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How Often Do You Need To Be Working With Your Money? – Ep. 84
Working Out Your Finances? – 1x a week isn’t enough.
In today’s episode, we talk about how often you should be involved with your money, maintaining effective systems, and identifying key metrics for business success. So let’s do this!
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Wondering What’s Next?
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Podcast Key Points:
0:00 – Episode Overview
1:00 – Weekly Money Dates
4:14 – Role Of Money Minute
6:36 – Weekly Check-In – Are You Maintaining the System
9:20 – Metrics That Move The Needle In Your Business
10:49 – Recap
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How Often Do You Need to Be Involved with Your Money?
How often do you need to be involved with your money?
That is what we’re going to be talking about today and is a weekly money date enough? All right, so let’s do this!
Welcome to the Your Money Your Life podcast. I’m your host, Aimee Cerka. After over 10 years in the personal finance industry and multiple personal financial and medical crisis, I was fed up with the wiser to being shouted from the rooftops by the Guru’s and the media. If you’re ready to eliminate fear, stress, struggle, frustration and guilt, from your finances, all the areas they affect, you’re in the right place. Welcome. I’m so glad you’re here.
The Importance of Staying Involved with Your Finances
Welcome back to another episode of the Your Money, Your Life podcast, I am your host, Aimee Cerka. I’m so excited, so happy and thrilled that you’re here with me today. I just want to start that off. Because the moment of gratitude that you are here, there’s a lot of information out there. And the fact that you choose to be here is special. And I appreciate that. So thank you.
We’re talking about money management, and I have to be totally transparent. This episode is prompted from a sign that I saw from a church wasn’t our church organization, but on their marquee.
They had a really funny sign. And they were talking about like, your walk with God and your spiritualness and your relationship with God those things, like one time a week aka going to church isn’t enough, like we work out and we prioritize our fitness.
Well, a lot of people do. So, you’ve heard me talk often enough, you know that like right now, workouts like of that nature are not my priority. I get a lot of like, life workouts in just in movement and staying active there.
The Analogy: Prioritizing Money Like Fitness
Was just telling my friend that I’m probably be more intentional about like stretching and some of those things, but like workouts isn’t a priority. But we work out and we prioritize our fitness multiple times a week, like, Okay, we’re going to the gym, we’re doing these things for our health, we do all these things.
And the marquee analogy was like, okay, but like, look, you’re only prioritizing this when you go to church once a week. And it reminded me of a conversation that I was having recently with somebody about their money and their finances, and they’re like, Oh, well, we do weekly Money dates.
Like that was enough.
Like, money isn’t everything. But money is everything, right?
Like, it’s not necessarily the end all be all, there are so many more things that are more important than money. But money is the leverage or like we have to have that to be able to function and be able to serve in so many different ways.
Like yes, it’s not important. But at the same time, it is important. And your relationship with money is important as well. Like we talk all the time about like our money mindset and those things.
So how often do we need to be checking in with our money, and I felt like saying that, of course, it made me laugh, the conversation that I had, we really needed to lay this out. And how often should we be, quote working out when it comes to your money?
The Daily Money Minute
Now we talk often about your daily Money Minute. And this is important. So we’ll start here like at a minimum we’re checking in daily, or at least I am as the person who manages our household finances Monday through Friday, so five days a week, I am checking in to see where things are at.
And it’s not like, it’s not because things are tight. And it’s like, Okay, do we have enough in the bank account is the bank account overdraft?
That’s not the mentality.
And if you’re going through that, I don’t want you doing it just because you’re in that mentality. And if you’re not going through that, I don’t want you to avoid it because that’s not what’s going on.
This is an act of staying on top of and prioritizing our money. We’re knowing we know what’s going on with it. But the reason why this is so important. Not only does it help with like your relationship with money, and how do you feel about money, but when you get involved in this tactile, like it’s a simple check in and it makes your weekly check in that much easier because you’re already involved.
You already know where things are at. It’s like the conversation has warmed up. You’ve already started. We’re not like doing icebreakers, okay, but get the icebreakers out of the way. It does not take long to just add into your morning routine.
Keep an eye in categorize transactions, you catch identity fraud, identity theft and so many different things just by doing it.
Benefits of Daily Check-Ins
But more than like that tactical, tactile thing, it also gives you a chance when you do your daily Money Minute of checking in with where you’re at. Are you doing the things that are most important to you? Are you celebrating the ones that you have had? Are you working again, like working on the priorities, working on the things that’s going to move you forward, because we can get stuck. And putting out fires, there is a lot going on, there’s a lot of things that are trying to grab your attention.
So are you doing the thing that you need to be doing. And when you use the daily Money Minute, that can be very intentional with what you are working on, and moving forward in doing things in a way that matters.
Because it is important, it is important that you see that progress, and you’re doing the things that are important. Money is not everything, no, but like we talked about a couple of weeks ago, we want to be doing something that is impactful that something that means something to you, it’s not just about the money, right?
It’s about the life where you’re creating your money, your life, you know, I’m going to point that out, like every time it comes up, because that’s why I named the podcast, but I did like because your money allows you to build your life and your life allows you to do more with your money when you set it up correctly. But that’s a story for another day.
But daily money minute. So at a minimum, we need to be checking in with our money every day.
At least Monday through Friday, having a day of rest is important. So I’m not saying like seven days a week, you could do six days a week, honestly, I do six days a week. But it’s not a requirement. I require myself to do the five days a week. Okay, and it doesn’t take long. And then yes, we have our weekly check-ins that we are doing.
But this is about maintaining the system. Now a couple quick questions. So let you know. Because we can be a little deceived. Like, we think that like we’re working out we’re doing the things we’re managing our money like we’re supposed to. And in reality, like you’re not okay, like we don’t know what’s going on. So I’ve got three questions for you.
To know, if you were actually like pushing yourself and working out with your money and doing the things that you need to prioritizing it. I’m going to keep trying to stretch this analogy, I might need to let it go.
Knowing Your Income and Expenses
But the first thing that I need you to do? Well, the first question you fill the answer within like a minute, really shouldn’t take that long, it’s matter of like pulling up the document, you should be able to tell me how much income that you brought in to the household, what source it came from.
And if your W-2, pre tax, gross numbers and net numbers, you should be able to pull that up in like 60 seconds, you should also be able to tell me how much you spent last month. Like overall how much you spent.
But you also should be able to see what you spent the money on. As like an overview, as detailed as you want to get like that can be a little specific.
When we talk about in the prosperity simplified system like at a high level, it’s like you ink which is our regular, and then you ink irregular, which is the things that have that very to it. The things that happen in irregular intervals.
This could be like a quarterly, this could be annually, this can be office supplies, this like all of those type of things irregular. So like a high level 10,000 foot view, we should be able to at least see that. But reality, we should know what we’re spending things on when it comes to various categories. Because if we’re just saying, Boy, you spent $1,000 on groceries last month, but in reality, it was like 500 hours on groceries and $500 on Amazon.
That’s something we probably should know that not that there’s necessarily anything wrong with it. But it’s information in your tool belt. And if you can’t provide those type of numbers, we don’t know what they’re with that sits out.
Like what we spent on what was a necessity and what was more of a frivolous purchase. Possibly, maybe it was something that was an unusual purchase. If we don’t know those numbers, we’re not actually checking in with our money.
The Third Question: Checking Business Metrics
And then the third thing that I really would want you to know if we’re actually checking in this is geared more towards, well, this is like a business question. Like you need to know your metrics. I actually just redid my tracking sheet.
What did you do to bring more traffic to you? How many more leads did you convert? How many customers did you have? repeat customers new customers? What’s the percentage? What? How many ask? Like how many times did you ask for the sale? Are you like passive like Hey, there’s this thing, like on the academy called the other day, which if you listened probably six episodes or so ago, we talked about the mumble.
So that was the mumble portion of that I call it a mumble, you’re hearing that it’s a mumble. But that’s not an outright ask for sale. And actually, if you stick around to the end and get a special discount for the podcast listeners that you get to have.
That’s kind of an ask, but I wouldn’t even count that as an outright ask for sale.
Now it’s a great discount, you should go check it out for sure, like keep listening all the way to the end. But that’s not something that I’m counting necessarily on our metrics. Because we can get caught up again in that fluff and those fires that we have to put out. And then we’re not doing the things that we need to do to actually move forward to work on that bottom line to know what we’re doing.
So are you doing what you need to with your money? Are you working out enough with your finances?
The Power of Simple Systems
That’s what I got for you today. All right, so we talked about how we prioritize our fitness. And we know that we can’t just work out one time a week to improve like muscle mass and to lose weight. And likewise, we have to prioritize our money more than one time a week to see long term financial abundance. And the best way to do that is through simple systems.
So the three questions that I asked you, if you have the simple systems in place, you’ve already got that covered. We also like it’s hidden in there. I didn’t even point this out. Okay. So in those questions, it shows you how the unstoppable finances framework is so powerful, because there’s a part from each of the framework, each piece of the framework to help you move forward, we need all the things because if you just know the income, you’re probably bleeding expenses.
And if you just know how much you spent, you’re not necessarily increasing your income like you should be. And like, again, we got to do all the different things, we need all the pieces of the puzzle, to create that long term sustainable abundance. So hopefully, you caught that. If not, now you did. We talked about checking in with your money on a daily minute, the weekly level, which is a weekly check-in. And then of course, we have like month in as well. But we didn’t even get into that today.
We also talked about the three questions. So you need to be able to tell in about 60 seconds be able to pull up tell me the income levels that you income that you brought in yesterday, last month, both gross and net if your W-2, and expenses, like at a high level, yes, but also like a little more detail, we need to know where the money actually went not just this big number of how much went out. That’s not really helpful. We can’t make decisions like that looking at our money at that higher level.
And then the third one had to do with your business and talking about leads. Traffic amount of people that you were brought to you leads and then customers. Where did you like how did the needle move for you last month? And did you do the things that we needed to? Or did we get caught up with the fires that are causing calling for all of our attention all the time? And if you did, there’s nothing wrong with that. We just need to be aware of it and move forward.
All right. That’s what I got for this week. We’ll see you next time on the Your Money Your Life podcast.
Special Gift for Listeners
Thank you so much for listening to the Your Money, Your life podcast, I’ve got a special gift for you for sticking around to the end. And if you’re tired of your finances being a mess, this is for you. What if you could take charge of your money without feeling overwhelmed. Even if you’re not a numbers person, even if you just don’t know where to begin, even if you don’t have the time, even if you failed in the past and even if you don’t want to sacrifice your lifestyle. Take messy actions and finally make progress with your finances without feeling overwhelmed pinching pennies or staring at a spreadsheet for hours with the 14-Day Money Mastery action plan. And when you use coupon code podcast I’m gonna give you 40% off. Just visit https://aimeecerka.com/action/ and grab the 14-day action plan for less than $20 Alright, talk soon.