#StressManagement #SelfCare #SelfNurturing #Wellness #FinancialWellness #Mindfulness #MoneyManagement #FinancialHouse #ReferralIncome #AllyBank #Ally52WeekMoneyChallenge #SavingsJourney #SavingsGoal
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Are you tired of living paycheck to paycheck? When I think of the various conversations I have had with my friends and family over the years about money, that was high on the list. That along with, "I wish I could just hit the lottery." Have you found yourself having similar conversations with those in your circle? What fuels these kinds of conversations? I would have to say the desire for security and a comfortable future. Especially when there are children involved. People want to provide a safe, secure life for themselves and their children. However, with today's economy millions of people are struggling to save money. Because the truth is after many of us receive our pay on Friday, it is gone before Monday even gets here. Today I could make this article ridiculously long explaining the importance of building a financial nest egg, how doing so is essential for long-term financial stability. But I won't do it. We've done it before here at EnvisionCo Blog. You have seen it in other articles around the web or watched it on YouTube or Tiktok. You know why it is important to save. That is not the issue. The issue is not having money to save. In this article, we’ll delve into how mindfulness can enhance your saving habits and help you manage emotions that impact financial decisions. We will also introduce you to a fantastic opportunity to earn extra money through Ally's referral program.
Statistics on Saving |
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No, it is Not Just You
"Every time I take two steps forward, I seem to get knocked three steps back." Have you ever felt similarly in the context of your finances? No sooner than you get a little extra money, or able to start to breathe some life into that savings account of yours, an unexpected bill or expense comes blasting through your doorway. Sometimes, the tone we take about savings can be very accusatory. We chalk people's poor savings habits up to materialistic, haphazard spending habits. I'm not saying that this may not ever be the case. Because yeah, I can admit it; even I could do better with my spending sometimes. However, if we take a look at inflation and how little our dollar today gets in comparison to our dollar yesterday, there is more to the American woes of not having that $400 than just our needing to cut back on spending. It seems the prices of everything is going up, up, up and yet I don't hear correlating reports of wages going up to match. I help people get comfortable talking about the uncomfortable. Therefore, in my world, money is not taboo. I talk about it with friends, family, colleagues, and clients alike. From my estimates, ain't nobody getting no raises. So what gives?
You Can't Manage What You Don't Have
You can't manage what you don't have. I could pump out article after article about the importance of fiscal responsibility and money management. With sound points and data to match. Yet the truth is, no one can manage money they don't even have to begin with. It is so easy to tell someone, "If you don't like your job go get another one," or "If you don't like the pay, ask for a raise or get a promotion." There probably was a time that this admonition made total and complete sense and maybe even was a viable option. However, anyone ending the conversation there, has to be a little out of touch with the realities of the American job market of today. When is the last time you applied for a job? Are your aware of just how difficult and competitive the process truly is? I am not one to tell anyone to shrink away from a challenge or competition. However, when people need money now, the continual wait (for that new and improved job) only continues to set them further and further behind financially. When is the last time you tried for a promotion? Let's face it; some companies have an internal structure let's call it "company culture." If you can't play by their "unwritten" rules the way they want-you will not be the one getting that promotion. And lastly, going in and asking for the raise. You have seen the TikToks, Facebook Reels, and YouTube shorts. Companies praise you verbally of your remarkable work but mark you only slightly above average come performance review time. Why? To keep from having to give you a raise my dear. Asking for a raise in today's economy often leads to conversations about "the company budgets" or "the relief that we don't have to do layoffs." Do you get where I am going?
"One stream of income is hazardous to your wealth." ~Dr. Lynn Richardson |
You Need a Side Hustle, No Seriously
I stumbled across that quote from Dr. Lynn Richardson a number of years ago. It is absolutely positively true. I don't have to remind you of the countless stories of the industries that shutdown during the pandemic of 2020. The chain reaction that followed, well, we are still trying to fully recover from it four years later. People couldn't pay rent, mortgages, student loans. The government real deal sent US citizens child support checks (meaning the government was our daddy). Four years later we are rebuilding. Yet with inflation, things are not the same. If that situation has taught you anything, you cannot rely on one check. Because within the blink of an eye, it can be gone. Throughout history, the pandemic is not the only time we have had to learn this lesson. For generations, technology has ushered in the shutdown of various industries rendering them obsolete and their workers no longer needed. While other industries have found it more cost effective to shut down in the States and reopen overseas where they don't have to adhere to federal wage policies that persist here in the States. If that one job is your only income, you my dear are at risk. You need a side hustle; one that can bring in extra money to help you supercharge your debt paydown strategy and helps you give your savings account a boost.
According to a survey by Bankrate, more than one-third of U.S. adults earn extra money beyond their main source of income through a side hustle. More than 1 in 3 who had a side hustle identified they used their hustle to pay for regular living expenses, like rent and groceries. The survey also found that more than 1 in 4 side hustlers made more than $500 per month with the average side hustler making about $891 per month in extra income. What would an extra $891 or even $500 do for you and your family?
You Too Can Hire Your Money, Yes Seriously
Running a side hustle gives you the opportunity to make your own choices and do things your way. There are so many options. You've probably seen the most common ones: dog walking, dog grooming, babysitting, senior care, car detailing, DoorDash, Uber, Lyft, vacation planning, travel consulting, life insurance sales, coaching, personal training, Amazon FBA, buying and selling online, jewelry making, or tutoring to name a few. However, all of these opportunities require your time. They are what we call active income; just like your 9 to 5, these opportunities require your time each and every time you need to make an extra dollar. This is great to get started but what about long-term? Have you considered making the shift into more passive income? One of my favorite ways is to hire my money as my employees and make my money capture me more money.
There are several articles here on EnvisionCo Blog that detail my journey in earning extra money with affiliate marketing or referral bonuses. With these opportunities, I do the work up front (perhaps writing the blog or making a social media post) and then sit back and collect the referral money. I then take the referral money and land it in either a high yield savings account or invest it in my brokerage account into dividend paying stocks. Taking these steps (high yield savings or dividend accounts) is me effectively hiring my money. I don't have to do anything more than collect interest or dividend checks.
Now It's Your Turn
If you have been following our blog since the beginning of the year, you know that we began January 2024 with the theme New Year, New Wallet. I am passionate about mental wellness and I am passionate about financial wellness. This year, I married the two. Through articles such as How Mindful is Your Wallet? Mindfulness and Money Management and Emotions: What Drives Our Wallets, I have provided an alternative way to view finances within the scope of mental wellness. Our emotions can significantly impact our financial decisions. Intense emotions overwhelm our judgment which can lead to impulsive spending, rash investment choices, or avoidance behaviors. Mindfulness offers a powerful antidote by helping us recognize these emotions and make deliberate choices. By tuning into our emotional responses, we can develop strategies to manage financial stress and make sound decisions aligned with our long-term goals. Techniques like deep breathing, taking breaks, and practicing emotional regulation can help us regain control during emotionally charged financial moments.
Mindfulness increases our awareness of spending triggers and habits. By recognizing these, we can make more intentional choices about our finances. Practicing mindfulness can improve our self-control, helping us resist impulsive purchases. Mindfulness encourages clarity and focus, making it easier to set and achieve our saving goals. Speaking of savings goals....
Exciting Opportunity with Ally's Referral Program
I consider myself a pretty good friend. I have never been one to see an opportunity and hoard it to myself. The way I see things, there is enough room for all of us to eat. And I want all of us to eat well. We all only have so many hours in a day. Based off our circumstances or where we live, earning extra money may have to look different from how others can go about earning. This is why I am such a huge fan of referral money. As your good friend, I want to share with you the Ally opportunity. It pays to have a financial ally. $100 to be exact. If you sign up for Ally using my referral link, you will receive from Ally Bank $100 when you open an eligible account (savings account, spending account, OR self directed trading account through Ally Invest). To earn your $100 welcome bonus, follow these steps:
Enroll in our referral program by 12/31/2024.
Open a new Ally Bank Savings Account within 30 days of enrollment.
Set up (within your new account) and start a qualifying monthly automated recurring transfer within 30 days of account opening.
Complete at least 3 back-to-back monthly automated recurring transfers.
Your $100 welcome bonus will be deposited within 30 days of receiving your 3rd recurring transfer.
Why Ally?
I have been banking with Ally since 2016. I discovered this bank through bankrate.com when I was searching for a high yield savings account. The thing I most appreciate about Ally is the ability to move money from my primary bank and Ally with ease. I also have enjoyed the interest payments. Unlike my brick-and-mortar bank that pays 0.30% APY and I have to wait to receive an interest payment once every 3 months, Ally paid a higher interest rate, and I receive payment every month. I cannot recall what Ally's interest rate was when I first signed up for the account in 2016. I can say as of the writing of this article, my Ally savings account pays me 4.20% APY. I can also have different savings buckets depending on what I am trying to save for. For instance, I can have my main emergency fund but also a savings bucket for say a trip I would like to go on. That is my argument for Ally. Here is theirs:
Like you can see from the accounts we offer, we live to make banking and investing smarter and simpler. How else will we be your financial ally?
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Questions You May Have
How do I know I was successful in enrolling in the welcome bonus?
If you opened a new, eligible Ally Bank or Ally Invest account using your friend’s personal link, you will receive a confirmation email sent to the email address you used to enroll.
When will I get my $100 welcome bonus?
If I open an account another way, will I still receive a welcome bonus?
Will I get paid for opening multiple accounts?
Can I refer someone too?
Okay I'm convinced. When is the last day that I can enroll in the Referral Program?
I don't want Letecia seeing my personal information. Will Ally tell her I've opened the account?
This article we have talked about the struggles of living paycheck to paycheck and not being able to save. We have acknowledged that this struggle isn't always because of poor spending habits but sometimes because we just aren't making the kind of money we used to prior to inflation from the pandemic. We have acknowledged that living off of just one income source is not a good idea and that a side hustle can go a long way towards paying down debts and putting you into a position to save. We acknowledged that hiring our money to make us more money helps us free up more time. We acknowledged the role mental wellness plays and how mindfulness can assist us with making more informed, relaxed, sound financial decisions. Finally, we rounded out with a new savings opportunity that you can add to your financial arsenal. Ally's referral program is a fantastic way to earn extra money while helping your friends make smart financial decisions. Remember building a strong financial future takes time and effort. Every little bit saved can make a big difference in the long run. By combining mindful practices with consistent saving and a little help from Ally, you're well on your way to achieving your financial goals. In closing, please remember that wherever you are on this wellness journey, do not worry about getting it perfect; just get it going. Until next time. Happy reading! Happy saving!
"An ally in battle is worth more than gold in the treasury." ~Euripides
Here at EnvisionCo Blog, we try to keep ads to a minimum making our blog entirely reader-supported. We may feature links on this site for additional informational purposes. From time to time, we may feature other links which are affiliate links (and these will be clearly marked). When you click through an affiliate link on our site and sign up for a service or finalize a purchase, we may earn affiliate commissions. This is of course at no additional cost to you. However, if you like what you see and would like to make a donation to help us keep ads to a minimum, we would greatly appreciate it! Nothing fancy. We accept the price of a cup coffee with as much gratitude as we would the price of a tank of gas!
Really interesting and important article! Completely agree that only having one income stream is risky these days so making our money work for us is so important!