Money Musings đź’ Keep the motivation going
What you’ll find below:
Reflection: How to keep your motivation up
Money Move: A New Year’s goal-setting series
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Reel of the Week: Plan for the 2023 IRA deadline
By this time in the New Year most people have given up on their resolutions or goals. Womp womp.
While we can make some major strides in a month, the key to financial success is in consistency.
Small, consistent steps over time lead to big results.
The good news is, the steps can be small and manageable. The bad news is, we’re never done.
So, how do we keep our money motivation up all year round?
Here’s what works for me, no matter what area of my life I’m looking to improve.
Let go of being perfect.
We all have those weeks. Maybe we’re sick or work’s beyond busy and certain actions we’ve committed to fall by the wayside. We might forget to track our spending or skip too many days of going to the gym.
I used to let the weeks where I fell off from my habits derail me from my goals but now when I get off track, I use the new week to reset and try again.
A lot of times, even if we haven’t stuck with our commitments 100%, we’re still making plenty of progress and just need to keep going.
Aim to get 1% better with little steps.
The New Year especially can be a time where we make promises to completely transform. I was inspired by James Clear’s book Atomic Habits because he demonstrates the power of getting 1% better with small consistent actions.
If I’m trying to become more tidy, it might start with making my bed each morning a couple weeks before adding on anything else. For your money, start by setting up a small auto transfer towards a goal or tracking your spending.
Take time to reflect and celebrate.
Taking time (even a few minutes) to think about your week and what could go better, gives us the opportunity to make small and manageable tweaks that can have a big difference. Maybe you take a different route to work to avoid a tempting store where you consistently regret purchases or notice that you tend to overspend with a certain friend.
Track what you observe and the changes you make so that you can celebrate your progress along the way.
Find community.
We’re all figuring out this money thing together. When we don’t talk about money we can feel alone in our money adventures (and mistakes). When we have friends (or even 1 money buddy) we can share with, it can make a huge difference. Plus, accountability makes it a lot more likely we’ll do the things we say we’re going to do.
Forward this email to your money buddy or a prospective money buddy so you can support one another.
How do you keep your motivation up? Hit reply and let me know.
MONEY MOVE OF THE WEEK
GOAL SETTING SERIES: STEP #3 - MAKE SMART GOALS.
You’ve listed out and prioritized your goals. What comes next? One of the biggest problems I see with goals is that they are very vague. Someone might say - “I’d like to save more money.” or “I’d like to travel more.” Without key details we are not setting ourselves up for success. Be specific!
Turning our goals into SMART goals makes it a lot more likely we’re going to achieve them AND gives us a path to get there. Sounds good, right?
SMART stands for:
SPECIFIC: The “who” and “what” of our goal. What are you out to achieve?
MEASURABLE: How will you know when you achieved it? Typically this is the number / amount.
ATTAINABLE: Is the outcome in your control? Is it realistic? Sadly, winning the lottery is not in our control.
RELEVANT: Is it worthwhile? Is it something you are motivated to achieve and put the work in for?
TIME-BOUND: By when will you achieve it?
Here’s an example:
Vague Goal: I want to save more money to travel
SMART Goal: I will save $5,000 by January 2025 to take a vacation to Morocco by transferring $193 per paycheck to a travel fund.
Take a few minutes today to turn your top 1-3 goals into SMART goals. Having a clear path to your top goals is worth the work!
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your weekly money wins
Here are all the amazing money moves you made this week:
Some Encouragement : Reading all of your responses! Just remember, no matter how big or small your money win is, you just being here reading this email is a win!
Marlena M: I moved into my own apartment and saved enough to get all the furniture I needed!
Kaylan: Researched how to best use credit card points for an upcoming vacay
Erin A: Froze my credit to minimize the risk (and financial fallout) of identity theft
Polina: Landed a new client!!!!
LC&A: Discovered I was being charged for Prime monthly on an old account and got a full year refund
Bailey: Got paid for the club I advise so I get to meet some savings goals
Alex: Downloaded Rocket Money!
Aynella: Received my 2023 bonus and allocated the funds to my sinking fund (fun & house updates) and invested $700
Kelly J: Gathered toys my son outgrew and posted them on FB marketplace. Made $80 so far
Michele: Opened an investment account for my HSA. Now on to choose funds and decide how much / often to deposit
Kaitlin M: Auto deposit from paycheck to Roth IRA!
Sasha M: Took advantage of a free Saturday at the art museum