Hello, savvy savers! Ahead of Project Money season 10, we went back and looked at some of our favorite tips from last year’s Project Money coaches. Take a few minutes to read up on some wisdom and key tips to keep your goals on track this spring. :)
Coach Melanie (Team Jenniffer):
- Open Multiple Accounts: Open a second checking account, solely dedicated to paying bills. This helps keep bills separate from other expenses, so you can consistently have a clear picture of your financial status and make any changes accordingly.
- Pay Yourself First: Create sub savings accounts and “pay yourself first” with each paycheck by depositing money into each specific savings account. This helps grow savings while ensuring you have enough money in check to cover bills.
Coach Myrphy (Team Venus):
- Hold Yourself Accountable: Holding yourself accountable for mistakes and slip-ups was almost invaluable. Find someone to be keep that outside perspective and hold you accountable when you start to slip from your goals. Whether it’s a friend, spouse, sibling, whoever!
- Stay Confident: Having faith in yourself is essential. Changing old habits is hard, especially when it comes to finances. Have confidence in yourself that you can (and will) do what’s needed!
Coach Laura (Team Karl & Heather):
- Communicate: This is one of our favorite lessons in Project Money, and each year we see it serve as a huge help for our participants! Not only does it give you clarity around where your collective finances are, but it builds collaboration. You’ll feel like you’re in it together!
- Don’t Spend Just Because You Can: Looking back, one of the biggest lessons Laura gave her team was to not spend just because you have money in your account. This is especially important right after you get paid! Train yourself to keep your goals top of mind. Remember, you can’t spend your way to wealth. Plus, people are often surprised by how fast savings accrue.
Coach Rachel (Team Moriah & Terrance):
- Stay Flexible: Remember to set realistic, achievable goals. What can you actually achieve while staying within your means and obligations? Keep in mind that these things change, so your goals should, too. Keep readjusting as needed and stay positive!
- Get a Sounding Board: Find your go-to friend, family member or colleague to be that sounding board for you. Not so much to hold you accountable, but to vent any frustrations and, better yet, brainstorm ideas! Having someone else’s opinion will help you keep a fresh perspective and not be so buried in the details.
Thanks again to all our Project Money participants and stellar coaches! Keep coming back to the Money Smarts blog for financial tools and look out for an update on Project Money 10!