00:00My name is Chrissy Steed. I'm 31 years old and I live in Jersey City, New Jersey. My
00:17ultimate goal is to eventually own a house, to have my business blossom and become the
00:24arena, the place that I want it today. You told me you're making about $60,000 a
00:29year. You've been there for a year and a half. You want to take some of that money
00:34and reach the goals that you want to reach. Buying a home, funding your daughter's
00:39ambitions, funding your own business, etc. What if I were to say to you, you can't do
00:46it all? I would believe you. Okay, that was easy. I would believe you because I am struggling trying to do it all by myself.
00:57Really, part of the challenge for you is to say, what is most important now? What is most important three to five years from now? Kind of middle term. And then what is most important in the long term?
01:11I think she should focus on being a lot more introspective. I think that she should really just take some time to just say, you know what, I'm not going to do anything today. I'm not going to run out. I'm not going to go anywhere.
01:25I'm just going to sit and have some little quiet time with myself and just think, just for a moment, for a day maybe, and to just say, what do I really want? What is most important to me? What can I prioritize and how can and should I be doing this?
01:41And part of pulling it all together is really having a written budget. It's really knowing this is my spending plan of action. Rent, car notes, car insurance, cell phone, PSE and G utilities, eating out, groceries, grand school, gymnastics, acting jobs, student loans, hair, cable, internet, school lunch, shoes, special occasions.
02:06You are currently spending a grand total of $4,010 a month before you pay for anything whatsoever with your business. That means you're spending $48,000 a year. And your take home pay is probably about $45,000. You're deficit spending right now. You're spending more than you actually are earning or taking home every pay period.
02:35If you've not, instead of a 10% savings goal or $4,500 annually, if you even knock this to about $2,400 annually, that means you're saving $200 a month, $50 a week. Again, it's about the priorities. If you say, I want to get the home. Okay, well, let me start seeing some savings towards the home. Something has to give.
02:59You have to be willing to sacrifice, prioritize something else. It's a lot when you put it all on paper and see it together. And then you're like, whew, I'm spending this much money.
03:08Right, right.
03:10Nothing really surprising or unexpected, but I did learn to say no. You know, so I'm going to definitely try to implement that going forward.
03:17I was kind of aware of my status financially and what I was doing and kind of putting myself in a hole by doing 1,001 things with a limited amount of income.
03:27But I'm definitely going to start saying no and to put things in order.
03:32I think making adjustments with my, you know, with my income and what I'm spending and my spending habits and things like that, it'll be a challenge, but it won't be difficult.
03:41I think I can do it, you know, with persistence. I don't see, I don't think that it's something that I can't accomplish.
03:47I don't think that it's something that I can accomplish.
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