At RICE, we believe that financial literacy is the foundation for entrepreneurial success—and this Financial Literacy Month, we’re spotlighting a dynamic leader who embodies that belief: Elena Colquitt, founder of MoneyMate and a longtime finance professional with over 16 years of experience.
Elena’s journey started in commercial banking and transitioned through startup life, layoffs, and rebuilding—each chapter strengthening her mission: to empower individuals and small business owners with the tools and systems they need to master their money.
Now, through her financial management platform MoneyMate, Elena is helping people stop the paycheck-to-paycheck cycle and start planning for long-term success. She provides her top financial tips for our RICE Stakeholders below and an exclusive special offer.
Elena’s Top Financial Tips for RICE Stakeholders
Whether you’re just starting out, making six figures, or scaling your business, Elena offers real-world strategies to help you get and stay financially empowered.
- Save Before You Pay Down Debt
“Most people want to pay off debt before saving—but life is always going to life,” Elena says.
Instead, build at least one month of emergency savings before aggressively tackling debt. This buffer can help you avoid falling back into debt every time an unexpected expense arises.
- Organize Your Accounts
Keep bills, daily spending, and savings in separate accounts. “If your spending money is in the same account as your rent money, you’re playing with fire,” she warns.
- Know Your Spending Power
Give yourself a weekly allowance based on your income and obligations. This helps prevent overspending and keeps your goals in focus. And yes—check your accounts daily. “It sets the tone for the day,” Elena says.
- Avoid Commingling Business and Personal Funds
Protect your liability and your peace of mind by maintaining distinct financial accounts and records for your business and personal life. This not only safeguards your assets—it also strengthens your credibility with lenders, partners, and investors.
- Use the Balance Transfer Hack
Elena recommends flipping balances between existing credit lines to move high-interest debt (20% or more) to lower or 0% promotional APR cards. The key? Don’t apply for new credit—just make the most of your current credit limits.
Introducing MoneyMate: Financial Clarity Made Simple
MoneyMate is Elena’s answer to the financial confusion so many entrepreneurs face. Born out of a decade of hands-on client work, MoneyMate is a simple, intuitive financial planning platform designed specifically for individuals and small business owners earning up to $4 million annually. Unlike traditional accounting tools, MoneyMate is forward-looking, helping you plan—not just track—your spending.
Key features include:
- Easy-to-Use Platform: Intuitive tools designed to make budgeting stress-free for everyone.
- Effortless Expense Tracking: Know where your money is going with automatic categorization.
- Customizable Budgets: Stay on track with budgets tailored to your lifestyle and goals.
- Goal Setting Made Simple: Save for that dream vacation or pay off debt—MoneyMate keeps you motivated with notifications and expert tips.
MoneyMate helps users focus on proactive planning rather than reviewing past spending, giving entrepreneurs the control and clarity they need to grow. And the best part? No categories. No spreadsheets. No shame. Just clarity.
A Special Offer for RICE Stakeholders
In honor of Financial Literacy Month, Elena is extending a 50% discount for six months exclusively to the RICE community. Use the promo code RICE50 at signup to take advantage of this special offer and transform your financial future.
“I’ve worked hard to build a tool that truly helps people gain control over their financial lives. I want to see more small business owners succeed—and that starts with knowing exactly where your money is going and how to make it work for you.”
Visit MoneyMate to sign up and get this all-in-one money manager in your pocket!
