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Investing

The Saver and The Spender is a weekly podcast about money, saving, budgeting and debt from both perspectives.

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Over the years financial coach Jill Emanuel has noticed that the great majority (80%!!!) of our one on one financial coaching clients clients are focused on their health as well as their finances. This fact got her wondering if there were certain personality traits that these people possessed that made them more likely to be successful in both. She has identified 10 traits that she sees time and time again in the clients we work with, that makes them people who are highly likely to be successful with their finances AND with their health.

Here are Jill's top 10 traits of people successful with both their finances and health:

  1. They believe things (they) can be/do better.
  2. They are OK with being temporarily uncomfortable for the greater good
  3. They ask questions and seek advice and guidance from others who are successful at the things they want to be successful at 
  4. They know their numbers. 
  5. They abandon the ALL or NOTHING mentality. 
  6. They are open minded to trying new things.
  7. They are focused on a specific goal. 
  8. They create a plan and stick to it.
  9. They find a support system. 
  10. They celebrate their wins.  

Related links

Podcast episode 57: Are you eating all your money away?

Podcast episode 49: New years resolution super episode

Podcast episode 40: 9 strategies to help you manage your time and money

Blog post: Budgeting for health insurance and medical costs

Podcast episode 24: Meal planning and prepping with Dr. Mike Simon

 

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Are you avoiding your Big, Fat, Hairy Goals because they aren't realistic or tangible?

In today’s episode Coach Jill talks about your BFHG’S, big fat hairy goals. The problem with these huge goals we have we start to feel overwhelmed and frustrated with the thought that we will never achieve those BFHG’s.  It’s when we start to put limitations on what we can achieve plus negative self talk that really holds us back and makes us think these goals are unrealistic and unreachable.

How can you make them more tangible and real? What are the best ways to break down your BFHG’s to make them more manageable?  If you stay focused and follow Coach Jill’s simple tips you will see that your big fat hairy goals are actually very achievable!

Tips on making your BFHG's more realistic, tangible and doable:

  • Don’t limit yourself to the bare minimum or the easiest goals or what society says your goals should be. Go for what is going to make you happy, what is exciting for you and what is in alignment with your values.
  • Once you accomplish your goal ask yourself, “What’s next? What is the next goal that I’m going to go for?”
  • Exercise: write down 100 big goals.  Do not self edit or limit yourself. There are no wrong answers. What are 100 big goals that you want to accomplish?
  • If you are saying, “This is my dream but I just know it’s not possible,” challenge yourself to find a way to get closer and closer to reaching that goal and making it a reality.  Don’t self limit yourself with negative self talk.
  • If you don’t start thinking about big goals that are 3, 4 or more goals down the pipeline you will get stuck and complacent and ok with the monotony.  
  • If you know your numbers and plan, you can actually create a very realistic timeline to accomplish your BFHGs.
  • For each goal, ask yourself:
    • What are the obstacles I must overcome?
    • How can I prepare for these obstacles?
    • What is my contingency plan when I hit an obstacle?
    • What are the first baby steps to reach my goal?

Resources:

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Part 6 of a 6-part series on Cognitive Biases and how they impact us and our money each and every day!

This episode is part 5 of our 6-part series on Cognitive Biases and how they impact us and our money each and every day! (Make sure you check out part 1, part 2, part 3, part 4 and part 5 if you haven't yet)

It’s important to know what these are because they are impacting the way you make decisions and the way you think about your finances every single day. In this episode, we discuss how the Ostrich Effect is impacting the way we approach money decisions - do we tackle them head on or do we stick our head in the sand?

In this episode you will learn:

  • The Ostrich Effect - what it is and how it’s being used to affect my  decision-making
  • How this shows up on a regular basis for us
  • The impact it has on our future potential with money
  • How we can overcome this bias

How to overcome the ostrich effect:

  • Solution 1: Focus on the idea that paying attention gives you the power to make a decision when necessary. Not paying attention means no decisions are made. It’s disempowering.
  • Solution 2: Stop and ask yourself, “Why am I doing this? Why am I ignoring it or putting it off?” Recognize that just because you might think the news will be negative, doesn’t mean it will be. And, even if it is, once you know the reality, you can consider taking concrete steps to improve it. Dealing with debt may sometimes make you feel powerless, but the ability to make changes is what gives you control.
  • Solution 3: Seek helpTake charge of your finances and, if necessary, seek help from Coach Jill & I. The more you know about your money, the more prepared you’ll be to handle it responsibly and positively. Commit to asking for help when you notice that parameters you’ve set for yourself are falling out of line.

Resources:

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This episode is part 5 of our 6-part series on Cognitive Biases and how they impact us and our money each and every day! (Make sure you check out part 1, part 2, part 3 and part 4 if you haven't yet)

It’s important to know what these are because they are impacting the way you make decisions and the way you think about your finances every single day.

In this episode, Coach Kelsa discusses how the Negativity Bias is impacting the way we define ourselves with money, our desire to make lifelong changes and the way we see our past decisions with money.

In this episode you will learn:

  • The Negativity Bias - what it is and how it’s being used to affect my  decision-making
  • How this shows up on a regular basis for us
  • How it impacts the way we feel about money and ourselves as money managers
  • How we can overcome this bias
  • The impact of the Negativity Bias on marriage: https://www.fatherly.com/love-money/how-to-prevent-negativity-bias-from-running-your-marriage/

How to overcome the negativity bias:

  • Solution 1: Positive self-talk: “The single most important underlying factor is….how we talk to ourselves about our experience.” Value all the good and positive aspects of your life so that you are not overcome by the negative. Talk to yourself as if you were talking to a friend.
  • Solution 2: Avoid over-analyzing by not overthinking decisions you’ve made. We can always find fault or imperfections. Instead, try creating a playlist of music that makes you happy or read a good book when you find yourself beginning to overanalyze.
  • Solution 3: Try to look at decisions and ask yourself “What did I do right and what will I repeat next time?” and “What would I like to do differently next time?”
  • Solution 4: Focus on the idea that our money is something we should be curious about- we should experiment and try new things and challenge ourselves. Our goal is to make progress and not be perfect.

Resources:

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One challenge that Coach Jill sees time and time again is that clients tell her they are blowing their budget when it comes to food and eating out. So many people are frustrated with how much they are spending in this area (or are too scared to even look!), but don’t know where to begin with getting it to a place they feel great about.

In this episode she shares some of the easy things you can begin to do today to gain control of your food budget and use your money for the things that you really care about!

 

Tips and strategies from Coach Jill:

  • Gaining clarity around how much you are spending on food and eating out is the first step to making a change. Total it up and reflect on what OTHER things you could be spending that money on? Are you just eating your money away?
  • Be open to trying something new. Shop at a new grocery store, mix up your meals, make dining out special again by making it an event instead of an everyday occurrence.
  • Shop the ads/sales and plan your meals around them.
  • Food and meal prepping will save you money AND time - the preparation that goes into it is much less than the hours you spend every week making multiple trips to the store or to grab takeout - don’t believe me? Try it for two weeks - one tracking your time without meal prep, and one with!
  • Meal delivery services definitely have a time and place - use the introductory offers to try out a few, even if only for a week here or there - sometimes they can be just the break we need in order to get back on the meal prep horse and try again!

Resources:

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Part 4 of a 6-part series on Cognitive Biases and how they impact us and our money each and every day!

If you missed parts 1, 2, or 3 of the series, be sure to check them out too. 

It’s important to know what these biases are because they are impacting the way you make decisions and the way you think about your finances every single day.

In this episode, we discuss how the Bandwagon Effect is impacting the purchases we’re making but also the emphasis we place on the importance of those purchases in our lives.

In today's episode Kelsa covers:

  • The Bandwagon Effect - what it is and how it’s being used to affect our  decision-making
  • How the bandwagon effect shows up on a regular basis for us in marketing, social media and more
  • How it’s impacting the purchases we make and leading us to fall for temptations.  Check out our blog post on overcoming temptation here
  • How we can overcome the bandwagon effect.

Solutions to overcome the bandwagon effect:

  • Solution 1: Become aware of how the bandwagon effect shows up and how businesses use this to impact us.

    • Ask yourself, “How is this brand trying to make me feel included right now?”
  • Solution 2: Have a list of the things you want to buy along with the things you don’t want to buy- that way if you’re being tempted, you can be reference your list to see where it stands - where did you prioritize that when you were feeling logical and rational?

 

Resources:

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Part 3 of a 6-part series on Cognitive Biases and how they impact us and our money each and every day!

Check out Part 1 and Part 2 of this 6 part series if you haven't yet!

It’s important to know what these are because they are impacting the way you make decisions and the way you think about your finances every single day. In this episode, we discuss how the Attentional bias is impacting the purchases we’re making but also the emphasis we place on those purchases as being life-savers.

In this episode we will cover:

  • Attentional bias - what it is and how it’s being used to affect my  decision-making
  • How this shows up on a regular basis for us
  • How it’s impacting the purchases we make and possibly leading to buyer’s remorse 
  • How we can overcome this bias

Steps to overcome Attentional Bias:

  • Solution 1: Talk to someone you trust about it. When you’re about to spend your hard-earned money on something, share it with the group or with me or with Jill so we can give you our opinions. We are not falling victim to attentional bias so even hearing what we have to say is important. It’s BEST if you can find someone who is “casually” interested in the item or industry you’re focusing on but not so interested they are biased.
  • Solution 2: Continue to do more research but in particular, search for negative reviews or criticism of that item. A negative review of an item can shatter that funhouse mirror quite effectively. It can bring me right back down to earth about an item and make me see that perhaps it would not be a good idea to spend a lot of money on that item.
  • Solution 3: Give yourself a longer waiting period before buying it. This is exactly why so many of you created “spending time frames” for your financial principles. Time is one of the most effective responses to attentional bias.
  • Solution 4: Consider the opportunity cost - what effect does this have on your goals and what can you NOT buy because you may buy this?
  • Solution 5: Try to focus on something else entirely and unrelated. If you want to buy a new dress, go hiking instead or go to the gym. If you want to buy some electronics, read a book. Do anything other than think of that thing you desire.

 

Resources:

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Part 2 of a 6-part series on Cognitive Biases and how they impact us and our money each and every day! It’s important to know what these are because they are impacting the way you make decisions and the way you think about your finances every single day. In this episode, we discuss how the Availability Heuristic bias is impacting the way we think of ourselves as money managers

In this episode we'll talk about:

  • Availability Heuristic - what it is and how it’s being used to affect my  decision-making
  • How this shows up on a regular basis for us
  • How it’s impacting the way we think of ourselves as money managers
  • How we can overcome this bias

Additional strategies and tips:

  • ASK YOURSELF---> What do your older memories say about how you are as a money manager? What do your newer/more recent memories say about how you manage your money? How are you allowing these older memories to influence your current decisions? What decisions have you made recently without looking to statistics - or using your budget?
  • Surround yourself with people doing GOOD THINGS FINANCIALLY will actually lead you to believe it’s more likely to happen to you. Surround yourself with people doing BAD THINGS WITH MONEY will influence your belief around the likelihood that you will too.
  • Ask yourself if your fear or belief has any basis in statistics? This is also why we look at our budget to make a decision. If we have been in the repeated position on not being able to afford things, it is likely then that when we have to make a decision, we assume we will not be able to afford it - that’s the most likely outcome simply because we remember all the times we haven’t been able to afford it- they are emotionally more memorable than being able to buy something.

Resources/ links related to topic/ mentioned in podcast:

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John Lanza, is on a mission to help families raise money-smart and money-empowered kids so that they can live happier, more fulfilled lives.  To that end, he has written The ARt of Allowance along with three other children’s picture books. John is the creator and Chief Mammal of The Money Mammals, an award-winning DVD and youth savings account program for credit unions nationwide, all built around the core Money Mammals Mantra, “we’ll share and save and spend smart too!”

 

John’s mission began with a simple question “How can we raise our kids to be money smart?” He and his wife quickly realized that financial literacy was vital not only for their own six month old but for all families and The Money Mammals were born - a pioneering program to get kids excited about becoming money smart.

 

In this episode Kelsa and John talk about:

  • The best age to start doing an allowance?
  • Allowance vs chores as part of the family dynamic?  

  • What are the best ways to prepare kids for savings accounts, checking accounts and banking in general?
  • How can families who have been “overly generous” or giving allowance that aren’t associated with any responsibilities “right the ship”?

  • And much more

Resources/ links related to topic/ mentioned in the podcast:

www.themoneymammals.com

www.theartofallowance.com

www.facebook.com/themoneymammals

Twitter: @themoneymammals

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Hypnotherapist, Financial Therapist and CEO of Presidential Lifestyle, Kiné Corder founded Prosperity Club when she realized couples needed help with more than just the numbers. A former Morgan Stanley, Financial Planning Specialist, Kiné made the shift to counselor about 5 years ago. Helping patients feel more confident in every area of their lives. She is also a best selling author, international speaker, and her favorite pastime is traveling the world while healing it.

In this episode Kelsa and Kiné talk about:

  • Where confidence comes from financial or otherwise...and how to keep it once you get it.
  • 3-things that cause us to lose confidence in ourselves, our partners, and our ability to stick to our love and money goals. Including how society, parents, and negative thinking affect us
    • Comparing
    • Complaining
    • Competing
  • Money cycle: earn, grow, protect, gift & enjoy
  • 4-blocks and misconceptions that cause the most love and money challenges.
    • Brain
    • Society
    • Social media feed
    • Secrets
  • 3 Actions they can start doing or stop doing to increase their confidence financially and romantically:
    • A - Assess (Become aware where you are and where you want to be)
    • C - Compliment (5 compliments to overcome 1 criticism)
    • T - Train your brain for change  

 

Resources/ links related to topic/ mentioned in podcast:

Links to freebies I'll mention on the show

http://kinecorder.com/money-quiz

http://kinecorder.com/pa

 

IG: kinecorder.com/IG

FB: kinecorder.com/FB

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