#TRIBECHATS with "My Fab Finance"
You Need Tribe is about the growth of women in all aspects of life, including financial growth. We had the chance to hear from Marsha of My Fab Finance as she shared gems to help women gain control of their expenses and monetary goal. Take notes because summer is almost over and the end of quarter three of the financial year is slowly approaching. Check out the gems for shared and be sure to let us know how you prioritize your money in your life!
You Need Tribe: What does financial freedom mean/look like to you as a woman?
My Fab Finance: Financial freedom looks like moving throughout life being financially confident without a scarcity mindset. It means breathing in the morning air and embracing the time that I enjoy doing the things that matter most to Me. Financial freedom means spending time with those that I love without chasing the next dollar.
YNT: How important is it to study your finances and set financial goals?
MFF: It is financially paramount that you study your finances and set financial goals. It's really easy to get stuck in the mind-frame of a little doesn't add up or if I'm not rich or wealthy yet it doesn't matter. All of this are myths. I personally set a goal of spending $30 per week on non-essentials and kept this habit for two years, quit my 9-5 and successfully launched The Finance Bar. What's even more amazing is I continue to use this method which allows me to constantly grow my financial platform and to advance my business forward. You have to know where you are to determine where you're going.
YNT: What steps can women take to begin establishing their own healthy relationship with money?
FF: Some very simple steps that can be taken are to: 1.) Identify how much your life costs you. Meaning from where you lay your head to the random things you love to do throughout the month. 2.) Determine your total net worth. I love this so much because it's a sort of in your face way to say WOAH, I need some work or Eh, not so back. This is a simple measure of adding up all of the things you own and comparing them to how much you owe. 3.) Get in the habit of spending at least an hour with your finances each week to review your accounts, credit balances and upcoming expenses. Push yourself to become more moneywise.
NT: What mistakes do women in particular commonly make with their finances?
FF: The mistakes that women commonly make is believing that they have more time to get things in order when in reality the longer we wait the more opportunities we miss out on to grow our money, to remove debt and the stress it causes in our lives and the less time that we have to spend money doing things that bring us joy.
NT: How does a woman grow from a place of being overwhelmed to being comfortable and knowledgeable about finances?
FF: The overwhelm is reduced when we first face our reality. Very little happens over a short period of time even when it feels like the swipe of our card to accrue thousands in debt can only takes a few minutes. The excitement begins the moment you recognize where you are financially. Having a visual of..."this is where I am and this is where I desire to be gives you clarity and hope."
NT: What tips can you offer women who might be selling themselves short in the workplace by not requesting/demanding what they are worth?
FF: When we sell ourselves short in the workplace we are not only selling ourselves short but also our family or our future family (kids, spouse, etc.). Gaining back our power and better understanding our worth beyond a dollar eases the process of feeling intimidated.
NT: Systems are important in every facet of life. What financial systems do you recommend for women?
FF: The Finance Bar offers a mobile expense manager app that allows you to simply enter your monthly net income and it calculates how much you should be spending in most expenses (including savings). I also recommend a very simply spreadsheet to keep track of your spending and expenses (review this weekly). Lastly there are options such a mint.com to review your money and bills all in one place. Most importantly do what makes the process less complicated for you.
NT: Does money also serve as emotional currency for women? If so, how?
FF: Money only serves as emotional currency if we allow it to. Switching our mindset to believe that money "serves" us and not the other way around moves us from the emotions to gratitude for every dollar that comes our way.