Episode #26 – Talking Wealth And Finances With Jen Turrell

Episode 26

Hi guys, it’s Jo Gifford here, welcome to episode #26 of Work Smarter, Dream Bigger, Live Brighter.

Today I’ve got a lovely friend, colleague and just general all round amazing person here to host the show for me, and it’s the amazing Jen Turrell of jenturrell.com.

Jen does an awesome intro as to who we are to each other and how we met and she’s super sweet in the way that she does that, so I just want to tell you a little bit about this lovely lady which she doesn’t tell you herself.

About Jen

Jen is a financial personal trainer and she’ll tell you all about that in her guest microphone holding spot, but she also runs a ranch as a business in Arizona, which I think is pretty cool.

Not only that, but she’s an actual pop star, as in, in the nineties she and her husband were kind of indie rock stars and they were travelling and doing gigs and just super cool people. She’s a pilot, she’s a mum and she has two children with autism who she’s amazing at nurturing and taking good care of.

She’s just so interesting as well as being a lovely, lovely friend and client.

So Jen will tell you all about how we met and the work we’re doing together, but I really wanted her on the show today, because Jen has so many tips on finances and running a business and feeling wealthy, but in a really sensible way. I think she’s going to be really influential, really helpful for so many of you, and me, I’m always learning from Jen.

This woman runs multiple successful businesses and she has a family. She’s amazing with what she’s doing with it all, so I would urge you to really listen to Jen, to take on board some of her tips and check her out at jenturrell.com. She also has a Facebook group, Mastering Money Mindset Labs, which you can access for a super affordable rate.

Without further ado, over to Jen Turrell.

Welcome to Work Smarter, Dream Bigger, Live Brighter. This is your guest host today, Jen Turrell, financial personal trainer, and I am standing in for the gorgeous Jo Gifford, the Dexterous Diva herself today, and I am so honoured to have a chance to guest host this show.

Jo Gifford is one of my favourite people on the entire planet and she has drastically changed my life over the course of the last nine months.

Just to introduce you to my experience of Jo, I met her last October when I was working with a coach that she’s worked with too, named Rebecca Dickson. If you’re interested in hearing more about Rebecca Dickson, Episode #17 of Work Smarter, Dream Bigger, Live Brighter is an interview with Becky Dickson where she and Jo discuss how they met and her influence on Jo’s life as well.

Becky Dickson introduced me to Jo, first as someone who could make a book cover for me, because I needed a new book cover, and that was the start, and then I hired Jo to do my logo, and then some blog boosts for me as I struggle sometimes to write my own blogs.

I have no trouble having conversations with people, talking about things, even this, talking to a microphone, I find much easier than sitting down sometimes and writing a blog, which is funny, because I did go to college as a creative writing major, but still, the blog has some barriers for those of us who run our own businesses sometimes, so I really appreciated Jo’s help with the blog boost first.

I then also hired her to do some bespoke images for me, and little by little over the course of the last nine months, I finally got to this summer, learned all about her Web Smart work plans and realised that that was what I needed in my life, so this summer I’ve been working with Jo one on one in her team, and they have been helping me to streamline and systematise my work, and my world has changed!

It’s getting better and better, I am working smarter, I am dreaming bigger and I am living brighter, so I am a testament to the success of Jo Gifford.

One of the reasons that I love what Jo does so much is that I help women set up financial systems and I particularly like to automate them so that it takes the daily decision out of as many financial tasks as possible, and I feel that Jo does that for content creation and work flow and all kinds of things. While I’ve been able to do that with this one small area of my life in finances, Jo’s sort of spreading it out to the work life. What I want to share with you today are some of my financial productivity tips that help me do that with finances.

My Two Tips

The two tips that I would like to share with you are:

  • Batching your financial tasks and;
  • Scheduling financial days.

These are two things that have made a huge difference in my life. The reason that I think it’s so important to do is that a lot of people end up thinking about their finances every day. You think about major financial decisions, can I afford this, can I not, what’s coming up, what’s left in my account, checking bank balance, doing bank balance accounting as opposed to bottom line accounting.

What I mean by that is you check your balance, see, oh, there’s a lot of money in there because I just got a payment, let me pay all these bills without necessarily thinking of what else needs to come out of that first.

Here in the US as small business owners we all have to think about setting aside quarterly estimated taxes which can be a real problem with bank balance accounting. If you look at your bank balance and see that you have enough money to start a new project or do something that you’ve been thinking about, but you haven’t yet set aside your taxes, you can get into trouble.

What I think batching and scheduling could do for you in terms of your finances is relieve all of that thought and worry on a daily basis so that you can focus more on what you want to be focusing on, which is probably your work, your family, your life, the rest of it. If we can batch our financial tasks and schedule in days to take care of those tasks, it can relieve you all of that worry the rest of the month.

Here is how we do it!

Batching

First, for batching I like to use my rewards credit card as much as I can to corral in lots of different little bills, like my cell phone bill and other things that recur like that. Anything you can put on it, I put on it and then set the credit card on auto pay, full balance, every month.

I’m not talking about running up crazy balances that you can’t pay, I’m just talking about using it to get points and also to be able to batch the payment date. All of those little payments like my credit card and little things you can put on there, maybe your internet company, whatever bills you can put on there, it gives you a single payment date when your credit card payment is due.

For anything you can’t do that with, you can go online or call the companies you pay, electric, heating, car payments, different things like that, and ask them to move the due date.

Top Mortgage Tip

For your mortgage, if you’re able to, I recommend that people pay every two weeks instead of monthly, and there are a couple of reasons for this. One, it lets you balance it out across the month rather than having one day when you have a much bigger payment. The other reason is if you pay every two weeks instead of monthly, by the end of the year you get an extra payment in. While there are only 12 months in the year, there are 52 weeks, so if you’re paying it every two weeks, you get an extra payment in over the course of the year which helps you get ahead of that mortgage interest just a little bit.

For other invoices and bills that come in irregularly from random places, things you get in the mail, things you get in your email inbox, I would recommend having both a physical inbox and an email inbox for those bills that you put them into it and then address them on your scheduled days.

Scheduling

Now we will get to scheduling those days. It takes a little bit of work upfront, like calling the companies and asking them to change your due date. In order to schedule these days I like to work on this system which is that if you have a regular pay cheque, most people get paid on the 1st and the 15th of the month or thereabouts.

If you work for yourself, I still recommend giving yourself your own salary on the 1st and the 15th, just so you have a regular system that you can work with. If the income comes in on the 1st and the 15th, I auto transfer to savings and a bill pay account on the 2nd and the 16th, so the day after the pay cheque hits your account, you transfer out the spend into your savings account or retirement, which is set up however you want to set it up.

I definitely work on that with people one on one and in my Mastering Money Matters membership group, but for now, let’s just say it goes into a savings account and then you have a separate bill pay account that’s a chequing account where all your other bills get paid out of.

That includes the credit card, the rewards point card that you’ve put little bills on, and then your mortgage, your utilities, whatever else you couldn’t put on that credit card, all get paid out of that bill pay account. That gets set to pay on the 5th and the 20th, so when you called the companies or went online to batch your bills, you batch them for the 5th and the 20th, and you try to make it roughly even.

If you aren’t able to change your mortgage and if it happens once a month, see if you can have that on the 5th and then balance out your other bills so it’s roughly an equal amount on the 20th as well.

Now that you have the electronic automatic pays happening on the 5th and the 20th, you can also go to your inboxes, both online and physical, and pay those on the 5th and the 20th as well.

Keeping Track

You schedule in the 5th and the 20th if that’s the day you take care of all those things. You check that all the online payments have happened correctly, that there was plenty of money in there, and you check that there’s enough money for the cheques you’re about to write or the online bill pays that you’re about to do, the invoices that have come into your inbox.

Make sure everything’s working okay and then what’s left in your spend account, the account that you transferred out of, that original chequing account, that is what you get to spend for the rest of the month, guilt-free, your bills are paid, your savings are done and that is what you have to work with, so now you can do real big balance accounting for that account and it feels pretty good.

Good Housekeeping

The other day that I like to schedule is the last day of the month, so on the last day of the month, as someone who runs small businesses, that’s the day that I look at the income that came in for that month and make a transfer to my tax account.

If you don’t run a small business and don’t pay quarterly estimated tax you don’t have to worry about that, but I still think the last day of the month is a great day to just look back through the month. That’s when I do my expense reports for my credit cards and just make sure everything’s tidy. Look into everything, check the accounts and it doesn’t have to be a long time. Sometimes it’s just 20 minutes or half an hour that I check over everything on that last day of the month, and feel confident going into the next month that everything’s working the way it should.

How You Can Work With Me

So that is my financial productivity tip. If you’re interested in finding out more about what I do, my website is www.jenturrell.com, and you can find my new Mastering Money Matters membership group where I walk women through a lab a month.

We focus on debt reduction, on automating your accounts and expenses, it’s just a slow month by month progression through all of these different things to get your money set up into a system that you love and that will give you peace of mind, knowing that your savings are done, your bills are paid and everything is working toward the goals that you want.

That’s what I have to offer, thank you so much for joining me. I can’t wait to listen to next week when Jo Gifford is back!

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Jo Gifford

My work is about helping people work in smarter, creative ways + getting their message out to the world via killer content—blogs, copy, images + social. I am a designer, writer, blogger, mentor, author, creativity addict + prolific geek. You could call it a portfolio career of multi-potential multi-passions. I call it being me.
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