This week, we're diving deep into savings buckets (aka sinking funds) and how they can transform your money mindset. I’m joined by Therese Nicklas, a wealth coach who specializes in helping high-achieving women create financial freedom as they transition out of the corporate world.
If you’ve ever struggled with feeling like you don’t have enough money, or if big expenses stress you out, this episode is for you. Learn how setting up simple savings buckets can help you spend guilt-free, reduce financial anxiety, and develop long-term financial confidence.
Money Talking Points
- How can a simple savings bucket improve your money mindset?
- What savings target can you begin to use a bucket for?
- What money mindset did you inherit from your family?
Key Topics & Timestamps
[00:00] – Introduction to the episode & why savings buckets are a game-changer
[02:30] – What is a savings bucket? (And why Therese prefers this term over "sinking fund")
[04:45] – How to set up your first savings bucket (simple steps to automate your savings)
[07:30] – The psychology of separate accounts & why they work
[11:15] – Using savings buckets for regular expenses (not just big purchases!)
[15:45] – Finding balance: Can you have too many savings buckets?
[18:30] – Overcoming a scarcity mindset & shifting your money mentality
[23:00] – The power of accountability – why you need a money buddy or a coach
[26:15] – Common mistakes people make with savings & how to fix them
[32:00] – Final takeaways: Start today & find support to stay on track
Resources & Links Mentioned
- Therese Nicklas – https://wealthcoachforwomen.com/pod
- My Budget Coach – https://www.mybudgetcoach.com/coaches/skyler-fleming
- The Automatic Millionaire by David Bach – A great book on small savings habits that build wealth over time
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