Episode 106 is a deep dive into all things budgeting and spending. Allison also goes into talking about her journey with juggling a full-time, a side business, and then pursuing full-time entrepreneurship!
Allison is a blogger, influencer, and founder of Inspired Budget. As a teacher and small business owner, Allison combined her passion for teaching and finances to help others learn how to start budgeting. Allison and her husband paid off over $111K of debt on 2 teacher salaries while growing their family. Since starting her business in 2017, Allison has been able to retire as a teacher and take her desire to help others full-time. Now, she is helping women all over the world get started with budgeting when they feel lost and overwhelmed. She has built a community of over 125,000 Instagram followers that turn to her for budgeting advice and inspiration to save more than they ever imagined!
In Episode 106, Allison talks about:
- Teaching and learning about money with compassion—Allison had to accept that her journey started when it did because that was when she was 1) ready to hear the information and, 2) had the tools that were necessary. Other mainstream financial gurus (👀👀) will employ shame tactics when it comes to teaching personal finance, but the more Allison learned, the more she was able to take the information that was actually useful to her, and tailor her tools to what fit her lifestyle and goals.
- How expecting a child kickstarted their financial journey—Allison and her husband got pregnant during their honeymoon. Learning this, and realizing that at their rate, they could not afford daycare, Allison gave herself 8-9 months (the duration of a pregnancy) to budget for the $800/month cashflow that was needed for daycare. On two teacher salaries! If you’re an expecting parent or are thinking about having kids soon, this is a great episode to listen to for some perspective!
- Budgeting for spenders—No, you will not build wealth by cutting your weekly lattes. There IS a way for you to budget and build wealth without extreme frugality and deprivation. Allison identifies as a big spender; it’s her love language. Allison quickly learned that there are many different options when it comes to budgeting, and that there is no one size fits all. The style that fit her the most was a value-based approach. This is one that fluctuated with her needs and goals, and allowed her to continue being the kind of person she was. Listen to learn more about this budgeting method!
- Budgeting basics—Allison’s number one tip when it comes to budgeting is that there is no one right why to do it. There is also no one single budget that will work for you for the rest of your life. Allison’s budget factored in her partner (and later her son) and reflected her reality. She makes this great connection between our emotions and our money. We are inherently emotional, and so our money will be too. There are ways to make room for that in your budget! Listen to learn more of Allison’s budgeting tips that you can adapt to fit your needs.
- How social media can help your financial journey—Social media is notorious for setting comparison traps. HOWEVER, the reality is, your friends and family might not be on the same journey as you, and there will be times where they will not be supportive of your goals. Perhaps not intentionally, there’s just no alignment. That’s where social media comes in, as another space to find your people that can help you stay accountable to your money goals. Sidenote: we love all the guests we invite into the podcast. So if you’re loving an episode, follow our guest on their socials! They are always linked on the episode description, episode promo on socials, and the corresponding blog post!
We love this episode for Allison’s dive into all things budgeting, spending, and her honesty when it comes to pursuing full-time entrepreneurship.
As always, remember to #StayPoderosa!
Partners mentioned in this episode:
BetterHelp – Professional Support When You Need It, At The Fraction Of The Cost Of In-Person Therapy. Get 10% off your first month!
Fiverr – Connects businesses with freelancers offering digital services in 300+ categories, starting at just $5!
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From money mindset, to budget basics, we’ve got you covered.The Financially Lit Latina: The Ultimate Blueprint For Becoming Poderosa With Your Dinero