Goals come when we shrink ’em and stick ’em
Ah 2024. Don’t know ’bout you but I’ve got fresh drive, big plans, lofty goals …
Shame, then, that the Jan 1st fire won’t last. The fizz of a new year’s determination tends to flatten out fast, and research backs this up. Sad to say, motivation alone don’t cut it.
The whole new year new you thing generally follows a pattern. For our purposes, I want to do better with money in 2024 looks like a few weeks of will power before new you austerity feels too much like boring and old you takes back the wheel.
Why? Well, we’re human. We love an easier, softer way. Change is hard and hard isn’t gratifying, especially in cold, dark January.
Still and all, though, the hard way is the rewarding way. Sorting our money lives can feel overwhelming at first, but the goals come to pass when we shrink ’em and stick ’em …
A money audit how-to
If 2024 is the year you get to grips with your money, our best advice is to start with a simple, five-step audit. As so …
1. Organise
Set aside time to review your 2023 spending and categorise items into three columns: fixed costs (bills, rent, food), fun costs (trips, clothes, socialising), and other (e.g. savings).
2. Appraise
You’ve laid it all out, now find the space for improvements. We suggest you do this by creating rules for yourself: too many take-aways? Make a one-a-month rule. Too much online shopping? Vow to always wait 24-hours before clicking buy.
3. Locate
Next, get a clear picture of where your money is. Your debt, savings, investments and pensions – find it and total it. Know where it all lives and how much it’s all worth.
4. First thing’s first
Now ask yourself what’d make the biggest difference to you. D’you want to save more? Reduce debt? Stash emergency funds? Write down your priorities and focus there first.
5. Mark (small) milestones
Don’t measure against your big goal – you’ll feel short. Instead, plot achievable milestones and measure those. Want to build an emergency fund? First target a week’s worth of expenses. Then two weeks. Then three.
Want to save more money each month? Break it into days. I need to save £X per day to bank £Y each month. Think in days and the months take care of themselves.
Piece by piece, one day at a time
The best way to look after your money – now, tomorrow and going forward – is one day at a time. In new year’s resolution speak it’s doing five push-ups today; not chasing rock-hard abs by Friday.
The big goal is great. Vital. It’s essential to know your money north star, but you first need to know where you are. That part takes organisation. Often a strong stomach too. Then comes commitment, planning and even sacrifice to stay on course. Before long you’re taking decisions with clarity and, almost by stealth, the big goals start to take shape.
Oh and on that … here at Money Means we’re working flat out to prepare for launch, and you testers have been utterly incredible in the process. We’ve learnt loads and what’s coming soon is ridiculously exciting. For us and we hope for you too.
Because we’re now in a place where we can help with everything outlined in this email: savings, emergency funds, pensions, debt, spending, budgeting, investments …
So please register for our waitlist and we’ll flag when it’s all good to go.