What’s your money management system?

I have used spreadsheets and budgeting softwares, but I found that the budgeting softwares were more reactionary and weren’t helping you to plan & prepare for your future, so I went back to using a Google spreadsheet and I absolutely love it! I am able to plan months out and really manage my cashflow and not just “budget” for the month. I find I am able to be more intentional and precise with my money using a spreadsheet!

How has my view of money changed over the years?

I grew up in a household where money was always tight. I had a very scarcity mindset around money even into my mid twenties. I really worked on my money mindset and reminding myself that there is so much money in this world. Even if the worst case scenario happened, if I was to lose everything, I would be able to make it all back because I would focus on solving other people’s problems, because that’s what people pay for. I used to view money as something that was hard to come by, something stressful, but I’ve learned that when I had such a negative mindset around money, it really affected it. I have a positive view of money and I have completely changed how I think, speak and feel about money, because these things all affect how it comes into your life and how you manage it. Negativity and scarcity, only attracts more scarcity.

What’s your advice for young people trying to save money?

• Start saving now right where you are. I see too many people who put off saving money until they “have more money.” But then more money comes in and they put it towards something else, not to savings.
  • Start now even if it’s only $10 a month!
  • set up an automatic payment to get into the habit of saving, because it’s really easy to increase it later on.
  • Have it automatically come out of your account right after you’ve been paid.
  • Keep increasing your savings amount from there.

What money lesson do you wish your parents taught you as a child?

To only listen to people who were where I wanted to be and who have achieved what I want to achieve. Everyone will tell you how you should do things, but if they’re in a worse off position that you, you shouldn’t be taking their advice, find a mentor who has done what I want to and model their behaviours and mindsets.

That it’s really important to focus on managing your emotions, to manage your money better. It’s not just about numbers, it’s also about checking in with your mental and emotional health, to make sure the decisions you’re making, align with your bigger goals.

Which projects are you most proud of and why?

I am really proud of paying for both my power engineering and holistic nutrition post secondary educations with cash. I worked really hard to save enough to go to school without having to take out any loans. Leaving my 6-figure career which I really loved, to start my own business was very scary at the time, but I am so proud of myself for doing it.

What’s the best piece of financial advice you ever received?

Don’t buy something you don’t have the cash to pay for that day. If you want something, save up for it. And save your money even when you aren’t planning to purchase something specific, because when an unexpected opportunity comes up, you’ll be able to jump on the opportunity and pay for it in cash, not go into debt for it. I also used this advice and applied it to being prepared for unexpected life changes or life circumstances, so you aren’t set back years financially because you had a cushion ahead of time.

What are 3 tips you have for Canadians who want to be better at managing their money?

Figure out your cashflow: In order to have a realistic “budget” of what it actually costs you to live each month, figure out what expenses you have that aren’t month (ex: once a year expenses, twice a year, etc) and open up separate savings accounts for each of those expenses. Transfer money into each of those savings accounts each month, so when those bigger expenses come up, you don’t have to throw them on a credit card and go into debt, you can cash flow them. These are your non-recurring and random expenses such as gifts, clothing, travel, vehicle repairs, etc. When you tap into these savings accounts to pay for these expenses, you don’t feel the shame and guilt like you do when it’s your “normal” savings account where you are saving for everything in general. And not feeling that shame and guilt around your money, goes a long way for your quality of life. When you are saving for these upcoming expenses on a monthly basis, it also shows you right away, where you truly stand financially. This awareness is huge to help you to make decisions and changes so you can feel more empowered with your money and life.

Have weekly money dates: Sit down and go through your finances, where you currently are, what’s came out of your account and what is still to come out, check to see if the money you’ve spending aligns with your bigger goals and your values. Make it a habit to be on top of your finances, to be organized and to really know your numbers. Too often I see people not knowing their numbers and making big life decisions, without clarity in where they are at financially, which results in them being more stressed financially.

Pre-plan and budget: Focus on planning out your spending ahead of time, versus just tracking it after it’s happened. This is how you’re able to put more money towards your goals and to achieve them faster. The more intentional you are, the more success you will have. Each time after you have a random expense, get an approximate date of when you will have that expense again, on your calendar (ex: oil changes, hair appointments, birthday gifts, etc) and put a dollar amount to it. This will help you to see when you have higher expense months and you can save ahead of time for them, so you aren’t throwing them on a credit card when they arrive.

Learn more about Mandyy and how she manages her money!

https://www.instagram.com/mandyythomas/