Part 2: Worry-Free Money Habits

Welcome back! In our first class you we’re introduced to the first group of worry-free money habits which were:

• the habit of partnering with the Lord in ALL things
• the habit of always having a VISION of what you want out of life
• the habit of maintaining an abundance mindset instead of living in scarcity
• the habit of tracking your finances in a checkbook

From here we want to build upon those previous worry-free money habits and introduce you to the next THREE worry-free money habits that can empower you all throughout your life to decrease your worry about money and instead use your personal power, time and energy toward being serving God, being productive and happy.

Step 1: the habit of developing new productive habits

While some of you have already learned about habit creation in the past, I want each of you to still study and implement what you learn in the video below. Learning and DOING are two different beasts all together. So the goal here especially for those of you who have learned about habit creation, is to actually implement what you learn this time about habit creation and apply that toward your worry-free habit creation goals.

Watch this video, take notes and implement the steps below.

1. What exactly is a “Tiny habit” according to BJ Fogg?
2. What is the formula/format of developing a new productive “tiny habit”?
3. Write down in your journal in as much detail possible about HOW you can and will apply this tiny habit process to developing the worry-free money habits you have learned so far?
4. Write down 3 new money habits in the format BJ Fogg teaches in this video. Come prepare to share at least one of your new habits that you have started in our next class.
5. How many ways are there that behaviors can change?
6. What are the 2 ways you can change long term behavior? And how can you apply those 2 behaviors to creating worry-free money habits?
7. Read the New Testament scriptures in James 1 vs 22 to 25 and write down how that wisdom could apply to you toward helping you develop worry-free money habits?

Step 2: the habit of developing marketable skills

This is the habit that when you have developed it enough you can confidently say, “Even if I lost all my money or lost my job etc., I could earn it again.”

The big idea here with this habit is that… Money can be lost, but your ability to create value goes with you everywhere.

Two of the strongest ways to be free from money worry are to build skills that solve problems people gladly pay you for, and over time to put some of what you earn into assets that produce income for you, like investments or, later in life, a business or property.

Now we are not going to have time to go deep on this habit of actually helping you develop marketable skills, but for now all I want you to do is answer these questions and complete the activities below to get the ball rolling in the right direction:

Action step 1– Read these possible skill categories below to spark ideas, then write down the skills you find most interesting and exciting.

• Creating with words and images: writing, editing, photography, video editing, graphic design, social media content for a local business
• Technology: building websites, spreadsheets, basic coding, using AI tools well, fixing common computer problems
• Serving people: tutoring, teaching an instrument, childcare, helping older neighbors with technology
• Working with your hands: yard care, cleaning, baking, woodworking, bike and small-engine repair
• Communication and selling: public speaking, writing clear messages, explaining things simply, talking with customers
• Money and organization: bookkeeping basics, scheduling, managing a small project from start to finish

A good question to ask about any skill: Who has a problem this skill solves, and would they pay to have it solved?

This can be done in many ways such as: create and sell a service you can render such as washing windows, making beautful jewelry for Moms or offering a service, etc. There are literally innumerable ways to create value for people. The biggest goal right now though is to brainstorm and think of how you

Action step 2– Write down 10 specific problems that people around you have that you could possible get paid to help them with or solve for them. Think of your family, neighbors, local businesses, friends. From there I want you to write down how much you could possibly get paid for solving those problems or helping those people out with the problems you wrote down. The goal here is to practice the skill of what you would be willing to do to get paid for solving specific problems for people who are happy and willing to pay you for your help.

Action step 3– Look up and read D&C 64:33 and write down how that scripture can apply to develop worry-free money habits? Come prepared to share your ideas in class.

Step 3: the habit of your savings and investing

What will you do if you have to suddenly pay $200 for a blown out tire on your car? Or how would you pay for an surprise cell phone bill that ended up being far to expensive than you thought? Would you have to scramble to find the money to pay for those emergecies or surprises?

The older you become you’ll quickly see how many of these “emergencies” and “surprises” come up! These types of expenses are guaranteed to happen all throughout your life and will cause you to worry all the time if you don’t have a plan in place. The people who feel calm and don’t worry when those money emergencies show up are the people who decide ahead of time to plan and save money automatically.

Let’s first get started by establishing a savings plan for your future surprises. We’ll call this plan your Savings Ladder. There are 4 major rungs on this ladder to begin with that I’ll walk you through:

Rung 1: Your starter rainy day fund ($1,000)

A $1,000 savings can help you be prepared to handle most first emergencies, like a tire repair, a phone repair, or a doctor visit.

• Action step: set a clear goal with a deadline to save your first 1,000. Write this down in your journal.

Rung 2: Set a budget for your “always needs money” buckets

Some costs always come back. I’ll show you how to automate your savings to have the money you need to pay for things you’ll always need to pay for. In class we’ll do an exercise together that will help you organize your starting budget. But for now just know that a budget is simply having a dedicated amount of money saved up for each category of common expenses so that you’re prepared to pay for any of these things ahead of time. A budget let’s you be proactive instead of reactive with spending your money. Save a little at a time for each one so it is already paid for when it shows up. Pick the ones that fit your life:

• Car and bike: tires, battery, repairs, insurance deductible
• Phone: a cracked screen, a replacement, or a surprise bill
• Health: dentist, glasses or contacts, a doctor copay
• Gifts and giving: weddings, birthdays, a friend in need
• Opportunity: a trip, a class, or a deal you would hate to miss

Action step: For each budget category bucket, look up the real cost. Call a tire shop, check a phone repair price, or ask your parents what a dentist visit costs. Don’t guess, find the clear cost and write those expense totals down next to each category.

Rung 3: Your 3-month living expenses fund

This savings goal helps decrease your money worries you if your income stops, such as if you lose your job or hours cut, or your business income decreases for any reason.

Action step: Add up what you pay for in a typical month (phone, gas, car insurance share, food out, subscriptions, clothes, and so on) and multiply by 3. That is your 3-month living expenses number. Write that down in your journal as a clear goal with a deadline to plan for. Example: I will have saved X by Sept 2027.

Rung 4: Your big goals fund

This step I want to introduce you to getting started with getting as clear as you can about the different savings amounts you’d need to have to fund BIG things in the near future such as a mission, college, a first car, starting a business, or a home down payment.

Action steps:

• Write down the estimated amounts you would need for your BIG savings goals in the future with a date next to each one. Place these goals in order from the earliest to the latest. Example: save $5,000 for my 1st car by Dec 2027, save $8,000 for mission by Jan 2028, save $50,000 for home down payment by March 2030.
• Total up the entire amount for ALL of your BIG savings goals and write that number down in your journal. Example: the total amount of savings I would need to fund my 1st car, mission, home down payment and starting my 1st business is $200,000.
• Come prepared to use these savings amounts you’ve created above to participate in an activity that will help you create a plan to follow that will help you be prepared for the funding of your goals and how to automate the entire process.