Resetting Your Money Goals: A Fresh Start for the New Year
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Your Best Financial Year Yet: Simple Steps to Refresh Your Money Plan
Fresh Money Goals for a Brighter Financial Future
As we flip the calendar to a brand new year, many of us are filled with hope and excitement. It's like opening a fresh notebook, with all those blank pages just waiting to be filled with your biggest dreams and plans. There’s just something about the new year that seems like the perfect time to refocus (although this can definitely be done any time of the year that you need it!).
So why not take this opportunity to also give your money goals a reset? Just as you might declutter your closet or rearrange your living room for a fresh perspective, it's time to do the same with your finances.
Reflect on Last Year's Financial Journey
Before diving headfirst into setting new goals, take a moment to reflect on where you've been.
What did last year's financial journey teach you?
Did you have any unexpected expenses that threw off your budget?
And possibly most important, what wins can you celebrate? I am ALL about celebrating wins, no matter the size!
Reflecting is crucial because it helps us recognize patterns and behaviors in our spending habits, as well as learning from the lessons we’ve encountered. What did you learn from last year's money adventures? What can you use to keep you moving forward this year? And what will you decide to leave in 2024 because it is no longer serving you?
Dream Big: Setting New Financial Goals
Now that you've taken a look at last year's lessons, it's time to dream big! What do you want to achieve this year? Whether it's saving for a dream vacation, building an emergency fund, or investing more in your business or for retirement, having clear goals gives us direction.
Grab a pen and paper—or open up that notes app—and jot down anything you think you might like to accomplish financially this year. Don't hold back; let your imagination run wild. Remember, these are your dreams we're talking about! Believing in the possibility is a great first step!
Also, if you already have some goals set, you don’t have to actually make any changes, unless they don’t feel aligned anymore. Perhaps you just need to refresh yourself on goals you aren’t have set and reignite some passion that will keep you on track.
Break Down Those Goals
That being said, dreaming big is fantastic, but turning those dreams into reality requires breaking them down into manageable chunks. There’s nothing more overwhelming than looking at a giant number and wondering how you will ever save that much or pay off that much debt. Then you never even get started and in a year you’re in the exact same place as you are today.
Let's say you're aiming to save $5,000 for an emergency fund by the end of the year. Instead of being overwhelmed by the total amount, break it down into monthly savings targets. Suddenly, $416 per month seems much more doable than $5,000 at once.
Or, if $416 per month is still too daunting, what CAN you stomach? How about working towards $1,000 in 4 months – that’s $250 per month. If you’re able to do that, then you can celebrate the win of making it to $1,000 sooner. Then you can use that victory feeling to motivate you to keep on going!
And hey, if math isn't your strong suit (no judgment here!), there are plenty of budgeting apps and spreadsheets out there ready to crunch numbers for you.
Embrace Budgeting Tools Like YNAB
Ah yes, budgeting—that word that brings up so many feelings. (My goal is to help you learn to LOVE it!!)
If you're not already using YNAB (affiliate link) or another budgeting tool, consider giving it a try this year. YNAB helps you allocate every dollar with purpose and helps you see, in real-time, what you are spending. It’s this kind of clarity that can help you make changes to your daily habits, which in turn, leads to long-term success.
Cultivate Positive Money Mindset
While tools like YNAB provide structure around the numbers—they're only part of the equation when striving towards better finances overall—mindset plays an equally important role too!
It starts by changing how we view money altogether—from seeing it as dreaded bills and debt payments to recognizing that money is an incredibly powerful tool capable of literally changing your life when you control it, rather than the other way around. Instead of dwelling on scarcity or past mistakes (we've all made them!), focus on abundance and opportunity instead. Practice gratitude for what you have now while keeping an eye toward growth.
Address Debt Management Head-On
Ah, debt—the unwelcome guest at many of our financial tables. But here's the thing: tackling debt doesn't have to feel like climbing Mount Everest.
Start by listing out all those pesky balances and prioritize them based on interest rates or amounts owed—whichever feels less daunting for you. Then chip away at them methodically, celebrating each small victory along the way (seriously, treat yourself when that first credit card hits zero!).
Remember, reducing debt is not just about numbers; it's about reclaiming peace of mind and freedom.
Building a Supportive Financial Community
They say you're the average of the five people you spend the most time with. So why not surround yourself with folks who inspire positive financial habits? A supportive community can be invaluable on this journey.
Whether it's joining local budgeting groups or participating in online forums where people share similar goals, connecting with like-minded individuals provides encouragement and accountability.
(Psstt - I have a client and student only community. You can grab my ebook for just $1 and you’ll get an invite!)
Celebrate Milestones Along Way
Let’s face it: big wins don’t happen overnight (wouldn't that be nice?). That's why celebrating small victories along the way is essential for maintaining positivity throughout this process.
Did you stick to your budget this month? High-five yourself! Paid off another chunk of debt? Do a happy dance!
These acknowledgments keep motivation high even when times get tough because progress deserves recognition no matter how small. And I am ALL about celebrating every single win!
Final Thoughts
Ready for action? Take just one moment today—yes right now—to reflect on one limiting belief about money that's been holding you back. Challenge it by replacing it with an empowering thought instead!
Remember: transforming your relationship with money starts within—and there's no better time than now to begin crafting new narratives around finances that align perfectly with living out YOUR greatest life vision!
You’ve got this!
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