Have you dug into your overspending triggers?

Redefining what is a luxury was a big shift for my spending habits

Do you feel like overspending is keeping you from sticking to your goals (or setting them in the first place)? This topic recently came up in a group I'm in. Women were debating *why* overspending is prevalent. This is one of the reasons I think it happens that people don't consider, so I thought I'd share my response with you all!

I find that sometimes overspending is a reaction to people feeling like they were deprived at some point in their lives. As children they were embarrassed because of things they couldn't have or buy because parents wouldn't or couldn't provide them. So now, as adults, they buy things to make themselves feel socially secure.

We as humans overlook the basic need to fit into the group as a survival mechanism. When other kids are mean to you and ostracize you because of how you look (clothes you wear, what trapper keeper you had, whether or not your family bought lunchables) it triggers a primal survival instinct to fit in.

Back in the caveman days, if you weren't part of a tribe, you were more likely to die. It's not literally the case now, though the people you spend the most time with still impact your life trajectory greatly, but that part of the brain is still there and we're still living by those instincts. Overspending is one of the ways it presents and social media definitely exacerbates it.

The same happens if someone grows up wealthy and then goes out on their own and earns at a different socioeconomic level than their parents. That can really mess with their identity and sense of belonging.

It comes down to emotional intelligence and being happy with who you are as a person. Recognizing you're safe, deciding how you choose to live, and defining your own idea of success. As long as our basic needs are met - food, housing, transportation, most of us can be very happy with whatever income we are at as long as we find safety and joy within ourselves.

Costs have definitely risen to a level that has outpaced income. We have data for that, it's undeniable. Should we have to live with less comforts than our parents and grandparents? No! But overspending beyond our income level is putting our future selves in jeopardy.

I'd love to hear if anything came up for you while reading this. Drop a comment or send me a message using the contact form!

How is a Financial Coach different from a Financial Advisor?

You may find yourself wondering “what does a Financial Coach do, exactly?” and, “How is it different from what a Financial Advisor does?” You are in good company with wondering this... I had no idea myself when I first learned that I could be a Financial Coach! So let’s see if I can help clear up some of the common questions for you here :)

A Financial Advisor is a job title that many people are familiar with, they help you make decisions with your money generally around investments and retirement. Here are some things that Financial Advisor’s do:

• Manage your investments on your behalf.

• Help you decide what types of insurances you need and how to obtain them.

• Help guide you in saving the correct amount of money for big long-term goals like paying for college and retirement.

• Help you to know when you can make big financial decisions like buy a vacation home or retire.

This looks confusing, right? You should have a guide ;)

They have quite amazing ways of factoring in your current lifestyle and income, investment risk tolerance, and future lifestyle goals to magically figure out how you should invest and how much to reach the goals you have. Hopefully, my use of the word “magic” helps you to see that this is NOT in my wheelhouse! I happily refer clients to speak with a Financial Advisor for anything related to investments! 

What I do as a Financial Coach is to help clients get a handle on all of the nitty-gritty daily tasks around their money. We work on:

• Establishing good money habits with organization, savings, and bill pay

• Help them to see where they could save money because they are paying more than the average market rate

• How to pay down debt most effectively for their personal situation

• Making their money decisions feel good by aligning them with their personal value system

• Reduce stress around money and financial decisions by empowering our clients through education.

Y’all. That is the biggest one for me! Let me shout it one more time for the people in the back…

** Financial Coaches help clients reduce stress around money and financial decisions by empowering them through education. **

I love working with women who are ready to put in the work it takes to shed the overwhelm and disorganization because I know what it will do for you! It is truly life-changing to get your money in order. Clients routinely tell me that they sleep better, have more fun when they go on vacations, enjoy their free time more, etc. all because they aren’t constantly worrying about money! It doesn’t matter how much money you make, money stress can be there for everybody, and I know that.

Hopefully, you can now see the benefits of having a Financial Coach in your corner! If you are reading this and thinking “this lady is speaking my language!” then it’s time for us to have a chat! Schedule a free Q&A Call with me today!

A Shift in Perspective Can Help Your Money

I’ve always been a little disappointed with the view from my home. I can see a beautiful sunrise, but it’s mired with multiple utility poles and more lines than I care to count. As a person with the desire to seek beauty, I still appreciate it, but I rarely would share a photo with others because of these flaws. This year, my husband and I blazed a trail from our yard down the very steep bank to the river’s edge. Suddenly I have this gorgeous view, unmarked by phone and electrical lines - the same property, the same sunrise, just slightly down the hill… a change of perspective.

“Sometimes we get so caught up in the situation we are in that it’s hard to see the way through.”

Sunrise… meh

Try as I may to hide those lines, there they are along the left, cutting off the best of the view.

Sunrise: Ethereal

Sometimes we get so caught up in the situation we are in that it’s hard to see the way through. As a coach, I often see my role as helping a person become an observer of their situation financially and that is rarely black and white. Your bad day at work led to some “retail therapy”, shift from shopping to feel better, to taking a walk in nature or meditating. Your overscheduled weekend made it harder to plan meals for the week leading to a night of takeout and another night eating at a restaurant that wasn’t on your spending radar. Shift from paying for conveniences to taking 1 hour to plan for those days when convenience is needed.

We often don’t consider how our mood or time management effect our finances, but they do. I like to help my clients step back and see the root of why their situation is how it is. Sometimes it is a simple fix, sometimes it needs more digging, and slower action. My journey has definitely been the “more digging and slower action” plan. Helping my clients discover their values around spending helps them feel better about their money and increases their likelihood of success! 

Schedule a free Q&A call with me and we’ll see what a shift in perspective could do for you!