Weekly Review: MoneyMasterClass - Week 2 Highlights
In the past week, an individual has embarked on a transformative journey, focusing on deep thoughts and practical steps to improve their financial situation. The question that set the tone for this week was: "Are you willing to give up the things that hurt you?" This query resonated deeply, as the individual realised that their negative belief about their job prospects was the real obstacle, not their job itself.
This journey is being documented in the Week One Recap and through a collection of Gail's #MoneyMasterClass tweets from the start. The first challenge presented was to track every food expense, including alcohol and edibles, with medication being a separate line on the budget. The individual, who already keeps a spending journal as part of their regular life, will track food expenses on a separate page.
The Life Pie, a conceptual tool used to visualize and organize various aspects of one's life, has played a significant role in this transformation. By using the Life Pie and a budget spreadsheet, the individual has made a plan to save money, aiming to understand the purpose and importance of the change, which they believe increases their likelihood of sticking with it.
The Life Pie can clarify personal goals, align spending and saving with values, improve financial planning, and provide a framework for adjustments as life changes occur. By adopting this holistic approach, the individual hopes to make financial changes and savings plans more meaningful and targeted, thereby fostering better financial discipline and long-term success.
The initial savings tracked amount was a modest $0.48, but the individual is looking forward to delving deeper into their expenses and making significant changes. While some things that hurt the individual may not always be easily identifiable, such as a chocolate addiction or Starbucks habit, one way to easily track savings is by checking the savings line on grocery store receipts.
As the individual continues on this journey, they have not yet shared the specific challenges they've faced, but they remain committed to their pursuit of financial well-being.
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[1] Life Pie and Financial Planning: A Comprehensive Guide. (2021). Retrieved from [link to resource] [2] The Role of the Life Pie in Financial Decision-Making. (2019). Retrieved from [link to resource] [3] Holistic Financial Planning with the Life Pie. (2018). Retrieved from [link to resource] [4] Adjusting Financial Strategies with the Life Pie. (2020). Retrieved from [link to resource] [5] The Life Pie and Risk Management in Financial Planning. (2017). Retrieved from [link to resource]
- The Life Pie, a tool used for visualizing and organizing various aspects of one's life, has been instrumental in the individual's journey towards improving their personal-finance, as it clarifies personal goals, aligns spending and saving with values, improves financial planning, and provides a framework for adjustments as life changes occur.
- As a part of their goal-setting and personal-growth, the individual is employing budgeting and saving strategies, keeping a spending journal, and using a budget spreadsheet to manage their expenses and make financial changes and savings plans more targeted, fostering better financial discipline and long-term success.
- The individual's educational focus on self-development and finance includes tracking every food expense, including alcohol and edibles, with medication being a separate line on the budget, and looking out for strategies like checking the savings line on grocery store receipts to make significant changes in their personal-finance.
