Money Maps: A Flexible Approach to Financial Freedom

Executive Summary: 

• Flexibility Over Restriction: Money Maps offer a more adaptable approach to finances than traditional budgets, focusing on after-tax earnings and spending patterns. 

• Simplified Tracking: They eliminate tedious spreadsheets by utilizing credit card expense reports and online aggregators like Monarch Money for a clearer financial overview. 

• Path to Financial Independence: Money Maps promote accountability and help direct resources toward fulfilling experiences, allowing for increased spending in areas that bring joy. 

In January’s blog, I emphasized the importance of aligning your financial decisions with your core values. But how can you effectively hold yourself accountable to that alignment? Enter the concept of a “Money Map.” 

As both a financial planner and a fellow human navigating life, I’ve developed a strong aversion to traditional budgets. The very idea of a budget often feels restrictive, tedious, and burdensome—contradicting the primary purpose of money: to provide freedom. Creating a detailed spreadsheet to track every expense can consume precious time and energy, leaving you feeling trapped by self-imposed limits. 

This is where Money Maps shine. 

The two essential takeaways from your Money Map are understanding your after-tax earnings and gaining insights not just into what you spend, but where your money is going. 

By adopting a mapping approach rather than a rigid budget, you gain the flexibility to adapt to life’s unpredictable nature. Hard limits on spending categories can be difficult to maintain, especially when unexpected expenses arise—an all-too-common occurrence. The mapping process empowers you to pivot and adjust when deviations occur, ensuring you stay aligned with your financial goals. 

Furthermore, Money Maps eliminate the need to spend hours poring over cumbersome spreadsheets. Many credit cards provide expense reports that can serve as a helpful map. However, I highly recommend using an online aggregator, such as Monarch Money, to gain a clearer and more comprehensive picture of your financial landscape. 

Ultimately, the mapping process forms the foundation of effective financial planning. It not only sets the stage for achieving financial independence but also holds you accountable for directing your resources toward experiences that bring you the most joy and fulfillment. The best part? Once you get there, Money Maps allow you to increase your spending in the areas that matter most. 

Embrace the freedom that comes with Money Maps—and let them guide you toward a more intentional and enjoyable financial journey. 

Disclosure: The mention of any specific platform is for illustrative purposes only and does not constitute an endorsement or recommendation. I do not favor one platform over another and may reference examples solely to help explain concepts or strategies. Clients should evaluate all options based on their individual needs and preferences.