Let's get real: When sorting out your finances looms on your to-do list, it can be easy to keep putting it off. There’s often a big scary task (getting honest about your pension situation, facing up to debt, or figuring out what your investments are doing, perhaps) that you’ve been avoiding.
But the truth is, there are countless ways to move into action around your money. And it’s often the smallest, simplest ones that will get you feeling empowered and confident enough to move onto the scarier items on your list.
By the time you get there, they might not even seem quite as daunting after all…
Our mission: To help women take control of their wealth
We’ve helped hundreds of women get control of their finances through our BeWealth retreat, one-day events and online programs, and the feedback we get is inspiring. Take Boryana's celebration after she attended our Wealth Insights workshop.
"The biggest impact of Wealth Insights for me was the realisation that wealth is achievable by ordinary people and that when you know how to appropriately manage your money, you can create predictable results. The second big aha moment was that you are not born with the knowledge of how to multiply money. It comes with education. I cannot thank you enough for these insights. They have started my ongoing journey to wealth in a sustainable way."
And every woman’s journey is different. So today I want to share just some of the ways we’ve seen women in our community make a start. My hope is that one of them might be the first step for you when it comes to sorting out your finances.
Let us know which one you’ll choose in the comments!
20 ways to start sorting out your finances
1. Get clarity
Don’t worry about changing anything, just find out where you arewhen it comes to one area: Maybe your pensions, savings or investments. Could you fire off a quick email at lunchtime and get access to the data you need?
2. Write down every penny you spend for a week
Perhaps the simplest and most effective way to start changing your financial habits. A spreadsheet is great for this. Not a tech fan? A little notebook works just as well!
3. Set up ‘jam jars’ or allocated pots for your money
This is a really powerful tool to use when it comes to taking control of your finances, and it can go well beyond spending and saving. We teach this and lots of other helpful tools around managing your money as part of our 10 Week Wealth Turnaround training. Give the office a call if you'd like to know more.
4. Explore your limiting beliefs around money
Is it the root of all evil? Goes as quickly as it comes? Causes stress and arguments?
What did you grow up believing about money, and how might that be holding you back? Taking time to journal about these feelings is free and easy -- and it’s often the biggest barrier to getting things on track.
5. Teach your kids the basics of saving, spending and investing
How do you manage issues like pocket money, and what do your children understand about money? Start having conversations with them and make finances feel fun!
6. Have an honest conversation with a friend about your finances
Many of us are happier confessing the deepest details of our sex lives than broaching the topic of money. Find a friend you trust and have a money chat. What do they earn? How do they spend, save, or invest? What are their challenges? You might find common ground.
7. Book an appointment with an Independent Financial Adviser (IFA)
Whether you’d like to be sure you’re investing ethically, want a financial MOT or need advice on handling an inheritance, separation or windfall, an IFA can give you qualified, impartial advice. And if you're imagining a stuffy old man in a suit, think again. We have several IFAs in our own One of many community, who love helping other women feel confident and empowered about their finances without patronising or making assumptions. Pop a post in the Facebook group if you'd like to find them!
8. Schedule a time to talk money with your partner
Hint: Not in the middle of an argument or when the joint bank statement’s revealed a nasty surprise. Find a time when you’re both ready to get honest -- and have a frank talk about where you’re at. Bonus points for making a date night out of it: win-win!
9. Print out your bank statements
Simple. Powerful. Grab a highlighter and see what's going in and out. Any surprises? Get familiar with the numbers. It’s the first step towards taking back control.
10. Update your CV
Make sure it accurately reflects your achievements, training and growth. Even if you're not actively job hunting, this can be a great way to identify the value you’re bringing to your organisation, company or clients. Might it be time to explore a promotion, pay rise or career move?
11. Write a list of your financial values
What’s more important to you: Freedom or security? Providing for your family or feeling independent? What would you like to be doing with your money? Spend some time exploring what matters most to you.
12. Find out about One of many’s wealth training
If you’d love to get control of your finances, book in a chat with one of the team to find out if our training can help. We have a few different options, and if there’s someone else we think would be a better fit, we’ll happily signpost you.
13. Listen to a podcast or read a book about money
This is a great one if you’re feeling overwhelmed or anxious about your own situation. Start by listening to what other people have experienced -- it might be just the inspiration you need.
14. Get clear on WHY
Feeling guilty or unclear is never the most positive motivation to get started on change. What’s your vision for your financial future? What would you do if you had zero financial worries? Draw a picture, write down some ideas, don’t be afraid to dream big.
15. Find an accountant/bookkeeper who can help you
If you’re self employed or an entrepreneur, having the right support in place will make all the difference.
16. Shop around
When it comes to renewing your insurance, the difference between quotes can be surprising. Or perhaps you'd prefer to be with a company that aligns better with your values? Spend an hour shopping around, and celebrate what you can achieve.
17. Commit to a regular money check-in
Like going to the gym, it’s little committments that can add up to big changes. Book in half an hour a week and commit to making that your money slot. How you use the time is up to you, but knowing it’s there will enable you to make a difference.
18 Up your self care to give you the energy you need
If you’re burned out and exhausted, looking at money stuff can feel like the last straw. Can you go to bed an hour earlier, book yourself in for a massage or have a long bath to recharge before you tackle the task?
19. Spend an hour journalling about your relationship with money, starting with your childhood
How have you felt about money, how much have you earned, what have you spent it on? Watch out for any patterns that recur, whether it’s online shopping binges when you’re feeling low or avoiding money conversations with those close to you.
20. Identify where you are on the Stages of Wealth - and what your priorities need to be
Knowing where you are on the stages of wealth means you can quickly identify what you need to focus on first. Read more about the different stages, and how they can help you focus your energy most effectively, here.
What's your first step?
As Boryana realised at Wealth Insights, nobody's born knowing how to manage their finances. Feeling confident and in control around money is something any of us can achieve, with the right support and education. So if you know you want to sort out your finances, take one small step today. Ask for help, share your journey, and celebrate every way you move forward. You've got this!
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You might also like to read...
- 3 reasons to sort out your finances (and where to start) - July 29, 2021
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- How to stop being everything to everyone - July 15, 2021