Money Rehab with Nicole Lapin - Don't Be Afraid of (Financial) Commitment

Episode Date: November 1, 2021

Nicole has 150+ episodes worth of financial tips and tricks to help you get your financial sh*t together… but how do we keep track of it all? Today, Nicole helps you get organized using a surprising tool (spoiler alert: it involves commitment). Learn more about your ad-choices at https://www.iheartpodcastnetwork.comSee omnystudio.com/listener for privacy information.

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Well, it doesn't. Charge for wasting our time. I will take a check. Like an old school check. You recognize her from anchoring on CNN, CNBC, and Bloomberg. The only financial expert you don't need a dictionary to understand. Nicole Lappin. As you can see with 140 plus episodes, there is a lot going on in the world of finances.

Today's Money Rehabber wants to know how to keep track of all of it. Here she is. Hey, Nicole. My name's Ariel and I'm a grad student in St. Louis. I've been listening to Money Rehab and I'm feeling like I'm ready to get my financial shit together. But there's just so many different things I feel like I need to be doing now, like making an emergency fund, saving for retirement, paying off debt. How do you keep track of everything without getting overwhelmed? Well, in my new book, Miss Independent, I have

an entire chapter called Automate Your World, all about streamlining your finances so that your money rehab journey does not become an ultra heavy mental burden. Being alive at this time when technology is all around us comes with some unique opportunities and also, of course, challenges. But when it comes to finances, technology is a great thing. Instead of trying to juggle our financial to-do list in our heads, we should outsource that mental storage space to our devices. It will free up your mind so that you can focus on other things in your life and ensure that your to-do list goes smoothly. I automate all of my bill payments and

contributions to my retirement accounts and savings accounts, so I don't even have to think about it. Let me tell you, it is a beautiful thing. It creates a system. I think systems are so beautiful where I have my own back, which is a huge part of building financial confidence. But one thing I won't outsource to my devices is financial decision making. That I can't automate. And so I need to set aside some time to make those important decisions. I have a calendar reminder for pretty much everything I do in my life. If it's not on my calendar, I'm probably not doing it. I tend to batch entries like entering all my therapy

appointments all at once or stalking my best friends on Facebook to make sure I have their birthdays in there and I'm sending them something. I have found the same concept is super helpful for making regular financial moves too so that when life gets crazy, I keep my money moving and growing. Here are my four favorite calendar reminders

that you should set today. Number one, pick one day per year to revisit your spending plan or if you have a personal balance sheet to make sure you make any necessary adjustments. I like doing this on the summer solstice because it's a great use of that extra long day. Number two, pick one day per year to increase your contribution toward your savings goals. I like to schedule this for the day before my birthday because it makes me feel kind of like a grown-up. Number three, twice a year, make sure you set some time to ensure your accounts are automated and running smoothly, including your bills, paychecks, and other direct deposits. This is also a good time to cancel any automatic

memberships or subscriptions you're paying for but not using. Number four. If you have an accountability partner in your financial journey other than a professional, a friend, let's say a significant other or a family member, set a weekly or monthly check-in with them so they can keep you honest and hold you accountable to your goals. Now, it's one thing to say you're going to do all of these things, and it's another thing to commit to them. It's a promise to yourself, which should be the most important commitment we make, but tends to be the first one to go by the wayside. I get it. It's not easy to commit to re-up your savings contributions without knowing what's going to happen, especially with your hard-earned money. But you've done it many times before,

with rent agreements, business deals, or maybe even a prenup. And you can do it here. If it feels daunting or if you have an inkling you're not going to follow through, I have a suggestion. Sign a little agreement with yourself to uphold the appointments you outlined on your calendar. Signing something has been shown to make us feel more serious about the commitment. Here's an example of what it would look like. I, insert your name, commit to making an automatic financial plan and sticking to it regardless of the scary news, intense peer pressure, or my glorious intuition. I am committing to my future self by scheduling time to revisit my spending plan on, insert date here, every year. Then sign on the dotted line. Heck, you can share it on social

media if you want to. Tag me and I will repost it if you do. I mean, I would personally rather see that on my feed than another food photo or overly edited mirror shot. Just saying. I mean, hello, if you were building an actual house, you would probably announce it, right? And share regular updates about all the pretty finishes you picked and the sweet fire pit you installed. And of course course your tricked

out walk-in shoe closet? Well, we are building our financial dream house now. We are the dreamers, builders, and designers of our own lives. So let's nail the blueprints, get to work building, and then decorate the shit out of it. For today's tip, you can take straight to the bank. When you're scheduling your financial check-ins, space them out. Trying to squeeze all of your financial evaluations for the same day might start to feel overwhelming, which could cause you to develop some feelings of dread or anxiety leading up to the big day. Plus, if you're trying to do too much in one day, you might get burned out before you even get to everything on your to-do list. So spread these meetings out like you're get to everything on your to-do list. So spread these

meetings out like you're administering little booster shots to upkeep your financial health during the year. Remember, these financial checkups should not be something you dread, like jury duty or a dentist appointment. These moments are opportunities to celebrate the accomplishments you've made and refocus on your future goals. to celebrate the accomplishments you've made and refocus on your future goals. Money Rehab is a production of iHeartRadio. I'm your host, Nicole Lappin. Our producers are Morgan Lavoie and Mike Coscarelli. Executive producers are Nikki Etor and Will Pearson. Our mascots are Penny and Mimsy. Huge thanks to OG Money Rehab team, Michelle Lanz for her development work, Catherine Law for her production and writing magic,

and Brandon Dickert for his editing, engineering, and sound design. And as always, thanks to you for finally investing in yourself so that you can get it together and get it all.