How to Keep Your Dream Alive When Money's in Short Supply

Financial Stress is Trending

You have to have the cash to grab before you can make a stash. 

Our money problems as a country are pervasive and invasive. 

• 77% of Americans are filled with anxiety over finances.

• 47% say that financial stress has a negative impact on their mental health.

• Almost 40% of us carry credit card debt from one month to the next (and the next).

We’ve got money problems, y’all. I have scraped and clawed my way out of sizable debt twice. I have been that person who put groceries and gas on credit cards, because I wasn’t making enough to pay the bills. I’ve conquered that beast, and I refuse to make company with it, again.

The information below is an overview of how I would go about saving more or making more if I were in that boat today. 

Money Audit Time

Do you have a budget? Over 55% of Americans do not use a budget to manage their income. I have worked with people who don’t have a budget. The reason that always gets me is, “I don’t make enough money to pay my bills, so what is there to budget.” That is an ostrich’s head in the sand approach to money management. It is a poverty mindset that will keep you in financial lack.

If you wait until you have money before you manage what you have now, you probably will always have money issues.

Money Goals

You have to know the destination before you can put in the coordinates. And, you have to drive the full trip before you reach your destination.

When it comes to money goals, the general consensus is you want more of it, right?

It’s supply (what you’ve got) v. demand (what you need)

The basic approaches to this are spending less or making more. If you can combine the two it will accelerate your journey.

Before we jump into this there is one phrase you aren’t allowed to use. I can’t do that. That sentence is not allowed (nor is any form of it). Here are your alternative sentences:

• I choose not to do that.

• What are the ways I can do that?

Now that we have that out of the way let’s continue!

What are your money goals?

• Do you need to bring in extra income?

• Are you seeking financial independence?

• Do you need to save more than you spend?

Current Status:

• Are you in debt or debt-free?

• Are you currently saving money?

• Do you track your spending habits?

• Are you willing to change your spending?

• Are you short on money and long on expenses?

• Are you long on spending money and short on saving it?

Have you given up?

Accept the reality of where you are today. It’s okay. You can improve it.

Identify WHY you want to save the money. Your WHY is always important. If you aren’t clear on what you want and why you want it (the return on investment for you), then you won’t be clear and consistent on getting it. 

Tackle one thing at a time. If you don’t have a budget, do that first. Not a general budget but a deep dive budget. What does that entail? Going into your credit card bills and analyzing your monthly spending. Make note of areas where you mindlessly spend or overspend.

Is there anything you can reduce or cut out completely? Right there is an opportunity to move that money from the ‘deficit’ column to the ‘savings’ column of your budget.

I Love It When a Plan Comes Together

Make a plan. Stick to it. There is a reason I am a mindset and accountability coach. Almost everyone has a limiting mindset, and almost everyone struggles with accountability. Keep reading to

Select motivational materials - books, podcasts, videos - that you can access daily to keep yourself growing (learning) and progressing. Pick a few people whose information you trust. I personally follow the FIRE community (Financial Independence, Retire Early). You can be any age and at any stage of your life to gain value from the precepts of FIRE. 

Answer these questions (write them down):

• How much do you want to save?

• Do you have a timeframe/deadline?

• How much money can you save now?

• What is the gap b/t what you need v. what you have?

• What are the ways you can save or make more money?

• Are your life goals on hold b/c you don’t have enough money?

• Is there any part of your life/dream goals that can continue in spite of funds?

Make your plan simple. You don’t have to do everything at once. In fact, doing everything will create overwhelm, inconsistency, frustration. That is the recipe for giving up.

You are trying to change your circumstances for the long-term, so stop trying to accomplish your goals overnight.

Here’s the magic of a plan: Once you put it in place you can clearly see how long it will take you to reach your financial goals.

Let’s go through the questions listed above (FYI, get used to asking WHY a lot):

How much do you want to save and WHY do you want/need to save that amount? Get clear on that number.

Do you have a timeframe or deadline to save that money? WHY is that your timeframe or deadline? Typically you base your deadline by the amount you can save each week or pay period. You will be inclined to move your goal date, because you will want to spend a portion of your savings. Ignore the temptation.

How much money can you save now? If you can’t save any immediately, no worries. If you have a portion to save now, go ahead and move it to savings today or tomorrow. Even if it’s $5. This accelerates your progress and signals to your brain that you are serious.

What is the difference between what you need and what you have? Let’s say you want to save $400 a month, but you only have the income to save $150. Then, you are -$250. That’s roughly $62.5 a week and $9.93 a day (over 7 days). I like to break it down to this level, because figuring out how to save less than ten dollars a day feels more accessible than $250 in a month. 

What are the ways you can spend less (cut from current spending) or make more money? I could write a full newsletter on this one topic. There are a million and one ways to spend less money and make more money.

I get it, life is expensive right now. I went grocery shopping the other day and two bags of groceries were $124. That alone is enough to motivate you to spend less and make more. Trying to save for something more than just basic living is challenging. 

I took on side hustles a few times in my life while I was working full time. Here are a few I did successfully:

• Performing in plays Thursdays-Sundays (evenings) while I taught during the day. 

• Taught as an adjunct professor in the evening while I taught elementary students during the day.

• Taught 5 yoga classes per week while working as an assistant principal/principal. 

• Ran an ecommerce business (eBay reseller) while working as a principal.

All of these took some major time management skills, but I did it. After you get into the groove of doing something it becomes sustainable.

Are your life goals on hold because you don’t have enough money? Why? If you want that thing (whatever that thing is), go after it. Look for the opportunities to work on some aspect of your dreams. Don’t let anything stop you. 

If I had to suggest one thing to help you make more money, I would suggest reselling things. It’s my favorite side hustle by far.  

It’s easy, it’s accessible, it’s flexible, it’s scalable, and you can start with things you already own.

Track your progress weekly. I kept a printed out money tracker where I had my goal number written. Every week I would write how much I had saved in one column, and I’d tally the total in another. Seeing both numbers helped me visualize my weekly and overall progress.

Where are you saving that money? I saved mine in an online bank with no physical storefront. This meant I couldn’t just drive through an ATM to access it. I also automated what I could via direct deposit.

Celebrate your progress often and regularly. What’s really frustrating is when progress is slow. This is why celebration is such an important part of the journey. Keep the celebrations small and free (or low-cost).

Marry the process, not the outcome. If you focus on pace (the race to the outcome) instead of process, you will be disappointed. You will burn out. You will quit trying.

More important than funding a new business idea is funding you. Make sure you have a financial cushion, at least 3 months of expenses. Use the steps above to get you there. Save a week’s worth of expenses, then two weeks. Work your way up to a month. Then, tackle the next month. I promise you won’t regret it.

This is a form of self-care, and self-care is non-negotiable.

Be committed to saving consistently by focusing on the new habits you are putting in place. When you celebrate your commitment to the process you are more likely to repeat the process. You are bringing awareness to your progress. As you repeat the process you recommit to it again and again. As you recommit you solidify your consistency. 

The cycle is reinforced; therefore, it continues.

Ask, “What are the ways?” Remove the block.

How Can I Help You?

Are you struggling to meet your goals and wish you had support? Have you ever considered working with a coach? You may not know what a coach does.

One-on-One Coaching:

• You and I develop an individualized plan targeting your specific goals

• You receive individualized support from me

• Answers to your specific questions

• Guidance on your specific issues and blocks

• Accessibility to me outside coaching sessions for added support (individual texts and emails to check in)

• Your plan leads to learning how your personal growth is in your control

Are you ready to take action but are at a loss on what step to take next? 

I can teach you how to get started and accelerate your growth by using repeatable methods. Need the tools? I’ve got them. The goal is always to make you independent. I should be working myself out of a job. Once you take off, you may want to have a session from time to time, especially if you are scaling your goals. A good coach teaches you how to stand on your own two feet. Contact me today. Are you ready to CONNECT?