359. What Does Your Bank Statement Reveal About You?

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In this episode of the Debt-Free Dad podcast, host Amber discusses the importance of aligning your spending with your values. Amber shares a simple reflection exercise to help you analyze your bank statements, categorize your spending, and identify discrepancies between your financial habits and your true priorities. By taking small, actionable steps, you can start to redirect your money towards what genuinely matters to you, potentially giving yourself a 'pay raise' in the process. Tune in to learn how to bring your spending in sync with your values and take control of your financial future. 

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Episode Transcript

Amber Taylor (00:01):
If someone picked up your bank statement right now
, what would they assume mattersmost to you?
Would they see that you careabout your family, your peace of
mind or your future, or wouldthey see daily takeout impulse
Amazon orders and subscriptionsyou forgot you even had?

(00:22):
This isn't about judgment.
It's about alignment, becauseyour money always tells a story.
The question is, is it tellingthe right one?
Hi, I'm Amber, today's host forthe Debt-Free Dad podcast.
My husband and I saved and paidoff over $54,000 in just 20

(00:45):
months and have been livingdebt-free outside of our
mortgage since 2018.
Now we know that getting out ofdebt and building a life with
less financial stress takes morethan just numbers.
It takes mindset, behavior andsome honest reflection, and
that's exactly what we're divinginto today.

(01:05):
Let's talk about how to makemoney match what really matters
to you.
Many of us say we value thingslike family, generosity or
simplicity, but if we're honest,our spending doesn't always
reflect that.
I've been there, too, saying myfamily came first, while

(01:28):
spending hundreds of dollars oneating out and just random
purchases that really didn'tsupport our long-term goals.
Our money often reflects ourhabits, our emotions, not
necessarily our values, and ifyou've ever looked at your bank
statement and felt disconnectedor discouraged.

(01:48):
Just know you're not alone, andit doesn't mean you're bad with
money.
It means your spending might beout of sync with your
intentions.
The good news is, you canchange that, starting with a
little clarity.
So here's a super simple butpowerful reflection exercise

(02:10):
that you can do Now.
If you're driving or you'relistening to this while you're
doing something else, come backto this, make mental note and go
and do this.
It's going to make a hugedifference.
Step one what you're going towant to do Look at the last 30
to 90 days of your bank andcredit card statements.
No need to get super detailed.
We're scanning for patterns,okay, okay.

(02:32):
Step number two is group yourspending into just basic
categories Groceries, eating out, entertainment, shopping,
savings, giving donations, thatkind of thing, and debt payments
.
Now here's what happened when myhusband and I did this, because

(02:54):
this was such a huge thing forus.
I did this because this wassuch a huge thing for us.
We actually gave ourselves apay raise because what we
noticed was these hugediscrepancy amount that was
going to eating out andentertainment and we were like
holy cow, how are we spendingthat much money on this?
I thought we were livingpaycheck to paycheck.

(03:16):
So when we were able to seethat and really visualize it, it
helped us to kind of honethings in and focus and put our
money where our values were,where our priorities were, and
they weren't in supporting arestaurant's bottom line.
They weren't as much as we loveto go and eat out and go out

(03:37):
for concerts and that kind ofthing.
We were able to shift somethings around and really get
intentional with our money andin turn it gave ourselves a pay
raise and we realized, holy moly, we weren't really living
paycheck to paycheck.
I mean it was tight, but wewere able to refocus our money
and put that towards debt tohelp us get even more disposable

(04:00):
income and become debt free.
Now number three.
Here's the tough part Littlereflection for you.
You want to ask yourself whatcategory stand out most.
Are you like me, where it wasfood and entertainment?
Ask yourself what surprised meor what am I proud of and what

(04:31):
would I feel uncomfortableexplaining to someone else if
they were looking at thesestatements and really think
about that and write those down.
Then step four.
Now you want to state yourvalues.
What are your values?
If someone asked you whatmatters most?
What would you say?
Is it family?
Is it travel?
Is it health?
Is it security, freedom, whatare those values?

(04:55):
Now look back at that spending.
Is your money reflecting thosevalues or is there some kind of
disconnect?
This isn't about guilt, it'sabout realignment.
So really look at it.
Where can you be putting thatmoney to align better with those
values?

(05:16):
Now that you've taken a lookwhere your money is going,
what's one small step that youcan make this week to bring your
spending closer to your values?
Just one.
Maybe you cancel a subscriptionthat doesn't really serve you
anymore.
Maybe you bring lunch to workone extra day this week instead
of spending it on takeout, andput that money towards savings.

(05:38):
Maybe you open a sinking fundfor something important instead
of just charging it and payingit later.
These little shifts add up andthey send a powerful message
that you are in control and yourmoney is a tool to build the
life you actually want, not justthe one you default to.

(06:02):
So I'm going to leave you withthis.
Your bank statement alreadytells a story.
Make sure it's one that you areproud of.
Let your money reflect yourreal values.
Let your money reflect yourreal values, not just your

(06:23):
habits, your stress or yourdistractions.
Maybe you'll give yourself apay raise, just like we did.
And hey, if you find somethinginteresting and you want to
share it with us, make sure youleave a comment in the show
notes.

Brad Nelson (06:33):
Now listen if you're ready to break free from
living paycheck to paycheckwhich, if you're listening, I
hope you are.
You want to reduce financialstress.
You want to build savings.
You want to finally pay offdebt for good, but you're not
sure where to get started.
Don't worry, we've got youcovered here at Debt Free Dad.
Simplify my Money is sent eachSunday to your email.
We make it easy and Simplify myMoney.
It's your step-by-step roadmapto better financial control, and

(06:56):
you're also going to learn easyto follow strategies to manage
your money effectively.
You're going to get stress-freemoney decisions that will help
you simplify your financial lifewith proven tips that actually
work.
You're also going to gain thetools and the confidence to
tackle your financial goals headon.
You can sign up for Simplify myMoney by clicking the link at
the top of the show notes.
Thanks for joining us ontoday's show and we will see you

(07:18):
guys on the next episode.