The Rachel Cruze Show - 6 Simple Ways to Become More Disciplined with Your Money

Starting point is 00:00:05 All right, I hate to be the bearer of boring news, but the key to almost anything you wish that you could change about your life is discipline. Yeah. Getting back in shape, growing spiritually, healing your marriage, you guessed it, even building wealth. So there are six simple ways to become more disciplined with your money. And we're going to chat about those. So make sure to like, subscribe, and share this episode with a friend. All right. It's one of the great ways to stay disciplined, especially when it comes to spending money,

Starting point is 00:00:38 because when you spend money, that means you don't have it, which means it's harder to build wealth and you don't have that money. Number one, wait 24 hours before making a purchase that you didn't plan. This is big, you guys. This is so big. Because when we go to buy something, even if it's small, big, I don't care. But like, anything over $20, just wait a day. Just wait a day.

Starting point is 00:01:02 Because we always kind of joke in our world because it's true. Like you walk in charge, you're like, oh my God, I can't believe we spend $100. Like, I don't even know I needed all of this, right? Or you're somewhere or you're shopping online and you're like scrolling Instagram. You're like, oh, my gosh, that is such a cute sweater. Okay, yeah, I'll buy it 60 bucks or whatever the thing is. Just stop. If you're not planning on it, just wait a day.

Starting point is 00:01:23 Now, if the day's over and it's the next day and you still want it and you have the money for it, that's great. I see this in myself, but it's so funny even watching my, my kids because my middle is our spender of the kids and she's like me like I get her so much. But literally she was like, I want a trampoline mom. And I was like, yeah, yeah, we're not going to buy a trampoline. No. And so she went on Amazon. She got my phone. Bad parenting boundaries, I know. But she like goes on Amazon, she'll click the little mic thing. So she'll talk into it because she can't like fully spell out words. And she was like, trampoline. And so then one of the many trampolines came up. And it was like 2999. She's like, this is what I want.

Starting point is 00:02:00 I have the money. I'm going to buy it. I was like, no. No. No. we are not buying a mini trampoline just because you suddenly wanted a trampoline. We're going to wait a day. I did. I said, we're going to wait a day. I kind of was pushing for two days. And y'all, literally the next day, she was like, I don't want it. I was like, okay, good. This is why we wait. Mini trampolines or not. Just wait 24 hours. Because when the excitement dies down, your emotions die down. Then reality comes into play and you actually start thinking logically, even as a second grader. All right. Number two, check your bank account every day. have this discipline and know what is in your bank account. Because if you don't know what is going on

Starting point is 00:02:37 with your money, that's a major problem because you don't know where your money's going or how much you have or what's going on. And so it is wild to me. The number of people that kind of like just want to put their head in the sand, like I don't want to know. Because there's those people. And then on the other side of the spectrum, there's the people that are obsessed and they're checking the stock market every single day. And they're looking at their day trading and they're obsessed. And they're up and they look at money all day every day. I mean, It's just wild. And I'm like, no, not that either, right?

Starting point is 00:03:05 There has a balance here. But you do want to shift your awareness to know, okay, how much cash do I have available? Like, what is going on with my money? And so being able to know that and be in a rhythm of checking your money and knowing what is going on is going to be huge. And a budget can definitely help with that and definitely can help with number three, which is track your transactions. So when you do set a budget, knowing where your money's going and being able to track

Starting point is 00:03:30 and know exactly from like specific categories even, is so helpful to winning with money and building wealth because a lot of people feel like, you don't have a tenant margin, and I don't really know what to do here. And I need some extra money to be able to invest and to save, but I don't know where it's going. But when you actually track and know exactly what you spend your money on throughout the month, you're able to really assess, look back and say,

Starting point is 00:03:52 okay, what is needed and what is not. Now, if you need a great budgeting app, every dollar is amazing because you're able to track within that app, which is so fantastic. And you're also able just to keep a pulse of currently what is going on with your money. So I can look right now on my every dollar app, and I can know exactly how much we have in our grocery budget. And so that's it.

Starting point is 00:04:13 You can see a real-time live picture of your money, which is so key. All right, number four, cut convenience spending. So this is not forever, but if you're trying to get out of debt, if you're trying to save for an emergency fund, this is a great place to do it. because when you can cut out non-essentials for just this season, that is a way to really free up some of your spending. But if you think about it, food delivery services, memberships and subscriptions, rideshare apps, Amazon, all of these things that are so convenient that you can get what you want when you want it, you end up paying a premium for those. And they're not a bad thing.

Starting point is 00:04:47 You know, later on, if you want to put them back into your budget and spend your money on that, that's great. I love convenience spending. It's awesome. But when you're just starting out trying to get your feet up under you, and trying to get out of debt and trying to get an emergency fund, the early baby steps, one through three, this is key. This is a great way to free up some money. Now, one subscription that's affordable and saves you time and money in the long run

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Starting point is 00:05:31 you're basically asking for your name, address, email, and even your kids' names to be out there on sketchy data broker websites because your family's safety and their financial security are way too important to leave exposed. Go to joinslakeme.com slash Rachel for 20% off their annual plans, bringing your monthly cost to under $9 or just click the link in the description. All right. Number five, be disciplined to talk about money. This is within your marriage, with your kids, even your extended family, trusted friends. Get comfortable with, you know, your money goals, maybe sharing the process that you're in. There's something about creating not just accountability, but even awareness around the people that you're around a lot about where you are with money.

Starting point is 00:06:16 Because some of the decisions you make in life may in turn kind of affect them in the sense of like, okay, hey guys, we're all going to go out to eat on Friday night. And if you're trying to get out of debt and you're like, no, we basically have cut most restaurants out of our lives to save money, then you're not going to be able to go. But you could say, yeah, if your friends know this and then you offer your home, be like, yeah, but everyone brings something and let's, you know, do something at our house, then everyone's aware. And they're like, oh, yeah, totally. And so there's something about that that I think is so refreshing, number one, because most people don't talk about money. I'm not saying you have to talk about, like, specific dollar amounts if you don't want to. but just this picture of being able to let people into this part of your life actually can bring them hope because if you are on a plan and you actually have a level of control with your money,

Starting point is 00:06:59 you do a budget, you're maybe doing the baby steps. There's so many people in our lives that are just out there and they don't know what they're doing. They have no control and just watching you and seeing you and even hearing you can be really inspirational to them. So I think there's a lot of positives all around when you're able to talk about money and feel comfortable about it. All right, number six, if you don't have the money, don't buy it. Sounds like a no-brainer, I know. But the minute you start looking to see, okay, how can I actually just afford the payments,

Starting point is 00:07:32 maybe not the whole thing, then that mindset is going to leave you stuck in a cycle of debt for the rest of your life. So avoid debt, only spend with money that you have. It's that simple. It's a pretty simple boundary to put up, but a lot of people feel like they're not able to do that. And then when you don't feel like you're able to do that, you're going to look at other options. And usually that option is dead, whether it's car loans or credit cards or student loans.

Starting point is 00:07:55 But when you just say, I'm not going to do it, it's not an option. It forces you to be creative. I got this question on Instagram the other day. And this mom was like, hey, my kids are going to college. And there's just no other option, but them going into debt. So what would you advise? And I'm like, well, there are other options, right? They could take a year break, have a gap year and work and save money.

Starting point is 00:08:16 They could apply for tons of scholarships and grant. they can go to a community college. And in some states, it's free for the first year or two. Like, there are other options out there. But you have to force yourself sometimes to be black and white on an issue to then get creative and think of other options. So, man, it is so tough, though. I know it's so tough.

Starting point is 00:08:33 But create that principle in your life because it's going to help you down the road. Now, I also have a few more small habits you need to try. So check out my episode, nine tiny habits that actually improved my life and money. you can click right here or if you're listening on podcast, click the link below. Or you guys remember to take control of your money and create a life you love.

The Rachel Cruze Show - 6 Simple Ways to Become More Disciplined with Your Money

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