How I Mastered My Finances

Julie Murphy • May 23, 2023

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One of the questions I’m regularly asked is to talk about my own personal finance habits.

So, I decided to unveil them in this article as I love to share what I do on a financial front to give you some practical tips and tools you might want to apply in your own life.

You might have noticed if you watch my videos, or have read my books that I practice what I preach. I understand the emotional side of money and I walk my talk! This is because I have come from a place where I had to learn the practices I’m sharing with you today.

Let’s take it back a few years. As a kid, I grew up with 11 brothers and sisters. Yep, we Murphys were quite the clan!

Don’t get me wrong, we were a happy family but not one with an abundance of money. I had to put myself through college and like many, left with student loan debt and credit card debt because…well….I had a couple of really good Spring Breaks!

I was always fascinated by all aspects of personal finance. It was something that was just a part of who I was. I always knew I wanted to work for myself and started my own financial planning practice not long after college. Therefore, I didn't get paid that normal and steady $40,000 salary.

I had about $300 a week to live on, which I knew wouldn’t go far and so I had to create all of my own cash. I essentially started my adulthood in a deficit, without any kind of cushion or safety net and that's what's led me over these last 20 years to create systems that have all contributed to what I have achieved today and what I teach others.

I’m now going to let you in on the ones that have stuck the test of time!

Created an Account to Fund an Intention

I tend to be a giver. I wanted to help my family out but also knew I didn’t want this to compromise my ability to build a life of financial freedom for myself.

Being a natural giver and always wanting to be the person to pay for everything, credit cards were a challenge for me early on. One of the habits that I still have to this day is to ask; ‘How can I give to other people as well as hit my own goals?’

So, I created a dedicated account, which originally started as the ‘Murphy Relief Fund’ because there was always somebody in the clan that needed some kind of help. I decided that I would put $100 per month into this savings account. You know I love online savings accounts because you can set them up in minutes.

When someone in my family said ‘Jules, I need some help’ I would tell them how much I have in the account. That was the limit as I was firm on not taking anything from my other accounts.

It became a win-win. I’m a believer in seeing things from an ‘and’ perspective as opposed to ‘or’. It’s not ‘them’ or ‘me’, it’s both of us. I could help my family without compromising my own needs and goals.

This also had the benefit of me allowing other members of my family to step into their own expansion. I remember on one occasion, one of my brothers needed $1500 to fix his car. It was crucial for his job and wasn’t something that could wait. I only had $800 or so in the Murphy Relief account and willingly gave him that, but no more.

A couple of years after my brother was back on his feet, he gave me $800 and said that he wanted me to put it back into the same account so that when someone else in the family needs help, there will be money there to do so. This was such a beautiful moment!

You don’t have to create an account for the same purpose of course! But this habit taught me the value of intentionally directing your money in alignment with your needs, desires, and goals.

Go on a Financial Date Night

The second habit I created is one I advise people to use, regardless of whether they’re single or in a couple and that is to have a ‘financial date night’.

Now, I know the idea of this doesn’t sound too sexy, but it’s about self-love. It’s about creating laser awareness of your financial reality and how you want your money to flow.

I sit down with myself once a quarter and plan out what my next three months are going to look like. I choose how I want my money to flow in those three months from a place of empowerment.

I love to have my financial date night at my favorite restaurant because I want to complete the exercise from a place that feels joyful, fun, vibrant, and expansive! This means that when I’m looking at the things that over time tend to suck the life out of me such as paying alimony and high city tuition costs for my kids’ schooling, I’m still doing it from a place of abundance and expansion. The restaurants I go to aren't expensive either - I just enjoy them!

We don’t want this to be like financial torture! It’s all about how you want to design and choose your life.

Use the Cash Only Method

My next personal finance habit was using cash for my week-to-week spending. I decided that I was going to spend a specific amount each week depending on what income I was generating at the time. On a Monday, I would go to the ATM and withdraw that amount and when it was gone, it was gone.

This taught me the value of conscious spending. I remember the first week, my cash was gone by Wednesday, the next week it was gone by Thursday, and I quickly grasped how I was gradually making different choices and making my money last based on using cash to pay for things. Suddenly those extras didn’t feel as good or as necessary.

If you struggle with credit cards, it’s a great challenge to experiment with a cash-only basis. I understand it might be a struggle to begin with because you’ll be hit with the financial reality that you've created, but it’s the only way through to the other side. Once you have the awareness, you can build habits to move toward your financial future.

Keep it Simple!

Finances don’t have to be intimidating. The key is creating simple financial systems like the cash-only method. We often distract ourselves with fancy online financial systems, and these really aren’t necessary.

Of course, if those things help you and you enjoy using them, or if they feel expansive for you then go ahead! Ultimately though, it’s not letting anything distract you from creating a life of Real Wealth, and keeping it simple is a way to get results right away!

Tracking my Spending

Tracking my spending was a game-changer for me. I still like to use the Notes app on my phone to track my spending. Having this awareness means I choose how much I'm okay with going on my credit card every month. (This is done very intentionally so that I get the air miles.)

Do you know what the running total is as you’re swiping that credit card month to month?

I knew I didn’t at first.

So each time I spent anything - such as $55 for gas, I added it to my notes. I did it for absolutely everything and soon started to make decisions that were in alignment with my desires.

I still have a version of this practice today. It doesn’t mean that I have to go without the things I desire, but maybe I'm going to choose one restaurant over another because I can enjoy a great meal for $40 as opposed to the fancy white tablecloth restaurant where it would cost me $160.

I’m going to enjoy just as high a quality meal but without the spending hangover!

I'm making that choice from a place of empowerment and self-love and there will be no surprises when I look at my credit card bill. It’s all about redirecting the energy and your intentions with what it is that you want to create in your future.

These are just a few of the habits that give me the warm and fuzzies! For you, this is about loving yourself enough to create your own warm and fuzzy personal financial practices and I’d love to help you!

There’s still time to join my upcoming group program IMPACT where I’ll help you transform your finances and create a life of Real Wealth - all on your own terms!

You can sign up for IMPACT here.

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