Episode 116 Money Management & Budgeting Tips to Improve Your Business' Financial Health

It’s time to become more intentional about managing your finances. Tune in to find out more.

Episode Introduction: 

In this week’s episode of Law Chat with Girija, our guest Katie Scott joins us to talk about tons of practical tips to manage our money more efficiently. She talks about tangible methods as well as mindset shifts that would help us improve our relationship with money.

Episode Summary: 

Katie Scott walks us through her journey from being a mainstream accountant to pivoting into her current role of being a money management advocate. She shares golden nuggets about financial wellness that she’s curated over the years and leaves us with multiple tips to help us do better with our own money.

Main Takeaways:

• Proactive Money Management refers to understanding and managing your finances before they land on the profit-and-loss statement.

• How to determine where your money is spent:

1. Make a plan for each dollar that you currently have.

2. Organize your money into separate buckets as suggested by the Profit First Model.

3. Track your money and understand your spending patterns.

• Creating sub-categories within your bank account can help you stay organized with tracking your expenses.

• When sorting through your finances, remember to stick to the “why” behind it. Looking at the bigger picture will help you deal with your money more efficiently.

• Practical tips to be better with your money:

1. Check your balance regularly.

2. Be mindful while making spending decisions.

3. Come up with a money management system that works for you.

   Fun Facts About Katie Scott:

She’s currently watching A Handmaid’s Tale.

Find Katie Scott:

• Website: https://morewithmoney.com/

  Instagram: https://www.instagram.com/katie.morewithmoney/

Get the visual experience, watch the videocast for the episode here: https://youtu.be/LjkQCtFVgug

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