The Best How To Budget Advice From A Self-Made Millionaire

Self-Made Millionaire: This is part one of my Empowering Women series. Where I chat with women who have taken charge of their finances and their careers. They also work to empower and inspire other women to do the same.

Is it possible to budget your way to a self-made millionaire?

Believe it or not, the answer is. “yes!”

In this interview, I’ll be chatting with April Stewart, also known as April The Money Coach.

April was also featured in my post, 8 Amazing Female Entrepreneurs Crush Debt And Empower Others.

Here, she provides more insight into her money journey. 

And despite growing up with modest beginnings, she was able to successfully budget her way to a self-made millionaire by the age of 37. 

So let’s get to the good stuff.

Bonus: You can also listen to the full recorded interview as well.

(The text has been shortened and mildly edited for readability.)

Can you tell me about your background?

Yes, so I grew up with lower income beginnings.

I was not told much about money except that it was hard to come by. And that money didn’t grow on trees.

And to be honest, I’m still working through some of my fear-based relationship with money.

But I knew that I didn’t want to replicate the same relationship with money that I saw my family members having.

So I decided to teach myself about money, especially coming out of college. I would read books and articles.

And eventually, I started to listen to podcasts and devour anything I could to try to figure this money thing out. 

Over the years, I gained more and more knowledge. And I became the “go-to” person amongst my friends and family on money topics.

I kinda ran from the personal finance thing for a while. And I was like, I don’t know if I want to make a living with that. But it just kept coming up with me in my soul searching.

So I finally decided last year to stop running from it. Embrace it. And actually look to transition into that and do it full-time. 

So that I can help people with their money issues and situations. And to accomplish some of the things I’ve been able to personally accomplish.

[Absolutely! As you were getting more knowledgeable, of course, people want to know what are you doing? So why not use your knowledge to help people and make money on the side? That’s a win-win!]

Have you ever been in debt? If so, how did you get out?

Yes, I was. From student loans for college and a car note.

Personally, I was pretty cautious about money. Because like I said, I didn’t really want to repeat the things I saw around me. 

So I didn’t do much credit card debt, although I did have a credit card out of college. But I’ve kept my balance pretty low, and I’ve tried to have it where I could pay it off when I use it. 

I didn’t have a huge amount of debt. But what put me on the journey to realizing that I needed to become debt-free was reading Dave Ramsey’s Total Money Makeover. 

In 2007, a co-worker introduced me to it and told me I should check it out. I read it. And I really loved it! I resonated with his approach. And I found it to be actionable and straightforward. 

So at that point in 2007, I started my money journey. And I paid off $25,500 in debt in 8 months. Just by getting very intense and intentional about my money and what I was doing with it. 

I just went gung ho and really tried to knock it out as quick as possible. So I can get on with the rest of my life! 

[ I love that! Get rid of debt and get on with your life! I had a similar transformation in my thinking, as well.] 

So what did you do previously for work?

I’m a systems engineer by trade. So I studied systems engineering both in undergrad and grad school. And I’m doing a program management track right now.

How has it been transitioning from Engineering to Personal Finance?

I find that having a detail-oriented, analytical type of mind works well with finance and money.

And just a systems kind of thinking to look at how the various pieces fit into the hole definitely lends to my work in personal finance. 

I think systems are very important things to set up around money and to automate things like that. That’s something I’m personally getting into more. 

Because I tend to be old-fashioned, I like doing my budget and my spreadsheet. So, I’m a spreadsheet girl!

But I’m leaning more towards some automation and systems. Because that really does make life easier and it helps people. You know if you don’t have to put too much effort into it, then people are willing to actually do it.

[ I agree. The easier you can make things, the better. And the easier it would be to stick with it.]

In your money journey or your business, have you faced any real challenges along the way?

For me, right now, just being new in this space and launching a business, there’s just so much you need to do. 

And so many things coming at you from different angles. But of course, you have to prioritize. And set those things in a necessary manner. 

You know we’ve both been to FinCon, and it was like being under a fire hose. It was my first one, and there was so much to take in. And so many people that we met. 

And I’m like…Woah! There is so much I need to do!

So now I’m kind of coming off the FinCon whirlwind and taking a step back. 

I’m like, okay, let me prioritize and figure out the order of things. So I think for me that’s what it is right now — just learning how to prioritize.

[Absolutely! Well since FinCon, I started following you on Instagram. And I saw you mentioned that you reached the self-made millionaire status. Congratulations on that girl!]

*Related Post: How To Be Successful Your First Time At FinCon: A Newbie Review.

So what has that been like becoming a Self-Made Millionaire?

You know it’s funny. 

I guess I think of myself maybe as like your everyday millionaire — like The Millionaire Next Door.

I think just by having a [positive] mindset around money and [specific] disciplines and practices, you can make those things possible. 

So it wasn’t some big target that I was aiming for. 

But I just found that over time, with the things that I was doing around money, I was able to accomplish that. 

And I realized, maybe around the age of 36 or 37 is when I hit that [self-made millionaire] mark. [How?]

• I invested in my retirement 
• I invested in mutual funds 
• My house and the way it’s appreciated
• Having a plan and being structured around money
• Doing a budget, which I know people kind of run from that

But it’s really just having a plan for your money and telling your money what to do for you. 

And with any other aspects of our life, we have a plan. So we definitely need to have a plan for our money on a monthly basis.

In doing that, it just really helped me to be able to target my money and put it in certain places. 

And also, I found that:

 With a budget, I felt like I got a raise! 

Because before — money was kind of a black hole! 

And I didn’t necessarily have insight into it and really never knew all that was going on. 

But once I actually sat down and laid it out, I was like — okay, you have more than you realize. And it’s just how you apply it.

So I actually felt like I got a raise! And from there, I was able to do more with my money. 

Then, over time, just being disciplined, I was able to do more and more with my money. And save more and more.

[Absolutely! And you know, just by making those few cutbacks, it IS like getting a raise! That’s a great way to describe it. Because you get to see more of your money and you get to decide what to do with it!.]

*Related Post: 5 Reasons Why I Still Respect The “B” Word And So Should You.

So what advice would you have for women who may be struggling with debt?

I would say, definitely:

 Take inventory of all the debt that you have! 

I think that people may step past that a little bit. They may think that they have certain amounts of debt.

But, it’s definitely worth pulling a credit report to see what all you really have out there. 

So take inventory and know what you’re working with.

Then, from there, create a plan and tackle one thing at a time. I think we don’t accomplish what we want to accomplish because we’re trying to do a bunch of things at once. 

And I definitely do believe in focusing on one thing at a time. I know people have different methods they take for paying off their debt. It could be what some may call the snowball effect:

• Where you take your smallest debt and pay it off. 
• Then from there, just go to the next largest debt. 
• Or, some people may go according to the interest rate. 

I don’t think it really matters too much either way. As long as you’re doing it! But for me, I took the snowball effect. 

1. I listed all my debts out from lowest balance to highest balance
2. Then, I just started with the lowest one and paid it off. 

When you get that victory — it’s nice to have something accomplished and checked off. 

And that gives you the momentum to keep going to the next thing.

So I definitely like that approach. I would say pick one of the methods and then begin to pay off your debt one at a time.

And then also I would say:

Give Yourself Grace! 

It may take some time, depending on how much debt you have. And, how much income you have to work with to pay it off. 

But it’s okay! 

• Give yourself time and keep track, or however you need to stay motivated. If you need to make something visual to track it, that’s great! And just give yourself grace! 

• Little Rewards or pats on the back as you go along to help you go for the long haul. Whatever will keep you going, it’s okay! You don’t have to be dogmatic about it. Do whatever works for you that will keep you focused on the prize. 

• It’s going to be work. It’s going to be a sacrifice. But it will be worth it! And think, once you have that accomplished, you then have your income for yourself! To do whatever you need to do with it. Whatever you want to do with it! 

• Your income is always your greatest wealth-building tool. Instead of paying it all to someone else in interest payments, you have it to use for yourself. And to pay yourself to build your own wealth. So it is absolutely worth it!

[I love the part where you say to give yourself grace. Because it can seem overwhelming. And of course, everybody feels like they want to get out of debt fast, which of course, who wouldn’t? But give yourself grace and stay motivated! I love that!]

So do you have any events or promotions, or special activities coming up?

I will be launching a blog soon to give women an insight into how I became a self-made millionaire. Along with some of the disciplines and the practices I used. So I’m working on that, and definitely, I will announce that on my Instagram, and all of my social media.

[Sounds great! I need to read it! How to become a self-made millionaire! I think your words and your message are so helpful. And the fact that you may not have had a massive amount of debt — but you were able to learn how to be responsible with money. You were able to pay off what you had — and grow that into wealth. So it IS possible, even for average people with humble beginnings.]

The Takeaway From April

I want people to know that it’s not just a certain profile of person that it [wealth] is meant for. 

It’s meant for all of us! And we definitely can take steps to make it happen for us. 

And even if we don’t necessarily see it in our lifetime, I think it’s important that we be in the mindset of changing our family tree. 

So you can set up the Next Generation for that.

[Building a legacy! I’ve been hearing about that so much lately. About learning to build your legacy to change things now. No matter where you came from, you can turn things around, make it better, and leave a legacy for your future generations. Thank you April!]

I hope you feel inspired and empowered by this self-made millionaire. And also by the knowledge that everyday women like you can achieve anything!

April Stewart knows how to make her money work for her. Using sound financial principles, April became a self-made millionaire in her 30s!  April has spent the past 15 years studying personal finance and is sought after for her unique perspective on personal finance and living a liberated life!

April Stewart
@AprilTheMoneyCoach
www.AprilTheMoneyCoach.com
AprilTheMoneyCoach@gmail.com

So, are you ready to take the first step towards living your best Debt-Free life? Then click the pretty below and learn my best life-changing mindset secrets.