Overcoming Money Insecurity: How Nav.it’s Money App Helped Change My Spending Habits
By Jasmine Powell
The Journey to Financial Resilience
Before starting my financial journey, I was a financially insecure 24-year-old who was anxious about the future. The topic of money put a bad feeling in my gut. I did not believe that I could save or budget. Not only that, but I felt like a fish out of water when discussing my future. Even now, I still am unsure about what I want to do with my life. But after my experience with Nav.it and all of their incredible resources, I know what I want.
I feel more secure and empowered than I ever have with my money. And that is thanks to Nav.it.
One of the pressing issues that I had was my spending habits. As a young adult, it’s hard not to think about what you don’t have. We see celebrities like Kylie Jenner living her best life in her 20s, and even our own classmates going on vacation every break they get. And with the lack of financial literacy that we have at college, it’s no wonder we don’t really know the impact of our spending. When we’re aware of what we spend, we take accountability.
There were days when I knew I could be saving, but instead, I opted to spend it on something that would make me momentarily happy. I shopped on Amazon, searching for things that I thought would make me happy. Makeup brushes, phone cases, DIY projects, anything I could find. I ended up with a room cluttered with Amazon boxes and no clear view of my future.
An Evolving Relationship with Money
My relationship with mony has always been rocky. I didn’t keep track of my spending, not because I didn’t care about my finances. It was because I was afraid to confront my spending habits and see how low my money was.
At the time I was unaware that I was navigating my life with a mindset of scarcity. I didn’t believe I had enough money to be happy. Whenever I thought about my future, I looked at it for fear of what I didn’t have financially. I also felt guilty that I wasn’t on the same money train as the rest of my peers on Instagram. I felt I could be doing more, or that I should have more. All of these feelings combined made me stressed when I thought about money. In my mind, money=happiness. More Money=More Happiness. Or so I thought.
After Financial Coaching and utilizing the features in the Nav.it app, I was able to change this mindset of scarcity. With this mindset of abundance, I was able to change the way I spent my money.
How I Changed My Spending Habits With Nav.it
The first step I took in changing my spending habits was taking accountability for my spending. When I started to become accountable for my spending, I became aware of what I was spending and why. By taking accountability for spending, we stop blaming other people and factors for our money. We take control.
Tracking It All
I began keeping track of what I was spending each month. An activity that my Money Coach gave me was to identify the top things/services I purchased monthly. After finding what those three were, I had to reduce my spending in those areas. My top three were Rideshare apps, food services like DoorDash, and minor products I found at work.
I began to make myself aware of my impulsive spending. When I had the urge to buy something from work, I would ask myself this:
How will this benefit me long-term? Can I find a better deal elsewhere? Is this something that I need? Will this only satisfy me momentarily?
I found myself putting back unnecessary items. Not only did I put thought into my spending, but I also began tracking purchases. An easy way to track expenses across multiple accounts is utilizing Nav.it’s Money tab within the app. By adding my accounts, I could see when and where I made a purchase and how much I spent that day. Not only did it help me track my spending, but I became aware of minor purchases that I didn’t know about.
Confidence has always been something I struggled with, but more so now with money. I could not get over the mistakes I’d made with money. I had gotten my first credit card in college and managed to rack up over $1000 in credit card debt, resulting in my score hitting its lowest point. I had attempted to start a saving account, but that led to me pulling money out. After several attempts at saving and building, I gave up on trying. I started to believe that I could not achieve financial goals alone. That I would always need help. That there was never enough money for me. That I was incapable of becoming someone who was financially confident.
Coaching and Confidence
Nav.it Money Coaching really aided me in finding ways to become financially resilient. One of the activities that my Money Coach gave me was to start practicing being confident. Though that goal seemed impossible at the time, it wasn’t. I took the first to be financially confident: knowing what I want to do with money.
I didn’t want to feel like dealing with money was a burden. When I thought about my money, I wanted to feel secure. So I began to change what I did with it.
I started working on my confidence by opening a savings account. Initially, I was nervous but excited. After failing to save the first time, I started to question myself again. What if I fail at saving again? Am I truly ready?
The path to financial confidence for me was providing some type of security for myself. A factor that led to my anxiety with money was knowing that I didn’t have a backup plan. With a savings account now, I feel a bit more secure in making financial decisions. I know that if something comes up, I’ll have the funds to take care of it.
Knowing that I have a savings account has encouraged me to cut back on spending. When I get a paycheck or large sums of money, I make sure to put some in my savings. Seeing how much I can save has made me excited to earn more money!
Manifesting The Future
Financial Coaching has helped me in so many ways. But the one thing that I feel Money Coaching has helped me with the most is with my future plans. Because I didn’t have a grip on my finances, I didn’t want to think about my future. Thinking about it gave me anxiety, and the fear of letting myself down held me back from planning.
To fight this anxiousness I had, my Money Coach helped me develop a blueprint of the life I wanted. We identified what my main goals were: I wanted my own apartment, my own car, and a pet. My coach took all of these goals into account when helping me plan my financial future. In the end, we calculated that the lifestyle that I wanted would cost around $3100 monthly. With this in mind, my coach helped me discover that my cost of living would require my job to be around $55,000+ annually.
With this information, I was able to begin to look for job opportunities that would support what I wanted. Not only that, that fear of imagining my future turned into excitement for once. I felt as though a weight had been lifted off my shoulders. The key to manifesting the things I wanted was simply being clear about what I wanted. And when I knew what I wanted, I began to change the way I did things. Like how I spent money.
Now when I spend money, I do it with purpose. When I begin to feel as though I am spending for momentary happiness, I think back to what I want for my future!
The Journey Towards Financial Resilience Is Possible
And a great way to start that journey is by changing your spending habits. You can create the life that you want financially by changing your mindset. With a growth mindset, you can see your money work for you instead of you working for it.
You can start small by saving a fixed amount based on your income. Creating a budget can also be a great way to keep track of your spending. And, of course, utilizing some of Nav. its amazing features can put you on the path towards attaining your financial goals. If you’re in a place where you don’t know what your financial future holds, talking with a Money Coach could help. With Nav.it, the possibilities are endless.