Building Financial Habits: From Fear to Freedom

In today's episode, we have an insightful discussion with Anthony Weaver, the founder of the 'About That Wallet' podcast. Anthony shares his journey into the world of finance, which began during the pandemic, and how a simple financial decision opened up a world of possibilities for him.

Anthony's story is relatable to many of us. Welcome to this week's episode of the Retire Ready Too channel! Renee Collins, CPA and Financial Planner, is joined by Anthony Weaver, founder of the podcast "About That Wallet." Anthony shares his journey of financial discovery, which started with realizing he could pay off his cell phone rather than incurring a monthly payment. It was the spark of curiosity that took him on his journey towards building good financial habits to achieve his financial goals. 

Throughout the episode, Anthony emphasizes the significance of understanding where your money is going. Many people know their income sources but fail to track their expenses. He suggests starting small, like noting down when bills are due and when paychecks come in. This simple practice can reveal spending patterns and help in making informed financial decisions.

One of the key takeaways from this episode is the concept of reframing financial mistakes. Anthony points out that what we often see as mistakes are simply decisions made with the knowledge and resources available at the time. By reframing these 'mistakes,' we can remove the associated guilt and shame, allowing us to learn and grow from them.

Anthony also introduces the idea of a habit loop, as discussed in Charles Duhigg's book, 'The Power of Habit.' The habit loop consists of a trigger, routine, and reward. By understanding this loop, we can identify our financial triggers and routines and work on modifying them to achieve better outcomes. For instance, if dining out frequently is a financial drain, consider scheduling social activities during happy hour for lower costs or finding alternative activities that don't involve spending money.

Another crucial point discussed is the balance between cutting expenses and increasing income. While it's essential to manage expenses, there's a limit to how much you can cut. Anthony suggests looking for ways to increase income, such as acquiring new skills, taking on additional responsibilities at work, or exploring side hustles. He shares personal anecdotes about how taking on extra tasks at his job, even without immediate financial rewards, eventually made him more valuable and opened up new opportunities.

The episode wraps up with practical advice on creating a budget or spending plan. If traditional budgeting feels restrictive, Anthony recommends at least tracking expenses to understand spending habits. This awareness alone can lead to more mindful spending and better financial health.

Whether you're just starting your financial journey or looking for ways to refine your habits, this episode is packed with valuable insights and actionable tips. Tune in to learn how small changes can lead to significant financial gains and how to build a healthier relationship with money.

Resources Mentioned: 

The Power of Habit by Charles Duhigg

Get Good with Money by Tiffany Aliche

Connect with Anthony Weaver:

Website: About That Wallet

Instagram: @aboutthatwallet

Twitter: @aboutthatwallet