Moment of truth…I’ve had to step up to the plate as a woman, single mother, and entrepreneur, and tackle these questions head-on….
Will I ever overcome my financial fears?
How do I start practicing better money management?
What tools and resources can I use to maintain good financial health?
When is a good time to invest?
How do I recover from a financial setback?
No doubt that you’ve asked yourself one or more of these questions. What if I told you that you could get the answers to all these questions and learn how to navigate through each season of your personal + financial life? As I continue to chart the course in my own journey; I have mastered skills along the way that I have the pleasure to share with you. By identifying your current money season as it relates to your lifestyle and financial goals; you will be able to confidently navigate with the appropriate tools + resources that will empower you for the seasons ahead. Keep reading to learn the six money seasons.
It’s ‘Planning’ Season
We all know what our dear ol’ pal Benjamin Franklin stated: “If you fail to plan, you are planning to fail.” Hence commences a season of planning!
Are you about to begin working on a goal that requires monetary resources such as preparing for an expensive celebratory party, major purchase, or relocation? Maybe a more subtle lifestyle change such as the start of the school season for your children/yourself, extracurricular activities, medical leave, or lifestyle change as it relates to fitness + nutrition.
By identifying that you are within a season of ‘planning’ you should be more mindful of the tools, resources, and level of accountability that is required to navigate your financial journey.
This season is typically the most time intensive and requires a great deal of mental stamina to examine your current financial status, set goals, and select your methods for money management.
Season Indicators: Mindset Evaluation| Learning | Start/End of a calendar/fiscal year | Start/End of a quarter | Achievement of a financial goal |Life Event | Cash Windfall
A Season to ‘Cultivate’
Cul·ti·vate | verb
Yes, action is required during this money season.
Donna Summer couldn’t have said it better:
[Lyrics] She works hard for the money So hard for it, honey
You should be actively developing and making improvements in this season as you cultivate the goals and skills that are required to carry out your plans. This season entails bouts of trial + error, adjustments, tracking, proactiveness, and commitment.
The good news is that when you cultivate something worthwhile, it typically yields both tangible and intangible results. I can attest to this fact because I have yielded positive results for my lifestyle and emotional wellbeing. I want the same for you!
Season Indicators: Mindset Shifts |Creating a budget |Adjusting the budget | Experimentation |Accountability |
‘Maintenance’ Season
This season often gets overlooked, but it’s crucial for financial stability and sustained financial health— maintenance season.
Just like tending to a garden requires regular care, our personal finances need a season of maintenance too. Think of it as giving your money garden a little extra attention – pulling out the financial weeds and refreshing your budget. This could look like decluttering unnecessary expenses, updating emergency funds, and ensuring the seeds of savings are well-nurtured.
Sis, it’s time to embrace your role as the financial gardener of the household. Make it a lifestyle to cultivate a flourishing money garden that provides stability and growth for you and your family.
Season Indicators: Frequent Budget Reviews | Saving Assessment |Debt Evaluation | Expense Analysis |Career + Income Reflection
A Season to ‘Invest’
Do you have a surplus of energy, money, time, and/or resources that you can allocate with the expectation of achieving a measurable result?
You are in a season of investing if you answered ‘yes’ to having a surplus that you would like to invest with the intention of receiving any sort of return. Whether you are starting a new income stream, continuing education, making a larger purchase, building your portfolio, contributing to a 401/IRA/Roth, delving into real estate, or committing to a change in lifestyle—all these can contribute to building assets = building wealth.
Kudos to you if you’re in a season that allows you to invest because you’ve kept in mind best practices such as establishing an emergency fund, paying down/off debt, and tending to your financial wellness needs!
Season Indicators: Increased Income |Positive Cash Flow | Established Emergency Fund | Low Debt to Income Ratio | Good Money Management Skills
A Season of ‘Harvest’
Imagine checking your bank account without hesitation and with confidence knowing you’re not in the red!
This would be the perfect time to tell Alexa to play: “Everywhere” by Chloe x Halle
[Lyrics] I got money everywhere Falling off the tree I got money everywhere Far as your can see Harvest season emerges when you have successfully cultivated money habits + skills that have yielded payouts in the form of money (currency), investments (tangible + intangible assets), and etc. This can be both an expected and an unexpected accumulation of financial gain. Speaking of $$$ bills—before you make it rain during this season of harvest; remember to keep in mind your financial goals for the current season and the one to follow. Gentle Reminder:Mindset is critical during seasons of harvest to avoid lifestyle creep. Harvest season is an opportunity to implement money management skills to account for increased activity as it relates to cash flow (the movement of money in and out) of your personal and/or business account(s). This positions you to be proactive for tax season, unexpected expenses, and etc.
Season Indicators: Increased Cash Flow | Active+Passive Income | Financial Independence | Bookkeeping | Tax Preparation
A Season of ‘Recovery’
Life really does be ‘life-ing’ sometimes!
As the Bible states at (Ecclesiastes (9:11), ‘time and unforeseen events befall them all’ (New World Translation of the Holy Scriptures)
I am a living testimony of this; and I know that I’m not alone in having experienced multiple unexpected life events that impacted my finances for better or worse.
Whilst some major events we plan for + anticipate such as a wedding, arrival of a new child, or moving; there are others that impact our lives unexpectedly such as medical emergencies, divorce, unplanned pregnancies, job loss, natural disasters, loss of a loved one, and so forth.
Occurrences such as the aforementioned (whether anticipated or unexpected) require a season of recovery. This season is where financial planning plays a key role in being able to cope, manage, and transition with ease into another season.
Season Indicators: Increased Spending |Financial Anxiety | Budget Adjustments |Frugal Lifestyle | Rebuilding Monetary Reserves | Decision Fatigue | Financial Hardships
A well-tended financial garden is a key foundation for a family and sustained financial wellness!
*SN:Important to note that the following seasons can occur in any order and simultaneously.*
The comments +