Weekly Summary - MoneyMasterClass Lesson 9
In the pursuit of financial wellness, the Me & My Money notebook offers a comprehensive approach to managing your finances. Here's a breakdown of the key features and strategies suggested in the Money Master Class.
The Me & My Money notebook is divided into several sections, each with a unique purpose. The center of the notebook is labelled as My Shopping List, where you can list all the things you want and need to purchase. Taking a proactive approach to shopping, you can use the provided monthly calendar to shade in any day that you shop. To curb unnecessary spending, consider putting a moratorium on shopping for something until you have used up 40% of what you have of that item.
The flip side of the notebook is dedicated to two important practices: the Gratitude Journal and the Savings Journal. Committing time at least once per week to write down things you are grateful for in the Gratitude Journal can help foster a positive mindset. Effective strategies for maintaining a gratitude journal include writing down eight things you are grateful for every morning, mixing present and anticipated positives, with sincere intention. The Savings Journal, on the other hand, is a place to record all food-related savings, such as coupons, sale prices, and any discounts received.
Inventory management is another crucial aspect of financial wellness, but the Money Master Class content does not provide explicit strategies for this. If you're seeking strategies for tracking, organizing, or optimizing resources, additional sources may be needed. A practical approach could be filling a box with items to donate and repeating this task multiple times.
Moreover, the Money Master Class encourages examining your spending and aligning it with your core values. Gail, the speaker, emphasizes that change isn't possible with comfort and complacency, and that it takes time and effort to learn new skills and perspectives. To visualize your debt, consider creating a visible representation, such as a paper chain of links or a tree with leaves with each link/leaf equaling $100 owing.
Lastly, Gail shares valuable insights through videos and articles. For example, she encourages minimizing possessions, specifically emphasizing that items with original tags or packaging may not be necessary to keep. She also shares a video about the skeptic's guide to gratitude and an article about the same topic.
In conclusion, the Me & My Money notebook and the Money Master Class offer a holistic approach to financial wellness, focusing on gratitude journaling, shopping management, and debt visualization. To make the most of this tool, remember to commit to these practices regularly and strive for sincerity rather than perfection.
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- The Me & My Money notebook, in aiming for financial wellness, divides sections, with one labeled 'My Shopping List' and another pair reserved for the Gratitude Journal and Savings Journal.
- Practicing gratitude weekly in the Gratitude Journal can foster a positive mindset, and effective strategies include listing eight things daily, combining present and anticipated positives with sincere intention.
- Apart from shopping management and gratitude journaling, the notebook's content doesn't explicitly provide strategies for inventory management— additional resources may be necessary for tracking, organizing, or optimizing resources efficiently.
- Aligning spending habits with core values is also emphasized in the Money Master Class, as change requires effort and learning new skills, like visualizing debt through a paper chain or tree representation.
- Beyond the notebook, Gail shares videos and articles on minimizing possessions, the skeptic's guide to gratitude, and its value, encouraging dedication to these practices for holistic financial wellness.
