4 Steps To Saving Loads of Money

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4 Steps To Saving Loads of Money 

In this article, I am going to take you through an exercise that I walk my money coaching clients through in order to help them save loads of money and to be able to spend more on the things that matter most to them. 

This exercise has facilitated a large handful of lightbulb moments for my clients and so many of them have gone on to save tons of money even within the first month! 

After helping Rob go through this exercise, he began saving $800 every month and then was able to pay off the rest of his car loan in a mere 5 months! 

Lorenzo said it was one of the most painful experiences to go through, but that it was such a blessing to have his whole money situation laid out in front of him so he could finally do something about it!

Mollie and I worked through this process and we were able to slice off an extra $200 per month that she put directly towards her credit card debt. 

4 Steps to Saving Loads of Money

I encourage you to grab a notebook to begin the process, and let’s help you start saving loads of money!  

Step 1: Get Clear on Your Calling

I’m all about helping my clients reprioritize their finances so they can make room to spend their resources on their God-given calling. So step one is to get clear on what that calling is!  

We are called first and foremost by God to love him and to love others. We are to do this through submitting and obeying Him. 

However, each one of us will live out that calling differently depending on our gifts, talents, and experiences. You may already know exactly what you are called to do in life, but if you are needing help figuring that out, here are some resources to help you get started. 

• How to Discover Your Calling
• Discover Your Calling Through Prayer

Once you recognize your unique purpose and calling, ask yourself if your money is being prioritized toward it or if your money is being spent on other maybe not so important purchases. 

Step 2: Track Your Spending 

The reason we start with tracking is to find out where and how much you’re spending already money. If your goal is to gain more control over your finances, it will be impossible to do if you don’t already know where all of your money is going. 

If you don’t already do this, the truth about where your money is going might shock you a little bit…. 

This is typically one of the most transformative exercises I have my clients do, mostly because before we ever start tracking their actual expenses, I have them give me estimates as to how much they THINK they spend on everything. 

Most of the time they are far off from the actual amount of money they are spending. 

Here is an example of the spreadsheets I use with my clients so we can figure out how much they are spending as well as where they are spending their money.

You can grab my money tracking spreadsheets here!

NOTE: This part of the process will take you a good amount of time. I’d recommend carving out a couple of hours to get all of your expenses in there from the past 3 to 6 months. The more you can do the better. 

Step 3: Look For Simple Wins and Ways to Save

In step 3, we observe all of the spending trends to determine where my clients can save more money. Sometimes they may not realize they are overspending in certain expense categories. 

When my client Rob came to me, he was spending about $400 per month for his family’s cell phone service. Yikes! We examined alternatives for him to look into and he ended up switching to the same cell phone provider that I have which helped him save almost $300 per month right off the bat! 

Check out the top 10 things my clients stopped paying for in order to save more money!

The most important areas that I work hard to help my clients save money on are the top 3 most expensive categories which include: Housing, Transportation, and Health. 

So as you go through your tracked expenses, identify how much you spend in total on those 3 areas and find out if you could be saving money by making some changes. 

Here are some ideas: 

• Look into a better housing situation 
• Negotiate a better rent deal with your landlord
• Sell your expensive car and buy something used
• Shop for new insurance (house, car, and health)
• Learn to negotiate your bills
• Start taking your preventative care seriously (for your health, house, and car!) 
• Stop paying for unnecessary household items 
• Make an investment in reusable items
• Cut down on excessive driving or use GetUpside to earn cashback on gas
• Switch to Mint Mobile and save tons on your cell service!

Step 4: Identify Your Spending Triggers

A spending trigger is something that prompts you to make an unnecessary purchase; and they can be dangerous for your budget. You may recognize your own spending triggers right away, but sometimes many of us aren’t aware of what is causing us to overspend. 

Here are a few examples of spending triggers that I have helped my clients identify in the past: 

1. Target dollar section
2. Boredom
3. FOMO 
4. Holiday decorations
5. Peer pressure
6. Receiving gift cards (and spending more than the gift card) 
7. Sales
8. Email marketing 
9. Garage sales
10.  Emotional avoidance

The list can go on and on! 

To determine your own spending triggers, I would encourage you to go through your tracked spending and circle all of the purchases you made that you feel were probably not a necessity, or months where your spending was a little over the top. Then try to think back to figure out what was it that prompted you to make that purchase in the first place. That is your spending trigger! 

Like many people, you will probably have more than one. Once you identify them, create a plan as to how you will avoid those triggers or what you will do when they do show up! I have my clients write down a game plan that they can take out when they run into a spending trigger in the future. 

I’d love to know how this exercise works out for you when you try it out.
Were you able to save loads of money!?
Share in the comments below. 

If overspending is something you need help with, feel free to reach out to me! I would be honored to coach you through this exercise so you can begin saving loads of money yourself! Schedule a discovery call with me to learn more.

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