Issue #013: 10 Money Questions To Ask Yourself Before 2024

^{Read Time: 4.1 minutes}

👋 Hey Money Peeps,

I have a really quick favor to ask you before we dive in.

If you can spare literally 60 seconds, click on the question below so that I can make this newsletter as amazing as possible for you in 2024. I have loads I want to talk about, but why not tell me what you want to learn so that I can maximize how much I help you?

What money topics do you want to learn more about?

THANKS IN ADVANCE!

Now onto this week's issue, where I want you to find some time before the clocks hit 12 pm on the 31st December 2023 to answer these 10 money questions...

Why? Using the start of a new year to reset where you are financially is a massive opportunity. I like to do this quarterly, with monthly check-ups in between, but a start-of-year overhaul is an absolute must if you ever want to be fully in control of your finances.

📈1% Better Every Day

10 QUESTIONS TO ASK YOURSELF…ASAP

1. What are my money goals for 2024?

A nice and simple question to kick things off: What are the big things you want to do with your money this year? You might want to include things such as savings/investment goals, big purchases, salary expectations, holidays, and anything else you can think of so you start being more purposeful with your money.

2. Did I meet my money goals for 2023?

An end-of-year review isn’t complete without, well, an end-of-year review. Look at all the topics above and see if you hit the target you wanted to achieve at the start of 2023. If you didn’t set any targets, look at your overall spending and savings and ask yourself if you are happy with where you are compared to one year ago. This should help align you to set practical goals for 2024.

3. Is my money in the right places?

Are you getting a good interest rate on your savings? Are you happy with your current investment account? Do you want to find a new current account? Spend a few minutes comparing this with what’s available online so that you aren't getting shortchanged by being lazy.

4. Do I need to readjust my budget?

People change, especially over the course of an entire year. Perhaps you aren't earning as much as last year, so your monthly eat-out budget needs to be cut. Or maybe you want to travel more this year, so you need to cut another category for a few months. Realign yourself with the person you are going to be in 2024.

5. Was I able to track my spending last year?

Can you accurately tell yourself how much you spent on travel in August 2023? If the answer is no, then you can do a lot more when it comes to your spending. No, you don’t have to be an Excel whiz to figure out how to do this; just head to Google and find a budgeting app that fits your needs and that you can link your credit and debit cards to. It really is that easy.

6. Where can I reduce my spending?

Once you are in the position where you know how much you are spending in each category, now is the time to start finding areas of your life that you can easily cut. Perhaps it's time to switch energy providers, or maybe you haven't watched Netflix in the past 3 months, so it's worth ending that subscription. Find your easy wins!

7. How am I going to get better with money this year?

Is there a money course you can take, or a finance book you've had your eye on? Or perhaps you want to start reading the FT news once a week or start investing for the first time. Try and figure out a handful of ways you can be better next year than you were last year. (Reading this newsletter every week 100% counts).

8. Do I have enough in my emergency account?

This is a great time to remind yourself of the backbone of your finances. Now that you know how much you spend each month from the questions you answered above, it’s time to multiply that number by 3-6, depending on your risk tolerance, and make sure you have that money sitting in a high-interest account that you could access right now if you needed to. Once you have this set up, enjoy the drop in anxiety you have when it comes to money.

9. What is my plan with debt?

Well, hopefully, it's to reduce it, but just wanting less debt ain't gonna actually do anything. You have to figure out your actual plan to make sure that total number is decreasing rather than increasing. Figure out a plan (and even talk to an expert if you need to) and then stick to it. Maybe we can all be debt-free by 2025 (me included).

10. Am I earning as much as I can be?

This is one of my favorite questions because if the answer is no, your brain will automatically start to figure out ways to increase your earnings. Is it as simple as sitting down with your boss in the new year to discuss either getting a raise or asking them what you can do in the next 6 months to get one? Alternatively, with the rise of side hustles on the internet, is there something you want to add to your life that can earn you more money? This year I've earned an extra £1000 from dog sitting alone, so yes, there are ways to earn more money, trust me!

Voilà, 10 questions that get your mind moving in the right direction. I’d love to know if there are any others that you would include in this list - Just hit reply and let me know - I ALWAYS WILL REPLY BACK TO YOUR EMAILS!

👋 Outro

See You Next Week

Thanks again for reading another issue. I really want to make these as good as possible for you, so as always:

PLEASE HIT "REPLY" TO THIS EMAIL WITH ANY QUESTIONS OR TOPICS YOU WOULD LIKE ME TO COVER - I WILL DO MY BEST!

Till next time!

DISCLAIMER: None of the above is financial advice. This newsletter is strictly education and should not be taken as investment advice or a solicitation to buy or sell any assets or to make any financial decisions. Please be careful and always do your own research.