The Xmas & New Year Money Hangover: Recovery Tips
I am sitting here on the 1st of January 2019 (Happy New Year everyone) and everyone around me is making New Year Resolutions, but this year I am refusing to make one. Instead, I am going to sit back, reflect on the last 12 months, and think about ways I could have done things better.
In all fairness, I love the idea of a New Year resolution but without a plan, it is really just a new year dream that will be gone by February only to be resurrected the next December 31st, very much like my weight loss resolutions from 2013-2016
To give you a sneak peek inside my reflection session in assessing all the changes that happened in the past 12 months, I am most proud of my money and finances changes. Although there are so many things I wish I had done differently and things I know I could have done better overall, I have learnt so much and enjoying my current financial independence journey. Now, I am no longer embarrassed by my financial situation and not scared to admit my failures. I learn and grow from the mistakes I make.
Despite being on a financial independence journey, I still made a couple of money mistakes. But I 100% accept it, challenge myself and learnt from it. My biggest financial mistake was in December. Definitely, I should have known better, the dreaded money pool of the Christmas season. But, I refuse to give up on this journey and I am challenging myself to do better in 2019 by setting and sticking to a budget, save for holiday, and build up my “Don’t Touch Account” as well as my retirement savings. No more blowing up my budget because of the holiday season come December 2019.
Also, having my parents down to visit me was really exciting but I blew too much money on gifts and showing them all the yummy places to eat. I broke my personal rules, failed to stick to a budget and discuss my Financial Independence journey with them. I got too excited and tried to impress them by insisting on paying for the meals or eating out. All those things added up to a blown budget and a festive season financial hangover.
To avoid similar mistakes in the future, I realised that communication is key and sticking to a home cooking meal plans. Also being proud or trying to impress others can be very costly and impact your financial goals negatively.
On the plus side, my “Don’t Touch Account” has remained untouched, but the budget and savings accounts were substantially hammered. Obviously, it wasn’t my bad spending that hasn’t changed but what I failed to address is my pride and failure to discuss my FI journey with friends and family. But I can reset, refocus and make more changes towards my 2019 financial goals. Despite the behavioural induced financial mistakes, I’m excited for smashing the 2018 goal to be debt free and managed to get my savings started too. 2019 is the year of “the savings”!
DARE TO OWN YOUR FINANCIAL MISTAKES
Are any of you smart ladies suffering from a festive season financial hangover? What was your biggest spending mistake in 2018? What can you put in place for the next one year from today to make sure it doesn’t happen again? If you are reading this 250+ days away from 31st December 2018, it’s never too late to reflect, reset, refocus, and recharge. But most importantly, plan and take actions. Most excitingly of all what is your FINANCIAL GOAL for 2019 or the next 365 days from today? Not just resolution but make a PLAN to ensure your goals are realised and not revisited next one year from today.
Happy new year to all my fellow SMART WOMEN.
