Spring is here!
This is the time of year we can really draw from that new-growth energy in order to get a little extra motivation on our money-moves and meeting our goals!
We often read about “Spring Cleaning”, right? Clearing out the clutter at home, getting our “financial house” in order, maybe, money-wise. This Spring, let’s touch on motivation! Specifically, how you can identify your “motivational-tendency-type”, and then use it to take action with your money now!
Spring Time = Renewal = Growth = Opportunity for Some New Motivation!
Motivation is such a driver in our ability to make change, form new habits and take action. Understanding how we’re motivated can lead to a deeper understanding of, and compassion for, ourselves and our decision-making (or lack there of).
How are you motivated? When working towards a goal, or trying something new, where do you get stuck? Are you naturally internally motivated, or do you need the pull and accountability of others? Do you question and/or research everything in order to get going, or do you ever just dig your feet in and give up by principle of being contrarian?
Habits expert and author, Gretchen Rubin, has developed a quiz, which she calls finding your “tendency” in order to determine your motivational type towards taking action! Take the quiz, and then consider how you can use your specific type to get a move on your financial goals.
A Few Money Moves You Can Make Now That Will Really Pay-off:
Revisit Your 2024 Money Goals:
Did you set any resolutions or targets you wanted to hit this year? What did you commit to? How is your progress? Can you identify anything that is getting in the way?
We’re one whole quarter into the new year (whew!), where did you think you’d be with your financial goals by now? Where are you actually?
This is a great time to get clarity on what you set out to do, and how far you’ve actually come. Perhaps you wanted to pay off a certain debt. Revisit the original balance, then take a look at where you are now, and calculate the balance remaining. You can break that new number into a reasonable chunk of payments and time. Perhaps, where would you be by Summer, if you paid X towards the debt, monthly, right now?
Strategize Taxes for Next Year (not tax advice!):
You might have recently filed your taxes, or are getting ready to do so. Where there any surprises? Did you end up owing more than you expected, or perhaps got a large refund? You can exercise some control over your tax situation next year when you file, either by adjusting your withholdings with your employer now, or making advance tax payments as an entrepreneur.
You can also contribute to a tax-deductible savings account like a retirement 401(k) or a medical account like a Health Savings Account (HSA). These will literally lower the amount of money that you have to pay taxes on, by the amount that you contribute to these accounts. Meanwhile it increases your savings; a win-win.
Save Ahead Using Sinking Funds:
If you did receive a tax refund, where can you put that money now that will make the most impact for you later?
Plan ahead for goals in 2025, using the Sinking Fund method. Any travel next year? Save up the amount now, automatically, and little by little. Any lump payments on the horizon that will be due by a certain date? Figure out how much you can afford to set aside each month, or with each paycheck. Putting the money into a High Yield Savings Account (HYSA) or a Certificate of Deposit (CD) will allow your money to grow the fastest! Once the money is due, you can pay yourself from that account–no stress. By paying yourself first, you’re sure to hit your goal much easier, rather than seeing what’s leftover after paying all else.
How good will future you feel, if you get the ball rolling today?
Unlocking Abundance 