2612: The Internal Financial Struggle by Andrea Joy of Saving Joyfully on Budget Management & Debt Reduction

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Episode 2612:

Andrea Joy of SavingJoyfully.com reflects on her journey of financial self-improvement, emphasizing the value of learning from past mistakes. She shares insights on managing the internal financial struggle, highlighting the importance of being responsible for past decisions, recognizing spending patterns, and using increased income wisely to secure a better financial future.

Read along with the original article(s) here: https://www.savingjoyfully.com/blog/the-internal-financial-struggle

Quotes to ponder:

"I learn the best in every area of my life when I am faced with my failures and regret."

"Poor decisions and the consequences of those decisions can teach an incredible lesson."

"Remember that every mistake has a lesson to teach, and every lesson learned leaves you wiser than before."

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[00:00.000 --> 00:04.560] Have you ever noticed how a calm mind can really set the stage for a good night's sleep? [00:05.120 --> 00:11.920] That's the idea behind our new podcast, Good Sleep. Greg, our host from Optimal Relationships Daily, [00:11.920 --> 00:17.120] is here to help ease you into a peaceful night's rest with some positive affirmations. [00:17.120 --> 00:22.800] And these affirmations aren't just comforting. They can help ease anxiety and nurture positive [00:22.800 --> 00:29.200] thoughts, setting you up for true good sleep. So press play on Good Sleep Tonight, [00:29.200 --> 00:32.080] because a good tomorrow starts with a good night's sleep. [00:32.720 --> 00:38.640] Just search for Good Sleep in your podcast app, and be sure to pick the one from Optimal Living Daily. [00:40.240 --> 00:47.680] This is Optimal Finance Daily, Episode 2612, The Internal Financial Struggle by Andrea Joy [00:47.680 --> 00:53.360] of savingjoyfully.com. And I'm your host and personal finance enthusiast, Diania Merriam. [00:54.000 --> 00:57.280] Now let's get right to today's post and start optimizing your life. [00:59.840 --> 01:06.800] The Internal Financial Struggle by Andrea Joy of savingjoyfully.com. [01:08.320 --> 01:11.840] From the first time I received a paycheck at the age of 16, [01:11.840 --> 01:16.480] the internal financial struggle has been a tough one. For the majority of my life, [01:16.480 --> 01:21.680] I've made the wrong decisions financially. It wasn't until my mid-20s that I started [01:21.680 --> 01:27.040] really getting more serious about my finances. Throughout this time, the very best education [01:27.040 --> 01:31.200] that I've received on my finances has been through all of my countless mistakes. [01:32.240 --> 01:38.080] The Internal Financial Struggles. It's hard to look back some days on the choices that I made when [01:38.080 --> 01:44.000] I was younger, but I choose to for a reason. I learn the best in every area of my life when [01:44.000 --> 01:49.600] I'm faced with my failures and regret. Poor decisions and the consequences of those decisions [01:49.600 --> 01:55.840] can teach an incredible lesson. Through these experiences, I often receive a solid education [01:55.840 --> 02:01.680] on what I never want to do again. Life has a way of helping us to learn these lessons and grow [02:01.680 --> 02:06.960] if we allow ourselves to accept the truth. I could choose to blame circumstances in my past [02:06.960 --> 02:12.960] for my life and financial failures, but I don't. I'm both the one responsible for my past mistakes [02:12.960 --> 02:17.760] and the one responsible to build a better future. I've discovered that experiencing [02:17.760 --> 02:22.800] failure like I have has been the best way for me to learn. I realize that I'm not perfect [02:22.800 --> 02:28.480] and every lesson learned is one I will grow through. Don't get me wrong, I still fear failure, [02:28.480 --> 02:34.160] but my relationship with failure has changed a bit. I now have a healthier acceptance for failures [02:34.160 --> 02:39.200] and a realization that failure is not an end but an opportunity for a new beginning. [02:40.320 --> 02:46.000] Failures in life that taught me the most. Number one, not asking enough questions while [02:46.000 --> 02:51.600] learning something new. Number two, failing to communicate when I needed more clarification [02:51.600 --> 02:58.640] for fear of looking inexperienced. In all these situations, I was. Number three, always believing [02:58.640 --> 03:03.280] that I'm expected to know everything and be perfect. I've come to realize that I'll never [03:03.280 --> 03:07.920] be perfect. In many areas of life, there will always be things that I just don't know or [03:07.920 --> 03:14.800] understand. It's in these situations that I have opportunities for growth. Poor financial decisions. [03:15.600 --> 03:21.600] Number one, not paying attention to my budget and overspending. Number two, being dishonest with [03:21.600 --> 03:27.680] myself or others about my financial situation. Number three, ignoring a financial situation [03:27.680 --> 03:34.240] until it was out of control. Number four, using student loans as additional income to live on [03:34.240 --> 03:40.320] while in college. Number five, treating credit cards as an extension of my income when I needed [03:40.400 --> 03:46.960] or wanted to finance anything. Number six, not tithing. As a Christian, tithing is one of the [03:46.960 --> 03:52.800] most important financial decisions you can make. I fail this one often and I do regret it. [03:52.800 --> 03:57.520] God has blessed me immensely and continues to and I owe him far more than 10% of my income. [03:58.320 --> 04:03.200] Number seven, paying bills, especially medical bills without questioning what I am paying for [04:03.200 --> 04:08.640] in advance. Number eight, doing my own taxes for years when my tax advisor was able to save [04:08.640 --> 04:14.720] us more than I ever saved not paying for one. Number nine, not starting a 401k or beginning [04:14.720 --> 04:20.960] to plan for retirement at a younger age. This list could go on and on, especially the list of my [04:20.960 --> 04:26.720] financial mistakes. The best part, however, is that each mistake has taught me a valuable lesson. [04:26.720 --> 04:32.160] I've learned to focus on the bigger picture with my finances, to consider my financial future and [04:32.160 --> 04:37.840] to seek help from trusted sources. Seeking help from those I trust can be crucial to a better [04:37.840 --> 04:43.760] outcome when I don't know which way to proceed. Recognizing potential financial pitfalls. [04:44.640 --> 04:48.800] In the last year, I've been blessed to have experienced career growth at my job. [04:49.360 --> 04:54.000] I accepted a better paying position that has led me to some additional income and my husband [04:54.000 --> 04:58.720] has done the same. We've also had some extra income on hands because of my student loan [04:58.720 --> 05:04.160] payments being placed on hold due to the pandemic and also because of multiple stimulus checks. [05:04.800 --> 05:08.880] It's been great having some extra money for a change and I feel very blessed since a lot [05:08.880 --> 05:14.560] of people have not been as fortunate. One thing that I've been very keenly aware of is my response [05:14.560 --> 05:20.320] to this income increase. I've seen my attitude and my views on my finances begin to slowly shift [05:20.320 --> 05:25.040] in a way that I told myself would never happen again. I've started to view things through a [05:25.040 --> 05:31.840] different lens, one that causes me to overspend and once again become less frugal. Becoming more [05:31.840 --> 05:37.680] aware of my spending. As a frugal woman, I'm usually aware of every dollar that comes in and [05:37.680 --> 05:43.520] goes out. When I find myself overspending or becoming lax with my finances, I try to quickly [05:43.520 --> 05:48.960] check myself so that I don't end up regretting my choices. In recognizing these behaviors and [05:48.960 --> 05:52.880] opting for better choices, I've been able to make some better choices during this time. [05:53.440 --> 05:58.240] I've chosen to intentionally save more, pay down debt, and choose the cheaper options when [05:58.240 --> 06:03.600] possible, despite the increased income. By doing this, I realize that I'm setting up my future [06:03.600 --> 06:08.480] better with each choice I make today and ensuring that my debt will be paid down much faster. [06:09.600 --> 06:16.240] Finally, more debt payoff success. Recently, my husband and I received a second stimulus check. [06:16.240 --> 06:21.600] Like many Americans, we chose to pay off more debt. We chose to use the remaining stimulus to [06:21.600 --> 06:26.800] pay off the last of our vehicle loan. What a huge relief to no longer owe anything on our [06:26.800 --> 06:32.400] vehicle and for the first time in our lives, we have no car payment. Paying our vehicle off [06:32.400 --> 06:38.320] freed up an additional $160 a month, which we are putting to better use. We're choosing to use that [06:38.320 --> 06:44.080] to fund Roth IRAs and contribute to an account for our daughter. It might be hard sometimes to [06:44.080 --> 06:49.680] keep the internal financial struggle in check, but it is possible. If I can keep this internal [06:49.680 --> 06:55.280] financial struggle from controlling me, I know that you can also. Remember your struggles are [06:55.280 --> 07:01.360] not the end. If you've made financial mistakes, it's not the end. Remember that every mistake has [07:01.360 --> 07:07.200] a lesson to teach and every lesson learned leaves you wiser than before. Accept the lessons and [07:07.200 --> 07:11.840] choose to grow through these experiences. You never know, you might be able to help someone [07:11.840 --> 07:20.320] someday prevent the same costly mistakes. You just listened to the post titled, [07:20.320 --> 07:26.560] The Internal Financial Struggle by Andrea Joy of savingjoyfully.com. And I'll be right back with [07:26.560 --> 07:33.520] my commentary. Have you been using Mint to manage your finances? First, the bad news. Mint is shutting [07:33.520 --> 07:40.400] down. And now, good news. There's a better alternative. Our sponsor, Monarch Money. Mint users [07:40.400 --> 07:45.840] are turning to Monarch Money and loving it. Maybe you're saving for a down payment, a wedding, [07:45.840 --> 07:51.280] a dream vacation, your kid's college. I found that Monarch makes it so easy to help you reach [07:51.280 --> 07:57.200] your financial goals, whatever they are. I definitely wouldn't be able to allocate my finances or plan [07:57.200 --> 08:02.800] as clearly without the help from Monarch. In fact, Monarch is the top-rated all-in-one [08:02.800 --> 08:08.000] personal finance app. It gives you a comprehensive view of all of your accounts, investments, [08:08.000 --> 08:13.280] transactions, and more. Create custom budgets, set goals, and collaborate with your partner. [08:13.920 --> 08:20.160] And now, get an extended 30-day free trial when you go to monarchmoney.com slash OFD. [08:20.800 --> 08:25.840] After trying out Monarch for myself, I understand why it's the top-rated personal finance app. [08:25.840 --> 08:31.520] And right now, get an extended 30-day free trial when you go to monarchmoney.com slash OFD. [08:32.160 --> 08:41.760] That's M-O-N-A-R-C-H-M-O-N-E-Y.com slash OFD for your extended 30-day free trial. [08:43.280 --> 08:47.600] It's easy to beat ourselves up over past money mistakes, but remember, [08:47.600 --> 08:53.680] most of us needed to make these mistakes in order to learn about money. Our past struggles [08:53.680 --> 08:59.280] are not meaningless. They serve a very important purpose and make it more likely that we will [08:59.280 --> 09:05.040] make better financial decisions in the future. This article also made me reflect on the idea [09:05.040 --> 09:10.960] of personal responsibility. Sometimes, we find ourselves in circumstances that aren't our [09:10.960 --> 09:15.040] fault, but we still need to take responsibility and navigate them. [09:15.840 --> 09:20.720] I have a really good friend named Lynn Frere, who runs the website phihealthcare.com, [09:20.720 --> 09:25.360] which is the first crowdsourced database of healthcare options for entrepreneurs and early [09:25.360 --> 09:31.360] retirees. Lynn was always super responsible with her money and started investing at a very [09:31.360 --> 09:37.600] young age. But then, in her late 20s, she was diagnosed with a brain tumor and the resulting [09:37.600 --> 09:44.400] surgery, rehab, learning to walk again, et cetera, completely wiped her out financially. [09:45.120 --> 09:49.280] She lost everything. And by the way, she had health insurance, but this happened in the [09:49.280 --> 09:55.040] days before out-of-pocket maximums. Now, obviously, this horrible situation wasn't [09:55.040 --> 10:01.120] Lynn's fault. But when she talks about how she rebuilt her wealth over the next 10 years [10:01.120 --> 10:08.240] and created a work-optional lifestyle before 40 years old, I'm so blown away by her degree of [10:08.240 --> 10:14.800] personal responsibility. There's so much in life that's beyond our control. But if we can remember [10:14.800 --> 10:19.680] that we always have control and how we respond to what life throws at us, we'll be in a much [10:19.680 --> 10:25.840] better position to navigate our circumstances. And that will do it for today. Have a great day and [10:25.840 --> 10:30.160] start to your week. Thank you for listening, and I'll be back here reading to you tomorrow [10:30.160 --> 10:31.600] where your optimal life awaits. Transcription results written to '/home/forge/transcribe3.sonicengage.com/releases/20240204160217' directory