Plan the Next 90 Days of Your Money: Budget Goals That Work in Real Life | 430

0:00Hey, before we jump into the show, we wanted to give you a heads up that our free budget workshop is happening Friday, September 11th at noon central. At the workshop, we'll show you the simple budget system that we use to help women organize their money, stop living paycheck to paycheck, and finally feel confident when it comes to their money. So if you're brand new to budgeting, this will help you start the right way and avoid common mistakes. And if you already have a budget that's not working, this workshop will help you simplify it and make it work for real life. This workshop is 100 % free and you can save your seat right now at budgetbesties.com forward slash workshop.

0:31If you're ready to stop winging it and start winning with your money, Q3 is your moment. Today we're going to set some clear money goals and build a 90-day plan that you can actually follow through with paycheck by paycheck. And so in this episode, we're walking you through how to set up your budget, some goals, and your bank account for the next 90 days. So you'll actually hopefully have something to show for all of your hard work. Oh, that'd be nice. I know, right? All right, so let's go. Do you make good money but have nothing to show for it? Are you tired of living paycheck to paycheck? Do you have big dreams for your financial future?

1:03Do you want to get debt free but you don't want to live on beans and rice? Or you don't want to give up those pumpkin spice lattes? Hey, it's okay if you don't already know how to budget or if you're using credit cards to get through the month. Hey, it's okay if you want to seem like you have your finances all together or you're not on the same page with your spouse when it comes to finances. We know what you're doing probably isn't working. But guess what? you're in the right place. We're Shana and Vanessa. We're best friends, business partners, and master financial coaches trained by Dave Ramsey.

1:32We've been in business since 2019, helping hundreds of amazing people like you create budgets, get out of debt, stop living paycheck to paycheck, and know exactly what to do with their money. In this podcast, we'll share with you everything we know, plus everything we're working on with our clients so that you have the best chance at reaching your financial goals. We want to help you take the guesswork out of your budget, improve your marriages, and even bring your kids in on the conversation. We can help you no matter where you're at, whether you're the single mom who's never had$500 in her savings account or the millionaire who's paid off four real estate mortgages.

2:04And we're not going to shy away from the tough love. We'll tell you what you need to hear and encourage you at the same time. This is the Financial Coaching for Women podcast. All right. So the first thing you want to do is look back, right? We want to look back. We always talk about, well, before you build a budget, you want to kind of see what has happened in the past. So this one is no different. Yeah. So what you could do is like, let's look back. So, you know, the year is broken up into quarters, or at least for nerdy people it is. And so if you look back in the last quarter, what went well?

2:34Like, what did you do well with your money? What are you proud of? What did you accomplish? I think that's always really good. Like, what were you able to pay for with cash instead of using debt? Or were you able to pay some debt off? Like, what are some good things that you can look back on that went right? Yeah. And I think it's always good to start with the good. because I think so quickly we can go into what went wrong, which is the next step. But I think it's really good to start with some wins. So after you do that, let's look at what flopped, what got off track, how did you get off track?

3:00Why did you get off track? Let's just look at some things that didn't go as well as we wanted to and then figure out how we can tweak and change it so that way Q3 is a little different. Yeah, so you're gonna think like, what could I have done better? Like Vanessa said, what went wrong? So maybe you spent more than you were supposed to. Let's really dive in. That never happened. Never, never has ever. never will it ever what you can look at is what maybe happened or what what made it possible for you to mess up right so if you were were you transferring out of the bills account or were you using it did you keep the credit card in your in your wallet like you shouldn't have did you keep the amazon hooked up to the bills account like what are the what are the things behind maybe what didn't go well that you could actually uh reverse engineer and fix and solve for that yeah and then really like what surprised you so there are those moments that we got derailed and we want to figure out why and dissect that.

3:50But then it's like, what completely threw you off that you absolutely weren't expecting? And we want to make sure that we can, okay, is that same thing going to happen again in Q3? Or is that same thing going to happen in Q2 next year? We want to write that down. We want to make sure we prepare for this. Yeah. So to review, we're going to see what went well, figure out what, why it went well. Was there something like, like we teach you, did you pay debt off on payday? Is that why that worked? Or did you have automatic transfers going into your savings buckets. Is that why it worked? Let's make sure we understand what went well and why so that we can keep doing that.

4:22Let's see what didn't work, what didn't go great and figure out the why behind that too. And, um, and see what we can solve for that. And then like Vanessa said, if there was these unexpected expenses or whatever came up that we didn't plan for sort of maybe threw off the budget, let's, let's like take mental note of that so that we can either plan for them coming forward in the next quarter or even next year around this time, Maybe it's an annual bill or something that you weren't thinking about. Like, let's get all of that out of our brain and onto paper, onto something so that we'll remember.

4:49Well, especially with our budget system. And if you are interested, go to budgetbesties.com forward slash budget to check that out. But we have a savings bucket tracker. And this is a great place to, like, pull that out while you're going through Q2 and figure out, again, what went well, what messed us up, what surprised us. And fill that savings bucket tracker in for Q2 next year so that way you are prepared. Okay, so then now let's actually go forward and look at Q3. So Q3, what is that? July, August, and September. Okay. Just three short months. Three short months. So let's get out the calendar.

5:21Let's get out. Let's see where is our time going because that's going to inform us a lot about where our money might follow, right? But that will be a good start for you. What's going on? What's in the calendar? Back to school will happen. Maybe you have some trips. Maybe you're going to be a world traveler for a month. Maybe there's something that you need to do around the house. Like, let's see what's going on in your calendar that you can check your budget with. I actually want to go back to really quick where you said to pull out your calendar, because I think some people can try to do this in their brain, like on their own.

5:55Oh, that's not a good idea. And I think physically looking at a calendar makes a huge difference. I'm not talking about the scrolly one on your phone. If at best you're pulling out your computer and you're looking at an actual calendar there, but I love me some paper and pencil calendars. Like I just think that makes such a difference, but do that, pull it out. So it's not mental wrecking balls in your brain. You can visually see it. Like Shannon said, you can map out the next three months and figure out what are these known events? What are some big bills? What are some seasonal things happening in the next couple of months?

6:24So you got back to school, like Shannon said, you have fall coming up. You've got some things that you need to plan for. So let's make sure we account for that. Yeah. And then the other thing that you can look at maybe with the calendars, maybe some income changes. We have several teachers that might miss a paycheck in the month of August or July or whatever. Or maybe you have an up-down season with your business, the way it works. So we might want to look at any of that, the way the calendar might affect income as well. And so that's the first part. Let's look at what the calendar is doing and telling us what's going on.

6:56And then maybe we want to look and see what we want. Not just what our calendar is telling us, but what are our actual goals that maybe we want to accomplish when it comes to our money. Yeah, I think it's really good to set these small goals that you can accomplish within the next three months. It doesn't make it seem overwhelming or unachievable. Like literally in the next three months, what can you get done? Is it, do you want to pay off a card? Are you guys going on a trip? Is it, I want to boost my savings. There is something specific that I want to happen. And we want to track that because we want you to be successful in that.

7:29Yeah, and I think, so the thing that I, we, if you were to look at Vanessa's annual plan, our strategic annual plan, just don't. Because it changes so much. And that's why this is so important to look at the 90-day increment. I can much more clearly say for the next 90 days, I have a real decent grasp on what's going to happen versus trying to say for the next year, this is what our goals are. So that's why. It's 365 days. That's a lot of days. So many things that can change, so many things that can become more important or less important in that time. So that's why this 90-day is so good. It's very tangible.

8:04It's like this month, next month, and the month after. I should have a pretty good hold on that, and therefore I can set my goals. And it's also realistic. The other thing that I really like about this is, is it realistic? So if we're talking about business, when Shane and Vanessa's entire lives are devoted to travel sports, is it realistic to write a book? No. Turns out. So you might say, okay, it's July, August, and September. We're going on a cruise. We're going to Portugal. We're going to... She's listening to my vacation. Is it realistic to, well, she doesn't have any, but pay off this credit card?

8:42Or is it more realistic that I'm going to use all of my extra, quote unquote, extra money to put towards these trips? To save for travel volleyball next year. Or that. Right? But outside of, no, not next year. I'm saying this right now, if I'm looking at, I'm taking a bunch of trips, which is like a lot of our clients, am I going to be able to pay off debt? Maybe not. And that's okay. Like, that's okay. But I would rather be able to say, I paid for all of this, these trips in cash. And so when you can look at the next 90 days, you'll be able to set your goals based on your why, what's actually happening.

9:13Like what's actually happening instead of what, like, I've heard people say it's going to pay off debt. I'll definitely be able to do that. No, probably not. Well, I think we start getting into the comparison game, right? So it's, well, what people are doing, what people are telling you, you should do the should, should, should, should. Well, aren't you going to do this? And when are we going to start doing that? Well, like Shannon said, you need to look at what's happening. What do you want to happen? And then figure out, okay, is that tied to my goals? Is this, is this part of my why you need to have a budget that's realistic for you.

9:40And that also makes you excited to want to get some stuff done. A lot of people, when they come to us, the coaching, you know, one of the, you know, if they're, um, they have a lot of debt, they'll say, you know, I want to pay off a bunch of debt. Great. Love that. We're on track for that. However, there may be things that happen in their lives while they're with us coaching that they can't pay off. Air conditioner breaks. Right. They can't pay off as much debt as they want. I had basements flooded. We've had new roofs that had to get put on immediately. And that is okay. But what we want to tell you is that even if you don't get to pay off all your debt, you paid it with all that stuff in cash.

10:14That in itself is a huge win. So we want to tell you that there are so many other wins here besides maybe investing or paying off debt. All right, budget besties. It's time for some Real Talk. You don't need another budget. You need a budget system. Our simplified budget system is what you've been looking for. It's going to allow you to be bougie on a budget. You'll be able to easily set up a system that runs automatically and shows you exactly where your money is going. And it's going to give you permission to spend. Everybody loves that. Yeah, it's straightforward, pretty, and packed with walkthrough videos that break down the exact methods we use with our clients to get out of debt, set up a bills account, separate spending, build savings buckets, and end the paycheck-to-paycheck feel.

10:58If you're new to budgeting, this is the perfect way to jump in. And if you're already a budget nerd like us, you're about to meet your new obsession. This is the upgrade to your finances that you need right now. Yeah, so head on over to budgetbesties.com forward slash budget and grab yours. now back to today's show yeah so but all that being said look at the next three months what are your goals some of you it might just be okay i'm gonna get on a budget system and i'm gonna stick to it some of it it might be i'm gonna start to the this savings bucket and this savings bucket some of you it might be um i want to start saving for uh christmas or something so or maybe it's like i don't want to know what you i want to use credit cards right next three months like i can do that yeah or maybe i want to pay this one specific credit card off or whatever or something bigger.

11:43Like I want to go on this trip or I want to, um, get my house, my house repainted. I don't know what words about things that people like to do with their money. Okay. That's what we're, that's what we're inserting there. But just think about what are your goals for the next 90 days? What would you love to be able to afford or budget for and make happen? And then you actually could make it happen. Right. Yeah. So once you look at what does that look like for you as a whole for the next 90 days, now we're going to break it down by month and go, okay, if this is what I want to accomplish in three months?

12:12How do I break it down into the next three months individually on paper to make that happen? And so shockingly, we're going to have you set up a budget. Like that's actually, I know so many people are surprised, but we want you to set up. So first of all, get your life's budget out there. You need the basics in there. And the basics are the things that don't change. There are your, your debt minimums, your bills, and the spending that's regular, the groceries, the gas, the, how much pocket money you want, all of that. Okay. That will actually inform you to see how much quote unquote extra you have to put towards your goals.

12:43Whether it's, whether, you know, it's a trip in July, a trip in August, or it's, I'm setting aside for, for debt or whatever you want to do. You need the basic budget to tell you what you can, what extra you have to work with. Yeah. And then once you have your basic budget, like Shannon said, then you're going to plug in, what are my goals? How do I now use this extra money in my budget outside of my normal expenses and plan with that money, whether it's paying off debt, whether it's going on vacation, whether it's whatever, you know, whatever you have in place for yourself and your family. So yeah, so this is going to look different for everybody.

13:14So if it's like for us in July, we're going on two trips. So we just have a literally July trips is a budget line item, not something that we save saved for. It's a budget line item that says July trips. Okay. It's in the moment. It's in the moment. It's happening. We're all for it. It's going to happen. And then maybe, maybe I also might have a smaller like savings bucket that's going for next month's trip or whatever, or that's going for that. So you can either budget for the goal in the month. Like maybe it's extra in debt. Like, okay, I have this one credit card. It's 500 bucks. I'm putting that extra in debt in my July budget, in my August budget, whatever it is.

13:48You can either have it be a monthly or something that you're doing each month, or you're saving for some big, exciting thing each month, maybe. Yeah. And then after you figure out what your goals are, now we want to talk about, um, adjusting your transfers. So maybe it is your, maybe we're budgeting for July, August, and September. So maybe you're budgeting in the moment right now for July, but August and September, you have some things coming up. We're going to make a savings bucket for that. Okay. Which is a savings account specifically for the thing that you're saving for. And so what we want to do, let's say you need a thousand dollars over the next two months for August and September to make that happen.

14:23Well, that means you're going to put$500 in August and$500 in September to budget for that said thing. Um, so you're going to automate that and adjust your transfers that you may already have set up in your regular budget for your normal everyday month. And you're going to set that up so that way automatically on payday, that money goes in and you don't even have to think about it. You don't have to think about it. And your goals are getting met and you're doing the thing. So really quick, what do we want you to do? Just like Vanessa said, get some pen and paper out, sketch this out, figure out what your next quarter looks like.

14:53What do the next three months look like? It's going to make you feel so much in control. And what if you like don't let all of these things come at you. Don't let it be a surprise. Have it in the budget, have a plan, make it happen. You can do it. Cashflow it. We believe in you. We want you to hit your goals. We were, this is not about being restricted, right? This is not about not having, it's about having and doing. You just need to take the time, sketch out these next three months and then make it happen with your budget. That's a good point. Cause nowhere in this message, do we say no for anything?

15:19We just said not. Yeah. We said yes for all of it. We just want you to plan it. And so maybe you're an advert planner and this is, you're like, yes, this is my jam. I'm excited. I can't wait to do this. Or maybe this is the first time you've done it. We want to hear from you. Email us at hello at budgetbesties.com and let us know how it goes. If you're tired of feeling like your finances are all over the place and you're ready for a simple set it and forget it way to budget, we have something special for you. Watch our Automate Your Budget Masterclass at budgetbesties.com forward slash automate.

15:48We'll show you step by step how to finally organize your money, how to set up your accounts and put your budget on autopilot. So your bills, saving and spending run like clockwork. Imagine less stress, more savings and the freedom to spend money without having to track every dollar or babysit your bank account. Go to budgetbesties.com forward slash automate to start today.