Organizing Your Money for 2024 w/ Alaina Fingal #764
Dec 20, 2023
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Alaina Fingal, an expert in organizing personal finances, shares insights on building wealth through organization. Topics include analog strategies, budgeting with cash envelopes, understanding the emotional side of money, balancing work and family, and determining what is enough in terms of personal interests and hobbies.
Organizing your money is about 80% mindset and 20% math, emphasizing the importance of understanding your money personality and defining your own definition of wealth.
Combining goals with systems is crucial for achieving financial success, highlighting the need for effective systems like time blocking, specific savings plans, and gamified challenges to provide structure and motivation.
Deep dives
The Power of Organization and Money Management
Elena Fingal, a financial coach and author, emphasizes the importance of organization and systems in achieving financial goals. She believes that organizing your money is about 80% mindset and 20% math. By understanding your money personality and defining your own definition of wealth, you can align your spending habits with your values and priorities. Elena recommends using systems like planners, time blocking, and specific savings goals to help manage and achieve financial success. Additionally, she suggests participating in money challenges and setting small, achievable goals to stay motivated and make progress. Ultimately, by being intentional and organized with your finances, you can create a solid foundation for building wealth and achieving financial peace.
Organizing Your Money and Defining 'Enough'
A key aspect of organizing your money is defining what 'enough' means to you. Elena encourages individuals to question their spending habits and identify their true desires and priorities. By understanding your motivations and values, you can make more intentional financial decisions. Elena also emphasizes the importance of having a specific reason or goal for saving money, as it provides a clear focus and motivation. Whether it's creating a debt payoff plan, participating in savings challenges, or establishing spending limits, organizing your money involves creating systems that align with your personality and goals.
The Role of Systems and Challenges in Financial Success
Elena highlights the importance of combining goals with systems to achieve financial success. Without effective systems in place, goals are less likely to be achieved. Creating systems such as time blocking, specific savings plans, and gamified challenges can provide structure and motivation for managing money effectively. Elena also suggests tailoring your systems to your personality and preferences, recognizing that what works for one person may not work for another. By implementing practical strategies and being intentional with your financial decisions, you can stay organized and make progress towards your money goals.
Are you a neat freak, or do you prefer to simply wing it? Here’s a thought exercise: How would you feel if your partner said, “We’re going to The Container Store!”? If you’ve never been before, it’s pretty self-explanatory; basically, a retailer dedicated to organizing everything from Christmas decorations to tools in the garage and shoes in the closet. But last I checked, they didn’t have anything specific to organize your personal finances. That’s why we're lucky enough to be joined by the woman behind The Organized Money, Alaina Fingal. The Organized Money is an incredible resource – it’s a site, a blog, and Alaina creates a ton of videos on YouTube where she has nearly 200,000 subscribers. Her goal is to help folks build wealth by organizing their money. As a certified financial coach and author, Alaina is on a mission to help folks find financial peace by utilizing different systems that work for them. We discuss how Alaina developed her organizational prowess, going with analog strategies to help you stay on target, how her weekly meeting keeps her from busting her budget, organizing your time, and much more during today’s episode.
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During this episode we enjoyed a Missile Toad by Ever Grain Brewing – a big thanks to Rhiannah for sending this one our way! And please help us to spread the word by letting friends and family know about How to Money! Hit the share button, subscribe if you’re not already a regular listener, and give us a quick review in Apple Podcasts or wherever you get your podcasts. Help us to change the conversation around personal finance and get more people doing smart things with their money!