Speaker 1: Episode three, twenty six Simple Saving Strategies using the High
Speaker 1: five Banking Method with Syenees Peerce.
Speaker 2: Welcome to the Frugal Friends podcast, where you'll learn to
Speaker 2: save money, embrace simplicity, and liver a with your life.
Speaker 2: Here your hosts Jen and Jill.
Speaker 1: Welcome to the Frugal Friends podcast. My name is Jen,
Speaker 1: my name is Jill, and today we are playing an
Speaker 1: interview from our twenty twenty one Frugal Living Summit. We
Speaker 1: called it the Future of Frugal, and all of the
Speaker 1: interviews were explorations of what the future of frugal would
Speaker 1: look like. So instead of being cheap, being wise with
Speaker 1: our resources and our money, and this is one of
Speaker 1: the ways that we could be wise with our savings.
Speaker 1: And Sirenese has this method that really helped her simplify
Speaker 1: her savings. So we're very excited to replay this for you.
Speaker 1: It was one of our most watched interviews from the
Speaker 1: summit two years ago, and we know we have so
Speaker 1: many new listeners that a lot of you didn't get
Speaker 1: to see it the first time around, so you get
Speaker 1: to hear.
Speaker 3: It now twenty twenty one. It was weird times, but
Speaker 3: you're great relevant evergreen tips. So we're excited to introduce
Speaker 3: this one again to the masses. But first, this episode
Speaker 3: is brought to you by encouragement. It's a sweet sponsor today,
Speaker 3: the kind that thinks of you, shoots a little text
Speaker 3: saying how great you are, or sends you a note
Speaker 3: via snail mail with a thanks for being you message,
Speaker 3: or a handclap kind of like a high five saying
Speaker 3: you're really good at this. Encouragement is here for you,
Speaker 3: getting rid of the platitudes and giving you genuine motivation
Speaker 3: to keep going. And if you need a little more
Speaker 3: encouragement sent your way, we've got it for you. It's
Speaker 3: our newsletter. We give you heads ups, a heads up
Speaker 3: about free food in your area, tips for spending better,
Speaker 3: and hacks for removing all the guilt and shame surrounding money.
Speaker 3: It's the high five you needed, that pat on the back,
Speaker 3: the wind beneath your sales. That might be a little far,
Speaker 3: but encouragement it's here for you. Frugal frindspodcast dot com,
Speaker 3: slash friend letter. Let us encourage you. Encourage you to
Speaker 3: get that free food, encourage you to save that money,
Speaker 3: Encourage you to spend that money when it aligns with
Speaker 3: your values, will.
Speaker 1: Send you all that, and she sends me videos of
Speaker 1: dogs doing gross stuff. So okay, I think you're getting
Speaker 1: the better end of the data.
Speaker 3: That's the encouragement you need. Jen.
Speaker 1: We all get what we need from you, and I
Speaker 1: understand that. And what you might need is a simplified
Speaker 1: way to do your banking. You may not know how
Speaker 1: many bank accounts should I have or not have, or
Speaker 1: how do I say an emergency fund or a sinking
Speaker 1: fund like logistically, And that is why we invited Syrenees
Speaker 1: with us at the summit. And so, without further ado,
Speaker 1: let me just introduce you to Syrense real quick. She
Speaker 1: runs the Poised Lifestyle blog and you can find her
Speaker 1: at Poised Finance Lifestyle on Instagram. She and her husband
Speaker 1: recently finished paying off ninety nine thousand dollars of debt
Speaker 1: in five years living in one of the highest costs
Speaker 1: of living cities in America with their two young children,
Speaker 1: and so she has created this high five banking strategy
Speaker 1: because what mom of two kids doesn't need to simplify everything.
Speaker 1: So if that sounds like something you need, enjoy, should
Speaker 1: do it. Hey, Syrenees, thank you so much for letting
Speaker 1: us interview you. We are so excited that you're here
Speaker 1: and we're excited to share this interview with everyone.
Speaker 4: Thank you guys so much for having me. I'm excited
Speaker 4: to share and to talk more about my story and
Speaker 4: whatever can help the next you know, the next generation
Speaker 4: of women and minorities and the youth.
Speaker 5: Help them with their finances. That's what we're here for.
Speaker 3: Thanks for coming on the show. We're so exc about
Speaker 3: the platform that you have, the Poise Lifestyle. It is
Speaker 3: a stunning site with tons of helpful info and videos
Speaker 3: and graphics and so will certainly point people in your
Speaker 3: direction as we go. But excited to learn from you
Speaker 3: today on this topic.
Speaker 1: Yeahk you can you just start out for the people
Speaker 1: who don't know, like, who are you? Like, what got
Speaker 1: you into starting the Poised Lifestyle and doing this?
Speaker 5: Yes, so on site.
Speaker 4: Annyspears, I'm a millennial Latina mom from San Diego, California.
Speaker 4: I have a background in finance, but one of the
Speaker 4: main reasons that I got into finance was because of
Speaker 4: the devastation that happened during the OAIT recession.
Speaker 5: My family.
Speaker 4: We lost our home, my dad lost his career, my
Speaker 4: parents ended up divorcing and it was just so much
Speaker 4: loss and had I felt like there was no hope
Speaker 4: when it came to our finances for you know, people
Speaker 4: who were immigrants and minorities just trying to make it here.
Speaker 4: And one of the main reasons I got into financial planning,
Speaker 4: into this industry was to help spread the awareness that
Speaker 4: there are options for us to better our personal finances
Speaker 4: so we don't have to lose it all when we,
Speaker 4: you know, start building up our wealth. So I created
Speaker 4: Poise Finance and Lifestyle to realistically help millennial women find
Speaker 4: a way to balance their finances and lifestyle with Poise
Speaker 4: because as a mom, I know how difficult it is
Speaker 4: to try to live your best life but also be
Speaker 4: financially responsible.
Speaker 5: So that's one of.
Speaker 4: The main things I try to share a little tricks
Speaker 4: and hacks on how to you know better your finances
Speaker 4: in a way that doesn't seem all budgeting and invest
Speaker 4: in best and best not too stressful, but a little
Speaker 4: bit more strategic and routinely something that helps you create
Speaker 4: a system for your finances.
Speaker 3: So, Renieza, that's so stunning because this is not just
Speaker 3: about the majority culture. This isn't just about what's attainable
Speaker 3: for uh yeah, people with power. We're also talking about
Speaker 3: and hoping to make accessible and elevate the voices and
Speaker 3: find the freedom to engage in this within any demographic
Speaker 3: of people. So thank you for bringing that perspective to
Speaker 3: us today. You talk about the High five banking method,
Speaker 3: I'm curious if you can say more about that, should
Speaker 3: and share that with our audience today.
Speaker 4: Yes, So, the High five Banking method is realistically a
Speaker 4: simple way to organize your finances with purpose. When it
Speaker 4: comes to financial planning, it feels a little overwhelming for
Speaker 4: a lot of people to talk about budgeting, investments, you know,
Speaker 4: estate planning, and insurance.
Speaker 5: It feels a little bit too much. So what I
Speaker 5: did here with.
Speaker 4: The High five Banking method, it's realistically the foundation to
Speaker 4: build upon your financial future. For a lot of people,
Speaker 4: that's just you know, what most people are used to
Speaker 4: just you know, setting up budget, setting goals, but they
Speaker 4: don't have a structure.
Speaker 5: For their finances.
Speaker 4: So with the High five Banking method, what're really doing
Speaker 4: is that we're organizing your finances so that you can
Speaker 4: clearly see why you are spending, why you are saving,
Speaker 4: and in the future position yourself to start investing in
Speaker 4: building up a legacy for yourself and your family as well.
Speaker 4: So the high five banking method is realistic and composed
Speaker 4: of five accounts, two checking accounts and three savings accounts.
Speaker 4: The first checking account is going to be for your bills.
Speaker 4: This is going to be for all of your mandatory needs,
Speaker 4: even if it's not considered a bill. It could be groceries, gas,
Speaker 4: a roof over your head, water, All of these things
Speaker 4: are mandatory. We all need it for survival. The next
Speaker 4: one is going to be your lifestyle checking account. This
Speaker 4: is going to be for all the monthly things that
Speaker 4: you want to do without the guilt. And think that's
Speaker 4: so important for women to know that it's okay to spend.
Speaker 4: Just make sure that you're not pointing to everything so
Speaker 4: you can start saving a little.
Speaker 5: Bit more and then you will be okay.
Speaker 4: Now, when it comes to the three savings accounts, it
Speaker 4: is it be one savings account for your emergency fund,
Speaker 4: one for your long term goals, and one for your
Speaker 4: short term goals. And once you have all five accounts,
Speaker 4: you can give your finances a high five.
Speaker 5: I love that.
Speaker 3: I'm saying, oh my god, what an amazing elevator. Speech
Speaker 3: with a high five.
Speaker 1: I can't. I mean, that's that's the best elevator speech
Speaker 1: that I have heard from a personal finance professional. And
Speaker 1: I thought, it's so simple because I don't always love budgeting.
Speaker 1: I can't. I need to be able to see my
Speaker 1: money like separately, and so yes, I have multiple accounts
Speaker 1: just for that reason. But I have never broken it
Speaker 1: down like simply and strategically like that. So I love
Speaker 1: the strategy, the strategy behind that method.
Speaker 4: And that's why I tell people the high five banking method.
Speaker 4: It's not a budget, it's the missing piece. That's what
Speaker 4: we don't talk about in personal finances. Like I said,
Speaker 4: everyone talks about budgeting, but they don't find strategies to
Speaker 4: help us maintain that budget when we're out shopping, when
Speaker 4: we're paying our bills, when we're say for things that
Speaker 4: are actually important to us. They just tell us budget sickles,
Speaker 4: as if it was that easy. It's not that easy,
Speaker 4: and that's why so many people fail at it. We
Speaker 4: need to have people give people the opportunity to have
Speaker 4: strategies that benefit them. And for a lot of the youth,
Speaker 4: you know, it's very difficult to start saying for short
Speaker 4: term and long term goals, and I tell them just
Speaker 4: start with the first three accounts. This is the core
Speaker 4: of the baseline here, because everyone has bills, everyone has
Speaker 4: a lifestyle, even though we do not want to admit it,
Speaker 4: and we all need an emergency fund. It doesn't matter
Speaker 4: who we are, we all need to have a little
Speaker 4: bit of money saved up just in case life doesn't
Speaker 4: go to plan.
Speaker 3: I mean, we need these tangible tips. I think sometimes
Speaker 3: people are so afraid to box us in because there
Speaker 3: is so much freedom and how we go about our
Speaker 3: personal finance and budgeting. But yet some of these tangible tools,
Speaker 3: this foundational concepts of Okay, but what's actually needed? Where
Speaker 3: can I even start before I even learn how to
Speaker 3: branch off from there and what works for me and
Speaker 3: what doesn't work for me? So I love that you're
Speaker 3: actually giving this. Okay, have two checking and three savings.
Speaker 3: Here's how you use them. Excellent. That's a great place
Speaker 3: to get started and build upon from there.
Speaker 5: Exactly.
Speaker 1: Let's dive a little bit into these two checking accounts first,
Speaker 1: So how do we decide what goes in each? And
Speaker 1: then also how do we execute it once we have them?
Speaker 4: Okay, So I have a little more dramatic than other people.
Speaker 4: I actually focus all of the money that comes into
Speaker 4: my household towards my bills first, because I need to
Speaker 4: make sure I have kids. You know, have to make
Speaker 4: sure I have food in the fridge. You need to
Speaker 4: make sure our water's running, we have car insurance, we
Speaker 4: have gas, and for a lot of people, you know,
Speaker 4: we kind of have demonize bills as something that's holding
Speaker 4: us back when the reality is something that's propelling us forward.
Speaker 4: If we don't have the necessities, it's very difficult for
Speaker 4: us to start thinking about our future. So if we
Speaker 4: take care of home and make sure that we have
Speaker 4: everything that we need, we are going to feel more
Speaker 4: confident and less stressed when it comes to saving, investing,
Speaker 4: and moving forward with our finances. So when it comes
Speaker 4: to the bills, I tell everyone, this is your mandatory
Speaker 4: cost of living. And a lot of people, you know,
Speaker 4: a lot of people actually don't know what this number is.
Speaker 4: I tell people, calculate how much your minimum cost of
Speaker 4: living is, because this is mandatory, it's not you know, optional.
Speaker 5: Right here, you can maneuver things here and there.
Speaker 4: You know, once your lease ends, you can change, you
Speaker 4: can sell your house to get, you know, a less
Speaker 4: expensive house. There's little things you can change, but the
Speaker 4: reality is you still need all of these expenses. So
Speaker 4: I tell people prioritize all of your income to go
Speaker 4: towards your bills first. After you got all your bills
Speaker 4: taking care of, give yourself like an allowance kind of
Speaker 4: for how much money you want to spend on your lifestyle.
Speaker 4: A lot of people do something that I call the
Speaker 4: new lifestyle creep, where they don't realize how much money
Speaker 4: they're spending on their lifestyle because they're putting it all
Speaker 4: on their credit card. So they'll try to budget and
Speaker 4: cut down and stuff like that, but the reality is
Speaker 4: they're still swiping that credit card when it comes to
Speaker 4: their lifestyle, and they're secretly going back into more debt,
Speaker 4: increasing their bills and making their life more stressful. They're
Speaker 4: going backwards because they're trying to maintain so much. So
Speaker 4: what I tell people to do instead is give yourself
Speaker 4: a realistic budget for your lifestyle. For my husband and I,
Speaker 4: we both have our play money in here. You know,
Speaker 4: he has a certain amount, I have the same amount,
Speaker 4: and then we have a certain amount.
Speaker 5: That's less for our children as well.
Speaker 4: Going out to eat things for the house, you know,
Speaker 4: when we go to Costco something random like that, our
Speaker 4: book buys and things of that nature. We do that
Speaker 4: in our lifestyle so that way we are keeping track
Speaker 4: in an easier way of how much we're actually spending
Speaker 4: by choice and not by you know, mandatory. And I
Speaker 4: feel like this has helped me so much really control
Speaker 4: how much I'm spending and not going to credit card debt,
Speaker 4: you know, making sure that everyone has enough money for
Speaker 4: what they need to accomplish what they need on a
Speaker 4: monthly basis, and if they need to wait until next
Speaker 4: month to buy something a little bit more expensive, they
Speaker 4: can wait a little bit a few more weeks. That's
Speaker 4: just the you know, the process of how you control
Speaker 4: the urges of wanting to overspend and spending too much
Speaker 4: instead of you know, learning how to manage your finances
Speaker 4: in a way that's realistic and maintainable for you.
Speaker 5: It's so hard for women to.
Speaker 4: Go backwards and lifestyle, but it's easier to maintain something
Speaker 4: that's realistic for you and that you know you can
Speaker 4: maintain moving forward.
Speaker 3: I love that you could look at that bank account
Speaker 3: and see, well, what do I have in here as
Speaker 3: my fun spending as my lifestyle spending, and if it's
Speaker 3: not in there, then I don't get it. Rather than
Speaker 3: just looking at one checking account, it's like, well it's
Speaker 3: in here, Well that's not accounting for bills that have
Speaker 3: to be paid.
Speaker 1: So absolutely, yeah. And it makes sure that it doesn't
Speaker 1: matter what day the bill is coming out, that you
Speaker 1: have the money in there for it. If you put
Speaker 1: that aside first, or even if you choose to like
Speaker 1: budget based on the previous month's income, like you have
Speaker 1: it in there so you're not going to be late
Speaker 1: on anything. That's what I kind of feel like. These
Speaker 1: paycheck to paycheck budgets kind of get it like wrong,
Speaker 1: because you can have all of your bills in the
Speaker 1: first two weeks and then like you have no spending money.
Speaker 1: So if you like just parse it out and so
Speaker 1: you can see, okay, this is what I have, and
Speaker 1: then maybe I have a little extra I can put
Speaker 1: towards the next month or whatever, then you don't have
Speaker 1: to stress about the timing of the bills.
Speaker 4: Yes, that is very stressful. I think why people don't
Speaker 4: talk about that. They always say, just put everything on
Speaker 4: auto pay, and you're just like, you know, how stressful
Speaker 4: autopay is if you don't have all the money for
Speaker 4: your bills, especially when they're different prices. You can pretend
Speaker 4: that you have a routine and accidentally, you know your
Speaker 4: light bills higher than expected, or your AC has been
Speaker 4: running and you didn't know it was running while you
Speaker 4: were out. There's so many things that happen. Life is
Speaker 4: just so unpredictable. That's why I do think it's such
Speaker 4: a good idea to try to see you get ahead
Speaker 4: of those small bills.
Speaker 5: You know, one thing that my husband and I.
Speaker 4: Do is we get ahead on our life insurance, we
Speaker 4: get ahead on our car insurance, we get ahead on
Speaker 4: our cell phone bill, because those are little bills that
Speaker 4: we can really start working towards and officially tell people
Speaker 4: when you are ahead of your bills, you are not
Speaker 4: living paycheck to paycheck. You do not have to get
Speaker 4: into that mindset that you don't have enough money to
Speaker 4: pay your bills. No, on the contrary, you're actually ahead
Speaker 4: of your bills. You are moving forward in your finances,
Speaker 4: and you're getting out of that rut. That mindset stuff
Speaker 4: really does mess with people, and a lot of people
Speaker 4: like to say they live patcheck to paycheck, but you know,
Speaker 4: the reality is they don't. They just feel that they
Speaker 4: live page to paycheck because they're combining their bills and
Speaker 4: their lifestyle and their credit card debt all on top
Speaker 4: of it.
Speaker 3: Yeah, so true. So now that we've covered the checking accounts,
Speaker 3: I'm curious about these savings accounts taking a deeper dive
Speaker 3: into that. I know you mentioned you've got your short
Speaker 3: term and your long term and your emergency fund. Can
Speaker 3: you talk a little bit more about guidelines with that,
Speaker 3: maybe percentages that go into each, how you utilize those.
Speaker 3: What more tips do you have for us about those
Speaker 3: savings accounts.
Speaker 4: Yes, I don't like doing percentages because a lot of
Speaker 4: times it's not realistic for what you're actually trying to
Speaker 4: save for. If you know, you're trying to save for
Speaker 4: a weekend get away trip with with your girls to Vegas,
Speaker 4: you know it's going to cost the hotel's going to
Speaker 4: cost x amount, the gas is going to cost this
Speaker 4: food is generally going to cost about that. So it's
Speaker 4: really important for people to start, you know, realizing how
Speaker 4: much money do they actually need to save for the
Speaker 4: short term goal, what are they trying to save for
Speaker 4: even their long term goals? What are you saving for
Speaker 4: if it's a down payment for our house, or you
Speaker 4: trying to buy a new car. How much does the
Speaker 4: car cost? What's your budget for this? And that way
Speaker 4: you can start breaking it down in a more realistic format. Now,
Speaker 4: when it comes to the emergency fund, a lot of people,
Speaker 4: you know, they start making up numbers of how much
Speaker 4: money they think they need to have in there.
Speaker 5: They're like, oh, I need to.
Speaker 4: Have you know, three months of my income or three
Speaker 4: months of my bills. And we say bills, but they
Speaker 4: conclude their lifestyle in there, and I'm like, no, include
Speaker 4: just your minimum cost of living, which is equal to
Speaker 4: your bills. So I saw, I lookt about the hip
Speaker 4: five banking metter. These numbers they equal to each other,
Speaker 4: whatever your bills are. Like the average is how much
Speaker 4: you want to say for one month of your emergency fund,
Speaker 4: and then you start building up to three months and
Speaker 4: six months depending on your financial situation. You know, if
Speaker 4: you're single, you don't have any kids, you can rely
Speaker 4: on a little bit less because it's just you have
Speaker 4: to take care of. But once you have kids, you're
Speaker 4: you know, in a two household income, or you're you know, married,
Speaker 4: you have multiple kids and pets and everything like that.
Speaker 4: You need to be, you know, a little more flexible
Speaker 4: and save a little bit more because you have more
Speaker 4: people who are depending on that emergency fund. So I
Speaker 4: always tell people, you know, get to your one month
Speaker 4: emergency fund, but please do not stop there. Continue on
Speaker 4: to your three months, and then to your six months,
Speaker 4: and if you're going to start a business, up to
Speaker 4: your twelve months. Because a lot of times we hear
Speaker 4: people talking about, you know, they're business owners, their investors,
Speaker 4: and they don't really talk to you about their emergency fund.
Speaker 4: These will have very deep emergency funds, but you don't
Speaker 4: realize that. So we think that, you know, we can
Speaker 4: just jump into other areas without mastering the basics first.
Speaker 4: So please prepare your foundation before you jump onto the
Speaker 4: bigger stuff.
Speaker 1: If you get nothing else out of this, do that.
Speaker 5: Do that now.
Speaker 4: I didn't want to share with And it comes to
Speaker 4: the short term and long term. I do consider short
Speaker 4: term anything that takes less than twelve months to accomplish.
Speaker 4: That could be like, again, you want to get a
Speaker 4: new cell phone. Christmas anniversaries, we celebrate those here. Also,
Speaker 4: like cart registration, it comes off every single year right
Speaker 4: after Christmas for us, So it's like ah. And then
Speaker 4: when it comes to the long term goals, there's gonna
Speaker 4: be anything between one to five years. If it's going
Speaker 4: to be longer than five years, you might want to
Speaker 4: start investing that money and not holding you in a
Speaker 4: high savings account probably makes more sense at that point.
Speaker 4: But realistically, you know, if you're trying to buy a
Speaker 4: new car these are things that you want to do,
Speaker 4: or even a wedding, playing a wedding, you know you
Speaker 4: need to save up for these things because you are
Speaker 4: going to be paying them off, you know, while you're
Speaker 4: saving for them a lot of times. So you need
Speaker 4: to start preparing yourself to not rely on going onto,
Speaker 4: you know, into debt or financing just to achieve those goals.
Speaker 4: And I know it's difficult because you know, as the
Speaker 4: youth and as millennials, we all want everything right now,
Speaker 4: but it's important that we spread it out in a
Speaker 4: way that's realistic for us and manageable as well.
Speaker 3: I like how you're highlighting this not just for personal finance,
Speaker 3: but if any of us are thinking about starting a
Speaker 3: business or getting into a side hustle or anything. These
Speaker 3: are very basic principles that if we're able to master
Speaker 3: them in our own lives, we can take with us
Speaker 3: into the next step of life. Awesome tip there.
Speaker 1: Yeah, And I love like how much freedom this all
Speaker 1: seems to be giving, because I remember before I got
Speaker 1: like into you know, personal finance and stuff, I would
Speaker 1: see a number in my bank account and I would
Speaker 1: be like, I have to spend it all, Like I
Speaker 1: have to spend everything because I don't, like, I don't
Speaker 1: know what tomorrow holds. That was kind of my yolo, right,
Speaker 1: and not not even a term anymore, I know, not
Speaker 1: even in like a like I want to party, but
Speaker 1: just like in a kind of a scarcity mindset sort
Speaker 1: of thing. It wasn't even intentional, but to have everything
Speaker 1: taken care of in other accounts, so I have an
Speaker 1: account that I can spend in and then I have,
Speaker 1: you know, the savings for my trip or my car
Speaker 1: in other accounts that I'm not seeing out of sight,
Speaker 1: out of mind, like I can spend without guilt. And
Speaker 1: I just I love the freedom that that is because
Speaker 1: it seems a smidge restrictive as a budget would, but
Speaker 1: there is actually freedom and knowing your boundaries because then
Speaker 1: you can go to the max without anxiety.
Speaker 4: Exactly wants to go to the store and get their
Speaker 4: car rejected or anything like that.
Speaker 5: So it kind of keeps you in check and saying, hey,
Speaker 5: you have one hundred dollars.
Speaker 4: That's it, you know, start calculating how much your with
Speaker 4: your expenses are going to be because that's it's almost
Speaker 4: like a gift card if you think about it a
Speaker 4: little bit. We can't go over the gift card. It's like,
Speaker 4: it is what it is. And it kind of trains people,
Speaker 4: especially if they're really, you know, really being triggered by
Speaker 4: their spending at that part of their life, to kind
Speaker 4: of calm down and be like, aa, I only have
Speaker 4: one hundred dollars. Let me, you know, rethink how I
Speaker 4: want to spend my money and be more purposeful, you know,
Speaker 4: before I start spending. I think that's really important to
Speaker 4: like stop us right there before we get to the
Speaker 4: cash register and double think everything that we're doing because
Speaker 4: we don't want to get embarrassed.
Speaker 5: We don't want to go into debt, and you know.
Speaker 4: So the small things you have to do in the
Speaker 4: beginning to really prepare yourself to be able to you know,
Speaker 4: handle larger expenses or move forward in your financial journey
Speaker 4: as well.
Speaker 1: Yes, I love that. So this is a question that
Speaker 1: we are asking all of our speakers kind of in
Speaker 1: regards to what our conversation has been today.
Speaker 5: But what do you hope the.
Speaker 1: Future of banking or accounts or spending.
Speaker 5: What do you hope the.
Speaker 1: Future that includes?
Speaker 4: I honestly, I hope that it includes more banking opportunities
Speaker 4: for the under banked. There's so many communities that, you know,
Speaker 4: they're scared of banks, they're scared of the government, they're
Speaker 4: they're in fear, and they're also in lack of banks
Speaker 4: in their community. So I feel like it's really difficult
Speaker 4: for people to you know, create a banking structure if
Speaker 4: they don't have banks available to them. I really love
Speaker 4: how online banks are really you know, getting out there.
Speaker 4: They're promoting that service and that option to people who
Speaker 4: never knew that was an option, so they don't get
Speaker 4: charged with bank fees, over draft fees, maintenance fees. Those
Speaker 4: are fees that you know, our youth and our minority
Speaker 4: community cannot form at the moment. So I think it's
Speaker 4: really important to make sure that you know, there's ATMs
Speaker 4: available everywhere where they can use them without getting charged
Speaker 4: extra fees. That would be a very big blessing because
Speaker 4: sometimes there are things you need to pay cash for
Speaker 4: and we want to feel comfortable knowing that we can
Speaker 4: have a lot of access to a lot of other
Speaker 4: places to get our money. So I'm really hoping banking
Speaker 4: expands and people who are not banked get bank accounts
Speaker 4: and learn this strategy so they can manage their finance
Speaker 4: is better.
Speaker 3: I am with you on that one, hoping with you, Cyrenies.
Speaker 3: This is such such a problem as it relates to
Speaker 3: personal finance and the ability to get a bank account,
Speaker 3: much less the opportunity for bank accounts and bank accounts
Speaker 3: that aren't going to take advantage of people. So yeah, yeah,
Speaker 3: this is hoping I.
Speaker 1: Do super like important even if you don't pay the
Speaker 1: fees that you're talking about, Like, even if you're like
Speaker 1: a person watching this and you're like, well, I still
Speaker 1: above my minimum, so like I'm fine. But one of
Speaker 1: the ways that we show banks that we won't tolerate
Speaker 1: them nickel and diming low income customers is by leaving
Speaker 1: those banks that charge fees and banking strictly with online
Speaker 1: banks and credit unions that are fee free and that
Speaker 1: are also committed to banking for like unbanked and underbanked populations.
Speaker 1: And so if you're watching this and you're at a
Speaker 1: big bank that charges fees, I hope that you would
Speaker 1: consider taking the really inconvenient step. I know it's inconvenient
Speaker 1: because I've done it and leaving and going somewhere that
Speaker 1: is committed to the same things that you are.
Speaker 4: And the other thing I wanted to share was that
Speaker 4: a lot of people feel like that's their only option,
Speaker 4: and there's more opportunities, you know, out there other banks.
Speaker 4: There's credit unions, like you said, there's online banks, there's
Speaker 4: how you' savings accounts that you can't get access to
Speaker 4: if you're with the big bank, so you can diversify it,
Speaker 4: you know, a little bit out. I know for business,
Speaker 4: it's a little difficult if you're a business owner to
Speaker 4: have online bank. There's not a lot to offer that.
Speaker 4: But that's something that is also expanding because there is
Speaker 4: a niche for that. There's people who do side hustles.
Speaker 4: They need, you know, business accounts for their side hustle.
Speaker 4: There's people who are you know, creating small businesses, and
Speaker 4: they need to know that there's more options than just
Speaker 4: the big banks. And that's very empowering and educational because
Speaker 4: you know, you need to have those options available to
Speaker 4: us because they might just work out perfectly.
Speaker 1: Yeah, oh my gosh, thank you so much for that.
Speaker 2: That's right.
Speaker 6: It's time for the best minute of your entire week.
Speaker 6: Maybe a baby was born and his name is William.
Speaker 6: Maybe you've paid off your mortgage, maybe your car died
Speaker 6: and you're happy to I don't have to pay that
Speaker 6: bill anymore. That's bills, bills, Bill Clinton, this is the
Speaker 6: bill of the week.
Speaker 3: On a different note, syenees are curious if you have
Speaker 3: a bill of the week for us.
Speaker 4: When you guys had a bill, I was thinking, like
Speaker 4: Bill Ny the science guy, Like.
Speaker 1: Right, yes, I always say Bill Curtis and nobody's ever
Speaker 1: as excited as I am.
Speaker 4: But I've been doing a lot of research on, you know,
Speaker 4: the the plastic situation that we're going through. I think
Speaker 4: it was like a baby turtle that had like one
Speaker 4: hundred pieces of plastic in his little belly, and it
Speaker 4: was like, there has to be, you know, a better
Speaker 4: way for you know, us as a society to go
Speaker 4: less plastic and more sustainable, you know, type of items.
Speaker 4: When it comes to like shampoo, and like, there's so
Speaker 4: many little things we don't even think about that are
Speaker 4: like wrapped in plastic. So hopefully that's something else that
Speaker 4: we can hope for improvement in as well.
Speaker 1: Hmmm.
Speaker 3: Inspired by Bill Nye and.
Speaker 5: The Truth.
Speaker 3: Oh that's amazing. Thank you so much for indulging us
Speaker 3: with that and also sharing all of your banking tips.
Speaker 3: This has been incredibly enlightening, insightful, motivating. Thank you, Syrenies.
Speaker 1: Yeah, where can people go to find everything you have
Speaker 1: to offer?
Speaker 4: Definitely go out to my website, the poislifestyle dot com
Speaker 4: and I also have a freebie of the one sheater
Speaker 4: of the high five Banking method is my most requested.
Speaker 5: Uh one cheater. Everyone's always as we want it. I
Speaker 5: don't know why we want it.
Speaker 4: I was like, you know, there, you guys go go
Speaker 4: to my website a pop up with co Op and
Speaker 4: you guys can download a free one cheater and it's
Speaker 4: just so helpful, especially if you're trying to introduce.
Speaker 5: This to your partner, to your family members like your.
Speaker 4: Little sister, your little brother, and you want to help
Speaker 4: them also get their finances in order. It's just a
Speaker 4: good one sheheter that allows you to get a good
Speaker 4: perspective of the high five banking method. And you know,
Speaker 4: once people see it, like you said, it kind of
Speaker 4: makes sense.
Speaker 1: I mean it's a great looking one like one sheeter too,
Speaker 1: like it just puts it all on paper, and I
Speaker 1: was like, yes, all of this makes sense. I can
Speaker 1: do this.
Speaker 3: That summit really was fun.
Speaker 1: That was so fun, and we will bring it back
Speaker 1: in a new iteration. But I had a baby this year,
Speaker 1: so I wasn't able to do it. Yeah r ses,
Speaker 1: I know, I had another baby. I didn't have time
Speaker 1: for a summit. But fear not, it will come back.
Speaker 1: Let us let us know how you want it to
Speaker 1: come back, over on Instagram or by sending us an email.
Speaker 1: You can respond to the friend letter anytime you get
Speaker 1: a friend letter in your inbox and you want to
Speaker 1: respond to it, that goes into my inbox and I
Speaker 1: will most likely see it unless it's something mean and
Speaker 1: then Goldie takes it out of my inbox really quick.
Speaker 1: Goldie is are podcast manager ratual.
Speaker 3: We just get the encouragement right.
Speaker 1: She only lets me see the good stuff. So thank
Speaker 1: you for listening and speaking of good stuff, we love
Speaker 1: reading your kind reviews. And we especially love this one
Speaker 1: from CC one two three, four seven. It's called The
Speaker 1: Radical Middle. It's the title of the review review. I
Speaker 1: love the thoughtful and balanced conversations on this podcast. It
Speaker 1: is so rare to find people who can acknowledge that
Speaker 1: life is complicated. There is no one size fits all
Speaker 1: to approach to finance, and ultimately the right choice for
Speaker 1: most of us will be somewhere in the middle. The
Speaker 1: fact that these ladies are also funny and entertaining is
Speaker 1: the icing on the cake. Thank you CC.
Speaker 3: I like those that was encouraging. Thanks for that encouragement
Speaker 3: in the form of a five star review. We do
Speaker 3: love that, especially mainly just because today's sponsor was encouragement.
Speaker 1: But bringing for you to all circle.
Speaker 3: Encourage us with these five star reviews, because it not
Speaker 3: only encourages Jen and I, but it also encourages other
Speaker 3: people who might similarly be looking for a personal finance
Speaker 3: podcast that's relatable to them. This will help them understand
Speaker 3: whether this is the version of relatable that they need.
Speaker 3: We are not all things to all people, so if
Speaker 3: you can kind of tell people what to expect with
Speaker 3: this in the form of a really great review that
Speaker 3: gives an idea of what we're about, where we're funny
Speaker 3: and we're not radical, except when it comes to being
Speaker 3: in the middle. That's great. So thanks for leaving those reviews.
Speaker 1: Yes, and remember I am fragile and I love reading
Speaker 1: your five star reviews. So if you need to protect
Speaker 1: someone today, protect me, protect my heart, and leave a
Speaker 1: rating and review wherever you listen to This podcast, Love
Speaker 1: You by Gorugal Friends is produced by Eric sirianni Oh.
Speaker 3: I love the concept of us being fragile, just like
Speaker 3: so breakable and dainty with like little bird bones.
Speaker 1: That's what our one stars, one star reviews say we are.
Speaker 1: So I'm just like living into it.
Speaker 3: Yes, well yeah, bird bone females just like to giggle
Speaker 3: talk about nothing. Yes, they really get us, they really
Speaker 3: understand us to our core.
Speaker 1: Yeah, all of my fragility, you know, but I am.
Speaker 1: I am fragile when it comes to sports.
Speaker 4: I know.
Speaker 1: We were just talking about.
Speaker 3: This and that's why I just left weights.
Speaker 1: I do.
Speaker 3: I lift flat balls that are weights, right, not frisbees.
Speaker 1: Don't throw anything at me, I will not catch it.
Speaker 5: It's actually a joke.
Speaker 1: With Travis, my husband, is that he will maybe throw
Speaker 1: something at me or like where other people have quick reflexes,
Speaker 1: and they will they will like catch something. I will
Speaker 1: stand there and watch it because part of it is
Speaker 1: that my reflexes are slow already for stuff like that,
Speaker 1: Like if it comes to my children, though, I have
Speaker 1: catlike reflexes, right, But when it comes to everything else,
Speaker 1: I will just like watch things go by.
Speaker 4: I've seen you do that.
Speaker 3: It feels kind of like a power move though, like
Speaker 3: you're doing you're leaning into the non athleticism by just
Speaker 3: allowing it to be this. Yeah, oh what was that?
Speaker 3: You tried to throw something at me? No thanks, you
Speaker 3: can pick that have and it's really boss.
Speaker 1: Do you think you think a lot of my inadequacies
Speaker 1: are power moves? And maybe I've just taken my weaknesses
Speaker 1: and made them into my strengths.
Speaker 3: She doesn't respond to a text message power move, She
Speaker 3: doesn't catch what your growing had her power move. She
Speaker 3: just stares at you when you say hi and introduce
Speaker 3: yourself power move.
Speaker 1: I do only half of those things, and it's a
Speaker 1: power move.