2024 Financial Resolutions!

As we wind up 2023 and head into 2024 (pausing to acknowledge how crazy this sounds, where did the year go!) we want to make sure we wrap everything up in a neat little bundle and set ourselves up for the best possible start to what we hope to be a super successful year ahead. It’s time to set your goals and budget. Let’s smash our goals with the right mindset, solid foundations, and support. We are here to help! We have just recorded our next course, My Happy Money Plan and have written the workbook to go along with it to help you on your way, so stay tuned, it’s coming soon! You’ll be in the driver’s seat and I’ll be your GPS prompting you with all the things to consider and steps to follow to make for a great plan to reach your money goals.

Okay, so grab a pen and piece of paper and scribble down the obstacles that are (so rudely) in between yourself and financial freedom. Think about what is in the way of earning the income of your dreams or saving enough to reach your goal. Is it your own self-belief, or is it that there’s no room to grow in the company you work for, is it that you haven’t given it much thought or commitment (yet), or is it that you feel comfortable and safe unwilling to make scary changes? It could be anything, big or small. Whatever the roadblocks are the first step is acknowledging what’s in the way of you reaching your goal. Is it a small pothole you can easily dodge, or a speed hump you just have to slow down for, or is it a stop sign? Stop sign you say? Can you make it just a ‘give way’ sign or how about turning around and trying a different route? We often have to get creative to reach financial freedom, we often have to travel a lot of kilometres, go down many streets and climb tall mountains. You’ll need a reliable car, fuel, and a GPS. So think about who’s in your support network, and what knowledge or experience do you need and work on your mindset so you stay cruising along on your road in the right direction.

Let’s dream big! Ask yourself what are your money and lifestyle goals. Think about 6 months 1 year and even 5 years ahead. Get dreamy, what does it look like, what are you doing, who’s around you and how does it feel? Now, reach a little further, dream a little more, then buckle up and go get it. Sometimes we are safe with our goals putting them in the to-hard-basket, believing you’re not capable, or we’re too eager to reach the goal too quickly. Things take time, energy and purpose. You can become as wealthy and comfortable as you want to be. It’s time to stop playing the victim game or the poor global economic card. Throw away your doubts, fears, poor excuses and stop listening to negativity. This is your life and your financials where you are in control of the financial destination remembering that everyone’s dreams and ambitions are different.

Now we’ve set the destination we need to work our the road to get there. The road might be a little bumpy at the start so do your best to pay off the credit cards, cancel the accounts you don’t need anymore, move your savings into high-interest accounts, chat to your broker to renegotiate your interest rates, and even think about setting up payment plans for the outstanding bills you might have. Let’s remove the clutter before you set up your 2024 budget. I suggest breaking the year into quarters and budgeting for each quarter as it comes so you don’t get overwhelmed and to ensure you focus on what you can control. It’s all good and well writing up a budget, but sticking to it is the hardest part. Pull out your calendar and set non-negotiable reoccurring meetings with your family to keep on track. Be honest with yourself and your family and work out at what level do you feel comfortable and satisfied with your budget. AT these meetings reflect on the previous budget and set the next. Now remember, do not be too hard on yourself. Sticking to your budget is far from easy and talking about it can often be harder. Let’s just be mindful with our spending, be conscious, and deliberate about our expenses. Take time to evaluate your purchases and weigh up the value they bring you. Does it really make you happy?

Investments are next to consider. What can you review, tweak or grow to better your financial decision? And how does that sit with you? Is it too risky or too conservative? Can you still live your life comfortably? Who’s involved and should be considered in these discussions and changes? When is the right time to make these changes? No one has a crystal ball, but it’s about seeking the right advice from a professional, watching your money closely, and being comfortable with the decisions you make.

Next year, think money, know and watch your money and live every day striving for your financial and lifestyle goals. I always think about making a 1% improvement each day. It’s a tiny action, a small change that accumulates and although doesn’t seem like much in the moment, it makes a huge difference! I get such satisfaction working on my self, it doesn’t always have to be about money, but often, it ends up impacting my finances. This is where my passion for helping people make good money decisions comes from. Let’s think about our mindful spending habits, managing and reducing our debts and expenses, setting our goals, diversifying our investments and income streams and regularly undergoing a financial health check. Think about how to improve your situation in any way shape or form to put yourself on the right road, in the right car, with enough fuel and a reliable GPS (make sure there are some delicious car snacks too) to reach your desired financial destination. Bring on 2024!

Contact Phoebe

Phoebe is available for interviews, guest appearances, article commentary, and talks on a range of topics relating to property, mortgage broking, and personal finance (particularly for women!).