7. Consistency Beats Perfection w/Dan Hinz
Dan Hinz is the financial coach behind Adulting With Money, where for six years he has taught couples how to unite-not fight-over money. On this episode of CFO at Home Dan and Vince discuss the role a Financial Coach plays on a family’s money team, Dan’s personal budgeting mistakes and how you can avoid them, thoughts on credit card usage, and more.
Dan Hinz is the financial coach behind Adulting With Money, where for six years he has taught couples how to unite-not fight-over money. On this episode of CFO at Home Dan and Vince discuss the role a Financial Coach plays on a family’s money team, Dan’s personal budgeting mistakes and how you can avoid them, thoughts on credit card usage, and more.
- Key Takeaways:
- Avoid basic budgeting mistakes
- Starting a budget without talking with your partner. The mechanics can primarily fall to one partner, but decisions need to be 50/50.
- Identify each partner’s role in the budgeting process based on their strengths
- Making a budget that’s way too complicated; discourages participation by one partner
- Budgeting at too high of a level; doesn’t provide granularity needed to make adjustments when things don’t go according to plan
- Starting a budget without talking with your partner. The mechanics can primarily fall to one partner, but decisions need to be 50/50.
- Credit card usage is a personal decision, be honest with yourself about your ability to manage responsibly
- At the end of the day when it comes to money management there are 3 habits that we’re looking to develop:
- Define your goals
- Track your money somehow
- Communicate
- Avoid basic budgeting mistakes
- Recommended resources:
- https://www.youneedabudget.com/ - for zero-based budgeting
- https://jamesclear.com/atomic-habits
- https://gretchenrubin.com/books/ - The Four Tendencies