{"id":2957,"date":"2020-06-10T04:45:24","date_gmt":"2020-06-10T09:45:24","guid":{"rendered":"https:\/\/ellevatedoutcomes.com\/?p=2957"},"modified":"2026-06-16T13:01:10","modified_gmt":"2026-06-16T13:01:10","slug":"how-i-manage-money-at-home-part-2","status":"publish","type":"post","link":"https:\/\/zudigitest.com\/ellevatedoutcomes\/how-i-manage-money-at-home-part-2\/","title":{"rendered":"How I Manage Money: at Home, part 2"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">Hey there, how is your day? Your week? Your month? It&#8217;s heavy out there, and very rightly so. Whoever you are and wherever you are: you&#8217;re allowed to feel what you&#8217;re feeling, especially if it&#8217;s discomfort. I hope that you&#8217;re out there, having difficult conversations &#8211; with yourself and others. Asking questions. Listening. Feeling some anger. Some fear. But also, perhaps, a tiny glimpse of hope?<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">While on the surface it may feel abrupt to continue on with <a rel=\"noreferrer noopener\" href=\"https:\/\/zudigitest.com\/ellevatedoutcomes\/how-i-manage-money-at-home-part-1\/\" target=\"_blank\">How I Manage Money<\/a>, I&#8217;d like to share the perspective that, in fact, it couldn&#8217;t be more on point. For as we said last week in the <a rel=\"noreferrer noopener\" href=\"https:\/\/zudigitest.com\/ellevatedoutcomes\/imbalance-of-power\/\" target=\"_blank\">(Im)balance of Power<\/a>: &#8220;Money <em>is <\/em>power.&#8221; So, how we spend our money speaks money for what we value and how we disperse our power.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">When we chatted two weeks ago, your assignment was to organize and analyze the past six months of your finances, to understand (not judge): &#8220;How <em>do <\/em>I spend my money?&#8221;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">If you used ModMoney&#8217;s template, this nicely categorizes your expenses into three buckets and tells you what percentage you spend on each:<\/p>\n\n\n\n<ol class=\"wp-block-list\">\n<li>Living Expenses<\/li>\n\n\n\n<li>Discretionary Expenses<\/li>\n\n\n\n<li>Savings<\/li>\n<\/ol>\n\n\n\n<p class=\"wp-block-paragraph\">Once that is done, we can move to step&#8230;<br><br><\/p>\n\n\n\n<h2 class=\"wp-block-heading\">2. Reflect: &#8220;What do I value, and what are <a href=\"https:\/\/zudigitest.com\/ellevatedoutcomes\/how-values-make-a-tangible-difference-in-your-business\/\" target=\"_blank\" rel=\"noreferrer noopener\">my values<\/a>? How do my spending choices reflect these (or not)?&#8221;<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">I&#8217;ll share our personal example. I&#8217;m not sure why this is, but ever since I was an adolescent, I&#8217;ve valued three things: <\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>having one or two nice things over lots of things; <\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li>experiences over stuff (you can only imagine the terror that <a href=\"https:\/\/zudigitest.com\/ellevatedoutcomes\/nashville-airbnb\/\" target=\"_blank\" rel=\"noreferrer noopener\">buying a house<\/a> brought me!); and<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li>a cushion. Having an emergency fund plus extra savings in various vehicles makes me feel <a href=\"https:\/\/zudigitest.com\/ellevatedoutcomes\/practicing-abundance-especially-right-now\/\" target=\"_blank\" rel=\"noreferrer noopener\">abundant<\/a> so that if an attractive <a href=\"https:\/\/zudigitest.com\/ellevatedoutcomes\/buy-low-vibe-high\/\" target=\"_blank\" rel=\"noreferrer noopener\">opportunity<\/a> arises, I&#8217;m ready.<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">To this day, there are many things I want but put off buying for years, simply because I want to make triply or quadruply sure that I reeeeally want it. I hemmed and hawed over my last exciting accessory purchase for three years, and even then, I was trying to time currency conversions and duty free to get the best deal, ha. And on the experience side, Dave and I always want to be in a position to say yes to (a) vacation and (b) anything food-related. These are our priorities in our day-to-day life. Also, right now, we&#8217;re saving for some house works, so we&#8217;re doubling down on that cushion for our future selves.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">All this means that for us (right now), our category targets are:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Living expenses: 38%<\/li>\n\n\n\n<li>Discretionary expenses: 34%<\/li>\n\n\n\n<li>Savings &amp; charitable contributions: 28%<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">I say &#8220;right now&#8221; because we re-evaluate our targets on an annual basis, adjusting for salary updates, new goals for our household, and the occasional Julie temper tantrum \ud83d\ude42<br><br><\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Next Steps<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">1. Ask yourself (and your partner, if that&#8217;s applicable) what you value and what you want for your family (figuratively and literally). Ramit Sethi has some cool prompts in his book <em>I Will Teach You to be Rich<\/em>. If you want the Cliff&#8217;s Notes version, take a peek at this 5 minute video on his <a rel=\"noreferrer noopener\" href=\"https:\/\/www.youtube.com\/watch?v=ACYXvR2dO68\" target=\"_blank\">&#8220;Money Dial&#8221; concept on the <em>Tim Ferriss Show<\/em><\/a>. I found it to be a really helpful prompt to think about what I value in concrete terms.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">2. Two weeks ago, I said &#8220;no judgment,&#8221; but now you may judge yourself (I kid, I kid). But seriously, look at your analysis and call out what&#8217;s off. What&#8217;s the difference between how you have been spending money and how you want to be spending money? How is the your currency flow with and against what you value?<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">3. Then, decide realistically what changes you will make and your new target percentages. Personally, I don&#8217;t like getting into the weeds on every single line item. For example, within Discretionary we know that during certain months of the year we&#8217;ll spend a lot on gifts. While in others, we&#8217;ll be ratcheting up the travel dollars. So therefore, we keep our percentages at the category level: Living, Discretionary, and Savings.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">4. Set up a user-friendly system so that you can track your spending from now on. We&#8217;ll continue coming back to this on a monthly basis, and chances are, you had to do a lot of manual work to pull the past six months of data together; so we want to streamline. <a rel=\"noreferrer noopener\" href=\"https:\/\/www.mint.com\/\" target=\"_blank\">Mint.com<\/a> and <a rel=\"noreferrer noopener\" href=\"https:\/\/www.personalcapital.com\/\" target=\"_blank\">Personal Capital<\/a> are two U.S. financial aggregators (we use Mint). <a rel=\"noreferrer noopener\" href=\"https:\/\/www.pocketsmith.com\/global-personal-finance-software\/\" target=\"_blank\">Pocketsmith<\/a> appears to be a similar software that serves other English-speaking countries.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">5. Have a heartfelt conversation with your family about your values &#8211; or what issues you&#8217;re going to take a stand for. In our family it&#8217;s economic inequality because we think that this is at the root of so many other systemic issues (money = power). But yours has to be personal and passionate to <em>you<\/em>. <\/p>\n\n\n\n<p class=\"wp-block-paragraph\">We&#8217;re going to make giving back part of your automated financial habits so that when crises hit, you don&#8217;t have to react. You&#8217;re proactively and consciously part of the solution. You&#8217;re in the habit of putting your money where your mouth is, putting energy toward what you value and your values.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Hey there, how is your day? Your week? Your month? It&#8217;s heavy out there, and very rightly so. Whoever you are and wherever you are: you&#8217;re allowed to feel what you&#8217;re feeling, especially if it&#8217;s discomfort. I hope that you&#8217;re out there, having difficult conversations &#8211; with yourself and others. Asking questions. Listening. Feeling some [&hellip;]<\/p>\n","protected":false},"author":5,"featured_media":2960,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[482],"tags":[26,28,29,266,32,33,264,34,73,214],"class_list":["post-2957","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance","tag-abundance","tag-dave","tag-finance","tag-modmoney","tag-pl","tag-personal-finance","tag-power","tag-profit","tag-public-benefit","tag-values"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.9 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>How I Manage Money: at Home, part 2 - Ellevated Outcomes<\/title>\n<meta name=\"description\" content=\"While on the surface it may feel abrupt to transition back to How I Manage Money, in fact, it couldn&#039;t be more natural, for money is power.\" 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