The 5 Step Money Ritual That Will Change Your Financial Mindset

0:00The following podcast is a Dear Media production.

0:06Listen, if you're scared to open your bank accounts right now, I get it. This solo episode is going to be all about my money ritual, how it started, how it's going, and the five steps that I continue to do every Sunday that have completely rewired my relationship with money. I worked on Wall Street managing other people's money professionally, and I was still avoiding my bank accounts like the plague. Part of it was because when I was in corporate America, I didn't have to, right? Like I was getting a biweekly paycheck. I knew it was hitting. I was getting money automatically taken out for my 401k.

0:37There was all of these automations that were set up for me by corporate America that I didn't even have to think about. I remember distinctly when I was leaving Wall Street to freelance and model full time that I was thinking about my future cash flow, right? I was like, when am I getting paid next? I had done this modeling job for a brand that hadn't paid me. I had done the job two months prior and it hit me, oh my gosh, I am going to be responsible for sending that invoice. I'm going to be responsible for taking out taxes, for putting money to my retirement account. None of that is going to be done for me anymore.

1:08I was terrified. Even though I had managed money, I was so scared that I would lose track of it. And as my schedule got busier and as I got further and further away from that stability that comes with corporate America, I only became more insecure about opening my accounts. And I was honestly shameful. I was embarrassed. I mean, I had a finance degree. I worked on Wall Street. I should be the one of all people to be managing my money perfectly. And that's when it hit me that it doesn't matter that I had a finance degree and it didn't matter that I worked on Wall Street. My relationship and anxiety with money didn't come down to what I knew.

1:43It was my behavior. And it was about the little habits that I did every single day. Long story short, I realized I needed stability and structure in my crazy freelance life, especially as it related to my money. I knew that I loved yoga. I knew that I loved my morning routine. I knew that I loved ritualizing everything else in my life. And anything that I added a ritual to made it more fun. And of course, finance and money was something that I still was avoiding like the plague. So I did the same thing I do every Sunday with my other routines. I lit a candle, got my favorite drink, and started implementing these five steps.

2:20And let me tell you, It's not only added structure to my routine, but also confidence to my everyday life, confidence to my financial life. If you're ignoring your financial health, then you're ignoring a key part of your overall health. How you show up financially for yourself dictates how you show up with friends at dinner, negotiating for a job. It dictates so much more in your life than you realize. And these five steps are customizable. You can do them however it works for you. And most importantly, you can do them no matter where you are in the world. Step one is just opening your accounts.

2:56I call this exposure therapy. I mean, just like any fear that we have, you're never going to overcome it if you don't expose yourself to it. And honestly, opening accounts is usually the hardest part of anyone. It's like showing up to a yoga class is the hardest part. Getting there is the hardest part. You just have to open it. And awareness is key. You're never going to get anywhere if you don't know what's going on. So just open all of your accounts in step one, all of them, investments, credit cards, checking, don't miss a beat. And if you don't know your login to one of them, now might be a good time to find that out.

3:27Step two is looking at the week behind. So I personally hate budgeting. I am not a budget girl. When I say look at the week behind, all I mean is pay off a little bit of credit and look at your biggest budget breaker, aka where did you spend the most money last week? And you don't even have to do anything about it. You just have to notice. Usually my budget breaker is DoorDash. Last week, I spent$500 on DoorDash. I'm not proud of it. I'm working on it. But as long as I notice, the next time I go to order DoorDash, I'm going to remember, oh, yeah, I'm going to have to do my ritual this week. And I'm going to notice that I spent more money on DoorDash.

4:04So when I say just reflect and look at where your money went, that's all I mean. And when it comes to paying off your credit weekly instead of monthly, it is so much easier to do anything in bite-sized pieces, y 'all. Trust me. If you just pay off a couple hundred dollars every week, It's going to be a lot less intimidating than letting that balance build up to the end of the month and having to drop a few grand on your credit card. So looking at the week behind is all about just being aware of what went on last week. Moving on to step three, which is looking at the week ahead. So you already opened your accounts.

4:38You already saw what your credit card bill was, paid off a little credit. Now you know what you have left over to work with. Step three is looking at the week ahead. And this is where I pay my future self. I feel like a lot of finance gurus tell you just to set it and forget it. Put on auto invest, put on auto save, which is amazing. And there's so much science behind setting it and forgetting it because it's out of sight. It's out of mind. Great. If you're freelance or you're living paycheck to paycheck, then you might be scared to put it on set it and forget it because you don't know where your bank account's going to be next week, let alone next month.

5:12You don't want something to automatically withdraw. And then you all of a sudden be paying overdraft fees. So that's why if you meet with yourself during this ritual every single week, then every week you'll know how much you can afford to put to your future self. And you're still getting the benefits of that dollar cost averaging, meaning putting the same amount every week into the market. But you're not having to worry about overdrafting. That's a little sidebar just in terms of if you're always hearing like automate everything, automate everything, but you're scared to automate. That's another benefit of this ritual is you show up for yourself every single week.

5:46So you're getting the benefits of automating, but you're doing it yourself. So step three is looking at the week ahead. I pay my future self. I put a little bit that's left over into my high yield savings. If that already has its cushion, then I put a little bit into my retirement account or my investment account. Even$20 builds the habit of doing it every week. If you're a freelancer, step three is also about getting paid next week. Remember at the beginning of this episode when I was freaking out because this brand hadn't paid me, I would draft up that invoice and send it in step three because my goal is in the week ahead, I get a paycheck from the brands that owe me.

6:22So if you're a freelancer, step three is also where I send out any invoices. And I just generally look at the week ahead. Pay my future self, send invoices. Step four is housekeeping. This is probably my favorite step of the ritual, step four, because you can do whatever you want. Housekeeping kind of encompasses anything that makes you feel organized, right? So if it's canceling a reservation so you don't get charged that$50 for canceling last minute or starting to create a budget for a vacation you want to take in the next few months or canceling a subscription you're not using, one little thing that makes you feel organized, it doesn't even have to be money related, honestly, y 'all.

6:59If it's sending an email, a cold email to someone that you admire, then that's going to further your career and hopefully get you paid eventually. So step four is just all about doing something to make you feel accomplished and organized. Step five is the most important step of the entire ritual. Okay, if you guys do any of these steps, let it be one in five, open accounts and financial gratitude. There are so many studies that show how beneficial gratitude is to every aspect of your life, but especially your financial health. Listen, we always talk about manifesting, but we are never going to attract money if we resent it, if we complain about it, and certainly if we avoid it.

7:42And this financial gratitude element just helps you recognize what you already had so that more money can come flowing in. So think of one tiny thing that you are grateful for when it comes to your money. I mean, if you have a roof over your head, you should be grateful for that. If you're listening to this podcast in a car or from your iPhone, that is something to be grateful for. You are able to afford those things. If you are able to pay rent during your ritual, that is something to be grateful for. Heck, if you are able to pay taxes, which I know is so annoying for some of us, that means you're making money, right?

8:16So financial gratitude is so important. And I have noticed a huge difference in just appreciating everything around me and appreciating the money that I do have. And it definitely helps when it comes to managing your money and attracting more of it. So financial gratitude is the most important of the whole step. Write it down and you can go back and see your past money rituals. Rapid fire. The money ritual is as follows. Open accounts, week behind, week ahead, housekeeping and financial gratitude. If you do those five steps every single Sunday, then your relationship with money is going to be more in control, more confident, and more structured.

8:59The ritual won't remove financial stress completely, but it will remove the vagueness. The unknown is what makes money scary. And if you know the number, then you actually have something to work with. You don't need a budget to start this. You need 15 minutes on a Sunday. So here's your assignment this week. Do your ritual this week, not this month, not this year, this week. And if you forget the steps, download this episode to come back to it or go to the Mary and Pip website. It's all listed there. And don't forget to tag me when you post your money ritual. I will definitely be posting to remind you guys every single Sunday.

9:34All right. See you guys next week.