Money Management During the Pandemic with Carrie Casden – 038

Are you a saver or a spender? Hint, you can be both!

Listen in to my interview with Carrie Casden, a Los Angeles Business manager who helps clients manage their finances! One smart cookie! I learned a ton from her!

Our podcasts are interviews between Justin Krane, Krane Financial Solution’s President, and various professionals, one or more of which are or have been Krane Financial Solutions clients. However, nothing stated within the podcasts should be considered a testimonial or endorsement of Krane Financial Solutions or Justin Krane, and the professionals have not been directly or indirectly compensated for being interviewed.

Our podcasts are interviews between Justin Krane, Krane Financial Solution’s President and various third-party professionals. Noting stated within the podcasts should be considered a testimonial or endorsement of Krane Financial Solutions or Justin Krane, and the professionals have not been directly or indirectly compensated for being interviewed.

For 27 years Carrie Casden has been providing a customized and personalized experience through her company, Summit Financial Management. From managing day to day financial needs, to establishing banking relationships and budgets, her office gives individuals the feeling as if they have their own Chief Financial Officer. While she started her company with traditional business management services, she has expanded her practice to offer money coaching and divorce coaching services as well. Carrie has been featured on several podcasts and has been a feature writer for It’s Over Easy. She is a Southern California native, currently residing in Los Angeles with her husband and two children.

**SCROLL TO THE BOTTOM FOR THE VIDEO!**

Being a Money Coach

It’s important to be non-judgmental and create a safe space so clients can feel safe talking about their struggles with finances.
Some clients need help understanding they may just need a little coaching – working with a money coach is not a lifetime commitment.
A group of people that often find themselves in need of money coaching are divorced women. They are experiencing a major life and financial change and may not have experience being in charge of their money.
It can be a challenge for people to listen to money advice they don’t want to hear, but eventually they will see that the advice works and they will feel better once they listen.

Parent/Child Money Relationships

It is so important for parents to talk to their children about responsible spending – it’s OK to start young!
Give teenagers an allowance and guide them as they learn about spending and saving.
By giving children everything they want, even if you can afford it, you aren’t helping them learn the lesson of need vs. want and delayed gratification.

How Has Money Management Changed During the Pandemic?

Initially, everyone’s spending went down because no one was going anywhere or doing anything. Then, everyone wanted to do projects and spend their money whether they needed to or not.
Rainy day funds are so important – the cliché “six months” worth of spending really should be saved for a rainy day. People that didn’t have savings really struggled during the pandemic.
Those in the entertainment industry were hit hardest by the pandemic, since their work is not always consistent in the best of times.

Best Quotes:

“We kind of know some of the reasons people spend, but they don’t always know. So they get in touch with those emotions and they get in touch with those patterns. And once they get in touch with them, they’re able to make small steps to change it.”

“The pandemic has taught people to have a newer relationship with their financial life to really get clear on what they want, what kind of changes they want to make, and what’s important to them.”

“I would hope that the 20 old Carrie would have gotten a little more information when she was 16. I think our schools do a huge disservice, still teaching antiquated math, instead of basic finance to our high school kids.”