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For years, we spent all the money we made.  We didn’t have a savings, were in over $300k in debt, living above our means, stressed out about money, and struggled with sticking to a budget.

 

Ever felt like that?

 

Eventually I waved a white flag and decided to learn from a few different mentors on the topic of money. You can check out a list of my fav resources here.

 

One, in particular, is Lindsay A. with Kingdom Mom Coaching.

 

I feel it’s important to note that I specifically chose people who had the results I wanted.  They were not millionaires who also had millions in debt; these mentors are high-income earners (some multi-millionaires) who were walking the talk by paying off their own debt, increasing their savings, and generating wealth.

It’s the “Find the people who have the results that you want, and do what they do.”

 

with THAT being said, our FREE Brave Sober Mom community and support group goes over money things as well – it’s super badass, and you should join us HERE

 

Regardless, below are some of the key takeaways that I apply to our finances that have allowed us to pay off $80k+ in debt, increase our wealth account over $10k+, have an emergency fund of $5k+, all while getting our bills paid and having peace in our hearts with money.

 

Mindset

Mindset is foundational.  It is not something to be willy-nilly about.  Everything we think becomes our reality, so if we have some non-serving beliefs about money we will sabotage!  Every mentor I have had on money hits mindset first; Lindsay with Kingdom Mom dives deep into mindset in her coaching.

A few key points here:

  • You do not live paycheck to paycheck – you SPEND paycheck to paycheck.
  • Money is seed – don’t eat all of your seed.
  • You have a lot more money than you think; it’s all about where it’s going.
  • It’s not about how much money you make, it’s about how much you keep.
  • Money is a tool to be used for much more than just your stuff.
  • Wealth is created little by little

Spending

Where is all our money going?!

When I first looked at this, we didn’t have kids yet and we were spending $1000 a month on food – ON TOP of eating out.  Now we spend about $440 per month in total! Woop woop!

We also had a lot of debt and no vision for our money, so we spent it all on unnecessary bills, and junk.

I appreciate how Lindsay with Kingdom Mom shares a list of areas to look at, and can also help dive deeper into this with her in person coaching calls.

Debt

I feel it’s important to touch this topic; I have come to learn and believe that ANY debt is debt.

Mortgages, vehicles, student loans, boats, motorhomes, ATVs… all of this is debt.  I feel one is not more acceptable than the other.

There are tons of people who don’t have mortgages on their homes.  My dad is one of them!  He hasn’t had a mortgage in 16 years – not because he paid it off, but he decided to go the route of paying out of pocket to build his home.

So it’s important to take a look at what we owe to understand where we are financially so we can see where we need to go!  It’s a very exciting thing!

Budgeting

Hopefully I haven’t lost you yet cause this is the fun stuff!!

Where the stress really gets depleted and a plan goes into place!

I used to stress over sticking with a budget.  What I found was not only was I stressed all the time, I was also looking at my money once it was already gone!  I feel it’s completely counterproductive, and a vicious cycle to live in.

What I’ve learned & what we do:

  • Budget in percentages – this relieves so much stress.
  • We live off of 70% of our income – all our expenses (food, gas, utilities, any monthly payments)
  • The other 30% is:
    • 10% giving – a giver is never in need
    • 10% debt accelerator – this is on top of the normal money debt payments
    • 10% wealth/savings/emergency fund – with trial & error we found what worked for us was to have an emergency fund and then work on the wealth account. If you’re wondering “what the heck is a wealth account?” thing is all about, Lindsay with Kingdom Mom goes over this in her coaching.  It’s the bomb!

And, that’s it!  Super simple!!

To dive further into your finances, set up a plan, and start saving more & managing your money stress-free,

you NEED to get connected with BRAVE SOBER MOMS (a free group) AND with Kingdom Mom Coaching HERE 

 

I promise Momma, your finances will NEVER be the same.

 

Keep on rocking on friend,
Leona. xx

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