How to Create a Money Plan that Builds Wealth Painlessly

I’m not the kind of person who likes to make a plan for everything. I don’t make itineraries for vacation or pre-book every second of my day.

But there are some things too important for just “winging” it. For example, your money.

And unfortunately, a lot of us were never taught how to create a money plan that empowers us to enjoy life now and have security for the future.

I learned the hard way that if you don’t make a plan for how to spend, save, and invest your money, it typically ends up in someone else’s pocket.

So, here are six steps to create a money plan that ensures you can build wealth and live without financial stress.

1. Follow our proven roadmap to wealth

Our wealth-building roadmap is designed to make sure that you do things in the right order to build wealth as fast as possible.

1. Spend less than you make every month
2. Pay off high-interest rate debt (meaning any debt with an interest rate above 7%)
3. Build an emergency fund
4. Save for retirement
5. Invest

Doing things in this order sets you up to build wealth quickly, achieve financial security, and lowers the risks of losing money once you start investing.

2. Set a monthly target

Whichever stage of the road map you are working currently, set a monthly target for it. This is either the amount of money you want left over at the end of the month, an amount you’re putting towards paying off high interest rate debt, an amount you’ll save each month, or an amount you’re contributing to your investments.

You need a monthly target to know if you are on or off track in any given month. This helps you make daily spending decisions.

If you are on track to hit your monthly target, then you can spend your money freely. If you’re off track, then you know you need to tighten your spending for a minute.

Even better, move the money you need to hit your monthly target out of your account first. That way you know you can spend the rest without feeling guilty because you have already taken care of your financial goal.

3. Determine your values

Remember money is just a tool to help us live the lives that we want. So you need to know what is important to you. This helps inform how you can best spend your money in a way that feels great to you!

Pick three to five of your core values.

Your values could be something like security, creativity, adventure, growth, friendship, or compassion.

My values are growth, family, health, and freedom. So when I am spending my money, I ask myself, Which of my values does this support?

If it doesn’t support any of them, I give a second thought to if it is really something that is worth spending my money on.

Knowing your values helps you make sure that all of your financial decisions are aligned with what you want for your life.

4. Set a budget

Now that you know your financial goal, and monthly target to hit it, and what values matter to you, you can create a spending plan for all of your money.

We call this a budget!

Want to learn about our simple approach to budgeting? Check this out!

5. Track progress toward your goals

Now that you’ve built the plan, you simply need to check in on it. I recommend doing that every week. We are forced to make decisions about our money daily, so you don’t want to go too long in between checking where you are against your plan

I recommend creating a weekly money ritual to make sure you’re staying within your budget and on track to meet your financial goals

This will help you stay focused and motivated (and speaking of motivation…)

6. Reward yourself for hitting milestones

It’s important to make the journey to financial wellness as pleasant as possible. So when you hit a major milestone or accomplishment, celebrate! Go out with friends, get a mani, you know, treat yourself!

Want to learn more?

I hope this helps you make the most of your money. If you enjoyed this video, please give it a thumbs up, it really helps us out so that we can create more free resources for you to save and invest.

If you want to learn more about growing your money, check out our free webinar, Think Like an Investor, where we teach you the principles of a successful investor and our signature Aligned Money Method so you can spend and save in a way that feels painless and natural to you.