5 Rules of Money: How to Make It, Save It, & Be Smarter About It

Episode:
153

The Mel Robbins Podcast with Tiffany Aliche

5 RULES OF MONEY: HOW TO MAKE IT, SAVE IT, & BE SMARTER ABOUT IT

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In this episode, you’re going to learn the 5 rules of money.

Whether you want to build credit, pay off debt, increase your income, or have more money in the bank, this episode is a must-listen. 

It will surprise you. 

It will move you. 

And it will help you live a richer life. 

Tiffany Aliche is THE money expert. 

Known as The Budgetnista, she is a New York Times bestselling author who has helped 2 million people just like you save, manage, and pay off massive debt. 

This is not your usual “make-a-budget-and-stick-to-it” advice. Tiffany’s take on $$ will help you see your money in a completely different way so that you understand how to make more of it and save it with ease. 

After you listen, you’ll have THE 5 money skills you need to gain financial freedom.

Connect with Mel:

In this episode, you'll learn:

  • 2:30: This is how Mel handles her money. Can you relate?
  • 6:45: How Mel helped her family start getting out of debt.
  • 7:20: Mel’s #1 rule about money after having been bankrupt.
  • 7:50: How Mel passed her relationship to $$ down to her daughters.
  • 13:15: How to incentivize your kids to turn out the lights.
  • 17:15: The first and second BIG financial mistakes Tiffany made. 
  • 22:15: After the recession hit, things got even worse for Tiffany.
  • 25:15: What to do when you feel shame about your finances.
  • 27:30: Here’s how to prioritize your bills if finances are limited.
  • 28:50: Why is it so hard to open your bills?
  • 33:05: The #1 Rule of Money. 
  • 33:40: Reframe your 5-step budget plan so it’s doable!
  • 39:10: What concerns Mel about how easy it is to buy stuff today.
  • 40:50: Put your money into these 4 buckets automatically.
  • 44:40: How do you know if an online bank is legit?
  • 47:35: What percentage of your income should be for living expenses?
  • 51:10: Rule #2 of Tiffany’s Money Strategy: how to manage debt.
  • 54:15: Use the snowball method to pay down your bills.
  • 55:00: Or use the Avalanche Method to hit highest interest rates.
  • 55:30: The Tsunami Method is best when one particular debt causes stress.
  • 56:25: Rule #3: How do you save when you’re just making ends meet?
  • 58:15: Use “dreamscaping” to motivate yourself when debt gets you down.
  • 1:01:45: Do this so that you don’t go debt-free alone.
  • 1:03:13: The 4 questions to ask yourself before you spend.
  • 1:06:34: How much money should be in savings before you start losing?
  • 1:08:20: Rule #4: How do you improve your credit score?
  • 1:10:30: The 3 ways to boost your credit score quickly.
  • 1:14:30: What to do before you ask your boss for a raise.
  • 1:17:40: How to value yourself when you own a small business.
  • 1:18:35: Tiffany’s favorite side hustles and advice to earn extra $$.
  • 1:20:50: The tragic event that made Tiffany realize what’s most important.

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In The Mel Robbins Podcast, Mel takes you behind the scenes in real-time. Every episode is packed with tactical advice, hilarious screwups, compelling conversations, and the tools and inspiration you need to create a better life.