Episode 158: Real Numbers, Real Life: Tracking Spending with Our Annual Spending Revealed

Are you tracking your spending—or just hoping it all works out? In this episode of The Grow Your Wealthy Mindset, I share how tracking your expenses can empower you to make intentional decisions, without the restrictions of a traditional "budget." I explain the difference between a spending plan and a budget, why I prefer the former, and exactly how my household tracks spending down to the category—from groceries and entertainment to travel and household maintenance.

To kick off the 4th season of The Grow Your Wealthy Mindset Podcast, I’m embracing being open when talking about money. I also break down our real numbers from July 2023 to June 2024, so you can see how a personalized spending plan actually works in practice. I offer insights into tools, tracking systems, and the mindset shifts that can help you take control of your financial life.

If you've ever felt overwhelmed by the idea of budgeting or confused about how much you should be spending, this episode will help demystify the process—and show you how tracking your spending can give you clarity, not constraint.

What You'll Learn in This Episode:

 ·        The difference between a budget and a spending plan

·        Why awareness (not restriction) is the key to financial control

·        How we track expenses using spreadsheets—and why that works for us

·        A full breakdown of our actual household spending (including groceries, entertainment, utilities, travel, and more)

·        What it means to "pay yourself first" and how we invest 25%+ of our gross income

·        How to adjust your spending plan as life and priorities change

·        Tools and apps you can consider to help track your spending

Consider checking out  Episode 25: Tools to Help Track Your Net Worth and Spending (Nov 16, 2022)

Connect With Me:

If you're ready to get clarity around your money, feel confident managing your finances, and design a spending plan that supports your goals, I'm here to help. I work with physicians and high-income professionals 1:1 to build financial literacy, heal money shame, and create intentional wealth.

 👉 Book a call at www.growyourwealthymindset.com to get started.

Thank you for listening!

Please subscribe, share, and leave a review if this episode resonated with you. Let’s keep the conversation around money open, honest, and empowering.

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Get 12 Financial Mistakes that Keep Physicians from Building Wealth at https://www.growyourwealthymindset.com/12financialmistakes

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Dr. Elisa Chiang is a physician and money coach who helps other doctors reach their financial goals by mastering their money mindset through personalized 1:1 coaching .

You can learn more about Elisa at her website or follow her on social media.

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