For many people money is an issue in the new year, and it’s why sorting out finances ends up being high on the new year’s resolution list. We often overspend to make Christmas happen, and spend more over the holidays because we are off work too.
To achieve your goal of managing your money better this year, make a commitment to yourself. To make that, and in fact anything you’d like to achieve or bring into your life, you have to take some action. To help you put your goal into action, here are some steps you can take to make it succeed.
Make a list of all your thoughts, feelings and emotions around money. You might find it useful to do this over the space of a few days. Get a big sheet of paper and write the word MONEY in the middle. Put it in a bubble, colour it in, get creative or do whatever you wish with that word, but make it centre of the page. It is better to write this than doing it on a computer or device.
Then, write down everything around it you feel or think about money. This might be things you grew up thinking, like, ‘money doesn’t grow on trees’, or ‘money is hard to come by’. Write down everything that comes up for you around money, good or bad. If your money situation isn’t good at the moment, you will find that most of what you write down is negative or what you would consider, bad. That’s ok, just get it all down, the good and the bad.
This is your money story. What you really think and feel about money. If you do this over the course of days or even a couple of weeks, you will find what comes up surprising. Keep it somewhere where you can see it every day and just add to it when you feel like it.
Once you have a really good picture of your money story, think about how this has affected your money experiences. How much money you save, what you earn and what you do with your money. How you see money with others.
Then, get a new sheet of paper and write a new money story.
The one you have just done is what got you to this point. It does’nt matter what that story was, how it was created and the experiences you have had, you can always turn it around. Money is just paper, and it is the meaning you apply to it that makes your experience of it what it is.
On the new sheet of paper write down every positive you can about money. Write down what money can do for you, what having money in your life would mean. How can you enjoy money? How can you create more money? Again, give this time – if your money situation now is not a good one, then this process will take some time. It doesn’t matter if you believe it or not, you are writing a new story, and it will take time for you to take that on board and put it into practice.
When you have created your new money story, slowly take the steps towards making that happen.
Write down a list of steps you can take now. What habits around money can you let go of and what habits can you start doing that are in line with your new money story? Budgeting your finances and saving each week is a good start. Keeping track of what you spend is also a good way of deciding to let go of spending on things you don’t really need or want.
Good luck. Clockwise is here to help you manage your money better, so be sure to make the most of our savings and loan products that include rewards for good borrowers and saving while you borrow. We also provide budget accounts too to help you budget your finances.
If you need any help or advice, just contact a member of our team who will be happy to help.
