As we wrap up the third season of the podcast, we're also saying goodbye. Taking the lessons we've learned from the podcast, we reflect on why we're no longer continuing the show and give you a hint at what we'll be up to elsewhere. Thanks so much for the support, we really appreciate it!   --   This may come as a bit of a shock to you, but this is the final episode of the Financial Conversation podcast. The show will live on via this website and iTunes so you can still listen to all of our past episodes and learn as much about money as possible. The three of us will also be around the web sharing tips, tricks, and advice about personal finances and life on our own platforms. In this week's farewell episode, we're taking about the history of the podcast, including some of our favorite moments and episodes, as well as why we've made the difficult decision to end the show.

Have you ever thought about why you want to improve your finances and save money? This seems like an obvious question but trust us, sometimes it's so common to get caught up in the motions and the habit of doing something that you forget why you're even doing it in the first place. When it comes to your finances, you always want to keep your why in mind so you won't make unnecessary decisions or sacrifices that don't end up helping you reach your goals. Since this season is all about saving money, we want you to look at your reasons for wanting to save in the first place. For many of us, our core reasoning is to reach financial independence/freedom one day. This may be a hidden goal of yours that you haven't even considered but let us tell you why it's so important. Defining Financial Freedom It's pretty safe to say that most people probably don't want to work forever. As you age, you'll most likely realize that you may not be able to work forever even if you wanted to because your energy levels are likely to decline. Since we all can add retirement to our financial wellness bucket list, it's important to prioritize saving so you can become financially independent. Becoming financial independent is very similar to financial freedom because it means you're basically free to do what you want with your money for the most part and you won't have to work to support yourself. In other words, you'll have enough savings and passive income coming in to support your lifestyle so that working will be an option and not a requirement. Financial freedom sounds like a dream, but saving and investing your money can help you get there. 5 Reasons To Seek Out Financial Freedom 1. No debt to worry about - Reaching financial freedom means you'll be free from money worries like debt. As glamorous and some things seem, no one wants to be in debt forever and spend several years of their life paying off their stuff. 2. Feel more secure - When you have enough money saved and invested to become financially free, you'll feel much more secure and at peace whenever you think about your finances. You won't have to worry about being unable to cover an unexpected expense, or not being able to make ends meet if you get injured and have to take time off work. 3. You'll only have to work if you want to - Have you ever woken up one day and just been not in the mood to do any work? When you reach financial independence, you won't have to work anymore unless you want to. You can pick up jobs to stay busy, but you won't really need the money which will be an amazing feeling. 4. Freedom to do what you want - Another motivation for seeking out financial freedom is that you'll have the freedom to live life on your own terms and do what you want with your money. If you value traveling, you can spend more time doing that or making more memories with your friends and family. If you want to pick up a unique hobby you'll finally have the time to commit to it. 5. Retire early or take mini-retirements - Another huge reason to seek out financial independence is the fact that you can retire early or take several mini-retirements throughout your lifetime. You don't have to wait until you're 65 to become financially free. You can develop a plan that allows you to save and invest aggressively so you can retire early than that and enjoy more of your youth. Or, if you'd rather take a mini-retirement and stop working for a year or two to explore, becoming financially by saving enough money to cover your expenses during your mini-retirement will allow you the opportunity to make that decision. In This Episode, We Discuss: 1:45 - Financial Independence 16:10 - Mini retirements 27:00 - Early retirement examples Related Links to Check Out: Financial Freedom Definition Frugalwoods Mr. Money Mustache Our Next Life Value Based Spending: The Easiest Way to Save Money The Road to Financial Wellness This episode was brought to you in part by Audible.com. You can listen to any audio book for FREE with a 30 day trial using our link!

Are you looking for a way to save more money and still be able to spend on the things you enjoy? If so, you need to practice value based spending. In this week's episode, we'll be talking about what value based spending is, how it works, and why it lets you enjoy your money while still pursuing financial goals. What is Value Based Spending? If you've never heard of value based spending before, it's basically a way of allocating your money based on what you truly value and enjoy. Instead of a traditional budget where you might be tracking every penny you earn and spend, with value based spending you simply make conscious decisions about what to spend money on. This can be a lot more freeing than living with a bare bones budget, which is what a lot of people start with when they first begin budgeting. But after a while, a bare bones budget with no room for spending on fun can lead to feelings of deprivation and burn out. On the other hand, value based spending can also help you avoid spending money just to spend it. For example, maybe you used to put money aside in your budget for eating out every month. But, after some self-reflection, you realized that eating out is not something you care about and you'd rather spend money on other things. Instead of continuing to include that in your budget, you can instead put that money toward other things you do care about. Basically, value based spending is just about not getting caught up in spending money just to spend it. But instead, it's about spending only on your necessities and the things you care about. How to Get Started with Value Based Spending To get started with value based spending you have to commit to making a mindset change. It's definitely different than traditional budgeting. For some, that means giving themselves permission to spend money on things other than the bare necessities. But for others, value based spending means learning that it's ok to stray from the norm. Self-reflection is a must to figure out what your values are. You also have to be ok with explaining your values and sticking to them when others may be trying to get you to stray. It can be difficult to stick to value based spending if you are easily influenced by society's expectations, advertisements, and peer pressure. Value based spending is not something that everyone has committed to practicing. But, if you truly give value based spending a chance, you'll likely find that it's good solution to both saving money to reach your financial goals and being able to spend money on things you enjoy. In This Episode, We Discuss: 1:10 - Value based spending 14:10 - How you started value based spending 25:45 - Impulse buying Related Links to Check Out: The Importance of Defining Your Values Minimalism and Money The Importance of Tracking Your Spending This episode was brought to you in part by Audible.com. You can listen to any audio book for FREE with a 30 day trial using our link!

We all shop from time to time whether it's an activity you like or not. When out shopping, I'm sure many of us can relate to an awesome deal we spotted on a particular item. If deals and sales make you happy, you're not alone. There's nothing wrong with wanting to stretch your dollar and save money on regular purchases. However, what stings is when you purchase an item that you think you got at a deal price only to find out you didn't really save any money on the purchase after all. If this has ever happened to you before, you probably fell for a sales trap from the retailer. What's a Sales Trap? A sales trap is when a retailer promotes a sale in an attempt to reel you in to make a purchase. Only, the 'sale' is not really a sale because you won't truly save money on the item if you buy it. It's a tricky concept to grasp at first, but it's very common and the more you know, the better you can protect your finances. Since we're talking about saving money this season, this week, we decided to record an episode highlight 5 common retailer sales traps you need to avoid at all costs. Why Do We Tend to Get Excited Over Sales and Deals? To understand the 5 common retailer sales traps and how to avoid them, first, we need to address why we fall for the sales traps in the first place. To sum it up, most people get excited when they see sales and deals in the store, but why is this? We found some great research that explained the big hype surrounding retailer sales but to sum it up, finding a sale generates excitement for consumers because they feel like a smart or savvy shopper. The consumer becomes more confident with the shopping experience when they come across a deal especially if they're on a budget and trying to get more bang for their buck. The research we found from the Association For Consumer Research also indicated that as a consumer, you can even feel partially responsible for taking advantage of the discount which shifts your perspective to an emotional standpoint. When you become a shopper who buys items based on emotion rather than need and practicality, you're bound to develop some dysfunctional shopping behaviors or in other words, fall for common sales traps and regret your purchases later. Better Ways to Get Excited About Saving Money If you want to avoid becoming an emotional shopper and falling for retailer's common sales traps, consider getting excited about other methods that are sure to actually save you money. Here are a few things you can to to save money more effectively. Start by saving 10% of your income. Set up automatic transfers from your checking account to your savings account so you can save money to meet a financial goal. Adopt a frugal lifestyle or adopt some minimalist traits so you can begin to live well on less. Take advantage of free activities and events for entertainment to save money Price match. If a store you like has a price matching policy, use it to your advantage to purchase food and other items for less. Now, we still haven't address the giant elephant in the room. If you want to know what the top 5 common sales traps are and how to avoid falling for them and wasting your money, you're going to have to check out the episode below. We had so much fun revealing each sales trap and sharing examples and experience from our own lives in order to help you save money so listening in is definitely a must! In This Episode, We Discuss 1:10 - What are sales traps? 7:30 - BOGO traps and how to avoid them 15:35 - Shopping trends

You may not realize it, but there are right and wrong ways to save money. For example, when you go shopping and get things on sale, the cashier may tell you, "You saved $50 today!" But in reality, you haven't actually saved $50. What you've actually done is spent money on whatever it was you were buying. Of course sales and discounts can be a good way to save money on things you truly need and were already planning to buy. But, the truth is, many of us get caught up in these sales tricks and end up spending money on things we may not need or have purchased at all if they weren't on sale. When we do this, we aren't saving money the right way. We are actually throwing money away on useless clutter. Make a List One of the easiest ways I've found to make sure I'm not falling for marketing ploys and ending up spending more to "save" more is to make a list of the things I actually need before setting foot in a store. Once I'm there, I try my best to only go down aisles that contain the things I need, and to only go down each aisle once. This way I'm not tempted by things I never go past and I'm only tempted once by the things I do have to walk past to get items from my list. Even when clothes shopping, making a list can help. Keep your list visible and only look for things you have written down. Think it Over If you do find something you want that isn't on your list, add it to the bottom with the date next to it. Then, take time to think it over. Wait a few days before buying that item. Decide if you still really want or need it. If so, feel free to buy it without guilt. If not, you'll have saved yourself some money. Save Your Savings The next time a cashier tells you how much you saved, go home and transfer that amount to your savings account. This act of actually saving your savings from shopping can be a good way to add to your emergency fund, vacation fund, or even just a general savings fund. Be Mindful One final exercise to try and save money the right way is to be mindful while you're shopping. Don't be in such a rush that you don't take time to think about things before you buy them. Try asking yourself the following: Would I buy this if it weren't on sale? How often will I use this? How long will this be valuable to me? These questions can help you determine if something that's on sale is actually a good buy or just a waste of money. Check out our episode for more tips on how to save money the right way. In This Episode, We Discuss 1:15 - Saving: right vs. wrong 12:30 - Examples of how to save money the right way 23:35 - Save your savings Related Links to Check Out: Your Time is Your Money Why You Shouldn't Skimp on Self-Care Overcoming Shopping Addictions Unroll.me This episode was brought to you in part by Audible.com. You can listen to any audio book for FREE with a 30 day trial using our link!

Can money buy you freedom? We think so. We're sure you've heard that money can't buy you happiness but freedom is much different from happiness. Happiness can be a temporary emotion and it's never really wise to base your emotions on money and what money can buy you. On the other hand, what you do with your money can help provide you with freedom. When you manage your money properly and save up for your goals and the future, you'll be setting yourself up for a better quality of life. This week on the podcast, we're discussing how saving money can be used as a tool to help you gain freedom. The First Step, Defining Freedom If you want to use money to gain more freedom, first you need to define what freedom means to you. Freedom means something a little different for all of us. Generally, however, freedom means you have options and can make your own choices without letting factors like money hold you back. If you want to quit your job to pursue something you're more passionate about, having money saved up can provide you with the freedom to make that decision. If you're in a bad relationship but you're financially stable, you'll have a better sense of freedom needed to walk away without worrying about finances. Freedom could mean being able to travel when you want or take time off work for health reasons instead of stressing out about not being able to earn a paycheck. We may not realize it, but money is a lead cause of stress. It can really make you feel trapped especially if you're dealing with issues like debt, having a low income, paying too many bills, etc. Saving money means you're prioritizing your freedom (whatever that looks like) and giving yourself more options so you can live a life you truly want to live. Buying Back Your Time One of the big ways saving can provide you with freedom is that it helps you buy back your time. Time is one of the most important assets we have in life because once it's gone, we can't get more of it. If you've ever fallen for click bait on the internet and watched a video or read an article that wasn't interesting to you in the slightest, you've probably gotten mad at yourself for wasting time that you can never get back. Time is so important and we all need to make sure we're spending the bulk of our time on what matters most to use. Once you figure out how you want to spend a majority of your time, you can start to use the money you saved to "buy your time back" from activities that aren't as important or valuable to you. Some people want to retire early and live a life of more freedom. Others want to cut out time-consuming responsibilities like landscaping, cleaning, running errands, and working overtime. Whatever you preference is, you can save money to meet those goals whether that means investing aggressively or outsourcing tasks. Ready to learn how to start saving money so you can gain more freedom along with the mindset shifts you need to make in order to be successful? Check out these week's episode. We'll be giving you some motivation and practical tips you can start putting to use ASAP. In This Episode, We Discuss 2:00 - Why people think they can't spend money at all while saving 5:45 - Saving is hard, but it's worth it! 11:50 - The problem with instant gratification 13:15 - How saving money has given us freedom Related Links to Check Out: The Road to Financial Wellness The Importance of Defining Your Values How to Practice Delayed Gratification How to Save Money on Travel Afford Anything This episode was brought to you in part by Audible.com. You can listen to any audio book for FREE with a 30 day trial using our link!

For most people, saving money isn't something they consider fun. In fact, some people consider saving money to be a sacrifice that takes away their ability to spend money on things they enjoy. That's why people tend to put off saving money instead of paying themselves first. But, the truth is, spending all of your money is not going to help you reach your financial goals. If you struggle with saving money, try some of the easy savings tricks we discuss in this episode. Make a List of Your Priorities If you're working on multiple financial goals, like paying off debt and saving money, or investing and saving money, it may be difficult to decide how to divvy up your money. When faced with this situation, many people opt to put off saving any money at all because they can't decide the best way to prioritize their goals. To beat this common problem, make a list of your priorities. Sit down and decide what is the most important think for you to accomplish first. Or, look at it as a trade-off. This trick can work especially well for impulse shoppers. Instead of immediately buying the item you want, take a minute to ask yourself if you'd rather spend the money on this item, or if you'd rather put your money toward your financial goal, like paying off debt, or even something else fun, like saving for an up-coming trip. Move Money into Savings Immediately Do you ever find yourself with a surplus of money in your account? Maybe you got an extra paycheck during a three paycheck month, or you sold some clutter from around your house. Instead of letting that money sit in your checking account or wallet, tempting you to spend it, move it into savings immediately. Natural spenders may feel inclined to wait until the end of the month "just in case", but if you really need the money back in your account for an unexpected expense, you can always transfer it back out of your savings account later. This way it's not as readily accessible for impulse purchases. Keep the Change Find out if your bank has a program that automatically transfers your "spare change" into your savings account when you use your debit card. Many banks offer this service and it can help you save a few extra dollars each month. If your bank doesn't offer this service, you can do it yourself if you spend mostly with cash. Instead of putting your coins back in your wallet when you make a purchase with cash, put it in a jar or other container in your home. When the container gets full, take it to your bank and deposit it in your savings account. Try a Savings Challenge Another great way to make saving money more fun is to participate in a savings challenge, like the 52 Weeks of Savings Challenge. Even if you don't make it all the way through a savings challenge, you'll still have a good chunk of money to put towards your savings goals. Find out about even more savings tricks in this week's podcast episode. In This Episode, We Discuss 1:35 - Little ways to save and avoid the pain 7:35 - Debt rollover 9:45 - Savings challenges and shopping bans 15:50 - Finding a frugal approach to pricey habits Related Links to Check Out: Automating Your Savings to Get Ahead Financially Budgets are Sexy: Use This Chart to Save $1,000 This Year Afford Anything: Take the One Percent Challenge Kayla Sloan: Save More Money This Year With Savings Challenges Cait Flanders: Shopping Ban 3 Free Ways to Indulge in Self Care This episode was brought to you in part by Audible.com. You can listen to any audio book for FREE with a 30 day trial using our link!

Do you have a budget? Does the word 'budget' make you feel uneasy somehow? Last week we talked about tracking your spending and how important that is. The next step is using the numbers you track to develop a realistic budget. This week, we're talking all about budgeting and how it can help you save and reach your financial goals. If you've never created a real budget before, have had issues sticking to your budget in the past, or are simply questioning whether or not you need a budget in the first place, this episode is a must-listen because there is no one set answer to any of these situations. Determining the Purpose of Your Budget Some may argue that budgeting is not for everyone, but we beg to differ. The word 'budget' often has a negative connotation attached to it but a budget is simply just a spending plan to tell you how to spend your money so you can reach your financial goals. Have debt? Need to save more for retirement? Want to take a vacation or start paying more of your bills on time? Using a budget can help you make the most of your money and improve your finances. A budget doesn't have to make you feel deprived but the truth is, your income isn't unlimited and you can't spend a ton of money on whatever you want. If you do, you won't have any money left for the important stuff. Budgeting helps you plan out what you'll spend money on whether it's a necessity or something fun. We'd actually highly recommend you include space in your budget for wants and fun expenses to make it more convenient. Just take a look at what your values are and align your spending with the expenses that are most important to you. Commonly Overlooked Budget Categories There are so many different ways to budget and we explain some of the most popular methods in this week's episode. Some people like to assign an amount to specific budget categories while others like to take a more value-based spending approach or dedicate a percentage of their income to a specific category like 10% to their retirement fund. When you're just starting out or revamping your budget, you'll probably use budget categories. Here are a few commonly overlooked categories that you should consider including. Annual Expenses - It's common to forget about annual expenses because you don't have to pay them each month. However, when the big bill pops up once a year, it could throw you off track so try to budget ahead for the expense by breaking it up into 12 payments that you pay yourself each month. When the time comes, you'll have the entire amount in full no problem. Car-Related Costs - Car repairs and maintenance can add up. If you drive a lot and know you're going to need an oil change or some maintenance, budget for that expense by giving yourself a monthly car spending allowance. Even something as low as $20/month can help you if you need a tune up or another service. Gifts - If it seems like you have those months where you get hit with a ton of gift expenses for events, birthdays, and other celebrations, include this expense in your monthly budget so you're not making those purchases on credit cards with no intention of paying the bill off quickly. Household Items - How much do you spend on toiletries and household items each month? Be sure to create a budget category for this so you can get the items you need when you need them. Guilty Pleasures - As we said earlier, don't neglect fun from your budget. If you have any guilty pleasures that truly add value to your life, create a budget category for them if you can afford it. For example, you could set aside $25/month for coffee at your favorite cafe if that's what you like. Being honest with yourself and setting a budget category for guilty pleasures can actually help you avoid overspending so you can save more money overall. In This Episode, We Discuss 1:45 - Who do budgets help? 10:45 - The difference between finance tracking and budgets 13:45 - Different budget methods of budgeting 23:50 - Big bad budget mistakes This episode was brought to you in part by Audible.com. You can listen to any audio book for FREE with a 30 day trial using our link!

If you're just getting started on your financial journey, you may think that creating a budget is the first step you should. However, the three of us truly believe that tracking your spending is actually the first step. The truth is, you can't create a realistic budget that you can stick to if you don't know your numbers. In fact, all of us started with tracking our spending before we ever attempted to create our first budget. This week on the podcast we're talking about how and why to start tracking your spending. Read on for more about why it's important to track your spending and the show notes from this week's episode. Why You Should be Tracking Your Spending As mentioned, tracking your spending should be the first step you take to get your finances in order. It should be done before you ever even start with budgeting. Why? Because most of us don't actually know where our money is going! So, how can you expect to create a budget and spending goals for different categories if you don't know what you've been spending in that area already? For example, you create a budget and decide to only spend $200 on groceries. But you can't seem to stick to it for the life of you! It's probably because you were spending much more than that on groceries before you started your budget. In order to create a more realistic budget, you should keep track of what you spend on groceries, and everything else, for at least a month. This way you can see what "normal" looks like before you create a budget. To get an even more accurate picture of your spending, try tracking your spending for 2-3 months to get an average. You can then use the average to create a realistic budget. How to Start Tracking Your Spending So, how can you get started tracking your spending? There are several different ways to go about it. How you track your spending may depend on how you spend your money currently, if you use cash or credit for most of your spending. You can go old-school with a pen and paper to keep track of your spending. This can be especially effective if you spend cash and don't usually get receipts. Keep it in your purse or wallet so you can write down your purchases right away. Another idea is to create and use a spreadsheet. You can input you receipts from cash spending and spending with credit/debit cards. The spreadsheet could have several categories, similar to what you'd use in a budget, to help you add it all up at the end of the month. Online tools and apps are another popular way to track your spending. You can use a system like Mint or Personal Capital to pull in and categorize transactions from your bank account or credit cards. Then you can manually add transactions for cash spending or make other adjustments as needed. The key is to find what works for you and use it! In This Episode We Discuss: 1:15 - How did you start getting your finances in order? Did you start with budgeting or tracking your spending? 7:20 - How payment types (cash, credit) affect tracking your spending 21:50 - Did tracking lessen or increase your stress level? Related Links to Check Out: Should You Shop with Cash or Credit? Mint Personal Capital  

Last season was all about self-care and being the best you can be. We had so much fun recording our self-care season and hope you've gained a lot of clarity on your personal and financial goals and values from listening to the episodes. The next step is being intentional with your money and using it as a tool to improve your life. The Importance of Saving Money Saving is one of the most important aspects of managing your finances and one of the best ways to get ahead and start building wealth. Saving is important because it's crucial that you set some money aside for yourself. Paying for bills, debt, and other expenses can become draining if you don't have any money left over for your own wants and needs. We understand that saving money can be difficult for some people as it was for some of us in the beginning stages of our financial journey. Shocking studies reveal that the average American lives paycheck to paycheck and can't even afford a $500 emergency. Failing to save can easily put you into debt again and again preventing you from ever getting ahead financially. Even if you consider yourself a money-saving pro, this season is still great for you especially if you're looking to increase your savings rate to meet various different goals, make frugal living work for you, pay off some existing debt, or explore your options for financial independence. Yes, we're going to be diving into all those topics and more this season to help you find saving less threatening and more of an exciting opportunity to do more with your $$$. This week, we're opening up that conversation by talking about automating your savings. Why Automate? Automating your savings is similar to driving with cruise control on. It's easy and smooth, but you still have to know where you're going and have a solid plan in place. Automating your savings can help you take action but still remain laid back so you can dedicate your time and energy to other tasks. Automating is not the best solution for everyone, but when done correctly and with the right intentions, it can help you save for purposes like: Your emergency fund (that $500 emergency won't be able to put you in the poorhouse) Travel and vacations Retirement College Large purchases And more Ready to find out if automating savings is right for you and how you can use this practice to save more money long term? Check out the first episode of season 3 and let us know if you'll be automating your savings this year. In This Episode We Discuss: 1:10 - Are you for or against automation? 7:50 - Avoiding Temptation 15:40 - Discussing Digit (Now $2.99 per month) P.S. During the episode we discuss Digit, a savings app that helps you save money automatically. At the time we recorded this episode, Digit was a free service. But recently, Digit announced they will start charging users $2.99 per month. While this is a small fee for the service, we did want to make you aware of the price change if you were interested in signing up for Digit. This app could still be a good option if the $2.99 fee is motivation to get you to save more money, but you can also consider automating your savings on your own, too!