Money & Budgeting with Alicia [Podcast Episode]

The Millenial Life Coach is a podcast of real life, candid conversations about millennials navigating the ups and downs of adulthood. The podcast is hosted by millennial life coach Jessica Knight, who is on a mission to help those in their 20s and 30s to break free from what society says they should be doing, accept where they are, and feel empowered and ready to create a life of their own.

In this episode, our very own Alicia Durham was a guest to discuss being a single mom in her 20’s, her financial wake up call, and how she now helps people as a personal finance coach.

Living Paycheck-to-Paycheck

Living paycheck to paycheck is a reality for many people. It’s easy to get caught up in the cycle of paying bills and making ends meet, without being able to save or invest in your future. But it doesn’t have to be that way.

Alicia is no stranger to financial struggle. She became a single mom in her 20s and struggled to make ends meet. But she learned how to manage her finances and pay off $30,000 in debt in just over a year. Now, she helps others do the same.

The Importance of Budgeting

One of the key things that Alicia emphasizes is the importance of budgeting and being intentional and aware of your finances, even as your income increases or your life circumstances change. But she takes a personalized approach to budgeting, based on clients’ personalities and values, rather than restricting spending.

Alicia simplifies budgeting by creating a lump sum of money for day-to-day spending instead of tracking individual categories. She believes that behavior change is more important than just knowing the numbers, and that past financial mistakes should be viewed through a small rearview mirror while focusing on the future through the windshield. When tackling large amounts of debt, Durham suggests identifying controllable spending and formulating a manageable plan for paying it off.

Personal Finance Coaching

Alicia helps clients with money and budgeting by starting with identifying areas where they can save money. By setting clear goals and timelines, clients can see progress and feel motivated to continue. It’s important to have an emergency fund of 3-6 months of living expenses in case of unexpected events.

Automatic transfers into savings accounts for non-recurring expenses, such as travel or gifts, can help make these expenses less straining and more manageable.

Through planning and intentional saving, Alicia believes that anyone can achieve a sense of peace and confidence in financial decisions. It’s not just about making ends meet, but about living the life you want and investing in your future.

Do You Need A Personal Finance Coach?

In conclusion, Alicia Durham’s insights on budgeting and financial coaching can be invaluable to anyone who wants to break the paycheck-to-paycheck cycle. By taking a personalized approach and emphasizing behavior change, she helps her clients achieve their financial goals and live their best life. And with her tips on saving money for travel and building an emergency fund, anyone can start taking steps towards financial security and peace of mind.

Other Subjects Discussed In This Podcast:

• Alicia’s first financial plan.
• How she became hands-off with her finances.
• The importance of having a financial coach.
• How to deal with shame about money
• How to save money for travel