86: Your Money Your Way with Kumiko Love, The Budget Mom
May 31, 2022
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Kumiko Love, The Budget Mom, shares her expertise on managing money. Learn about finding your financial why, developing a plan personalized to your needs, understanding your relationship with money, and the importance of self-discipline in your financial journey.
Budgeting is about personal development and using money to pursue dreams and overcome fears.
Shifting mindset from scarcity to abundance is crucial in achieving financial fulfillment through budgeting.
Deep dives
Budgeting is Personal Development
Budgeting is not just about money, but about personal development. It forces individuals to understand themselves in new ways and decide what they truly want to accomplish with their money. Budgeting is a tool to honor oneself rather than deny oneself. It is not about restriction or deprivation, but about desire, pursuing dreams, and overcoming fears. Budgeting expands options and improves the overall quality of life, bringing peace, pleasure, and triumph. It is about feeling fulfilled and creating memorable experiences, regardless of one's budget.
Mindset and Budgeting
Mindset plays a crucial role in being a successful budgeter. Shifting mindset from scarcity to abundance is essential. Budgeting is not just for those struggling financially, but for everyone. It is a tool to honor oneself and achieve financial fulfillment. Through budgeting, individuals can gain control, clarity, and stability in their lives. Motivation is not required, rather self-discipline and dedication to the goals and values. By visualizing the life one is striving for and recognizing the significance of budgeting, it becomes a source of empowerment rather than a burden.
Discovering Your Why
Discovering one's why and purpose is crucial before starting the budgeting journey. It provides the underlying vision and motivation for financial change. Budgeting goes beyond numbers; it is a journey of self-discovery. Understanding personal emotions, triggers, and relationships with money can answer important questions and lead to lasting change. Honesty and vulnerability are key in addressing negative emotions and habits associated with finances. Recognizing that everyone has a unique relationship with money, allowing for personalization and self-defined success is essential.
Building Financial Confidence
Budgeting is a powerful tool to build financial confidence and stability. It allows individuals to plan financially, make informed decisions, and enjoy the values and priorities that are important to them. Budgeting is not about sacrificing, but about aligning spending with personal goals and desires. It provides control, clarity, and the ability to live a financially fulfilled life. Implementing a budgeting routine, even a few minutes daily, builds discipline and creates habits that support long-term success.
Do you often feel like there is right way or a best way to do things when it comes to managing your money? Are you constantly trying out different budgeting strategies that don’t seem to work with your unique personality, goals, and lifestyle? If so, then you’re not going to want to miss this week’s episode of The Money Love Podcast with Kumiko Love, The Budget Mom. In this episode we discuss the entire cycle of budgeting and how to come up with a system and plan that works for you. We discuss finding your financial WHY, the role that mindset and emotions play in your finances, why it’s so important to develop a plan that works for you and isn’t a cookie cutter version of someone elses financial plan, and more. This episode is one where by the end you will feel inspired and empowered to manage your money, your way.
More about Kumiko:
Kumiko empowers women everywhere to regain control of their financial lives. An Accredited Financial Counselor with over nine years of experience in the finance industry, she founded The Budget Mom, a community of millions of women on a path to financial fulfillment. She's also the creator of the wildly popular Live Rich Planner® and Budget by Paycheck® Workbook and recently published a National Best-Selling Book, My Money My Way: Taking Back Control of Your Financial Life.