The 10-Minute Money Reset: A Simple Bills Account System to Organize Your Finances and Make Budgeting Easy | 566

0:00Do you have 10 minutes? because if you have 10 minutes, we're going to tell you the easiest way, the quickest way to organize your finances. So we're going to help you do these couple of things that you can implement right away to be able to start getting your money systemized. Yeah, and organized, which is really a great feeling. So you're thinking, wow, I'd really love my finances to be organized. But every time I start thinking about what to do, I feel overwhelmed. If you just do this one thing that we're going to tell you, then you're going to feel like everything is so much more organized and systemize immediately.

0:32Do 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? Do you want to get debt-free but you don't want to live on beans and rice? When you don't want to give up those pumpkin spice lattes? If you don't already know how to budget or if you're using credit cards to get through the money. 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.

1:01We're Shana and Vanessa. We're best friends, business partners, and master financial coaches trained by Dave Ramsey. We'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 a conversation.

1:31We can help you no matter where you're at, whether you're the single mom who's never had$500 in their savings account or the millionaire who's paid off four real estate workers. And 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. And you may be looking at your finances and your bank and going, everything's fine. I have one account. I know it's happening and I'm good. Everything's great. But But what if it could be better? What if there's a different way to organize your money and systemize it?

2:03And you just maybe have never heard of this a magical way again. What do you think? Well, I feel like when you say that, it reminded me of that cartoon. Have you guys seen the cartoon of the dog? And he's like the counter. I don't know if he has a beer or coffee. It's up to its interpretation. And there's fire everywhere in the background. Everything's burning down. Yeah. And he says, everything is fine. And that is what I heard when you said that. And so it reminds me, if you think your finances are organized, it's going really well. I think about is your closet before you ever clean out your closet or maybe you look up an organization method or how to declutter and your closet, quote unquote, is working.

2:38Quote unquote, it's fine. But there is such a better way that's going to make it easier to get dressed, easier to feel like a million bucks, easier to know exactly what clothes you have, easier to walk in your closet. That could be a thing, too. Yeah. Easier, more space, looks better, feels better. That's what we're talking about with this. And sometimes you're just too close to it that you can't see a different way because this is what's been working for so long. And you're like, well, it's fine. I know my routine. I know my way. And it's good. This is as good as it's going to get. And what we want to help you is that I think there's a different way.

3:10There could be a better, more improved way to deal with your finances. And hopefully we're going to share a couple of tips. The simplest way. Your mind's going to be blown if you've ever listened to our podcast or before. Separating your account, you know, we're going to call it revolutionary because it's definitely outside the box. It's definitely not something that I actually have never heard a single other person say it when it comes to the personal finance space. But what we want to do, the first thing, this is the first thing that's going to make the biggest difference. You're going to have two checking accounts and you're going to keep one checking account only for your bills.

3:41Your bills are going to be in this account. No other transactions are happening in this account. And it's going to be a game changer. I think that is one of the hardest things for our clients. is when we talk about having one account strictly for bills. See, that means I'm going to keep it on me and I'm going to use it for emergencies or whatever. No, the idea is to have, so if you do nothing else with your money at all, we ask you to get two checking accounts, one for spending, one for paying all your bills. That in itself is going to be completely game-changing and transform the way that you handle your money.

4:13Because if you're like most people, you have one account and it's got your spending. It's got your groceries. Utilities, subscriptions. And there's just so much going on. You never really know what's happening. There's different due dates. You're swiping. It's overwhelming and it's exhausting, right? And you make good money, but maybe you feel like, I'm not sure if all the bills are, there's enough money for all the bills throughout the month to come out or not. I'm not 100 % on that. And it's annoying. Well, and that's what we see is people are going to make purchases and they're like, I looked at my bank account.

4:45I see money, but I'm not really sure if I can use it or when this bill is coming out or did it already come out? How many more bills are yet to come out this month? So there's just a lot of questions that you're trying to answer in the moment of going to pay for something. So what we're trying to do is remove all that. Like by having an account that strictly pays bills and does nothing else and you're not spending out of the account, you are removing all of that questioning, all of that frustration, anxiety of wondering what your money is doing. Yeah. And like we talked about the closet, it's just chaotic, unorganized, it's cluttered.

5:13And because of that, it feels like your money is controlling you instead of the other way around. You should be controlling your money. You should know exactly what's happening. It should be easy. So I think I keep going back to this, but one of the motivations to see as your closet organized is to know when I walk in, everything fits. Everything's fabulous. I have great options. I know what the options is. I just feel good about it. And the same thing with organizing and decluttering your accounts is I look at that bills account. I know everything is covered. I don't have to worry if something's going to bounce, if something is not going to get paid on time.

5:47Because that is all taken care of. And all I really have to do with my hands is figure out the spending and not mess up the spending part of it. Yeah, the reality is, and I don't want to speak for Shana because I think I've heard her say this before, but her and I literally check our bills account once a month. That's it. And the reason for that is just to make sure that the amount that came out is what was listed on the bill, invoiced or received. And that's it. besides that one time a month, I have no idea what's happening in my bills account. And I don't care to. And I don't like it doesn't matter because I know the exact amount of money is going there to pay the exact amount of bills that are coming out.

6:19And that is it. This is what you can do when we're talking about it being 10 minutes. You just set up an account or use the one you already have. And whatever the bills are that you have all month, you're just going to make sure enough of your income stays in that account to pay them all. Yeah. Right. You list out all your bills and keep that money in the account. And then everything else is going over to that other checking account Vanessa mentioned. You can get more sophisticated. You can start to subdivide it into gas, grocery spending, restaurant, but you don't have to do that right away. The number one thing is just separate it so that when you go to look at each account, like Vanessa said, you don't have to look at the bill in the beginning.

6:52You will. And you just see bill check. They're all coming out. But when you're trying to figure out, do I have money to eat out? And you are just looking at your spending. You're not having to deconflict your bills or your mortgage or your utilities that you can just look. I have$500 left until next paycheck. I need about$200 of groceries. So I have$300. 50 bucks in gas or whatever. And that's a little less messy. And that's the first step. Yeah. If you do nothing else, if you listen to our system, you're like, okay, savings buckets, all that, like, this is too much for me. This one thing of opening up the two accounts and having one for savings, one for spending, it's going to be awesome.

7:26So we recommend doing that. That is really going to be the simplest way to organize your money. And so what you can do is you can go to budgetbesties.com forward slash bills and get a free masterclass on how to set up the bills account specifically. Because we've already figured it out for you. We know exactly what you need to do. It's like Vanessa said, that debit card for the bills card cannot be used for spending anymore. So there's some little tips and tricks that we go through in that masterclass that you can use to set it up correctly and feel really confident about it. Yeah. So don't forget, it's budgetbesties.com forward slash bills.

7:58You'll get a free class. It comes with some extra bonuses if you finish the class. A lot of information. And if you have any questions while you're taking the class or anything pops up, email us at hello at budgetbesties.com and we will help you out. Yeah. And the last thing I want to say about this, it's organized. It does organize. It is the simplest way to organize your finances. Just separate them. Literally put one thing over here and one thing over here. It's so much easier to look at and figure out. I remember the first time one of my clients said something like this. She's like, for the first time ever, I went on vacation.

8:30I didn't worry about bills being paid. Oh, because we're so used to being micromanaging our budget and our bills being bogged down by it. Like, yeah. And she didn't. She just went on vacation and she the bills account was doing its own thing. I had this money that we had already planned for me to spend on vacation and I didn't have to worry about. And that we want like your life. Yeah, that's the life we want for you. And your life is also very busy. Even if you're not on vacation, you don't need to be worrying about this. And this will help you the first step to get organized. have this bills account, have all your bills over there being paid automatically, and then everything else we can work from there.

9:01Yes. And so again, the idea is all your money comes into the bills account. And from there, you're paying your bills and transferring out to a separate spending account, all the money that you're going to use for spending for the month. That is going to be the game changer. If you make good money, but have nothing to show for it, this quiz will help you figure out what's really going on with your money and what your next step should be. You'll get a personalized result and a simple action step to help you feel more organized and less stressed. Go to budgetbesties.com forward slash quiz and take the free quiz today.

9:31That's budgetbesties.com forward slash quiz to find out what's really going on.