HOW TO BE MORE DISCIPLINE WITH MONEY COACH IN US AND CANADA

THE WAY TO BE MORE DISCIPLINE WITH MONEY HOW TO

Answer: To be more disciplined with your money, start by tracking all your expenses for three months to identify where your money is going. Cut unnecessary costs, save consistently for at least six months, and consider strategic investments like insurance. Re-strategize regularly to ensure you're saving and managing your finances effectively, whether you have modest income or high earnings.

Today, we're going to be talking about how you can manage your money and how you can be disciplined with managing your money, which is very important if you have goals, dreams, or want to buy something that is very expensive. Whether you have a business, or you're a young person whose parents didn't show you how to manage money, or if you didn't learn it in school, this guide is for you.

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We will be discussing two types of people here. The first type is someone with a lot of responsibilities, who is goal-oriented and has dreams and things they want to create, which cost a lot of money. The second type is someone who has a job or a business making a ton of money but isn't saving any and doesn't know how to save money. You might fall into one of these categories, and my hope today is that I can really help you with the method I'm going to provide.

The First Type: Responsibility and Goals

The first type of person is someone who has responsibilities and goals they'd like to achieve. They might have kids, a home, a mortgage, rent, car payments, and utility bills. They have a job but aren’t making much and find themselves not saving any money, feeling both responsible and irresponsible at the same time.

First, I want to let you know that it's okay if you feel like you cannot manage your money. I used to struggle with managing my money for a very long time. There was a time I made some money, bought a house, and during the 2008 recession, I had to move to Canada because people weren't paying their bills. I had to leave the house for the bank. Not managing my money well wasn’t good for me, and I want to help you manage your money better and have more savings.

If you can't manage your money, there might be a reason why. The first thing you have to do is figure out why you're having trouble saving money. When we talk about managing money, we mean having more money in your hand at the end of the week or the end of the month, which is called saving. If you’re not saving any money and all your money is being spent, you’ll want to know why.

Analyzing Your Expenses

To understand where your money is going, start by writing down everything you spend over the next three months. One key to managing your money well is to look at your expenses. Get familiar with your bank app, master your spending, and look at your numbers every single day. Even if you spend a penny, a dollar, or $3, write it down and become conscious about your spending and the numbers.

In order to be successful with money, you have to like numbers and be consistently looking at them. Download your bank's app and monitor what’s going out and coming in. Whenever something like your electrical bill goes out, figure out a way to lower that bill. You may not know this, but in some places, you can choose a different company for your electrical bill.

The same goes for your internet and phone bills. Look at them and see if there’s a way to switch companies and get a better deal. For instance, every year, I switch companies and pay less because, after two or three years, these companies don’t really care about you. Sometimes, you don’t even need to switch companies; just look for a promotion they’re offering and jump on it.

Re-strategize

When things get tough, the best thing you can do is re-strategize. Little things matter when it comes to money. Even turning off the lights when you leave a room or turning off the TV when you're not watching it can add up. You're trying to crack down on your finances and figure out why you're not saving.

If you have a piece of equipment that you are not using, sell it and save the money. Every extra dollar you make from some of the methods I’m going to share should be saved, not spent. Save for at least six months, and once you've identified where you’re spending your money, stop most of it. Some expenses you won’t be able to stop, but try to stop as many as possible.

For example, if you find out that you're spending too much money eating out, cut most of that out and start cooking at home. Go shopping once a month for groceries and grab a few things here and there as needed. If you’re driving around aimlessly, stop that too. If you're spending too much money going out or shopping for clothes, cut back.

Saving for Six Months

If you've been shopping, you probably have enough clothes by now. Ladies, stop for about six months and save all of that extra money. After saving for six months, take 20% of what you’ve saved and treat yourself. This will feel much better than watching small amounts of money leave your account unnoticed. Sometimes the money leaves your account without you even realizing it, especially if you have kids or a spouse who asks for things.

You must also learn to say no. If it's not necessary, say no to friends and family who are always asking for money. Sometimes people will pretend to be sick just to get money from you. If it's not an emergency, say no, and focus on yourself for at least six months. After that, you can send them more money than usual, and they’ll be happy.

Insurance: A Critical Step

The best method I’m going to give you is this: Get insurance. You can find life insurance for about $50 a month, and it’s very important. If something happens to you, you won’t have to worry about your burial or other expenses. I know some people don’t like talking about this, but it’s crucial.

Add insurance to your bills after you’ve cut costs on your internet, electricity, and other expenses. This way, even if you don’t have much money to save each month, you won’t feel bad because you know that if something happens to you, your family will be okay.

You can also get insurance for physical health, dental, vision, massage therapy, and more. If your employer doesn’t provide this, get it yourself. It might cost you $30 or $40 a month, and overall, you might spend about $100 a month on insurance. This is a great investment in your peace of mind.

With insurance, you won’t feel as bad about spending your money, but make sure to save until you have about $15,000 to $20,000 for emergencies.

Strategic Investments and Coaching

If you like investing in businesses, coaching, or other ventures, look at all the places where you're spending money and narrow it down to the best ones. If you’re paying $50 a month for a coaching program that helps you move to the next level, keep that. My advice is to save some money and then invest in a coaching program that costs $10, $20, or even $50 a month to learn something new.

Sometimes, making extra money helps, but not always. Sometimes you just need to save and re-strategize. Even people who make a lot of money need to re-strategize. I know someone who wants to build a school that will cost about $2 million, but he only has $1 million. He’s a millionaire, but he’s still going to re-strategize. Spending all his money on the school would leave him broke.

Keep Some Money Aside

It doesn’t matter if you’re a millionaire or just making a modest income; you need to re-strategize to stay financially stable. Always keep some money aside because when you're in trouble, it won’t be there for you if you don’t. Sometimes even the people you help won’t be able to help you. So, stop helping people all the time. It’s good to help, but learn quickly that when you need help, they might not be there for you. Help them every six months if possible, while you are saving for yourself.

The Second Type: High Income but Low Savings

Now, let's talk about the second type of person: those who are making a ton of money—$4,000 to $5,000 a month—but aren’t saving any. You need to re-strategize as well. Look into your rent and see if you can find a cheaper place to live. If your rent is too high, cut it down by half.

Next, try to save one of your paychecks or half of your business income every month. That’s how you start saving. If you have credit card bills, bring them all into one. If you have one credit card with a $10,000 balance and two others with smaller balances, pay off the smaller ones completely so you don’t pay extra fees. Then, focus on paying off the larger one.

If you have debt, find a professional to help you consolidate it and lower your monthly payments. If you can’t afford to pay your debts right now, don’t feel too bad about it. Just make an effort. If you can’t make an effort because you have too many bills, save for yourself first for a few months, and then pay a lump sum.

Dealing with Debt

Some debts will go to collections, but that shouldn't surprise you. When they go to collections, find a professional to help you consolidate them. If you can’t afford it, save for a year, and then pay off what you can. As the years go by, after seven years, everything will go away, but you won’t be able to borrow money from that company again, so be wise.

If you have debts going into collections, make sure to keep one of your credit cards alive. Don’t burn off all of them. Make sure you keep one that you can pay consistently every month. That will help you maintain some financial credibility.