Life In The Margin
Written by: Melissa Skoff, Executive Contributor
Executive Contributors at Brainz Magazine are handpicked and invited to contribute because of their knowledge and valuable insight within their area of expertise.
The best things in life happen in between the margin between what you make and what you spend. As a money coach, my focus has been primarily on budgeting, saving, and investing. However, from both personal and professional experience, I’ve found that the fun part of life truly happens in the margin between what you make and what you spend.
For example, if your budgeting skills are second to none but your income is not so good, you’re not necessarily going to live a life of financial freedom. If you’re a high-income earner, but you spend every dime you make, then you also will live a life without freedom. Thus, your best chance at freedom includes mastering budgeting, saving, investing, and maximizing your income, to truly be free. Here are three steps you can take that will help you live your best life of financial freedom.
First, master your budget. A budget is one of your biggest assets when it comes to creating a financially free life. You must know your numbers, know your history, and know your habits to budget successfully. You must also stay consistent with your budget and refer to it frequently throughout the month. The most perfectly calculated budgets will not be helpful if they are not referred back to frequently in the month. Use your budget to plan for your future spending, not tracking spending in the past.
Second, master your savings plan. Intentionality is key to the savings process. You must be on a plan to win with your savings; otherwise, there is always something more important that comes about throughout the month. I suggest utilizing an emergency fund of 3-6 months of expenses as well as sinking funds for larger purchases coming up in the next 1-3 years.
Lastly, maximize your income. Even the best budgets and savings plans will struggle if your income is not high enough. As a money coach, I find many of my discussions with clients revolve around career and income since the income side of the equation is just as important as the budgeting and saving side of the equation. My biggest advice to clients and to you, is to diversify your income to include multiple streams. No job is truly ever secure. You are only as secure as your ability to use your skillset to generate income in the marketplace. Especially after the events of the last 18 months, there are now more opportunities than ever to make income online, have a side gig, or have a second or third job.
As a money coach, I would love to help widen the margin between what you make and what you spend AND create your best life, full of financial freedom. I can help you not only budget, save, and invest, but also maximize your income and career opportunities. Coaching creates results. Let’s get you some results. Ready when you are.
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Melissa Skoff, Executive Contributor Brainz Magazine Mel, the Money Coach, is a leader within the world of financial coaching. She is known as the Medical Professional's Go-To Money Coach as she is also a Nurse Practitioner and Graduate Nursing Educator. After Mel and her husband paid off $160,000 in 20 months, she set out to help others do the same. She has the heart of a teacher and has dedicated her career to helping others win with money, especially medical professionals. She is the creator of Money Masterminds, a group coaching platform where she helps her clients improve their financial literacy and hone their budgeting, saving, and investing skills. She also has a YouTube channel called Mel the Money Coach, where she helps her listeners learn all things related to finances. Her mission: Everyone deserves to live financially free.
