June 21, 2022 • 11 mins
Sahirenys returns to the Money Moves podcast for another Ask Me Anything episode. In this Ask Me Anything, Sahirenys breaks down what to do if you are over budget on your financial goals and shares her tips on having a stress-free economic trip with friends.
Guest IG: @poisedfinancelifestyle
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Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Speaker 1 (00:00):
Hey, money Movers, Welcome back to Money Moves, the daily
podcast determined to give you the keys to the kingdom
of financial stability, wealth and abundance. Welcome back, Money Movers
to the Money Moves podcast powered by Greenlood. We are
(00:22):
joined once again with the founder of Poise, Syrense Pierce.
As promised, she's here to join us for and Ask
Me Anything segment, So I hope we have some incredible
questions from you our Money Moves audience. Money Movers, please
welcome back Syreense Pierce. Hi, Hey, how are you today?
Doing good? Thank you great? Well, I'm excited to have
(00:45):
you back today because this is one of my favorite segments.
It's our ask Me Anything segment where we've had viewers
that come in and ask questions through social media on
the Money Moves Podcast in the comments. So if you're
listening now, make sure you send in your questions drop
them in the comments so that we can get all
your financial questions and queries answered. So our first question, Syrense,
(01:07):
is this week's question is hey, sit Andy's I started
a new year motivated to improve my finances and I
even started budgeting for the first time. But now that
I'm two weeks in, I'm realizing them already over budget.
How do I get back on track? Oh? Yeah, I
first off, do not feel bad about going over budget.
This is something that a lot of people struggle with,
(01:28):
especially when you're first starting out, and to be completely transparent,
even I go over budgets sometimes, but instead of letting
it discourage me or put me down, I take the
opportunity to learn about my spending habits, and so should you. Now,
as a quick side note before I answer your question,
I do want to acknowledge that inflation is definitely affecting
our day to day finances with the cost of housing, groceries,
(01:50):
gas utilities at all time levels. If you haven't checked
out my last video on inflation, I definitely recommend to
check that out to get more specific money management to
regarding inflation. Now, when it comes to your budget, one
of my go to tips to help and you control
your spending and better manage your budget is to actually
separate your bills from your lifestyle. Now, trust me, this
(02:10):
is a very humbling experience, but when you're trying to
combine all of your finances, it can be very difficult
to figure out what the issue is when you're combining
your wants and your needs with your bills. You're gonna
want to budget for all of your mandatory needs like housing, transportation, utilities, debt, groceries.
Yes you heard that right. I didn't say food, I
said groceries. And on the flip side, for your lifestyle expenses,
(02:32):
you want to budget for all of your wants like
eating out, entertainment, buying clothes, play, money, etcetera. This way
can get a clear picture of how much you're spending
on your wants versus your needs. A good example of
this is you're gonna be able to really see how
much you're spending on groceries versus eating out, household toltries
versus home decre and so on and so forth. This
simple step is such a game changer, thus making it
(02:54):
my first tip. Next, you have to be realistic with
your cost of living. Whether you're going over budget or not,
you have to be honest with yourself and be realistic
with how much you're actually spending. If you know you
like to go out to eat, do not set a
budget of a hundred dollars when you're spending something like
around four hundred dollars a month Now, if you want
to reduce that budget, that is fine, but do it
modestly so you can start getting comfortable and getting in
(03:16):
the habit of hitting a realistic budget. I do want
to give you props reviewing your budget and seeing that
something was off. Most people get overwhelmed and stop looking
all together. And I get it. Sometimes it is overwhelming
and we get it stuck in our head that our
budget has to be perfect better. Oh yeah, man, Once
you go over budget, that does not mean that you
need to stop budgeting or that you're bad with money.
(03:38):
It's actually telling you the opposite. You need to go harder.
And that's exactly what I recommend. Start increasing the frequency
that you're checking your budget to make the micro tweets
necessary to improve your finances sooner. And once you start
getting a good feel with your budget, then hey, you
can pull back accordingly. So as a quick recap, one,
I would recommend to separate your bills from your lifestyle
to be realistic about your us of living. And three,
(04:01):
increase of frequency that you're checking your budget so you
can make the micro tweaks sooner than later. So I
have another question, what percentage of your income should be
allocated to savings versus investments. So I am very different
than what most people like to do. I am not
a percentage person. I think that's very unrealistic. We all
(04:22):
have different lives, we live in different cities, our cost
of living is different. So I think it's more important
to look at your actual budget and what see what
you're actually trying to accomplish. For saving, why are you saving,
why are you investing? And that's going to give you
a more clear picture of how much money you actually
need to allocate towards achieving this goal. Like if it's
your emergency fund. Let's say, for example, you you already
(04:43):
know if you know that one month of your bills
equals one month of emergency fund. You have a goal
of how much you're trying to save for your emergency fund,
and you dictate how quickly you want to save for that,
how slowly you want to save for that. If you
want to get an extra side hustle to help you
accomplish that goal quicker, that's up to you. You just
really does depend on your financial situation. But if you're
trying to say, for let's say, investing for retirement or
(05:07):
for fun, something like that, you really want to make sure. Okay,
what is my end goal here? And they do this
when it comes to investing calculator to say how much
do you want to have once you retire? Are you
planning on having a home, are you planning on traveling?
Are you considering healthcare costs? And that's gonna give you
a good realistic number of how much you need to
save for retirement, and then you'll work backwards. Okay, I
(05:28):
we need to invest two hundred dollars into an index
fund and I'm gonna do it or target date fund,
and this is gonna allow me to build up my
wealth slowly but surely. Oh man, there's so much information
and there's so much This is what I love about
this podcast because I learned along with everybody else. Oh, Syrenes,
this is a great question. My girlfriends and I want
(05:49):
to go on a bachelorette trip and I'm looking for
some tips on how I can save to go on
this trip. Some of the girls make a little bit
more than me. Some of the girls make last Do
you have any suggestions? Terms? This is a great question,
especially now that the pandemic is kind of calming down
a little bit. You want to reconnect with your friends
and have fun, and you don't want to feel like
(06:09):
you're on a really type budget. I think it's really
important to make sure that you guys are considering where
you're going and being realistic with everyone's budget. Once you
guys figure out how much the hotel's gonna cost, the flights,
and how much you actually want to spend on food,
now you can start working backwards and start saying, Okay,
let's say this trip costs two thousand dollars, how much
(06:30):
can I say consistently every single month or every single
paycheck so I can accomplish this goal. One place that
I recommend to say this is actually in a sinking
fund or your short term goals account for using the
high five banking method, and start saving for this money
slowly but surely. And one thing that I realize is
that you know when you're pellaying a trip, you have
to pay for the for the flight. You know before
(06:53):
the trip even happens, you have to pay for the
hotel before you get there. So if you start saving early,
you'll be able to collect an enough money to realistically
pay for your flight. So you're like, Okay, I feel
confident I'm gonna go on the trip because I have
the money saved already for the flight, and you just
keep on savings that you know what, in a few
weeks we're gonna pay for the hotel, the down payment
on the hotel. And it just makes it feel a
(07:13):
bit more comfortable and more realistic to do it slowly
versus trying to just put it all on your credit
card and then come back from your trip and be
stressed out that you're in credit card debt. And on
top of that, you know it's high interest credit card debt,
so you're gonna be paying for that over a long
period of time. That's not how you want to come
back from a girl's trip. You want to be relaxed,
you want to be excited for the start playing for that.
(07:33):
I just went on a trip and it was nothing
to me. I didn't stress about it. I'm not in
debt about it. That's how you do a bachelorette trip. Yes, okay, Sien.
So I have another question. People ask all the times
about saving, saving, saving, putting things into savings. How exactly
are people doing it? Like when I buy a coffee,
do I put another five dollars in my savings account
(07:55):
on the first of the month, do you move like
one third of your paycheck? How do people save? I
think it really goes down to saving with purpose again,
you know, making sure that you are intentional with how
much money you trying to save, making sure you do
have a budget, and being realistic. You know, things happen
this month. You know you have to go to the doctor,
the dentist appointment. You're like, okay, now I have to
(08:17):
modify my budget. And realizing how to utilize a budget,
because everyone says use a budget, do a budget, But
what do you do with this information? Now you're able
to maneuver and say, okay, I can make some modifications here.
I might have to postpone. I can't invest, you know,
a thousand dollars as more I can only do five hundred.
I can't save uh six hundred dollars to say three
hundred dollars And make those modifications and give ourselves enough
(08:40):
time to actually accomplish these goals so that we don't
feel overwhelmed or bad about it, because we don't wanna,
you know, speak negatively about ourselves in a financial way
or any other way. So we need to make sure
that we're giving ourselves enough time to accomplish these goals.
And when you're saving for things like an emergency fund,
to say, for example, you want I miss utilized your
(09:01):
emergency fund, and how your savings account that way, it's
away from your primary spending account, because I think a
lot of times when we see our emergency fund growing,
we're like, wait, we're saving money, but we're seeing that money,
we're just like, oh my gosh, I want to spend it.
So just not looking at it on a day to
day basis I think really does help. I think that's
(09:21):
a little mindset trick to kind of help you build
up your savings without accidentally spending it and just keeping
an eye on it. Of course, there's a lot of
fraud and stuff like that is happening, so you want
to make sure on a monthly basis you're reviewing all
of your accounts and then you are setting up all
the information for fraud um to get directly text messages, emails,
because that is a very big deal. Right now, good advice. Sorry,
(09:44):
thank you so much. You are a wealth of information.
And I'm gonna go check my accounts for frauds, make
sure I've got my savings in place and who we
got work to do. Money Movers, thank you so much.
Can you remind everyone where they can find you on
social media? Of course, you can find me on Instagram,
Poise Finance Lifestyle, on YouTube Poise Finance Lifestyle, and my
(10:05):
blog The Poise Lifestyle. I love it all right, Money Movers.
That's all the time we have for today, but make
sure to follow Cyrenees on all of her social media handles,
and thank you for being part of our ask Me
Anything segment. Thanks again, thank you. If we've helped you
make your money move, please make sure to let us
know by sending us alike, sharing the knowledge on your
(10:25):
social and or leave us a review on Apple Podcasts.
Money Movers, that's all the time we have for today.
Make sure to tune in Monday to Friday and subscribe
to the Money Moves podcast powered by Greenwood, so that
you two can have the keys to financial freedom you
so rightly deserved. Thank you so much for tuning in
Money Moves audience. If you want more or a recap
(10:45):
of this episode, please go to the bank Greenwood dot
com and check out the Money Moves podcast blog. Money
Moves is an I Heart radio podcast powered by Greenwood Executive,
produced by Sunwise Media, Inc. For more podcasts on I
heart Radio, visit the i heart Radio app, Apple Podcasts,
(11:06):
or wherever you get your podcasts from.
Hey, money Movers, Welcome back to Money Moves, the daily
podcast determined to give you the keys to the kingdom
of financial stability, wealth and abundance. Welcome back, Money Movers
to the Money Moves podcast powered by Greenlood. We are
(00:22):
joined once again with the founder of Poise, Syrense Pierce.
As promised, she's here to join us for and Ask
Me Anything segment, So I hope we have some incredible
questions from you our Money Moves audience. Money Movers, please
welcome back Syreense Pierce. Hi, Hey, how are you today?
Doing good? Thank you great? Well, I'm excited to have
(00:45):
you back today because this is one of my favorite segments.
It's our ask Me Anything segment where we've had viewers
that come in and ask questions through social media on
the Money Moves Podcast in the comments. So if you're
listening now, make sure you send in your questions drop
them in the comments so that we can get all
your financial questions and queries answered. So our first question, Syrense,
(01:07):
is this week's question is hey, sit Andy's I started
a new year motivated to improve my finances and I
even started budgeting for the first time. But now that
I'm two weeks in, I'm realizing them already over budget.
How do I get back on track? Oh? Yeah, I
first off, do not feel bad about going over budget.
This is something that a lot of people struggle with,
(01:28):
especially when you're first starting out, and to be completely transparent,
even I go over budgets sometimes, but instead of letting
it discourage me or put me down, I take the
opportunity to learn about my spending habits, and so should you. Now,
as a quick side note before I answer your question,
I do want to acknowledge that inflation is definitely affecting
our day to day finances with the cost of housing, groceries,
(01:50):
gas utilities at all time levels. If you haven't checked
out my last video on inflation, I definitely recommend to
check that out to get more specific money management to
regarding inflation. Now, when it comes to your budget, one
of my go to tips to help and you control
your spending and better manage your budget is to actually
separate your bills from your lifestyle. Now, trust me, this
(02:10):
is a very humbling experience, but when you're trying to
combine all of your finances, it can be very difficult
to figure out what the issue is when you're combining
your wants and your needs with your bills. You're gonna
want to budget for all of your mandatory needs like housing, transportation, utilities, debt, groceries.
Yes you heard that right. I didn't say food, I
said groceries. And on the flip side, for your lifestyle expenses,
(02:32):
you want to budget for all of your wants like
eating out, entertainment, buying clothes, play, money, etcetera. This way
can get a clear picture of how much you're spending
on your wants versus your needs. A good example of
this is you're gonna be able to really see how
much you're spending on groceries versus eating out, household toltries
versus home decre and so on and so forth. This
simple step is such a game changer, thus making it
(02:54):
my first tip. Next, you have to be realistic with
your cost of living. Whether you're going over budget or not,
you have to be honest with yourself and be realistic
with how much you're actually spending. If you know you
like to go out to eat, do not set a
budget of a hundred dollars when you're spending something like
around four hundred dollars a month Now, if you want
to reduce that budget, that is fine, but do it
modestly so you can start getting comfortable and getting in
(03:16):
the habit of hitting a realistic budget. I do want
to give you props reviewing your budget and seeing that
something was off. Most people get overwhelmed and stop looking
all together. And I get it. Sometimes it is overwhelming
and we get it stuck in our head that our
budget has to be perfect better. Oh yeah, man, Once
you go over budget, that does not mean that you
need to stop budgeting or that you're bad with money.
(03:38):
It's actually telling you the opposite. You need to go harder.
And that's exactly what I recommend. Start increasing the frequency
that you're checking your budget to make the micro tweets
necessary to improve your finances sooner. And once you start
getting a good feel with your budget, then hey, you
can pull back accordingly. So as a quick recap, one,
I would recommend to separate your bills from your lifestyle
to be realistic about your us of living. And three,
(04:01):
increase of frequency that you're checking your budget so you
can make the micro tweaks sooner than later. So I
have another question, what percentage of your income should be
allocated to savings versus investments. So I am very different
than what most people like to do. I am not
a percentage person. I think that's very unrealistic. We all
(04:22):
have different lives, we live in different cities, our cost
of living is different. So I think it's more important
to look at your actual budget and what see what
you're actually trying to accomplish. For saving, why are you saving,
why are you investing? And that's going to give you
a more clear picture of how much money you actually
need to allocate towards achieving this goal. Like if it's
your emergency fund. Let's say, for example, you you already
(04:43):
know if you know that one month of your bills
equals one month of emergency fund. You have a goal
of how much you're trying to save for your emergency fund,
and you dictate how quickly you want to save for that,
how slowly you want to save for that. If you
want to get an extra side hustle to help you
accomplish that goal quicker, that's up to you. You just
really does depend on your financial situation. But if you're
trying to say, for let's say, investing for retirement or
(05:07):
for fun, something like that, you really want to make sure. Okay,
what is my end goal here? And they do this
when it comes to investing calculator to say how much
do you want to have once you retire? Are you
planning on having a home, are you planning on traveling?
Are you considering healthcare costs? And that's gonna give you
a good realistic number of how much you need to
save for retirement, and then you'll work backwards. Okay, I
(05:28):
we need to invest two hundred dollars into an index
fund and I'm gonna do it or target date fund,
and this is gonna allow me to build up my
wealth slowly but surely. Oh man, there's so much information
and there's so much This is what I love about
this podcast because I learned along with everybody else. Oh, Syrenes,
this is a great question. My girlfriends and I want
(05:49):
to go on a bachelorette trip and I'm looking for
some tips on how I can save to go on
this trip. Some of the girls make a little bit
more than me. Some of the girls make last Do
you have any suggestions? Terms? This is a great question,
especially now that the pandemic is kind of calming down
a little bit. You want to reconnect with your friends
and have fun, and you don't want to feel like
(06:09):
you're on a really type budget. I think it's really
important to make sure that you guys are considering where
you're going and being realistic with everyone's budget. Once you
guys figure out how much the hotel's gonna cost, the flights,
and how much you actually want to spend on food,
now you can start working backwards and start saying, Okay,
let's say this trip costs two thousand dollars, how much
(06:30):
can I say consistently every single month or every single
paycheck so I can accomplish this goal. One place that
I recommend to say this is actually in a sinking
fund or your short term goals account for using the
high five banking method, and start saving for this money
slowly but surely. And one thing that I realize is
that you know when you're pellaying a trip, you have
to pay for the for the flight. You know before
(06:53):
the trip even happens, you have to pay for the
hotel before you get there. So if you start saving early,
you'll be able to collect an enough money to realistically
pay for your flight. So you're like, Okay, I feel
confident I'm gonna go on the trip because I have
the money saved already for the flight, and you just
keep on savings that you know what, in a few
weeks we're gonna pay for the hotel, the down payment
on the hotel. And it just makes it feel a
(07:13):
bit more comfortable and more realistic to do it slowly
versus trying to just put it all on your credit
card and then come back from your trip and be
stressed out that you're in credit card debt. And on
top of that, you know it's high interest credit card debt,
so you're gonna be paying for that over a long
period of time. That's not how you want to come
back from a girl's trip. You want to be relaxed,
you want to be excited for the start playing for that.
(07:33):
I just went on a trip and it was nothing
to me. I didn't stress about it. I'm not in
debt about it. That's how you do a bachelorette trip. Yes, okay, Sien.
So I have another question. People ask all the times
about saving, saving, saving, putting things into savings. How exactly
are people doing it? Like when I buy a coffee,
do I put another five dollars in my savings account
(07:55):
on the first of the month, do you move like
one third of your paycheck? How do people save? I
think it really goes down to saving with purpose again,
you know, making sure that you are intentional with how
much money you trying to save, making sure you do
have a budget, and being realistic. You know, things happen
this month. You know you have to go to the doctor,
the dentist appointment. You're like, okay, now I have to
(08:17):
modify my budget. And realizing how to utilize a budget,
because everyone says use a budget, do a budget, But
what do you do with this information? Now you're able
to maneuver and say, okay, I can make some modifications here.
I might have to postpone. I can't invest, you know,
a thousand dollars as more I can only do five hundred.
I can't save uh six hundred dollars to say three
hundred dollars And make those modifications and give ourselves enough
(08:40):
time to actually accomplish these goals so that we don't
feel overwhelmed or bad about it, because we don't wanna,
you know, speak negatively about ourselves in a financial way
or any other way. So we need to make sure
that we're giving ourselves enough time to accomplish these goals.
And when you're saving for things like an emergency fund,
to say, for example, you want I miss utilized your
(09:01):
emergency fund, and how your savings account that way, it's
away from your primary spending account, because I think a
lot of times when we see our emergency fund growing,
we're like, wait, we're saving money, but we're seeing that money,
we're just like, oh my gosh, I want to spend it.
So just not looking at it on a day to
day basis I think really does help. I think that's
(09:21):
a little mindset trick to kind of help you build
up your savings without accidentally spending it and just keeping
an eye on it. Of course, there's a lot of
fraud and stuff like that is happening, so you want
to make sure on a monthly basis you're reviewing all
of your accounts and then you are setting up all
the information for fraud um to get directly text messages, emails,
because that is a very big deal. Right now, good advice. Sorry,
(09:44):
thank you so much. You are a wealth of information.
And I'm gonna go check my accounts for frauds, make
sure I've got my savings in place and who we
got work to do. Money Movers, thank you so much.
Can you remind everyone where they can find you on
social media? Of course, you can find me on Instagram,
Poise Finance Lifestyle, on YouTube Poise Finance Lifestyle, and my
(10:05):
blog The Poise Lifestyle. I love it all right, Money Movers.
That's all the time we have for today, but make
sure to follow Cyrenees on all of her social media handles,
and thank you for being part of our ask Me
Anything segment. Thanks again, thank you. If we've helped you
make your money move, please make sure to let us
know by sending us alike, sharing the knowledge on your
(10:25):
social and or leave us a review on Apple Podcasts.
Money Movers, that's all the time we have for today.
Make sure to tune in Monday to Friday and subscribe
to the Money Moves podcast powered by Greenwood, so that
you two can have the keys to financial freedom you
so rightly deserved. Thank you so much for tuning in
Money Moves audience. If you want more or a recap
(10:45):
of this episode, please go to the bank Greenwood dot
com and check out the Money Moves podcast blog. Money
Moves is an I Heart radio podcast powered by Greenwood Executive,
produced by Sunwise Media, Inc. For more podcasts on I
heart Radio, visit the i heart Radio app, Apple Podcasts,
(11:06):
or wherever you get your podcasts from.
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