banking-novo/)Start setting aside savings towards each of these items now – even if it’s small it will help to know that the money is there if you need it
For when inconsistent cash flow makes it hard to stick to your budget
Solution: Stop focusing on inflow and focus on consistent outflow instead
Go back and listen to episode 6 – https://moneymythbusterpodcast.com/podcast/financial-stability/Understand that the reason you income feels inconsistent is that you are spending it inconsistentlyCreating a budget that levels your outflow means that when you have high cash months you don’t overspend but project your income out to cover the future months where there may be the inevitable “dip”Set up your consistent business budget here – Business BudgetSet up your consistent personal budget (and heal your relationship with money) here – https://www.mybulletproofbudget.com/bulletproof-for-life-program/
When too many expenses makes it
6 Easy Ways To Save Money On Your Bills
Without Sacrificing Anything
Bills, no one likes to pay their bills, right? I know I’m supposed to be the budgeting guru but guess what? I don’t even like paying my bills! So this week’s episode is all about how to save money on your bills!
The truth is that looking for ways to save money on what you’re currently spending is one of the most overlooked ways to ADD more available money into your budget.
Easy Ways To Save Money On Your Bills:
Eliminate – is there anything at all that you are paying for but not really using? Or are you paying for more than you need? More phone lines? More audiobook downloads? Anything you can shave off that you aren’t already using is a quick win that doesn’t even impact your lifestyle because you aren’t even using it to begin with! Go over your bank statements for the last few months (or longer if you’re feeling ambitious) to really get all those automatic withdrawals you forgot about. Insurance – Another great way to save money on your bills is to shop for insurance quotes for your car, home, even life insurance. At least once a year before your policies renew shop around to make sure you’re paying the best rate for the coverage you want. Again, no sacrificing quality just paying less for the same. Data levels – Are you still paying for unlimited data? Back in the day it used to be a big deal because the overage fees were insane. No with almost everywhere having free WIFI the need for unlimited data has gone down considerably…but I bet you haven’t changed your plan. Check your past few months to see how much you are currently using on average and then see if there is a plan that would accommodate that usage for a better price. Again, no downgrading your lifestyle, just the price point. My family plan has 5 phone lines and we share 3GB a month because two lines are for elderly relatives who can’t even use the the smartphone features and the others of us are almost always around WIFI. If we go over there are no penalties, just slower service until our data reups. Worth it. Consider Annual Billing – If you haven’t considered switching to annual billing as a way to save money on your bills, you really should. Once more, no sacrifice to the things you are using or want simply taking advantage of the perks of paying in full for a year at a discount. I go into detail into how to set this up without feeling a terrible money pinch each year in the podcast. Extend frequency – Are there things you pay for regularly but are not a bill – like haircuts, nails, massages, etc.? Consider extending the frequency in-between these services slightly. If you usually get a haircut every 6 weeks, try 7 or then maybe 8 weeks in between. If you barely notice a difference in how you look and feel, keep the longer time in-between. A $40 haircut every 6 weeks for one year costs about $346. A $40 haircut every 8 weeks for one year costs about $260. That’s a $86 savings a year! May not seem like much but when you are looking to save money on your bills, everything adds up and if you are saving money without sacrificing your lifestyle it’s always a win!Remove shopping apps/credit card info – Now if you really want to save money on your bills this is the big kahuna (at least it was for me). Shopping late night from bed is rea