However, Stacey has noticed that many people are hesitant to create financial plans since they may be associated with strict rules and limitations. She encourages clients to focus on the increased confidence in one’s financial future that a plan can bring instead of seeing it as an overwhelming commitment. Plans can always pivot according to changing needs and circumstances, so you’re not committing to your plan- you’re committing to yourself and your future by engaging in your financial plan.
Stacey also talks about replacing the word “budget” with “spending strategy,” as this emphasizes the enjoyment of life rather than restraint and barriers. “Budgeting” highlights the scarcity mindset, while “spending strategy” focuses on abundance and empowers people to think about what their goals are and how to achieve them.
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Disclosure: Information presented herein is for discussion and illustrative purposes only. The views and opinions expressed by the speakers are as of the date of the recording and are subject to change. These views are not intended as a recommendation to buy or sell any securities, and should not be relied on as financial, tax or legal advice. You should consult with your attorney, finance professional or accountant before implementing any transactions and/or strategies concerning your finances.