This week's Money Buddy
Therese Nicklas works with high-achieving women who are considering a transition out of corporate life due to feelings of being overworked, overwhelmed, and uninspired. Recognizing these as signs of burnout, she is dedicated to helping women navigate this pivotal stage with confidence and clarity.
1. How Can a Simple Savings Bucket Improve Your Money Mindset?
A simple savings bucket can shift the way you think about money in powerful ways. Instead of feeling like you’re living paycheck to paycheck or that you’re "bad with money," you start to see small wins accumulate. Those first $100 or $1,000 saved can bring an incredible sense of security, reducing financial stress and anxiety. Suddenly, unexpected expenses—like car maintenance or holiday shopping—don’t feel like emergencies. You prepared for them. And because you are prepared, you get to spend without so much stress!
This kind of mindset shift isn’t just about saving—it’s also about spending in a way that aligns with your values. When you’ve been intentionally setting money aside for something, you don’t feel bad using it. That vacation you saved for? It feels even better because you know you’re not racking up debt to enjoy it. A savings bucket isn’t just a financial tool—it’s a way to feel more in control, more at peace, and more confident with your money.
2. What Savings Target Can You Begin to Use a Bucket For?
If you’re not using savings buckets yet, you might be wondering where to start. Sure, the big ones like vacations, holiday gifts, and car purchases make sense, but what about the smaller, everyday expenses that creep up? Think of things like annual subscriptions (Netflix, Amazon Prime), insurance premiums, or car registration. These aren’t surprises, but they often feel like surprises if you’re not prepared for them.
One of my favorite uses for a savings bucket is personal goods—things like shampoo, deodorant, and cleaning supplies. You don’t buy them every month, but when you do, it can be a bigger expense than expected. By saving a little each month, you smooth out those costs, making them easier to manage. The same goes for things like date nights or seasonal wardrobe updates. The trick is to take any expense that doesn’t happen monthly and turn it into a "subscription" to yourself—just a small amount set aside every month so you’re always ready when the bill comes due.
3. What Money Mindset Did You Inherit from Your Family?
This is a big question, one that can uncover a lot about how you handle money today. Maybe your family saved every penny and stressed over every purchase, making you hesitant to spend money even when you have it. Or maybe money always felt like it was slipping away, leaving you without much of a roadmap for saving. For me, I grew up valuing financial stability, making sure there was always a solid foundation beneath me. But that also means I sometimes struggle to take risks with money, even when they’re smart ones.
Take a moment to think about the money lessons you absorbed growing up. Did your parents openly talk about money, or was it a source of stress? Did they model good savings habits, or did they live paycheck to paycheck? Your financial upbringing isn’t your destiny. You can rewrite your money story at any time. Whether that means saving more, spending more intentionally, or simply being more mindful of where your money goes, recognizing those inherited mindsets is the first step to making money work for you.
Enjoy your week and get out there and have a money talk!
