Alissa Locke has spent her career helping people improve their financial situation, first in the mortgage industry, then insurance and financial services. However, it was her personal money journey that compelled her to become a Financial Coach....
Alissa Locke has spent her career helping people improve their financial situation, first in the mortgage industry, then insurance and financial services. However, it was her personal money journey that compelled her to become a Financial Coach. Alissa went from being a broke, single mother in her 30s to being able to achieve financial freedom and retire in her early 50s. The key to her turnaround? A change in mindset. Today on CFO at Home, Alissa and Vince discuss the lessons that she learned during her personal journey and some of the key takeaways that she uses in coaching her clients to achieve their financial goals.
- Shame and embarrassment over our financial habits can be a hindrance to dealing with our money issues
- Even before you start to budget, just tracking your spending can be a powerful first step in getting you finances under control
- Getting the “Big 3” expenses under control can provide more “bang for the buck” when getting your finances in order:
- Focusing a shared financial priorities can help in unifying couples in achieving their financial goals
- “Me Money” provides couples financial flexibility
- Money that each person can spend without being questioned by the other
- When beginning to manage your money
- There is no point in tracking our fixed recurring expenses
- Lower those expenses as much as tolerable
- Use cash/debit card to manage all other (variable) expenses (helps to develop self control)
- Understanding the “whys” behind money habits that you want to change is critical in breaking those habits
- Budgeting is particularly important while you’re working on understanding your mindset
- Long-Term, strict budgeting can feel like deprivation and long to sustain in the long run. The more your money mindset changes, the less critical strict budgeting becomes to long-term success.
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