JENNIFER HALEY, CPA
Hi there, I'm Jennifer Haley, CPA. I'm here to help business owners get a handle on their finances so they can get back to doing the things they love.
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Goal setting can be intimidating and overwhelming, I find the biggest reason people don't set goals is because they truly don't know how to set goals. Below is a framework on how I create my goals :)
Set a timer for 5 minutes, imagine that this piece of paper is your wish fairy and everything your write down WILL come true. Think of what your ideal life is if you could literally do anything, think of this paper as the list of how you will make that happen.
Review all of the goals you have written down and narrow down your list to what you believe is your truth and what must happen for you.
PUT IT ON PAPER
Write each down each goal from above leaving space for further detail.
ACTION PLAN & MAKE IT MEASURABLE
Create your action plan for each goal by ensuring it is SMART (Specific, measurable, attainable, realistic, timely).. Write out:
Begin the work on your vision board!
Lastly and most important, take action on your goals! Use your goals to help you make decisions in your day to day life, and then CELEBRATE any and all of your successes, no matter the size!
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How many times have you heard, "Shhh...you shouldn't tell people about your financial situation!"
WHY? Like seriously, why is/was this ever a thing?
Because of this statement a lot of us find ourselves out for dinner with friends ordering just a small appetizer because "we had a big lunch," or we find ourselves buying Christmas gifts outside of our budget because, "Well that is what they will be spending on me."
And this is NOT about telling people you can't "afford" it or you are too "poor," this is negative money thoughts. It's about letting your friends in on your financial goals and priorities.
Once you start talking about your financial goals and priorities I promise your friends and family will be on your side! And I bet they will even start their own!
Now you're saying, "okay Jenn, this all seems great, but bringing it up it intimidating and nerve wracking!" Here are a few suggestions on how you can bring your finances into the conversation in a natural way:
The important part is that you stay positive! Talk about your priorities and goals, and the more you talk about these the more you are keeping yourself accountable.
When you let your friends and family know about your goals and priorities, they will understand your decisions and will also motivate you to reach these goals!
I know you can do it!!
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Have you ever said, “I’m bad with money?”
The amount of times I have heard this statement is ONE too many times! I need you to immediately remove this statement from your vocabulary, like NOW!
We have learned that negative self talk is bad for our mental health. Finances are also a part of our mental health and by using this statement we are participating in negative self talk.
Positive thoughts create positive results 💸
Did you know that:
But how do we get out of this? We start with goals and POSITIVE THOUGHTS and talk about money. We know if we are serious about accomplishing something, we don't talk negatively about it, we "pump" ourselves up, we get excited, and we tell ourselves we CAN DO IT.
Money should be no different! If you want to start taking control of your finances and increasing your mental wellbeing, you MUST start with a positive attitude amount your money and situation.
You will be surprised how quickly your financial situation will improve when you create positive thoughts about it!
(1) Financial Planning Standards Council, “OMNI REPORT: Financial Stress,” 2018.
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Intentional Spending is the MOST important tip I can give!
Did you know that if you skip your weekly coffee and invest that money in your TFSA you could have $21,000 in 25 years! Or if you put that money on your credit card you will make a total extra payment of $285 within a year.
You're thinking, "Jenn yes my parents have always told me to cut out 'dining out' and I will be able to save for retirement. But I still don't listen to them because I like having fun!"
My response....Yup, stripping yourself of your enjoyment will not save you money!
This tip isn't about physically putting that coffee money in a jar, it's about being intentional in how you spend your money.
Raise your hand if you are like me, buy 3 beer at the brewery when 2 would have sufficed 🙋♀ (local breweries/coffee shops, I love you! Trying to make sure your customers have money to continue to spend with you long term!)
Instead shift your mindset, is the money I'm about to spend worth it, worth messing with your retirement plan, or your travel savings? For the next week (at minimum) when you spend money ask yourself, can I scale this back, am I actually going to enjoy this purchase or am I just doing it to do it? Is this purchase worth risking my goals?
Let me know below how much you save in a week asking yourself these questions 👇
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🌟 Today's money matters tip is all about financial goal setting 😆
Okay, stay with me here...I bet a lot of you have already started to gloss over or even thought that first sentence was a little cringey. But TRUST me, goal setting is SO important in getting your finances in order.
Throughout the next months I am going to provide you with a lot of fun tips around saving and spending; without having any goals set, most of these tips will fall short.
Goal setting doesn't need to be this big thing. I am just asking you to take a few minutes, think about a few financial goals you'd like to reach and write them down on a piece of paper. Tuck that piece of paper in your wallet or a safe place where you can check back in on it.
Make these goals realistic, attainable and exciting. Do not make your first goal to save $1.5M for retirement 😴 My first financial goal was to pay off $5,000 of debt in one year. That is it! Here are some examples:
✔️ Save $1,300 for a vacation next year
✔️ Invest $50/month for my retirement
✔️ Pay $2,000 off my credit card in the next year.
Now get goal setting and let me know what ones you come up with!