Women & Money: Take Control of Your Finances and Grow Your Wealth with Elizabeth Michelle - 109
How do you feel about money? Money is messy. It’s complicated. Maybe that's why our relationship with it is just as personal and valuable as any other relationship in our life. In today's episode, Jamie Ratermann speaks with Elizabeth Michelle a Financial Coach focused on helping women love their relationship with money and grow their wealth. They discussed the unique financial challenges women face, urging them to build confidence in their financial decisions.
Money Dates: The Fun and Effective Way to Manage Your Finances
When considering roles and habits that help build a better relationship with money, having a regular "money date" is one of the best practices. Elizabeth explains that a money date involves setting aside time to review your finances in a way that feels enjoyable. Whether it's making a mocktail, lighting candles, or enjoying a meal, creating a positive ambiance can turn this routine into something exciting. This practice not only makes financial management fun but also fosters a healthy and proactive approach to money.
Jamie and Elizabeth discuss why you need to treat your relationship with money like any other important relationship in your life. Schedule regular money dates, communicate with your money, nurture it, and celebrate milestones, big or small. Just as you put effort into a long-term partnership, investing time and energy into your financial relationship can yield positive results. Instead of dreading financial reviews, transform them into enjoyable events. By doing so, you look forward to each session and feel more connected to your finances. This method is about making the process engaging and rewarding, ultimately helping you maintain a secure and healthy relationship with your money.
Personalized Financial Planning: How to Prioritize Your Money for Success
Everyone's financial goals vary, and those goals require different amounts of money, adjustments, and prioritization. Elizabeth explains that using a hard and fast percentage rule for budgeting isn't a one-size-fits-all solution, but rather a baseline guideline to be personalized. It's important to know your money and feel confident in your financial decisions. For instance, if you're an entrepreneur earning around $10k a month, begin by categorizing your expenses into three main buckets: necessity expenses, goal-oriented savings, and enjoyment funds.
Necessity expenses include essential living costs like rent, utilities, and groceries. The second category, goal-oriented savings, encompasses both short-term and long-term financial goals such as emergency funds, retirement savings, and major purchases. Automate your savings in these two categories to ensure you pay yourself first. The final bucket is for discretionary spending, allowing you to enjoy your money guilt-free after securing your necessities and goals. Focus this spending on what truly makes you happy, aligning your financial habits with your personal values.
Key Takeaways
📅 Money Dates
📊 Budgeting and Spending
🏦 High-Yield Savings Accounts
💸 Manifesting Money
🛡️ Overcoming Financial Fears
📈 Debt and Investment
Watch on YouTube
Highlights
00:00 Intro
3:12 Why do women have a different relationship with money compared to men?
5:31 Traditional roles and upbringing affecting women's financial confidence.
6:46 Money Dates
11:16 Setting an agenda for money dates including budget review, goal tracking, and planning for big expenses.
18:22 Breaking down expenses into necessity, goals, and enjoyment categories
20:04 Encouragement to spend on things that bring joy without guilt
28:28 High-Yield Savings Accounts
30:06 Manifesting Money
33:37 Overcoming Financial Fears
38:26 Learning from past financial mistakes to build a secure foundation.
40:03 Managing debt and using credit cards wisely.
42:03 Encouragement to invest money to build wealth over time.
About Elizabeth Michelle
Elizabeth is a Financial Coach focused on helping women love their relationship with money and grow their wealth. She truly believes that financial independence is an enabler for living a life on your terms, realizing your dreams, and creating a more secure and abundant future. She is passionate about helping women to feel empowered to talk about money and pursue and ask for what they deserve, feel less stressed about money, and be more confident managing their money in a way that supports their goals and lifestyle.
Follow Elizabeth on Instagram: @elizabeth_mchelle
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