17 | Reshaping How you Think About and Plan For Extra Income

My clients always tell me when they come into extra money—whether it’s income from a freelance job or a birthday gift or a tax refund. And then they tell me how they spent it. Oftentimes, they overspend without even realizing it. A $1,000 bonus from work can turn into $1,500 in spending if you’re not paying attention. Extra money can show up in our lives in many ways. The important thing is having a plan in place for how to spend that money. Today, I’m sharing how to avoid overworking your dollars when you have extra money. You’ll understand the mindset shifts you need to make as well as questions to ask yourself about your priorities. It all comes down to reshaping how you think about extra money and practicing intention around spending it. In this episode, you’ll learn... An example of how my client spent some extra money she received and how she wasn’t fully accounting for every dollar when spending [03:06] What “overworked dollars” means and how you end up accidentally overspending [03:55] How to shift the way you think about extra money [06:41] How to identify if it really is extra money or if that money is already committed [07:31] How to be conscious and intentional with extra income (hint: write everything down) [08:20] Considering your savings and debt when you have extra money [09:12] The importance of planning ahead [10:13] How to practice pressing pause by transferring extra money to a different account before spending it [11:22] Why paying attention to gross income vs. net income will keep you from overspending [12:49] Tune in to this episode to learn how to reshape your thoughts about extra money and how to implement tools to help you stay on track. Get full show notes and the episode transcript: https://wealthovernow.com/reshaping-how-you-think-about-and-plan-for-extra-income/