“I was able to pay off my car. I was able to build up a couple thousand dollars in savings.”- Kiandra
Kiandra, a teacher in Atlanta, started working with The Beans last year to find better Money + Life balance and achieve several financial goals. She identified paying off her car loan, traveling to visit family, and saving as top priorities. In one year Kiandra was able to check off each and every goal!!! Here’s how she did it and how she will revisit the three principles to tackle her latest life changing event.
Create a Plan
Kiandra started by creating her Plan. People with Plans are 10X more likely to succeed financially. Planning (even thinking about planning) clarifies our priorities and increases the likelihood of getting important things done. Priorities for Kiandra included traveling to be with family, clearing a car note, and starting to save.
Speaking of saving, that is the second core principle. Why are savings so important? Just a couple hundred dollars in savings makes an actual difference in your day-to-day financial decision making. When we are stressed about our finances, we make less healthy financial decisions. However, when we have cash reserves, even small ones, we feel more secure — which lets our brains relax. When we feel more secure, those relaxed brains make healthier financial decisions. Yes please! Kiandra built her Essential Savings by contributing regularly.
The third principle, spend on what brings you joy, is clear for Kiandra. She wants to spend time with her family. They are spread out all over the country so spending time traveling brings her happiness. What does it mean to spend on what brings you joy? Research shows that you get “more” out of your dollar by making sure that your spending is aligned with your values. Kiandra also started a small business and investing in materials to grow it is something she values.
Kiandra put in the work, followed the three principles (1. Make a Plan 2. Save some 3. Spend on what brings you joy) and she accomplished her goals! Now what? Kiandra recently learned that her roommate is getting married and moving out. Thankfully Kiandra has the tools to handle this curveball.
Kiandra’s experience with The Beans’ three principles has not only helped her achieve her goals, but equipped her with the tools and mindset to handle the curveballs. By applying these principles once again, Kiandra is ready to face this new chapter and we are here to celebrate her!