137: Habits & Routines to organize your Life & Finances with Alaina Fingal, Founder of The Organized Money
Apr 4, 2024
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In this engaging conversation, Alaina Fingal, a certified financial coach and founder of The Organized Money, shares her expertise in organizing life and finances. She discusses the importance of customizing financial systems to fit individual needs. Alaina reframes budgeting as a positive tool rather than a chore, while highlighting essential routines like transaction reviews and annual financial assessments. Listeners learn how to budget sustainably, tackle unexpected expenses, and incorporate flexibility into their financial practices.
Establishing daily planning routines allows individuals to anticipate expenses, reducing impulsive spending and enhancing overall financial awareness.
Creating a realistic budget that reflects actual spending habits prevents frustration and encourages consistent adherence to financial plans.
Regular financial check-ins and reviews foster discipline and adaptability, crucial for effective money management and achieving personal financial goals.
Deep dives
The Significance of Financial Organization
Financial organization is crucial for managing personal finances effectively. Keeping financial records and budgets helps individuals track their spending habits and achieve their financial goals. For example, a clear organization system can prevent overspending by enabling people to foresee and budget for various expenses, rather than reacting to them last minute. As discussed in the episode, the way Elena organizes finances can simplify the budgeting process significantly, leading to better overall financial health.
Starting Point for Financial Management
To get started with organizing finances, one should initially focus on daily planning. This includes assessing daily commitments and upcoming expenses, which helps in anticipating financial needs and avoiding overspending. For instance, by planning meals and outfits for the week, individuals can reduce impulsive spending on dining out and clothing. This routine lays a strong foundation for better financial management as it creates awareness around spending patterns.
Realistic Budgeting Techniques
Creating a realistic budget involves understanding personal circumstances and adjusting financial plans accordingly. For example, when determining food costs, it's essential to consider the actual spending on groceries and dining out rather than adhering to outdated budget figures. This nuanced approach can prevent the frustration of frequently exceeding budget limits, as individuals can make informed adjustments based on real-time changes in their lifestyle or the economy. Ultimately, being realistic about financial planning encourages sustained adherence to budgets.
The Role of Financial Routines
Establishing consistent financial routines is vital for maintaining organization and accountability. Daily financial check-ins, bi-weekly payday reviews, monthly budgeting sessions, and annual financial evaluations help keep track of spending and optimize financial plans. These routines not only facilitate better money management but also instill a sense of discipline, ultimately enhancing financial literacy. By regularly reviewing and adjusting financial habits, individuals can adapt to changing circumstances while following through on their goals.
Navigating Overspending and Under Budgeting
Understanding the difference between overspending and under budgeting is essential for effective financial management. Overspending often stems from emotional responses while under budgeting typically results from not accounting for changes in lifestyle or inflation. For instance, if someone is consistently exceeding food expenses but not altering their budget over time, it may be a sign of under budgeting rather than impulsive spending. Recognizing this distinction can help individuals make necessary financial adjustments, leading to improved budgeting habits.
Does it feel like your money is all over the place? Do you find that there's always "surprise" expenses popping up that you forgot to plan ahead for? Do you struggle to form and stick to a routine with your finances? If your finances feel messy, choatic, and disorganized then this week's episode of the podcast is for you.
In this episode of The Money Love Podcast I'm covering habits and routines to organize your life and money with Certified Financial Coach and founder of The Organized Money, Alaina Fingal. We're covering the first step you need to take to get your money organized (even if you're not a Type A person), how to be realistic with your budget, how to make a plan for your money that reflects your unique goals and personality (and how to actually stick to it), the 4 money habits you need to stay organized with your money, and how to know if you're overspending, or under-budgeting. Enjoy!
About Alaina:
Alaina is a certified financial coach, author, and content creator. She helps busy people who struggle with budgeting and time management use a paper planner to get organized. She shares her easy approach to finances through her YouTube channel and has amassed over 180,000 subscribers and 20 million views on the platform. She serves on the Financial Expert Review Board for CNET Money and her work has been featured in Yahoo Finance, The New York Weekly, Wired, The Huffington Post, CNBC Make It and others.