Shannon McLay, CEO of Financial Gym, joins TheStreet to share some of her best advice for getting your finances in order.
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00:00What is your, like, big or major habit that you would tell someone in terms of getting their financial well-being together?
00:13The number one thing is mindfulness and the mindset. It's all about a healthy money mindset.
00:19And most of us don't have a healthy money mindset.
00:21We think about money and it's not something that brings us joy.
00:25Again, it's bringing us fear and shame.
00:27I think it's, you know, there's varying figures about it, but certainly over 70% of people experience financial anxiety.
00:34And it doesn't matter if you're financially healthy or not.
00:37We see people who look to us very financially healthy and are feeling anxiety.
00:42And when we feel anxiety about an area, we avoid it.
00:44We don't want to dig into the thing that's creating anxiety.
00:48So what are some of the most detrimental habits you see often in terms of people dealing with their finances?
00:57I think the number one thing is the mindfulness on where your money's going.
01:02I always say we work really hard for every dollar that we make.
01:06So we need to make it hard to spend those dollars because it's hard to get it in the bank.
01:11But it's so easy for us to spend money.
01:14We spend it on our phones.
01:15We spend it with credit cards on apps.
01:17And we don't realize where it's going.
01:19I think another big thing that we hear, a phrase we hear all the time at the gym is, I don't know where my money's going.
01:24I make it, and then it's gone.
01:26And I don't know where it is.
01:27And the funny thing is there's so many apps that will tell you where your money's going.
01:30But, again, because we feel anxiety and we don't want to look, we're not going to look at it.
01:34And so that's one of the first steps, we'll say, is being mindful of where your money is going.
01:40Whether it's tracking your expenses via an app or even just manually tracking it in the Notes app on your phone,
01:46that process of paying attention where your money is going is really a good first step.