There’s something slightly humbling about opening your computer to write a blog post and realizing you haven’t done one in, well, let’s just say… a while.
In my case, my Mam was in town for a full month. There were meals out, long chats, tourist days, and the kind of togetherness that tends to push the usual routines to the side. I didn’t have time for my finances, my swimming, my work, I just wanted to devote as much time as I could to my Mam. I loved it, but my waistline didn’t. I mean, she brought half a suitcase of Cadbury’s chocolate from the UK for goodness sake! Gulp. Then the new year arrived and promptly sprinted past in a blur of more family time, days out, and more fun. All good things. All very real life. And quietly, my money routines and work focus slipped into the background.
If you’re reading this thinking, “Same,” you’re in good company. Plus, yay! That makes me feel better.
January and the media a way of making us feel like we’ve missed something if we don’t start strong. As though there’s only this one narrow window for fresh starts, and once it closes, that’s it. Well, I didn’t set a New Year’s resolution this year, and I feel okay about that.
But I’m learning and relearning, in my fifth decade on this planet, that life doesn’t work in neat quarters. Sometimes the reset comes a little later, when the noise has settled (and Mam has flown home), and I’m actually ready to pay attention again.
So, this is my belated start to the year. There’s no dramatic overhaul and definitely no punishing resolutions (although I’ll be starting my morning swims at 6 am again tomorrow). I am happy with my slow decision to re-engage.
When it comes to money, I’ve found that the worst thing we can do after a break is come in hot with guilt and a host of grand plans that seem great but are not sustainable. The better move is curiosity. Looking at accounts without flinching, but noticing where money has been going without immediately trying to “fix” it. Letting the numbers tell their story before we start rewriting it. What was comforting for me was knowing that all the money I spent taking my Mam on days out bimbling around like a tourist, was sitting in my ‘travel’ account to pay right off the credit card when it plopped like a 20lb bag of tatties (potatoes in my language) into the inbox. This was a vacation, and so I had budgeted for that.
I often coach people who tell me they don’t want to deal with money at all. They want it handled, automated, sorted in the background so they can get on with life. I understand that instinct deeply. But I also know that the moment we stop paying any attention, money starts making decisions without us. And that’s rarely when it behaves at its best.
This year, my focus isn’t on being perfect or optimised. It’s about staying engaged, and mostly with my spending. Of course, also what I’m saving, and yes, what I’m invested in, but I need to curb my spending. I’m going to track my spending, starting today, for the next month or two, so I can scare myself into what is being frittered away. Then I’ll know it’s time to adjust.
A fresh start with money doesn’t have to mean spreadsheets, sacrifice and self-flagellation or hairshirts (I’ve been watching too much TV). Sometimes it’s as simple as choosing a theme instead of a resolution. You might choose one of the following themes:
- Being aware of your spending (like me)
- Set financial goals (1 year, 5 years, 15 years, etc.)
- Refresh your budget…or make a budget!
- Rebuild savings
- Pay off debt
- Retirement planning – even if you’re 24 (that one’s for my daughter)
- Build an emergency fund (3-6 months)
- Double up on mortgage payments at least six times this year
- Cancel subscriptions and save/invest the difference
- Learn about ETFs!
- Start investing
- Check your TFSA contribution room and your RRSP deduction limits
- Check your credit score
- Work out your total net worth
- Read a personal finance book
I could go on and on and on. Just pick one financial focus and give it some real attention. Not everything at once. Just one thing done thoughtfully. Because progress built slowly has a way of sticking around better than hot to trot for two weeks, then you give up.
If you’re feeling late to the year, behind on your goals, or mildly annoyed at yourself for losing momentum, consider this your permission slip to start where you are. Because I’m right there with you! It doesn’t matter that we’re not where we planned to be on January 1st. Money doesn’t need perfect timing; it just needs consistency, honesty, attention, and a bit of kindness.
And today feels like a pretty good day to do that.
