A lot of people don’t have a spending plan, and many more don't even know where their money is being spent. In this episode, we tackle the mindset shift required to move from the restrictive feeling of "budgeting" to the empowering clarity of a "spending plan." We dive into the critical difference between income and expenses, why knowing your numbers gives you a bird's eye view of your spending habits, and how that enables you make better decisions.

We also share a key insight: the smaller the business, the more likely the owner is to think, "If I've got money in the bank, I'm good". This "bank account balance" method isn't a sustainable way to manage money, and we break down how to move past this reactive mindset.

We also get into a disagreement about needs versus wants. Is a monthly massage a need or a want? And we're not joking. This episode is about getting honest with your money and creating a plan that works for you, whether for your business or personal life.

If you like what you hear, please like, share, and subscribe so you don't miss any of our future content. Watch the full episode at https://youtu.be/pupwiR_oosQ and read more in THE ASCENT | 018.