Money Mindset by Nav.it

By Kenneth Medford

OK, so full disclosure, I’m really hyped about this. One of the reasons I love writing for Nav.it is because we make financial well-being and education easier to understand. There are a lot of companies that do what we do, but they don’t do it HOW we do it. That mentality is what really makes Nav.it resonate with people. So you might think to yourself, “they nailed it, what more can they do?” With Nav.it Mindset, of course.

We know that self-awareness is the first step to increasing financial well-being.

With the Mindset subscription, the height of money mindfulness, we will give you the tools to identify your habits, beliefs, and moods to then analyze how they all affect your money choices. The app will coach you with insights and motivation to achieve and (most important!) maintain your financial well-being while growing your wealth. 

Let me show you what we’ve got.

Onboarding – The First Step in Achieveing Mindfulness

First things first: in order for the Mindset program to best serve you, we’ll need some info. We’ll need your name, date of birth, and a way to reach you in case you lock yourself out.

After the basic stuff, we dive below the surface. The foundation of the app will be built on why YOU wanted to download the app in the first place. 

Your why = your motivation

As a kid, my dad always told me “I can’t fix it if I don’t know it’s broken”. The information that you provide lets us know where you need help so we can help you achieve your financial goals. So, whether you want to be more aware of your spending or increase your savings, the Nav.it app is here to help. 

Paint a money Portrait.

Despite the immediate association your brain probably just made to Picasso, your Nav.it Portrait is a little different. Your money portrait goes beyond the surface and numbers to identify your values, beliefs, and personality that affect how you like to spend, save, and grow.

Everyone has their own experience of wealth and money. Behaviors and beliefs including childhood money lessons, habits, and environment all affect our decision-making. This is where the Nav.it Portrait will help you identify your unique beliefs that influence your financial well-being.  

Your money portrait is created by answering questions to help us understand who you are. You’ll go through questions like “how would your friends describe you?” and decide whether you see the future as exciting or scary in order to establish a baseline for your emotions, values, and personality. 

Why else is understanding your personality important? 

According to Nav.it Founder, Erin Papworth, “Self-awareness is the first step to personal growth. As you start to understand your approach to life and money, you are able to better identify your triggers, your priorities and how your money can work for you. Nav.it helps you dig deeper into who you are and how you show up to the proverbial money management table.”

As wild as it may seem now, you’ll see the connection between emotions and money by the time we’re finished here.

Set an Intention

Alongside your Portrait, you’ll establish a weekly check-in intention. This is how often you’ll go into the app, log your mindset, and track your transactions by swiping right or left (more on that swipe shortly!). We’ll get into these in more depth later, but here’s the basic rundown. 

Mindset: Take a moment to pay attention to your mind. 

With Mindset check-ins, you’ll note how you feel each day along with your financial situation, and why. Over time you’ll uncover relationships between how you feel and how you spend.

For instance, I tend to spend. . .let’s just say larger sums of money when I’m happy with work, but spend next to nothing when I’m anxious about my health. As they say, if you knew better you’d do better and this helps you know yourself so you can make stronger, more insightful money moves. 

According to experts, taking a moment to check-in and log your Mindset will:

  1. Reduce stress and worry 
  2. Lift mood
  3. Increase focus and productivity
  4. Improve sleep
  5. Improve how you manage your money.

Transaction Swiping: Swipe left and right on transactions and *fall in love* with your progress.

The general consensus over here says this is the dopest feature on a financial app ever. The simplicity of swiping through transactions allows users to take ownership of every purchase they make. Keeping with the theme of emotional connections, you swipe based on how you feel about your purchases. Like the Mindset we just went over, consistency and daily practice is key. 

Connect the cost of what you’re paying financially with what it costs emotionally

With transaction swiping, you come face to face with the purchases you’ve made and swipe right on the ones you feel good about, left on the ones you’re less than proud of, and up on the ones that fall between the two. This takes your spending and puts it right in your face without scrolling an overwhelming list of transactions. These features combine to truly put you in control of your money and stay focused on the financial goals you’ve set for yourself.

Being able to review your spending and see how you feel about your own buying habits gives you a level of control that staring at numbers on a screen or piece of paper just can’t provide. 

Unlimited potential and mindset begins with Insight.

As I mentioned earlier, Nav.it is all about making finances more human. One of the major components of humanizing your money is knowing what motivates you and your money moves.

Clutch technology and reporting expands on your daily money practices (Transaction Swiping / Mindset check-ins) with Insight. Nav.it combines the data from how much you spent, where you spent it, how you categorized your stress level, and how your transactions made you feel into a streamlined report.

As Nav.it’s founder, Erin Papworth, points out “Managing your money well is an essential part of living your best life. It’s a lot easier when you have the right data and the right insights about your unique situation.”

That’s why we take into account behavioral science and the human side of your numbers – so it’s easier for you to make connections between what you feel and what you spend and save. 

In my case, as I touched on earlier, being in a good mood about certain things makes me feel more comfortable about spending money. Understanding that allows me to curb what could be budget-destroying spending sprees. 

Taking that type of psychological connection and coupling it with your financial goals helps you function on a more in-sync level. This puts you in a position where, if anyone is going to be in charge of your mindset and perspective on money, it’s gonna be me. . .I mean you. (Wow, you mention NSYNC and your mind just goes there, you know?)

Practice Pays Off

This is something that becomes more effective the more often and consistently you use Mindset. I won’t go into all of the psychology of it, but people much smarter than I have made strong connections between how people feel and how they spend. The more you practice money mindfulness, the more it pays off. I mean even Michael Jordan had to practice.

Speaking of Jordan…

One-on-One Coaching

Even the G.O.A.T. (Jordan) had a coach. Your money coach is on the sidelines helping you come up and implement a game plan. Navigate debt, income streams, or get creative with your savings goals. You’ll stop playing with your money and start seeing more financial wins. 

Access chats from your homepage anytime, because with a little guidance, you’ll be golden.

(Remember, they’re not advisors, just coaches with the experience to help you.)

Budgeting: A Money Program fit for any lifestyle

Budget like a boss. You can view your daily, weekly, and monthly budget at a glance with the expanded budgeting feature. 

Fam, I said it before, and I’ll say it again: When things are tight, budgeting is how you claw your way out and get back on solid ground. And when you have money, budgeting is how you keep your money.

Don’t believe me? Listen to the pro – Richard Thaler, Nobel Prize winner, and economic genius:

Budgeting simplifies “the often overwhelming process of financial planning by limiting the complexity of choices that households face.  [It helps] clarify spending rules and financial goals while also increasing the pain of paying, thus helping people to stay on track.”

Mental Accounting and Consumer Choice

Boom. Science. With Mindset’s budgeting, you break down and categorize your spending to fit your needs. You’ll quickly set up a personalized budget and track your spending habits. You’ll see when you’re nearing your limits and stay on track to reach your goals.

Why mess with perfection? Auto-saves and Community are staying the same.

Nav.it’s FDIC-insured automated savings account will stay on deck with this update. Create an Auto-Save by telling us how much you need and we’ll give you the best roadmap to reach your savings goal.

You’ll also still be able to scroll the Community Feed to find answers, compare strategies, and get inspired.

Cost and Availability – Mindset is Affordable

Now, with all of that squared away, you can begin your free trial with Nav.it’s Mindset subscription and see how it can improve your financial well-being. I’m sorry, what’s that? What happens after the trial you say? From there, you pick what you pay to continue on your financial path. Yep, you read that right. Because Nav.it has full faith in the value provided to you by the Mindset Subscription, we want to make sure that the app is cost-effective for everyone. For as little as $4/month, you can have a financial friend in your pocket. Like I said before, we’re here to help.

This is it, folks. This is the app that treats you like a person and understands that numbers alone do not make up financial well-being. The Nav.it app puts the power in your hands to see how your money is moving, how your emotions affect that movement, and how you can overcome any hurdles that might pop up along the way. And you won’t have to do it alone. There are financial coaches available to walk you through whatever your situation is and help make your next move your best move. So, practice money mindfulness with Nav.it by downloading the app today.

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