How I saved $100,000 (Spender to Saver)

Today, I wanted to talk about how I’ve saved $100,000 in the past 18-months. I really wanted to create this for you because I know that when most entrepreneurs start their businesses they don’t have the best handle on their money. That was definitely the case with me, anyway.

Although I haven’t struggled with money since starting my business, I use to be someone who would spend my money so unconsciously that I would often find myself wondering where it all went. It just seemed like the more I was making in my business, the more I was spending.

I hadn’t spent enough time working on my own money mindset, so I was essentially sabotaging my own efforts to go to the next level. That is until one day my good friend, Ruby Lee lovingly called me out and motivated me to start saving my money.

Now, I want to share with you exactly how I changed my mindset and behaviour so I could save a lot of money and build my dream home (a little over a year later).

I want to preface this by saying that I do understand that we are living in troubling times right now and that financial security is not guaranteed for everyone, but there was definitely a time in my life where 100$ of disposable income would have been huge for me. But looking back on those days where I was living paycheck to paycheck, I wish I would have put some money aside.  I wish I would have known the tips I am going to share with you now.

1) Overcome your limiting beliefs

When you have particularly limiting beliefs around money, whether they seem relevant to savings or not, you’ll unconsciously find ways to sabotage your earning efforts or your saving efforts. 

When you first start a business and start making money, quite often it is your limiting beliefs around your next level of wealth that will keep you from achieving your financial goals. 

I used to have a lot of limiting beliefs around making money and it is when I worked through those that saving money and making money got easier—I really changed my identity around who I was in relation to money and the habits I attribute to that. 

2) Become Hyper Aware of Your Finances

While it’s really exciting to start making consistent income in your business, if you are not conscious of the purchases you’re making, it’s going to be very difficult for you to actively save. 

So I sat down and made a spreadsheet of all of my necessary expenses—everything from my rent and groceries, to my dog’s grooming appointments and my Netflix subscription.

From there I was able to really assess the gap between what I should be spending and what I was actually spending and identify how I wanted it to change.

3) Create a Budget

Once I was aware of where my finances should be going and where they were in reality going, I got organised around how much I wanted to spend and how much I needed to be paying myself (if you are a business owner, this is a must).

I set myself a personal budget of 1000$/month and stuck to it NO MATTER WHAT. 

Anything I spend on myself personally comes from that budget and if I go over, tough luck, I’ll just have to wait for next month.

4) Make Savings Non-Negotiable

I set up a transaction that would come out of our joint account EVERY SINGLE MONTH

I look at it as another bill that needs to be budgeted and accounted for EVERY SINGLE MONTH, no question. 

I did the same for my business accounts and now my business also has savings. 

So set yourself a number and commit to putting it aside. I promise you will thank yourself for it in the future. 

5) Set Goals

When I first started saving, it was going pretty well. But, it really hit high-gear when my partner and I decided to buy land and build a home. Because we had this goal, it just made it so much easier to save. 

Excitement is by far one of the most motivating feelings. When you have something to look forward to, when you have something to work towards, it allows you to be so much more responsible for the actions that you take now. And this isn’t just for savings, this is for anything in life. 

So, set yourself your goal and give yourself a deadline. Make it fun. 

Those are my money-saving tips! Please know that I am not a money expert or money mindset expert, I am just someone who has been where you are and wants to share what she’s learned along her journey to financial freedom.

To keep the conversation going come and join come and join our community on Facebook and Instagram – @erinmayhenry. I would LOVE to support you!

are you ready to be seen as a well-known leader in your niche?

You desperately want to become a successful online entrepreneur who gets to live out her dream doing exactly what she loves with the people who inspire her.

But, it’s hard to know which route is THE ONE that’ll lead you to that exact lifestyle of freedom, consistent profit, and an amazing community.

Well, my proven process will teach you the exact steps to take to be a wildly in-demand brand!

© chillpreneur 2023 | Legal

web design/development by hAus of kyme