Are you one of those people struggling and having challenges with budgeting? Or have you considered the consequences of not budgeting at all? There’s nothing more comforting than living a life knowing where your money goes and affording a comfortable lifestyle because you plan your finances well. Wherever you are in your phase of life, you have to budget. We all know it’s good for us but sometimes, there isn’t just enough force to drag us there.
https://www.youtube.com/watch?v=4E7ile4sQxA&pp=ygUPcm9iZXJ0cGxhbmsgNzU2
John Kennedy is a certified financial planner with CandorPath Financial. Today, John talks about the importance of budgeting, a topic many people avoid due to discomfort. He emphasizes the need for budgeting at all life stages and introduced his money management course, which focuses on communication, simplification, and tracking expenses to help listeners gain control of their finances.
Quotes
“Oftentimes, when we feel like we're not good at something, what do we do? We try to avoid interactions with that thing that we're not good at.” - John Kennedy
“You have to budget. You need to have good cash flow. You have to understand where your money is going.” - John Kennedy
“Using a debit card or cash really connects you to your spending habits. It really makes you in tune with how much or how little you're spending.” - John Kennedy
Takeaways
01:18 Budgeting is crucial for financial well-being, regardless of one's life stage.
03:35 Open communication about finances, especially with a spouse, can improve relationships and avoid conflicts.
04:50 Setting simple, achievable 90-day goals can make budgeting more manageable and sustainable.
06:36 Using cash or debit cards instead of credit cards can help people stay connected to their spending habits.
07:18 Tracking expenses, whether through pen and paper or technology, provides valuable insights into spending patterns.
Resources
Email John at john@threetowin.co
Subscribe to the CandorPath Financial on YouTube
CandorPath Financial: An Ensemble Approach to Financial Planning
Connect with John Kennedy on LinkedIn
Mark as Played
Transcript
Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
announcer (00:00):
Marketer of the day 756 communicate, simplify and
track your personal financebudget with certified financial
planner John Kennedy.
John Kennedy (00:16):
Hey, everyone. John Kennedy here, certified
financial planner withcanterpath Financial Robert
plank and I recorded a podcastearlier this year around the
idea of being comfortable withbeing uncomfortable, and we're
going to continue thatconversation today. So this is
specifically for Robert plankand for marketer of the day, but
(00:39):
we're going to continue thatconversation into probably one
of the most dirty words infinance and personal finance,
which is budgeting. Nobody likesto do this part. It's not fun.
And oftentimes we find that whenwe feel like maybe we're not so
good at something, what do wedo? We try to avoid interactions
(01:01):
with that thing that we're notgood at. We don't do it. We
don't focus on it. And thereforeit perpetuates that cycle of us
not being good at it. We geteven worse at it because we have
no practice to it. And sowhether you're a retiree,
whether you're 30 years old, itdoesn't really matter where you
are in your phase of life. Youhave to budget. You have to have
good cash flow. You have tounderstand where your money is
(01:22):
flowing. And so the first thingI'd like to talk about is the
podcast that we've created. It'scalled the three to win podcast.
It's with myself and two of mybusiness partners, rich blooney
And Matt Marcoux, and we talkabout all sorts of different
challenges and struggles that wedeal with as individuals, as
family men, as business owners,and just focusing on small,
(01:42):
incremental steps that we can bemaking to improve ourselves. One
of the latest episodes we didwas about, it was called budget,
or budget, and it was this ideaof the importance of creating a
budget and some certain metricsthat we want to be focused on.
The second thing I'd like totalk about, so I'll provide a
link to our podcast, but thesecond thing I'd like to talk
about is a money course thatwe've created within the three
(02:04):
to win show specifically to kindof help you come up with, not
only the, you know, overcomingsome of the psychology behind
why maybe we're not good at it,or things we can be focused on
to help us improve. But inaddition to that, actual
tangible things that we want tobe focusing on. So it comes with
a great price point. It's 4999but more importantly, for those
(02:25):
of you who are listening tothis, what I'd like to do is
provide a discount and make thiscourse available for just 1999
so the best way to get in touchwith me to enroll in the course
or arrow would be to get intouch with me to enroll in the
course at that pricing is tojust give me, shoot me an email.
So John, J O H N, at three towin.co, so J O H N, at the
(02:46):
number 3t, o w i n.co, so thepremise of it, and the big three
things that I kind of want totalk about today for for the
marketer of the day, is within abudget, there's the focuses we
want to kind of place is to,one, communicate about it, to
(03:07):
create simplicity around it, andthen three, track it. So let me
just unpack that a little bit.When it comes to communication,
a lot of times, I think mostpeople associate that with, you
know, talking with your spouselike we want to make sure we're,
you know, we're we're havingconversations or transparent
about what our goals are and allthat type of stuff. But it
doesn't have to be that. Itcould be a mentor, it could be a
(03:27):
financial planner, someone thatyou're working with. It could be
a friend. But having thesediscussions is really helpful.
And as it relates to a spouse,you know, the number out of the
three main reasons for divorce,communication and money are the
top two. So we want to try tohelp create conversations around
this so that we're able to havereally a better relationship. I
(03:48):
mean, with it, with with myspouse as an example, we talk
about our budgeting on a monthlybasis. Sometimes we set
intentional time aside.Sometimes it just happens when
we're in the car and we're wehave some time together when our
kids are, like, napping in thecar. We have two little kids, so
it's hard to have moneyconversations these days with
two kids. We're always busy. Butisn't that just kind of
everyone's problem, though?Right? Like we're all busy, life
(04:10):
gets in the way. There's, youknow, between work and, you
know, your career, yourfamilies. This is something that
can often fall by the wayside.So creating some intentionality
around that we think is justreally useful beyond that. You
know, we talk about simplifyingit so you don't want to get
bogged down with these detailsof tracking every single penny.
(04:30):
It's like, January one rollsaround. We create all these new
year's resolutions. What happenswith people? They say, like, Oh,
I'm gonna I'm gonna go to thegym seven days a week, I'm gonna
eat chicken, I'm gonna eatbroccoli, and I'm going to get
Uber fit, and by day 15, you'vefallen off the wagon, because
that is not sustainable. So wedon't want to do something
that's going to backfire on us.We want to create, you know,
(04:52):
maybe talk through some goals,create them. Create simple steps
like making something attainablefor you in the next. 90 days, if
budgeting and talking aboutmoney isn't your strength to
begin with, if we create theselofty goals for one, three and
five years from now, which I'mnot against goal planning by any
means, but that's going to beoverwhelming initially. So let's
(05:14):
focus on some smaller steps,like in the next 90 days, which
I really believe there's a lotof studies that show you know,
the human mind is really onlycapable of processing things
within the next 90 days. So wecreate these short stints of
goals we want to create. Itcould be paying off your credit
card in the next 90 days. Itcould be increasing your savings
to, you know, X in the next 90days. Might even be in a really
(05:37):
good one. Just aside from allthis, is coming up with a
strategy of not using yourcredit cards for 90 days, which
is so impactful for so manyreasons. But if you think about
it, when you use a credit card,you're disconnected from the
purchase. So you've got 30 to 45days and other statement
balances due if you even pay thefull statement balance in full
(05:58):
to deal with the decision thatyou made today, and so you're
kicking that can down the road.So using a debit card or cash
really connects you to yourspending habits. It really makes
you in tune with how much or howlittle you're spending. And so
if you want to really gaincontrol back of your spending
and your budgeting, just don'tuse a credit card for 90 days
(06:19):
just to see how that feels. Ithink that's a great exercise.
Also, by the way, there's a lotof studies that suggest, on
average, an individual willspend 20, roughly 20% less when
they're connected to thepurchase and they use cash or a
debit card, as opposed to itgoing on a credit card. And if
you think about it, like,logically, that's true. I mean,
a lot of people would tell me,like, I don't want to give up my
(06:42):
points. Like I love my points. Ineed my points. And that's
great, but that whole pointsystem is designed to get you to
do what one thing, which isspend more. So simplicity is
really important. We just wedon't want to overcomplicate
this, this conversation, andthen last but not least, we want
to track it. It could be,honestly, as simple as old
school, pen and paper. Get itout, write it down on a sheet of
(07:03):
paper, and understand where allof your expenses are flowing. It
could be a little morecomprehensive, like an Excel
spreadsheet. Or honestly, intoday's world, there's just no
excuse to not use technology inour favor in this way, you know,
having some kind of app that candigest all that information and
tell you as a percentage of whatyou make, how much goes to you
(07:24):
know, how much is going towardsrestaurants and how much is
going towards groceries andstuff like that. That's really
important. And when it's allsaid and done, you know, you've
created, you've talked about it,you've created some goals around
it that are simple andattainable for you. And then as
you track it, this all tiestogether to really help you
create some automated,systematic rules around how
(07:47):
you're spending and how you'resaving. So like in our
household, at the beginning ofevery week, we have a certain
dollar amount move into another,another checking account, which
we have a debit card associatedwith, and that's our that's our
daily spending. That's ourvariable bucket. You know,
that's groceries, that's diningthat's gas and tolls. It's the
things that, on a day to daybasis, we expect that we're
(08:08):
going to spend. But it'svariable. It could go up and it
could go down, but it keeps usso in tune with what we're
spending. And on that same note,on a monthly basis, we have
money move into various savingsbuckets that we're trying to
save for could be, could be fun,it could be a vacation, it could
be a home improvement project.Doesn't always have to be about
saving for the long term. Ofcourse, we advocate that a ton.
(08:30):
But, you know, we want to, wewant to take this in baby steps.
So the three important thingsthat that I'd like to focus on
today, communicate, simplify andtrack it. And then beyond that,
we really unpack these ideas,not only in our podcast, the
three to win podcast, but alsoin this money course, where we
try to come up with, as I said,discuss through the psychology
(08:52):
of it. But in addition to that,come up with some actionable
things through a series ofvideos and training steps that
we've created. So would love foryou as a listener of Robert
planks podcast, would love foryou to join us on that journey.
Feel free to email me John atthree to win.co and then we'll
give you that special pricing.Have a wonderful day. Thanks for
(09:13):
listening to me today.
Robert Plank (09:17):
If you're a future podcaster, new podcaster,
existing podcaster, or you'relooking to make more money with
your podcast with less time, youowe it to yourself to check out.
Done For You. Podcasting.com wehandle any or all of your
podcasting needs go to done foryou. Podcasting.com right now.
Marketer of the day 756 communicate, simplify and
track your personal financebudget with certified financial
planner John Kennedy.
John Kennedy (00:16):
Hey, everyone. John Kennedy here, certified
financial planner withcanterpath Financial Robert
plank and I recorded a podcastearlier this year around the
idea of being comfortable withbeing uncomfortable, and we're
going to continue thatconversation today. So this is
specifically for Robert plankand for marketer of the day, but
(00:39):
we're going to continue thatconversation into probably one
of the most dirty words infinance and personal finance,
which is budgeting. Nobody likesto do this part. It's not fun.
And oftentimes we find that whenwe feel like maybe we're not so
good at something, what do wedo? We try to avoid interactions
(01:01):
with that thing that we're notgood at. We don't do it. We
don't focus on it. And thereforeit perpetuates that cycle of us
not being good at it. We geteven worse at it because we have
no practice to it. And sowhether you're a retiree,
whether you're 30 years old, itdoesn't really matter where you
are in your phase of life. Youhave to budget. You have to have
good cash flow. You have tounderstand where your money is
(01:22):
flowing. And so the first thingI'd like to talk about is the
podcast that we've created. It'scalled the three to win podcast.
It's with myself and two of mybusiness partners, rich blooney
And Matt Marcoux, and we talkabout all sorts of different
challenges and struggles that wedeal with as individuals, as
family men, as business owners,and just focusing on small,
(01:42):
incremental steps that we can bemaking to improve ourselves. One
of the latest episodes we didwas about, it was called budget,
or budget, and it was this ideaof the importance of creating a
budget and some certain metricsthat we want to be focused on.
The second thing I'd like totalk about, so I'll provide a
link to our podcast, but thesecond thing I'd like to talk
about is a money course thatwe've created within the three
(02:04):
to win show specifically to kindof help you come up with, not
only the, you know, overcomingsome of the psychology behind
why maybe we're not good at it,or things we can be focused on
to help us improve. But inaddition to that, actual
tangible things that we want tobe focusing on. So it comes with
a great price point. It's 4999but more importantly, for those
(02:25):
of you who are listening tothis, what I'd like to do is
provide a discount and make thiscourse available for just 1999
so the best way to get in touchwith me to enroll in the course
or arrow would be to get intouch with me to enroll in the
course at that pricing is tojust give me, shoot me an email.
So John, J O H N, at three towin.co, so J O H N, at the
(02:46):
number 3t, o w i n.co, so thepremise of it, and the big three
things that I kind of want totalk about today for for the
marketer of the day, is within abudget, there's the focuses we
want to kind of place is to,one, communicate about it, to
(03:07):
create simplicity around it, andthen three, track it. So let me
just unpack that a little bit.When it comes to communication,
a lot of times, I think mostpeople associate that with, you
know, talking with your spouselike we want to make sure we're,
you know, we're we're havingconversations or transparent
about what our goals are and allthat type of stuff. But it
doesn't have to be that. Itcould be a mentor, it could be a
(03:27):
financial planner, someone thatyou're working with. It could be
a friend. But having thesediscussions is really helpful.
And as it relates to a spouse,you know, the number out of the
three main reasons for divorce,communication and money are the
top two. So we want to try tohelp create conversations around
this so that we're able to havereally a better relationship. I
(03:48):
mean, with it, with with myspouse as an example, we talk
about our budgeting on a monthlybasis. Sometimes we set
intentional time aside.Sometimes it just happens when
we're in the car and we're wehave some time together when our
kids are, like, napping in thecar. We have two little kids, so
it's hard to have moneyconversations these days with
two kids. We're always busy. Butisn't that just kind of
everyone's problem, though?Right? Like we're all busy, life
(04:10):
gets in the way. There's, youknow, between work and, you
know, your career, yourfamilies. This is something that
can often fall by the wayside.So creating some intentionality
around that we think is justreally useful beyond that. You
know, we talk about simplifyingit so you don't want to get
bogged down with these detailsof tracking every single penny.
(04:30):
It's like, January one rollsaround. We create all these new
year's resolutions. What happenswith people? They say, like, Oh,
I'm gonna I'm gonna go to thegym seven days a week, I'm gonna
eat chicken, I'm gonna eatbroccoli, and I'm going to get
Uber fit, and by day 15, you'vefallen off the wagon, because
that is not sustainable. So wedon't want to do something
that's going to backfire on us.We want to create, you know,
(04:52):
maybe talk through some goals,create them. Create simple steps
like making something attainablefor you in the next. 90 days, if
budgeting and talking aboutmoney isn't your strength to
begin with, if we create theselofty goals for one, three and
five years from now, which I'mnot against goal planning by any
means, but that's going to beoverwhelming initially. So let's
(05:14):
focus on some smaller steps,like in the next 90 days, which
I really believe there's a lotof studies that show you know,
the human mind is really onlycapable of processing things
within the next 90 days. So wecreate these short stints of
goals we want to create. Itcould be paying off your credit
card in the next 90 days. Itcould be increasing your savings
to, you know, X in the next 90days. Might even be in a really
(05:37):
good one. Just aside from allthis, is coming up with a
strategy of not using yourcredit cards for 90 days, which
is so impactful for so manyreasons. But if you think about
it, when you use a credit card,you're disconnected from the
purchase. So you've got 30 to 45days and other statement
balances due if you even pay thefull statement balance in full
(05:58):
to deal with the decision thatyou made today, and so you're
kicking that can down the road.So using a debit card or cash
really connects you to yourspending habits. It really makes
you in tune with how much or howlittle you're spending. And so
if you want to really gaincontrol back of your spending
and your budgeting, just don'tuse a credit card for 90 days
(06:19):
just to see how that feels. Ithink that's a great exercise.
Also, by the way, there's a lotof studies that suggest, on
average, an individual willspend 20, roughly 20% less when
they're connected to thepurchase and they use cash or a
debit card, as opposed to itgoing on a credit card. And if
you think about it, like,logically, that's true. I mean,
a lot of people would tell me,like, I don't want to give up my
(06:42):
points. Like I love my points. Ineed my points. And that's
great, but that whole pointsystem is designed to get you to
do what one thing, which isspend more. So simplicity is
really important. We just wedon't want to overcomplicate
this, this conversation, andthen last but not least, we want
to track it. It could be,honestly, as simple as old
school, pen and paper. Get itout, write it down on a sheet of
(07:03):
paper, and understand where allof your expenses are flowing. It
could be a little morecomprehensive, like an Excel
spreadsheet. Or honestly, intoday's world, there's just no
excuse to not use technology inour favor in this way, you know,
having some kind of app that candigest all that information and
tell you as a percentage of whatyou make, how much goes to you
(07:24):
know, how much is going towardsrestaurants and how much is
going towards groceries andstuff like that. That's really
important. And when it's allsaid and done, you know, you've
created, you've talked about it,you've created some goals around
it that are simple andattainable for you. And then as
you track it, this all tiestogether to really help you
create some automated,systematic rules around how
(07:47):
you're spending and how you'resaving. So like in our
household, at the beginning ofevery week, we have a certain
dollar amount move into another,another checking account, which
we have a debit card associatedwith, and that's our that's our
daily spending. That's ourvariable bucket. You know,
that's groceries, that's diningthat's gas and tolls. It's the
things that, on a day to daybasis, we expect that we're
(08:08):
going to spend. But it'svariable. It could go up and it
could go down, but it keeps usso in tune with what we're
spending. And on that same note,on a monthly basis, we have
money move into various savingsbuckets that we're trying to
save for could be, could be fun,it could be a vacation, it could
be a home improvement project.Doesn't always have to be about
saving for the long term. Ofcourse, we advocate that a ton.
(08:30):
But, you know, we want to, wewant to take this in baby steps.
So the three important thingsthat that I'd like to focus on
today, communicate, simplify andtrack it. And then beyond that,
we really unpack these ideas,not only in our podcast, the
three to win podcast, but alsoin this money course, where we
try to come up with, as I said,discuss through the psychology
(08:52):
of it. But in addition to that,come up with some actionable
things through a series ofvideos and training steps that
we've created. So would love foryou as a listener of Robert
planks podcast, would love foryou to join us on that journey.
Feel free to email me John atthree to win.co and then we'll
give you that special pricing.Have a wonderful day. Thanks for
(09:13):
listening to me today.
Robert Plank (09:17):
If you're a future podcaster, new podcaster,
existing podcaster, or you'relooking to make more money with
your podcast with less time, youowe it to yourself to check out.
Done For You. Podcasting.com wehandle any or all of your
podcasting needs go to done foryou. Podcasting.com right now.
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