How ‘Being Bossy’ With Your Money Can Build Financial Freedom, According To This Financial Expert
Written by
Jordan Rosenfeld
Edited by
Levi Leidy
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If you associate the idea of being bossy with negative traits, your finances might reflect it. According to finance expert Jamila Souffrant, author of the book “Your Journey to Financial Freedom,” the best way to financial freedom — from getting out of debt to reaching savings goals — is to “be bossy” with your money.
Souffrant recently appeared on an episode of ABC7 New York to discuss some key strategies for taking control of your finances through the lens of bossiness.
Another Word for Control
Being “bossy” is just another word for “taking control,” Souffrant made clear in her TV appearance. Taking control means not leaving your finances to chance and taking careful steps to cover all your basics and then some.
A Budget Isn’t a Restriction
The first point Souffrant made is that budgeting should not be viewed as a form of restriction, but as a way to allow you to “spend with intention.” By setting a budget you can actually live a “fuller life” because you know exactly how you can spend, and don’t get in trouble with your finances, she said.
She recommended you start with the 50/30/20 rule, in which:
- 50% of income goes to your needs, the mandatory non-negotiables like housing, groceries and key bills.
- 30% of income goes to your wants, but this isn’t about frivolous spending — this might be saving for vacation, a new car or dining out.
- 20% goes to savings and investments.
Boss Your Own Attitude
The next important step is to boss your own attitude and do “internal work” on the things that Souffrant says “you can’t always measure,” but allow you to keep going when things get difficult, such as mindset and good habits.
Don’t set yourself up for failure by assuming you can’t create or stick to a budget — be open and willing to start. Change your mindset from restriction to preparation.
Be the Boss of Your Financial Tools
Souffrant also likes the old-school method of writing down an essential budget on paper, though she’s not opposed to using digital tools or apps that are available — especially free ones.
She refers to a budget as a “living budget,” acknowledging that it should change over time just like your lifestyle changes.
Partner Budgeting
Perhaps the one area you can’t be a “boss” is if you’re budgeting with a partner, since you need to come to “common ground.” Souffrant encouraged making partner budgeting “fun” by having “budget date nights,” or “money date nights,” where you pair talking about money with something fun, like a movie or a meal.
The important part here is that you agree on how to proceed so that you’re both operating by the same financial playbook.
Accept That You’re Human
While “bossing” might sound harsh or strict, in truth, Souffrant suggested that just as important as getting your finances under control is to “give yourself grace. You don’t have to be perfect.”
She said that people should not be afraid of making mistakes in budgeting, and that you can always start over.
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