136 - Have you lost count of the Netflix- and Hulu-like subscriptions bleeding you dry every month? Do you ever just pay your credit card bill, without—gasp!—actually reviewing the charges?
If you're flying a littttle fast and loose with your finances, this episode's for you. This week I'm talking about a critical, non-negotiable habit to adopt IF you want to increase your wealth and successfully manage your money.
What To Listen For:
And, extra bonus, you'll get a free month of my new favorite budgeting tool with the link below. 👇🏻 If you're a full-time pet photographer—with the variable income that comes with the territory—you'll benefit hugely from this system!
Resources From This Episode:
JOIN THE PARTY:
136 - Have you lost count of the Netflix- and Hulu-like subscriptions bleeding you dry every month? Do you ever just pay your credit card bill, without—gasp!—actually reviewing the charges?
If you're flying a littttle fast and loose with your finances, this episode's for you. This week I'm talking about a critical, non-negotiable habit to adopt IF you want to increase your wealth and successfully manage your money.
What To Listen For:
And, extra bonus, you'll get a free month of my new favorite budgeting tool with the link below. 👇🏻 If you're a full-time pet photographer—with the variable income that comes with the territory—you'll benefit hugely from this system!
Resources From This Episode:
JOIN THE PARTY:
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Welcome to the hair of the dog podcast.
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I'm your host,
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Nicole Begley.
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And today we are talking about a,
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I think absolutely critical habit.
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If you want to increase your wealth,
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if you want to have success in managing your money.
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Oh, I mean,
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this is a non-negotiable,
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you're going to love it.
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So stay tuned.
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Welcome to the hair of the dog podcast.
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If you're a pet photographer,
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ready to make more money and start living a life by
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your design,
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you've come to the right place.And
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now your host,
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pet photographer,
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travel addict,
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chocolate martini connoisseur,
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Nicole Begley.
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Hey everybody,
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Nicole, here I am back.
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It's just me this week,
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but I'm pretty excited about it because we are talking about
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a habit that is absolutely critical.
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If your goal is to increase your wealth or to manage
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your money or to just live a life without the stress
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of no wondering if you have enough finances in the bank
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to cover what you want to do and do the things
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you want to do.
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So you've probably heard the saying that you can't improve what
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you don't measure.
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And that is 100% true,
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especially when it comes to our personal finances.
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All right.
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I want to show of hands out there.
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Don't worry.
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I can't actually see you.
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It's okay to be truthful and honest.
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How many of you truly know what you spend each month
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and truly know what's coming in that can quickly and easily
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look at your personal finances in a quick profit loss statement,
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an income outcome,
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where are you if you can't do that,
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man, I think you really,
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really have to,
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you know,
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in our businesses,
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we have these accounting software that every single transaction that I
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do in my business account on my business credit card gets
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pulled into QuickBooks.
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I can see it right there.
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It comes in like the next day I assign it to
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a, you know,
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a chart of accounts,
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a line item in my budget so that I know that
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it was spent on marketing or it was spent on cost
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of goods sold.
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So at any time I can take a profit loss snapshot
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of my business and know exactly where I stand financially in
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my business.
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I know what I've been spending money on.
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I know what money has been coming in.
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When I want to be more profitable.
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I can look at all those line items and say,
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oh, should I cut back on this?
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What's the return of investment on that investment that I made,
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okay, maybe I can do this or move that here.
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Okay. I can increase some income here.
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So you have the numbers without those numbers.
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You're just going on feeling.
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And our feeling is often lying to us because it just
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doesn't really have that accurate representation of what is going on
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in our financial picture.
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So for the longest time,
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I was trying to figure out,
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you know,
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how to do this because I love that about my business
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finances that I have,
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these things automatically pulled in.
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I get to review them as they come in.
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I get to assign the line item.
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If there's some random charge that I didn't realize was coming
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in, I see it right away.
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So I can call that person or reverse that or cancel
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something. It's just such a better way to have a pulse
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on your finances when you can see these things happening in
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real time.
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So some of the things that I've tried in the past
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are actually the one that worked really,
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really well for me,
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but this was back before I had kids.
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We are,
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you know,
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is just married.
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It was just me and my husband.
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We didn't have nearly as many expenses.
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And you know,
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there certainly weren't as many automated expenses like Netflix and Hulu
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and 8,000
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other things that just get charged to your card all the
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time. So what we did is there was this program called
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Quicken. I don't even know if Quicken still exists,
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but it was made,
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I believe by the same people as QuickBooks,
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but it was for personal finance.
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And I had the desktop version,
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which did not connect to my bank account.
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So I manually imported or input every single charge that we
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did. So my husband and I,
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whenever we'd spend any money,
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we'd get the receipt.
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We just put the pile of receipts on my desk.
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Like once a week,
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I'd go through.
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And I enter that stuff into Quicken.
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And that enabled me to see where we were spending our
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money and how much money we had,
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because here's,
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here's the thing you guys might know that I have a
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little bit of a credit card habit and my credit card
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habit. I don't mean that I spend a lot on credit
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cards and I carry mouses.
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No, I do spend all of my spend on credit cards
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because I like to earn the points so that I can
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use those for free travel because I'm free travel is my
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jam. But anyway,
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so I have a lot of different credit cards and we
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put every single penny of spend that we can on those
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credit cards.
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But if you're not really careful with that,
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you can get into trouble.
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And all of a sudden your credit card bill comes and
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you're like,
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holy cow,
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$5,000, but I didn't even buy anything big because all those
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little things add up so quickly,
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you know,
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go to the grocery store,
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$200. You go to Costco.
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I don't know about you,
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but now with,
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you know,
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a family of four and my son,
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who's a preteen that grocery bill is only going to go
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up for the next few years.
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I mean,
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I can't walk out of Costco without spending.
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If I spend less than $350,
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I'm like,
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man, when it's ridiculous.
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So anyway,
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it's really easy for this credit card spend to just really
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surprise you when that bill comes at the end of the
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month. And the other thing I hate about waiting for that
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bill to come at the end of the month is,
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you know,
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you have to go through and kind of remember what's that
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charged? I do that.
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Okay. That's legit.
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Where are these?
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If you even look through it at all,
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I know I've been guilty in the past of just paying
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my credit cards without actually looking over all the charges.
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No bad idea,
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because you know,
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credit card fraud just fraud in general is rampant.
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So you should definitely know what is being charged to your
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cards. So,
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anyway, anyway,
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I digress.
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These are the reasons that I really wanted to have a
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good handle on my finances.
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So I had tried Quicken that worked for a while and
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then eventually it was a desktop program.
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When I upgraded a computer,
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it no longer worked on that operating system,
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they discontinued it,
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the online version.
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I don't know why I didn't try the online version.
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There was some reason I think it didn't work with Matt
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at the time.
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So then I was,
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you know,
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left to my own devices.
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I had tried mint.
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I didn't love that.
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Even though it all pulled everything in it,
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didn't like automatically categorize things.
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And what I really missed that I absolutely loved is the
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way I manage my money in Quicken.
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I had,
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you know,
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my regular bank account,
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I had my credit cards come in and then I would
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make like a Phantom line item in my bank account that
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was basically credit card payments.
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So if I went out and I spent $50 on my
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credit card on,
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you know,
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dinner, then I could come back and I'd put it in
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Quicken as,
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Hey, I spent 50 bucks on dinner and it would come
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out of my main balance in my checking account.
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So that way I knew my checking account balance was like
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the money I had available to spend.
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And that,
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that credit card payment was ready to go.
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So I was essentially using my credit cards,
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like a debit card because I was pulling that money out
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of my bank account,
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what was still in my bank account.
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But on the paper,
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it was technically pulled out,
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even though it was technically still in,
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oh my gosh,
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I hope I'm explaining this.
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Okay. So anyway,
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it would look like I had $1,500
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in my checking account.
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Even though if you logged in to my bank account,
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it was like,
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oh, you have $4,000
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because I was pulling over all that money.
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I was spending on credit cards in real time onto this
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just fictitious line item.
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So that I knew when those credit card bills came,
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I could just pay them.
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It was no big deal.
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I, I knew how much money was coming in and it
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was so very helpful.
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So when I was using mint,
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it automatically started doing different line items.
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I don't know.
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I just,
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I wasn't,
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it was too automated for me and too easy to not
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actually look at all of my transactions.
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And there wasn't really an easy way to create that Phantom
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Phantom line item of using my credit cards,
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like a debit card.
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And then I had tried personal capital.
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We enjoyed that one.
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That was nice.
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You can pull in like all your investments.
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And we still use that for like a net worth,
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like snapshot of like retirement investments,
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house equity,
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mortgage payments,
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like all that stuff is automatically pulled in there.
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So you can have a really nice overview of your just
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general net worth.
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That website is personal capital and it's a free service.
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I will let you know that they,
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so they are,
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I don't know if they're an automated like betterment,
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but they're like an investing thing they want to help you
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invest. And so when you sign up for the free account,
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they do call you for a while of like,
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Hey, Hey,
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Hey, trying to get you to sign up,
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00:09:33,390 --> 00:09:34,560
to invest with them.
264
00:09:34,920 --> 00:09:37,230
But then we just never answered and they stopped.
265
00:09:38,370 --> 00:09:40,410
So it is free software.
266
00:09:40,410 --> 00:09:43,770
So we've been using that again to kind of keep an
267
00:09:43,770 --> 00:09:47,550
eye on the big picture of retirement and all of those
268
00:09:47,550 --> 00:09:50,310
different investments and okay.
269
00:09:50,460 --> 00:09:52,290
But I still didn't have a solution for my day to
270
00:09:52,290 --> 00:09:52,950
day spending.
271
00:09:53,010 --> 00:09:56,070
And my day to day management of these credit cards and
272
00:09:56,130 --> 00:09:58,920
knowing where my money was going and how much money was
273
00:09:58,920 --> 00:10:01,230
coming in and how much money it was going out.
274
00:10:02,730 --> 00:10:06,150
Like I truly had no idea what we were spending per
275
00:10:06,150 --> 00:10:09,240
month. I didn't even know really what are,
276
00:10:09,600 --> 00:10:09,870
you know,
277
00:10:09,870 --> 00:10:12,450
kind of fixed expenses for the month are,
278
00:10:12,450 --> 00:10:12,810
you know,
279
00:10:12,810 --> 00:10:14,520
mortgage and utilities.
280
00:10:14,730 --> 00:10:15,750
Like I kind of knew,
281
00:10:15,990 --> 00:10:17,520
but I mean,
282
00:10:17,700 --> 00:10:18,990
we should be able to like,
283
00:10:19,170 --> 00:10:19,560
oh yeah,
284
00:10:19,860 --> 00:10:20,790
it's whatever,
285
00:10:21,000 --> 00:10:25,500
$4,250 a month for my required monthly expenses.
286
00:10:26,280 --> 00:10:28,890
So then I tried,
287
00:10:29,310 --> 00:10:30,240
you guys are gonna laugh.
288
00:10:30,840 --> 00:10:36,150
I tried to spreadsheet that I would put in that was
289
00:10:36,150 --> 00:10:38,640
doomed before it even started because who the heck has time
290
00:10:38,640 --> 00:10:39,120
for that?
291
00:10:39,120 --> 00:10:40,350
And yeah,
292
00:10:40,350 --> 00:10:42,660
we've got a lot of random things that get charged to
293
00:10:42,660 --> 00:10:43,350
our credit cards.
294
00:10:43,380 --> 00:10:44,430
And a lot of,
295
00:10:44,460 --> 00:10:44,850
you know,
296
00:10:45,210 --> 00:10:46,220
taking the kids to soccer,
297
00:10:46,230 --> 00:10:47,700
we stopped and get some food where,
298
00:10:47,730 --> 00:10:47,970
you know,
299
00:10:47,970 --> 00:10:48,390
there's just,
300
00:10:48,570 --> 00:10:50,340
there's there's stuff going on all the time.
301
00:10:50,370 --> 00:10:51,000
So anyway,
302
00:10:52,050 --> 00:10:55,650
I was looking for a solution and then randomly,
303
00:10:55,740 --> 00:10:56,010
you know,
304
00:10:56,010 --> 00:10:58,350
whenever you ask certain questions,
305
00:10:58,830 --> 00:11:00,510
if you're open to the solutions,
306
00:11:00,540 --> 00:11:03,090
they almost always present themselves.
307
00:11:03,390 --> 00:11:04,710
So I was thinking about this,
308
00:11:04,710 --> 00:11:05,100
like, man,
309
00:11:05,100 --> 00:11:07,770
I really need to get a handle of a easy way
310
00:11:07,770 --> 00:11:10,050
to just know what I'm spending,
311
00:11:10,050 --> 00:11:11,820
where, and,
312
00:11:11,910 --> 00:11:12,510
you know,
313
00:11:12,630 --> 00:11:13,920
keep track of this credit card,
314
00:11:13,920 --> 00:11:17,130
spend of knowing what's coming in and what these bills are
315
00:11:17,130 --> 00:11:17,490
going to be.
316
00:11:17,490 --> 00:11:19,230
And being able to set that money aside.
317
00:11:19,230 --> 00:11:19,890
So it's not like,
318
00:11:19,950 --> 00:11:20,460
oh my gosh,
319
00:11:20,490 --> 00:11:21,240
this is a big thing.
320
00:11:21,240 --> 00:11:22,620
I have to pull some money from savings.
321
00:11:22,620 --> 00:11:23,340
Like I just,
322
00:11:23,340 --> 00:11:23,970
I want to know,
323
00:11:24,000 --> 00:11:25,680
I want my finger on the pulse of it.
324
00:11:25,830 --> 00:11:27,300
And then a friend of mine on Facebook,
325
00:11:27,330 --> 00:11:31,770
somebody asked and somebody else responded with why NAB.
326
00:11:31,800 --> 00:11:33,150
I think that's how they pronounce it.
327
00:11:33,180 --> 00:11:34,800
You need a budget.com
328
00:11:35,040 --> 00:11:36,420
Y N a B.
329
00:11:36,480 --> 00:11:37,920
And I was like,
330
00:11:37,980 --> 00:11:40,200
huh, I had heard about this before,
331
00:11:40,860 --> 00:11:45,030
but I think we all have this visceral reaction to the
332
00:11:45,030 --> 00:11:47,640
word budget because I'm like,
333
00:11:48,210 --> 00:11:49,410
I don't want to budget.
334
00:11:49,410 --> 00:11:50,220
I don't want to be like,
335
00:11:50,280 --> 00:11:52,530
oh, I can't go out to dinner because I've spent my
336
00:11:52,560 --> 00:11:53,680
eating out budget.
337
00:11:53,680 --> 00:11:55,240
Know if I want to go out to dinner,
338
00:11:55,240 --> 00:11:56,200
I want to go out to dinner.
339
00:11:56,770 --> 00:11:57,070
Of course,
340
00:11:57,070 --> 00:11:58,660
I want to make sure I could pay my mortgage.
341
00:11:58,930 --> 00:11:59,380
But like,
342
00:11:59,380 --> 00:11:59,650
you know,
343
00:11:59,650 --> 00:12:03,610
I want flexibility to be able to spend my money where
344
00:12:03,610 --> 00:12:05,950
I want when opportunities arise.
345
00:12:06,010 --> 00:12:08,470
So for that budgeting has always been to me,
346
00:12:08,470 --> 00:12:10,450
like I got no yuck,
347
00:12:10,930 --> 00:12:11,770
but it's like,
348
00:12:11,770 --> 00:12:12,100
let me,
349
00:12:12,130 --> 00:12:13,270
let me look into this.
350
00:12:13,450 --> 00:12:15,790
Cause I looked into it years ago and it was like,
351
00:12:16,270 --> 00:12:17,290
no, I don't know.
352
00:12:17,290 --> 00:12:19,270
I think the budget part threw me off.
353
00:12:19,330 --> 00:12:20,410
And so I did it.
354
00:12:20,410 --> 00:12:22,000
So I looked into it and I'm like,
355
00:12:22,030 --> 00:12:22,810
oh my gosh,
356
00:12:23,200 --> 00:12:25,450
this could be my new solution.
357
00:12:26,050 --> 00:12:28,270
And turns out it is I'm obsessed.
358
00:12:28,270 --> 00:12:29,620
I've been using it for a month.
359
00:12:30,130 --> 00:12:33,310
And I don't think I will ever not use it.
360
00:12:33,430 --> 00:12:36,100
It's so helpful.
361
00:12:36,400 --> 00:12:37,390
So, so helpful.
362
00:12:37,660 --> 00:12:42,730
So what it's based on is zero based budgeting is or
363
00:12:42,730 --> 00:12:43,440
dollar based,
364
00:12:43,450 --> 00:12:46,810
but I think dollar based budgeting or zero-based dollar budgeting,
365
00:12:46,810 --> 00:12:47,650
something like that,
366
00:12:48,010 --> 00:12:49,420
kind of like the envelope system.
367
00:12:49,480 --> 00:12:50,800
If you've ever read Dave Ramsey,
368
00:12:50,800 --> 00:12:52,930
they talk about the envelope system that it's like,
369
00:12:52,960 --> 00:12:53,350
all right,
370
00:12:53,590 --> 00:12:54,310
you get paid.
371
00:12:54,490 --> 00:12:55,450
Now you put in,
372
00:12:55,480 --> 00:12:55,930
you know,
373
00:12:55,990 --> 00:12:57,280
a thousand dollars a year mortgage,
374
00:12:57,280 --> 00:12:59,410
you put in $200 for your groceries.
375
00:12:59,680 --> 00:13:00,100
Like you're,
376
00:13:00,100 --> 00:13:02,470
you're giving each dollar a job,
377
00:13:02,500 --> 00:13:04,750
like putting it into whatever envelope,
378
00:13:04,840 --> 00:13:06,340
but it's flexible in that.
379
00:13:06,340 --> 00:13:06,700
It's like,
380
00:13:06,730 --> 00:13:08,050
oh, I want to go out to eat.
381
00:13:08,080 --> 00:13:09,880
Oh, but I've used my dining out budget.
382
00:13:10,150 --> 00:13:12,520
I'll just pull it over from one of these other line
383
00:13:12,520 --> 00:13:14,590
items. So you're just kind of moving money around,
384
00:13:14,740 --> 00:13:18,160
but like you're knowing where everything's spending and you can plan
385
00:13:18,190 --> 00:13:19,420
where to spend everything.
386
00:13:19,480 --> 00:13:23,500
So I'm actually using it a little bit differently than how
387
00:13:23,500 --> 00:13:24,370
they recommend it.
388
00:13:24,400 --> 00:13:25,690
I will let you know about that,
389
00:13:25,960 --> 00:13:29,560
but first the way that they recommend using it and the
390
00:13:29,560 --> 00:13:32,170
way it was built around these four roles.
391
00:13:32,380 --> 00:13:33,220
So number one,
392
00:13:33,250 --> 00:13:34,870
you give every dollar a job.
393
00:13:35,110 --> 00:13:36,430
So, you know,
394
00:13:36,430 --> 00:13:40,030
your paycheck comes in or you pay yourself out of your
395
00:13:40,030 --> 00:13:41,170
business and your,
396
00:13:41,200 --> 00:13:41,470
you know,
397
00:13:41,470 --> 00:13:42,220
comes in and you're like,
398
00:13:42,220 --> 00:13:43,390
I have $3,000.
399
00:13:43,390 --> 00:13:45,310
It goes to ready to assign at the top.
400
00:13:45,670 --> 00:13:47,230
And then you have your budget at the bottom.
401
00:13:48,280 --> 00:13:49,150
So it can be like,
402
00:13:49,150 --> 00:13:49,420
you know,
403
00:13:49,420 --> 00:13:51,520
mortgage is $1,700.
404
00:13:51,790 --> 00:13:52,480
So you're like,
405
00:13:52,510 --> 00:13:52,720
all right,
406
00:13:52,720 --> 00:13:54,430
I'm going to take a thousand dollars to the mortgage.
407
00:13:54,460 --> 00:13:55,300
I'm going to put,
408
00:13:56,230 --> 00:13:56,680
you know,
409
00:13:56,710 --> 00:13:58,000
this much to my groceries.
410
00:13:58,030 --> 00:14:00,460
I'm going to put this much on my taxes and insurance.
411
00:14:00,460 --> 00:14:01,180
I'm going to do blah,
412
00:14:01,180 --> 00:14:01,570
blah, blah.
413
00:14:01,780 --> 00:14:02,470
So you can like,
414
00:14:02,650 --> 00:14:04,960
just start to put it on these different line items to
415
00:14:04,960 --> 00:14:05,680
assign it,
416
00:14:05,680 --> 00:14:06,490
to have a job.
417
00:14:06,640 --> 00:14:07,150
So that way,
418
00:14:07,150 --> 00:14:08,890
when that mortgage comes due at the end of the month,
419
00:14:08,920 --> 00:14:09,190
you're like,
420
00:14:09,190 --> 00:14:10,990
man, I've already allotted money for it.
421
00:14:11,200 --> 00:14:12,040
It's fantastic.
422
00:14:12,310 --> 00:14:16,900
The second rule is to embrace true expenses.
423
00:14:17,260 --> 00:14:18,250
And again,
424
00:14:18,310 --> 00:14:23,470
that is just like figuring out where we spend money.
425
00:14:23,680 --> 00:14:26,140
And then as you start to track it a little bit
426
00:14:26,140 --> 00:14:27,700
more, you can start to see,
427
00:14:28,600 --> 00:14:31,660
okay, so I have some big yearly expenses.
428
00:14:31,660 --> 00:14:34,870
Like my property taxes are due in August.
429
00:14:34,900 --> 00:14:36,220
That's like a $4,000
430
00:14:36,220 --> 00:14:37,720
bill. How much is that?
431
00:14:37,720 --> 00:14:38,380
Per month?
432
00:14:38,530 --> 00:14:41,680
You can set aside money per month to pay something like
433
00:14:41,680 --> 00:14:43,630
that. If it's something like man,
434
00:14:43,630 --> 00:14:45,910
every month that comes up to be like Christmas time.
435
00:14:45,910 --> 00:14:49,930
And I feel a little strapped because I haven't planned for
436
00:14:49,930 --> 00:14:52,460
that. Or it's just too much of a financial outlay that
437
00:14:52,460 --> 00:14:55,220
month. And like every December and January I'm stressed.
438
00:14:55,400 --> 00:14:55,850
All right.
439
00:14:56,030 --> 00:14:58,250
Well, let's kind of take that big amount,
440
00:14:58,250 --> 00:15:00,140
what we usually spend and break it up monthly.
441
00:15:00,140 --> 00:15:01,880
So then by the time that rolls around,
442
00:15:02,120 --> 00:15:04,520
oh, that money is already earmarked for it.
443
00:15:04,820 --> 00:15:09,800
So that is what they mean by embracing those true expenses.
444
00:15:09,920 --> 00:15:14,510
And then number three is rolling with the punches because like
445
00:15:14,510 --> 00:15:14,930
I said,
446
00:15:15,500 --> 00:15:16,370
I don't want to,
447
00:15:16,460 --> 00:15:16,880
you know,
448
00:15:17,540 --> 00:15:21,170
forego a nice dinner out with some friends if I want
449
00:15:21,170 --> 00:15:21,440
to go.
450
00:15:21,590 --> 00:15:24,860
So you can then take a look at where that money
451
00:15:24,860 --> 00:15:26,090
is allocated and say,
452
00:15:26,150 --> 00:15:27,170
oh, all right,
453
00:15:27,170 --> 00:15:28,040
well, you know,
454
00:15:28,070 --> 00:15:31,040
maybe I don't need as much for groceries or maybe this
455
00:15:31,040 --> 00:15:32,630
other thing that I've been saving for,
456
00:15:32,690 --> 00:15:34,640
oh, I'd rather go out to dinner then.
457
00:15:34,640 --> 00:15:36,290
And that can be pushed back a little bit.
458
00:15:36,470 --> 00:15:41,150
So what allows you to make decisions based on your values
459
00:15:41,150 --> 00:15:44,540
based on what you want to do in that moment?
460
00:15:44,900 --> 00:15:45,140
You know,
461
00:15:45,140 --> 00:15:46,400
there's no right or wrong.
462
00:15:46,400 --> 00:15:49,250
There's no judgment for pulling money from one line item to
463
00:15:49,250 --> 00:15:53,180
another. It's just allowing you to see kind of what you're
464
00:15:53,180 --> 00:15:56,360
dealing with because you know,
465
00:15:56,930 --> 00:15:58,010
money and math,
466
00:15:58,040 --> 00:15:59,090
it's finite like it,
467
00:15:59,330 --> 00:16:00,380
there's X number of dollars.
468
00:16:00,380 --> 00:16:01,490
Things cost this much.
469
00:16:01,850 --> 00:16:03,620
You need to make sure it adds up.
470
00:16:03,800 --> 00:16:05,930
Maybe our government needs to use why NAB,
471
00:16:06,410 --> 00:16:09,470
they need something anyway.
472
00:16:09,770 --> 00:16:13,700
Okay. And then rule number four is to age your money.
473
00:16:14,030 --> 00:16:17,750
And what that means is essentially the longer you do this,
474
00:16:18,290 --> 00:16:22,340
you can start to work in a way that your pain,
475
00:16:22,580 --> 00:16:26,210
your may expenses with April's money.
476
00:16:26,480 --> 00:16:29,510
So like you're basically a month ahead of your bills.
477
00:16:29,660 --> 00:16:33,350
So you have this built in savings cushion.
478
00:16:33,680 --> 00:16:36,110
So when unexpected things pop up like,
479
00:16:36,230 --> 00:16:38,360
oh, my car just needs new brakes.
480
00:16:38,690 --> 00:16:42,440
Then you have plenty of money in your budget that was,
481
00:16:42,440 --> 00:16:42,920
you know,
482
00:16:43,070 --> 00:16:45,980
going to be earmarked for next month expenses.
483
00:16:46,190 --> 00:16:46,700
That's okay.
484
00:16:46,700 --> 00:16:49,460
You can pull some to cover this,
485
00:16:50,180 --> 00:16:50,480
you know,
486
00:16:50,510 --> 00:16:53,000
unexpected expense and you still have plenty of time to make
487
00:16:53,000 --> 00:16:55,850
up those expenses that are coming up in the future.
488
00:16:56,120 --> 00:16:57,680
So those are the four main roles.
489
00:16:57,800 --> 00:16:59,270
And you know,
490
00:16:59,270 --> 00:17:00,260
I've got to say,
491
00:17:00,500 --> 00:17:03,110
is an entrepreneur with a variable income.
492
00:17:04,070 --> 00:17:07,430
We need something like this more than your average bear,
493
00:17:07,910 --> 00:17:09,590
because you know,
494
00:17:09,590 --> 00:17:10,640
sometimes we're like,
495
00:17:10,760 --> 00:17:12,260
oh, this was a good,
496
00:17:12,260 --> 00:17:12,740
you know,
497
00:17:12,770 --> 00:17:13,970
this was great beer.
498
00:17:13,970 --> 00:17:15,140
This was a little bit,
499
00:17:15,410 --> 00:17:16,370
a little bit more lean.
500
00:17:16,400 --> 00:17:17,630
Oh, what's January.
501
00:17:18,380 --> 00:17:18,740
You know,
502
00:17:18,740 --> 00:17:22,790
so it's really important to really truly have a handle on
503
00:17:22,790 --> 00:17:26,780
these numbers when you are dealing with a more variable income.
504
00:17:27,410 --> 00:17:29,000
So, gosh,
505
00:17:29,060 --> 00:17:29,390
I mean,
506
00:17:29,990 --> 00:17:32,030
and if you're still a W2 employee and you know,
507
00:17:32,030 --> 00:17:35,480
you have certain money coming in still super helpful,
508
00:17:35,720 --> 00:17:36,840
but if you guys are,
509
00:17:36,840 --> 00:17:38,720
are dealing with that variable income,
510
00:17:39,170 --> 00:17:41,390
man, this is just a game changer,
511
00:17:41,660 --> 00:17:43,220
absolute game changer.
512
00:17:43,790 --> 00:17:50,190
So how I use this differently is that I don't want
513
00:17:50,190 --> 00:17:52,440
to spend the time I started when I started playing with
514
00:17:52,440 --> 00:17:56,010
it. I started trying to like create a,
515
00:17:56,040 --> 00:17:59,940
alright, I I'm going to spend $400 on groceries.
516
00:17:59,940 --> 00:18:01,140
I'm going to spend this on this,
517
00:18:01,140 --> 00:18:01,890
this and that.
518
00:18:01,890 --> 00:18:03,420
And I just,
519
00:18:04,050 --> 00:18:04,500
I don't know,
520
00:18:04,530 --> 00:18:05,880
it doesn't work for my brain.
521
00:18:05,940 --> 00:18:07,170
It doesn't work for me.
522
00:18:07,410 --> 00:18:09,180
I was spending way too much time,
523
00:18:09,180 --> 00:18:11,370
like reallocating money of like,
524
00:18:11,400 --> 00:18:12,810
oh, I didn't expect that one.
525
00:18:12,810 --> 00:18:14,850
Let me pull that over here and this over there.
526
00:18:14,850 --> 00:18:16,050
And it was just,
527
00:18:16,410 --> 00:18:17,250
it was just too much.
528
00:18:17,310 --> 00:18:20,970
So I don't like to assign every dollar and get to
529
00:18:20,970 --> 00:18:22,050
that zero,
530
00:18:22,080 --> 00:18:23,460
ready to sign up top.
531
00:18:23,520 --> 00:18:27,540
What I do is I put in all my expenses that
532
00:18:27,540 --> 00:18:31,050
I know are coming every month that are fixed my mortgage.
533
00:18:31,140 --> 00:18:31,440
You know,
534
00:18:31,440 --> 00:18:35,550
I put in a approximately what my utilities usually are HOA
535
00:18:35,550 --> 00:18:37,860
expenses board for my horse,
536
00:18:37,950 --> 00:18:38,730
things like that,
537
00:18:38,730 --> 00:18:41,340
that I just know are coming every single month.
538
00:18:41,490 --> 00:18:42,450
And then,
539
00:18:43,200 --> 00:18:44,340
then the,
540
00:18:44,340 --> 00:18:45,330
with everything else,
541
00:18:45,330 --> 00:18:46,380
like the groceries,
542
00:18:46,410 --> 00:18:47,730
the household items,
543
00:18:47,760 --> 00:18:50,130
the soccer expenses,
544
00:18:50,160 --> 00:18:51,870
the, you know,
545
00:18:51,900 --> 00:18:55,710
vacations, all that stuff is all kind of down below.
546
00:18:55,830 --> 00:19:01,170
And I just move money to those line items when the
547
00:19:01,170 --> 00:19:02,280
charge happens.
548
00:19:02,520 --> 00:19:04,680
And I keep above basically,
549
00:19:04,680 --> 00:19:06,090
it's how I used to manage my money.
550
00:19:06,090 --> 00:19:10,260
And Quicken like that ready to assign is basically the money
551
00:19:10,260 --> 00:19:11,430
that I have to spend.
552
00:19:11,520 --> 00:19:11,900
Like the,
553
00:19:11,900 --> 00:19:16,770
the money that is not already earmarked to my different credit
554
00:19:16,770 --> 00:19:17,730
cards or,
555
00:19:17,730 --> 00:19:18,030
you know,
556
00:19:18,090 --> 00:19:19,500
it's not money that I've already spent.
557
00:19:19,770 --> 00:19:20,610
It's what I'm getting at.
558
00:19:20,970 --> 00:19:24,990
So that just makes more sense to me that I could
559
00:19:24,990 --> 00:19:26,190
look at that and be like,
560
00:19:26,250 --> 00:19:27,240
oh, all right,
561
00:19:27,300 --> 00:19:29,160
there is $600 there.
562
00:19:29,160 --> 00:19:30,480
And you know,
563
00:19:30,480 --> 00:19:33,240
our next payday is Friday and it's Wednesday.
564
00:19:33,240 --> 00:19:35,400
Yeah. A hundred percent let's go out to eat or let's
565
00:19:35,400 --> 00:19:36,120
do this or that.
566
00:19:36,530 --> 00:19:36,920
And, you know,
567
00:19:36,930 --> 00:19:39,660
and you can have different things if you're saving towards a
568
00:19:39,660 --> 00:19:40,770
goal. So,
569
00:19:40,800 --> 00:19:41,160
you know,
570
00:19:41,160 --> 00:19:44,010
we have a vacation to Costa Rica coming up in April
571
00:19:44,010 --> 00:19:46,530
so I can create a little savings target there so I
572
00:19:46,530 --> 00:19:49,740
can keep funneling money there to get that all good to
573
00:19:49,740 --> 00:19:51,750
go by the time we leave.
574
00:19:51,780 --> 00:19:52,230
So, you know,
575
00:19:52,230 --> 00:19:54,450
there's just different ways to manage it and you have to
576
00:19:54,450 --> 00:19:56,670
plan and play with it to see what works for you,
577
00:19:57,420 --> 00:19:58,740
but that's how I do that.
578
00:19:58,830 --> 00:20:02,220
And then the other thing that I do is I take
579
00:20:02,220 --> 00:20:03,180
my big expenses,
580
00:20:03,180 --> 00:20:04,590
my property taxes,
581
00:20:04,890 --> 00:20:05,670
life insurance,
582
00:20:05,670 --> 00:20:07,170
payments, homeowners,
583
00:20:07,170 --> 00:20:08,280
insurance, payments,
584
00:20:08,370 --> 00:20:09,240
all of those,
585
00:20:09,270 --> 00:20:09,780
you know,
586
00:20:09,810 --> 00:20:11,220
kind of auto insurance,
587
00:20:11,220 --> 00:20:14,550
like those bigger expenses than only happen once a year and
588
00:20:14,580 --> 00:20:16,830
figure out what they all are over the course of a
589
00:20:16,830 --> 00:20:18,780
year, divide by 12.
590
00:20:18,840 --> 00:20:23,100
And then I just make a monthly deposit into a different
591
00:20:23,100 --> 00:20:24,000
savings account.
592
00:20:24,330 --> 00:20:26,010
So for things like that,
593
00:20:26,010 --> 00:20:28,200
I do have an online savings account.
594
00:20:28,200 --> 00:20:33,960
That's not at my regular bank and that just pays a
595
00:20:33,960 --> 00:20:35,010
little bit more interest.
596
00:20:35,430 --> 00:20:38,070
I know more interest is kind of an oxymoron right now,
597
00:20:39,000 --> 00:20:40,410
but unfortunately,
598
00:20:40,410 --> 00:20:43,620
fortunately, fortunately the interest is going to be going up.
599
00:20:43,650 --> 00:20:44,850
But unfortunately,
600
00:20:44,850 --> 00:20:47,860
because inflation is also going significantly.
601
00:20:47,860 --> 00:20:49,600
So I don't know what is better.
602
00:20:49,660 --> 00:20:54,760
Regardless. A lot of online banks have a higher interest rate,
603
00:20:54,760 --> 00:20:58,660
so I usually move any savings there.
604
00:20:58,870 --> 00:21:01,480
So I will just have a savings account there that is
605
00:21:01,480 --> 00:21:04,540
sure. Only for taxes and insurance.
606
00:21:04,840 --> 00:21:07,330
And then I have our personal savings account in that bank
607
00:21:07,360 --> 00:21:07,990
as well.
608
00:21:08,200 --> 00:21:11,200
So each month I just move automatically set it up,
609
00:21:11,230 --> 00:21:12,550
that it's an automatic transfer.
610
00:21:12,580 --> 00:21:15,730
I have it in my why NAB in there so that
611
00:21:15,730 --> 00:21:17,080
I know that it's happening,
612
00:21:17,230 --> 00:21:19,090
the money gets allocated for it.
613
00:21:19,090 --> 00:21:23,260
It's a monthly target and it just all happens in the
614
00:21:23,260 --> 00:21:25,150
backend. And then when I pay one of those bills,
615
00:21:25,150 --> 00:21:27,130
I just transfer that money from that savings account,
616
00:21:27,160 --> 00:21:29,170
into my main checking and bump it's covered.
617
00:21:29,980 --> 00:21:33,400
Okay. And then the same thing with my credit card payments.
618
00:21:34,060 --> 00:21:37,660
That was really what I was looking for when I came
619
00:21:37,660 --> 00:21:40,960
into this was a two goals,
620
00:21:41,230 --> 00:21:42,790
knowing what I was spending,
621
00:21:43,120 --> 00:21:44,470
knowing what money was coming in.
622
00:21:44,470 --> 00:21:49,660
So to have a really clear handle on exactly what my
623
00:21:49,660 --> 00:21:52,450
monthly expenses are and where we spend our money.
624
00:21:52,570 --> 00:21:53,470
And then number two,
625
00:21:53,500 --> 00:21:57,880
to be able to really easily manage all these credit cards
626
00:21:57,940 --> 00:22:00,280
because hashtag credit card addict,
627
00:22:00,520 --> 00:22:03,190
hashtag I have a lot of credit cards hashtag I like
628
00:22:03,190 --> 00:22:03,970
free travel.
629
00:22:04,210 --> 00:22:06,970
Hashtag if you want some tips,
630
00:22:06,970 --> 00:22:07,600
let me know.
631
00:22:08,290 --> 00:22:08,800
Speaking of which,
632
00:22:08,800 --> 00:22:09,730
have you guys ever seen,
633
00:22:10,180 --> 00:22:11,080
I got that from,
634
00:22:11,530 --> 00:22:12,370
if you want to laugh,
635
00:22:12,790 --> 00:22:14,140
look up Saturday night,
636
00:22:14,140 --> 00:22:18,310
live hashtag Jimmy Fallon and Justin Timberlake.
637
00:22:19,390 --> 00:22:19,930
You're welcome.
638
00:22:21,100 --> 00:22:22,570
Sterile. Okay.
639
00:22:23,440 --> 00:22:26,230
Anyway, so that is how all of that works.
640
00:22:28,540 --> 00:22:28,870
I just,
641
00:22:28,900 --> 00:22:29,650
I just love it.
642
00:22:29,810 --> 00:22:32,170
Highly recommend you guys go check it out.
643
00:22:32,170 --> 00:22:33,790
If you don't currently have,
644
00:22:33,790 --> 00:22:36,760
if you already have a system and you can answer.
645
00:22:36,820 --> 00:22:38,350
When I asked at the beginning of like,
646
00:22:38,380 --> 00:22:40,060
Hey, how much money do you spend a month?
647
00:22:40,240 --> 00:22:41,200
Do you know where it goes?
648
00:22:41,260 --> 00:22:42,640
Do you know how much money's coming in?
649
00:22:43,140 --> 00:22:45,250
Great. If you can answer that quickly and easily,
650
00:22:45,250 --> 00:22:46,750
and you know where that information is,
651
00:22:46,930 --> 00:22:47,830
you are good to go.
652
00:22:48,040 --> 00:22:48,880
But if you can't,
653
00:22:49,330 --> 00:22:51,760
I recommend that you maybe check this out.
654
00:22:51,910 --> 00:22:54,400
It is a paid service,
655
00:22:54,490 --> 00:22:55,810
but it's a hundred dollars a year.
656
00:22:56,260 --> 00:22:57,610
And some people are like,
657
00:22:57,640 --> 00:22:58,120
oh gosh,
658
00:22:58,150 --> 00:22:58,900
that's a lot,
659
00:22:59,170 --> 00:23:00,970
man. How much money can you save?
660
00:23:00,970 --> 00:23:04,060
And how much is your peace of mind of knowing that
661
00:23:04,060 --> 00:23:06,160
you know exactly where your money is,
662
00:23:06,190 --> 00:23:08,500
what your money is doing and that your bills are going
663
00:23:08,500 --> 00:23:09,250
to be covered?
664
00:23:09,790 --> 00:23:11,230
I think it's a hundred percent worth it.
665
00:23:11,710 --> 00:23:14,470
We do have a special little affiliate link.
666
00:23:14,470 --> 00:23:18,430
So here are the dog academy.com/y
667
00:23:18,430 --> 00:23:19,750
N a B,
668
00:23:20,140 --> 00:23:22,090
and then you'll get an additional free month.
669
00:23:22,090 --> 00:23:22,900
So when you sign up,
670
00:23:22,900 --> 00:23:24,520
there's a free month anyway.
671
00:23:24,520 --> 00:23:25,810
So the free 34 days.
672
00:23:25,810 --> 00:23:27,610
So you can go through a whole billing cycle.
673
00:23:27,990 --> 00:23:29,770
They have a zillion,
674
00:23:30,100 --> 00:23:35,530
different webinars and knowledge banks and things where you can like
675
00:23:35,560 --> 00:23:37,120
tells you exactly how to set it up.
676
00:23:37,390 --> 00:23:39,850
There's a blog post about how to set it up and
677
00:23:39,850 --> 00:23:40,180
use it.
678
00:23:40,180 --> 00:23:41,620
If you have variable income,
679
00:23:41,860 --> 00:23:42,730
how to use it,
680
00:23:42,730 --> 00:23:44,980
if you are paying off debt versus how to use,
681
00:23:45,080 --> 00:23:48,290
if you're using credit cards and paying them off each month.
682
00:23:48,320 --> 00:23:51,440
So there's a ton of tutorials to help you set it
683
00:23:51,440 --> 00:23:52,940
up to exactly how you like.
684
00:23:53,090 --> 00:23:53,630
But anyway,
685
00:23:53,900 --> 00:23:56,810
if you use that link after you get your free month,
686
00:23:56,840 --> 00:23:57,560
if you sign up,
687
00:23:57,590 --> 00:24:00,980
you'll get an additional free month on the backend of either
688
00:24:00,980 --> 00:24:02,450
the yearly or monthly plan.
689
00:24:02,450 --> 00:24:04,220
It's 1499 a month.
690
00:24:04,490 --> 00:24:05,870
If you do the monthly panel plan,
691
00:24:06,140 --> 00:24:08,570
but you'll get an extra free month then as well.
692
00:24:09,230 --> 00:24:09,770
By the way,
693
00:24:09,770 --> 00:24:11,600
I should mention that you don't even have to put in
694
00:24:11,600 --> 00:24:13,970
a credit card to do that 34 day free trial.
695
00:24:14,000 --> 00:24:14,990
Just go sign up,
696
00:24:15,020 --> 00:24:15,740
check it out.
697
00:24:16,040 --> 00:24:17,930
So you don't have to worry about getting charged.
698
00:24:17,930 --> 00:24:20,570
If you forget to cancel or you end up not liking
699
00:24:20,570 --> 00:24:22,190
it. So there's seriously,
700
00:24:22,250 --> 00:24:23,030
no risk,
701
00:24:23,450 --> 00:24:24,200
go check it out.
702
00:24:24,560 --> 00:24:27,230
It's been blowing my mind and I a hundred percent wanted
703
00:24:27,230 --> 00:24:31,520
to share because I'm managing our personal finance is such an
704
00:24:31,520 --> 00:24:34,190
important part of having a successful business.
705
00:24:34,190 --> 00:24:38,330
Because if you are stressed about your personal finances,
706
00:24:38,600 --> 00:24:41,270
that stress is going to carry over into your business.
707
00:24:41,570 --> 00:24:46,430
And that energy is going to be carrying over to potential
708
00:24:46,460 --> 00:24:48,710
clients, potential inquiries.
709
00:24:49,070 --> 00:24:53,330
So the more that you can just manage your personal finances
710
00:24:53,570 --> 00:24:56,420
from a place of power and,
711
00:24:56,990 --> 00:24:58,280
and just knowledge,
712
00:24:58,340 --> 00:25:01,190
the easier it is to run a successful business.
713
00:25:01,490 --> 00:25:03,260
So check it out,
714
00:25:03,830 --> 00:25:06,860
let me know how you are liking it,
715
00:25:07,010 --> 00:25:10,570
or if there's any other ways that you manage your,
716
00:25:10,570 --> 00:25:13,130
your finances that you really love.
717
00:25:13,280 --> 00:25:13,580
I mean,
718
00:25:13,580 --> 00:25:15,110
I'm a sucker for software.
719
00:25:15,110 --> 00:25:17,300
So if there are some great tool out there,
720
00:25:17,300 --> 00:25:17,690
let me know.
721
00:25:17,690 --> 00:25:17,930
I mean,
722
00:25:17,930 --> 00:25:20,060
I'm, I'm sticking with this one cause I love it,
723
00:25:20,270 --> 00:25:21,410
but I would love to also,
724
00:25:21,650 --> 00:25:22,460
I love to see,
725
00:25:22,460 --> 00:25:24,860
I love to see all different ways to do things.
726
00:25:24,860 --> 00:25:26,270
So let me know.
727
00:25:26,840 --> 00:25:29,150
Instagram is at hair of the dog academy.
728
00:25:29,330 --> 00:25:33,170
You can of course join us and our big free hair
729
00:25:33,170 --> 00:25:36,470
of the dog community@community.hair,
730
00:25:36,470 --> 00:25:38,120
the dog academy.com,
731
00:25:38,600 --> 00:25:39,380
or you can go to hair,
732
00:25:39,380 --> 00:25:41,270
the dog academy.com/community.
733
00:25:41,300 --> 00:25:42,380
It'll also take you there.
734
00:25:42,410 --> 00:25:43,580
And yeah,
735
00:25:43,670 --> 00:25:46,490
we would love to hear about how this is working for
736
00:25:46,490 --> 00:25:48,710
you and happy.
737
00:25:49,130 --> 00:25:50,510
I don't want to say happy budgeting.
738
00:25:50,510 --> 00:25:51,140
Cause again,
739
00:25:51,470 --> 00:25:53,810
budgeting has a bad connotation to it.
740
00:25:53,810 --> 00:25:54,890
It is not budgeting,
741
00:25:55,370 --> 00:25:56,660
happy money management.
742
00:25:56,750 --> 00:25:57,290
How about that?
743
00:25:57,920 --> 00:25:58,280
All right,
744
00:25:58,430 --> 00:25:59,450
I'll see you guys next week.
745
00:26:00,200 --> 00:26:02,390
If you enjoy this podcast episode,
746
00:26:02,390 --> 00:26:05,780
go ahead and take a screenshot of this episode on your
747
00:26:05,780 --> 00:26:09,230
phone and posted up there on your Instagram stories and be
748
00:26:09,230 --> 00:26:12,890
sure to tag us at hair of the dog academy.
749
00:26:13,220 --> 00:26:16,790
And we would just love to see how you're listening and
750
00:26:16,790 --> 00:26:17,900
a full disclosure.
751
00:26:18,020 --> 00:26:21,470
Sometimes we just like to give away a little pet photographer,
752
00:26:21,470 --> 00:26:25,310
swag in the form of hair of the dog t-shirts and
753
00:26:25,310 --> 00:26:28,160
sweatshirts. So what are you waiting for?
754
00:26:28,460 --> 00:26:31,580
Go ahead and share that screenshot of this episode.
755
00:26:31,850 --> 00:26:33,690
And don't forget to tag us at hair,
756
00:26:33,720 --> 00:26:34,520
the dog academy.
757
00:26:35,120 --> 00:26:36,140
And while you're there,
758
00:26:36,590 --> 00:26:38,870
maybe you want to jump on over to our account and
759
00:26:38,870 --> 00:26:42,050
see what we're up to on the gram would love to
760
00:26:42,050 --> 00:26:42,860
connect with you.
761
00:26:43,410 --> 00:26:45,480
Thanks for listening to the hair of the dog podcast.
762
00:26:45,600 --> 00:26:47,820
This was episode number 136.
763
00:26:48,090 --> 00:26:50,040
If you want to check out the show notes for access
764
00:26:50,040 --> 00:26:51,960
to any of the resources that we mentioned,
765
00:26:52,200 --> 00:26:56,640
simply go to www.hairofthedogacademy.com/
766
00:26:56,640 --> 00:26:59,760
1 3 6.
767
00:26:59,760 --> 00:27:02,880
Thanks for listening to this episode of hair of the dog
768
00:27:02,280 --> 00:27:04,650
podcast. If you enjoyed this show,
769
00:27:04,770 --> 00:27:06,480
please take a minute to leave a review.
770
00:27:06,690 --> 00:27:07,560
And while you're there,
771
00:27:07,710 --> 00:27:09,060
don't forget to subscribe.
772
00:27:09,120 --> 00:27:11,370
So you don't miss our upcoming episodes.
773
00:27:11,880 --> 00:27:12,600
One last thing,
774
00:27:12,990 --> 00:27:15,660
if you are ready to dive into more resources,
775
00:27:15,930 --> 00:27:21,330
head over to our website@wwwdothairofthedogacademy.com.
776
00:27:21,660 --> 00:27:24,870
Thanks for being a part of this pet photography community.