Welcome to this week’s Simple Inspiration interview series. This is the first of many Simple Inspiration interviews I plan to offer. Today I am honored to interview Amanda Abella. Amanda is a millennial business coach as well as Amazon Bestselling author. Her book Make Money Your Honey shows individuals how to simplify work and money when you’re an entrepreneur. It is definitely worth reading if you are a millennial who is try to find that work life balance and build your business at the same time. Check it out on Amazon.
As a business owner, Amanda has faced a few challenges when it came to managing her finances. She has found a balance and continues to improve them.
Let’s see how Amanda has simplified her financial life.
What steps have you taken to simplify your financial life and how has it changed your life?
Automatic saving and investing. Paying myself first whenever I get a client payment. Getting an accountant for the business. Zero sum budget. Paying everything automatically with credit cards and then doing an automatic bill pay on the card itself (I need airline miles, after all).
I spend less time worried about money. I still have to review my finances, but at least I can see them all in one place. I also know that my bills are taken care of and that I’m automatically putting money away and investing every month.
What event lead you to simplify your finances and what areas needed the most simplification?
The first big event was having graduated during the Great Recession and not being able to find a job. I realized that I knew nothing about money and started learning everything I could. I’ve been on a journey ever since. Fast forward a few years and running a business constantly keeps me on my toes when it comes to simplifying my finances.
Definitely my business accounting. Most recently my accountant and I have gotten everything online and streamlined.
What was your biggest challenge or roadblock when it came simplifying?
I run a business so I have varying income. This has been a challenge but also a great learning lesson.
Have you established an emergency fund, if so how did you determine the amount needed to fund it?
Yes and I actually just had to replenish it because of a surprise gum surgery I had to get done a few months ago. The base is at least $1000. Once I have that I put away a percentage of each deposit into that account and also do some automatic saving. I just keep putting money in there as time goes on, there really is no set amount.
How long did it take you to simplify?
I’m still simplifying and I started this journey over four years ago! Truthfully though 2014 has been a major year of simplifying my finances – especially in my business. It’s taken a few months to get everything up to date.
What app or tool helped you the most when it came to simplifying?
Mint is great for seeing the entire financial picture in one place.
Are there any areas of your finances that you still need to simplify and what are current goals?
Well I feel like this will be a constant journey so I’m sure I’ll come up with something soon enough!
Double my net income.
With your business, how do you simplify the management of your business finances as well as your personal finances?
Always keep everything separate. I definitely don’t co-mingle. Quickbooks Online is a fantastic tool that my accountant and I use.
What book, blog, or podcast would you suggest to someone who is looking to simplify or improve their finances?
The entire Financial Blogger Conference community has great blogs and podcasts that I follow all the time. If you go to their website and look through the attendee list you will find a goldmine of resources.
What advice or tips would you give to others who want to simplify their finances?
Just do it. It may seem difficult at first but it’s well worth the effort. The sooner you do it the better
I would like to thank Amanda for taking time out of her busy schedule for this interview. She has offered some very good advice. If you would like learn more about Amanda you can read her blog Amanda Abella or you can follow her on Twitter @.
If you are interesting in business coaching she is currently offering free Make Money Your Honey mini sessions. In these sessions, she helps online business owners get clear on their next step and improve their money mindset. How you perceive money is more than half the battle so it’s important that we deal with our emotions and thoughts around money if we are to really live in prosperity. To schedule a free session with Amanda click here to schedule .
If you are interested in sharing how you have simplified your financial life, send me an email. Have a great week.