How to Set Up Money Management Systems for Short-Term & Long-Term Goals

The Money with Katie Show

Money with Katie

Self-improvement, Education, Business, Investing, How To

4.8 • 1.3K Ratings

🗓️ 10 August 2022

⏱️ 32 minutes

🔗️ Recording | iTunes | RSS

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Summary

This episode is a logistical examination of how to put systems in place that help you balance your short-term and long-term spending goals—after all, “saving” is really just another name for “deferred spending,” and the ideal scenario we’d find ourselves in is one in which the money we need is available to us whenever we need it. It’s my hope that after listening, you’ll have a solid understanding of how to structure all of your savings and investing and—most importantly—you’ll eliminate the fear that you’re “missing something.” — Mentioned in the Episode - Atomic Habits by James Clear: https://jamesclear.com/atomic-habits — Follow Along - Listen to Money with Katie here: https://www.podpage.com/money-with-katie-show/ - Read Money with Katie: https://moneywithkatie.com/ Follow Money with Katie! - Instagram: https://www.instagram.com/moneywithkatie/ - Twitter: https://twitter.com/moneywithkatie - TikTok: https://www.tiktok.com/@moneywithkatie Subscribe to Morning Brew - Sign up for free today: https://bit.ly/morningbrewyt Follow The Brew! - Instagram: https://www.instagram.com/morningbrew/ - Twitter: https://twitter.com/MorningBrew - TikTok: https://www.tiktok.com/@morningbrew Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	Welcome back rich girls and guys to The Money with Katie Show.
0:09.6	I'm your host, Katie Yaddi Tossan, and in today's episode, we are talking about setting
0:14.9	up strong money management systems to run in the background of your financial life.
0:28.1	The quote that immediately came to mind when planning this episode came from James Clear,
0:34.2	the author of Atomic Habits.
0:35.6	He says, you don't rise to the levels of your goals, you fault the levels of your systems.
0:41.8	This is a nice way of saying that as much credit as we want to give ourselves for being disciplined
0:46.6	to go getters, the reality is that most of us, myself included, will not rise to the occasion
0:52.3	consistently and impressively enough to accomplish amazing things willy-nilly.
0:58.2	Instead, we'll get results that are consistent with the things that we habitually do.
1:03.7	I'm tempted to make that predictable, healthy living analogy here that if your habit
1:09.1	is waking up, going for a jog, and then coming home and eating scrambled eggs and green
1:14.7	juice, and you do this every morning consistently, rain or shine, it's just part of your routine.
1:20.2	You're probably going to be in decent shape and feel pretty good, and if you have no
1:25.1	semblance of a daily routine around exercise or what you're eating, and you're just leaving
1:29.5	your fate up to the capricious whims of how you feel each day and what happens to be in
1:34.4	the fridge, that it's a little bit like how people are trying to eat less sugar will
1:39.6	keep less dessert and candy in their house, like you're planning ahead for your own cravings,
1:44.6	and you are circumventing them by removing the temptation from arms reach.
1:49.1	I was reminded of this in the money realm on a recent trip for which I forgot my water bottle,
1:54.6	my phone charger, and snacks. There I was stumbling around an unfamiliar airport buying a $5
2:01.1	bottle of water, a half empty bag of chips at a 40% markup, and a $35 phone charger that I
	...

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