98. Break Your Bad Pandemic Money Habits!

Over the last couple of years, our pandemic lifestyles have disrupted many areas of our lives, including our finances. On this episode of CFO at Home, Vince and Terri Nicklas, President and Founder of The Wealth Coach for Women, discuss some of the impacts of the pandemic on our money habits, and ways that we can get back on track.

Key Takeaways

• The lifestyle changes and stress brought on by the pandemic caused many of us to become lax with our good money habits, or to develop new habits that don’t serve our long-term goals.
• Money is an emotional issue. For this reason, when addressing our own financial misbehavior, it’s important that we:
• • Face up face up to it
  • Forgive ourselves
• When looking to develop better money habits,  start with small goals. Attach a small goal to an existing existing habit
• • After I_____, I _____ (example: After I spend money, I will write down what I spent)
  • Tracking your money is the #1 habit that you need to develop in order to improve your financial wellbeing
• Look to identify events that trigger your impulse spending
• On-line purchasing tips
• • Instead of instantly giving into a impulse purchase, place item on a wish list of shopping cart
  • • Provides a “cooling off” period to consider purchase
    • Retailer will sometime provide a discount to incentivise you to complete purchase 
• Base the value of the home you purchase on your personal budget, not the amount of the loan that the bank approves for you. 
• Living below for means provides piece of mind and relieves stress 

Resources

• Tiny Habits - BJ Fogg
• What Should I Do with my LIfe? - Po Bronson

Ways to connect/follow

• WealthCoachForWomen.net
• MoneyMasteryMovement.com

Contact the Host - vince@thecfoathome.com