New Year's Kickoff 2023 with Shannon McLay
Hello, Martinis and Your Money Listeners. Today is a special episode. I had a calendar of all episodes planned and ready to go in December, but then I had a client meeting right before the holiday break, and it inspired me to record a different episode, a solo episode. I wanted to record this because there are a number of things I want to share with you, mainly because it’s the New Year. I want to talk to you listeners the way I talk to my clients.
Podcast Notes
We are at the beginning of a new year, which is a time when lots of people focus on goal setting. If the new year brings new energy and motivation for you, lean into it!
On a financial journey, there are many financial seasons. Sometimes it’s a winning season, sometimes, it’s a challenge, and sometimes it’s something in between.
Right now, it is not a winning season for most folks. The last year has been incredibly challenging. This is a new season for folks who have been in a winning season for a while. It’s important to have perspective and understand that these seasons happen.
With these seasons, sometimes they are in control, and other times they are not. We don’t always know how long these seasons will last.
Being financially healthy is a lifestyle choice over time. The best way to approach it is with as much flexibility as possible.
It’s okay if 2022 felt like a shit show and you’re not excited about your current financial situation. Remember, everything you do financially is fixable. The numbers are temporary. Stay as mentally positive as you can. All you can do is do the best you can do, especially when making complicated financial decisions. It’s all about managing things the best you can.
I’m not here to tell you to set goals or push yourself if you don’t have the energy for that this year. Try to give less emotional energy to the numbers. Acknowledge how you feel, know that it’s temporary, and make a move forward one step at a time. We have to deal with things as they come.
I’m not sure of my 2023 goals yet, and I talked about it in more detail in the 2022 Year End show. I’m in a challenging spot and leaning into it.
If you’re struggling, it’s time to take it back to the basics.
Expense tracking, whether it’s written down, in an excel sheet, or the notes app on your phone. Every time you spend money, categorize and acknowledge the purchases for at least a month or two. Reflect on the numbers without judgment, and make adjustments based on your feelings. Did it feel healthy? Did tracking help you be more mindful?
If your financial situation has changed, figure out what your new baseline normal is, and adjust if needed. Inflation has touched many aspects of our budgets this last year. How can we find the money lost to inflation?
You may have to make cuts, which is a challenging thing. If you’re not prepared or able to make cuts at this time, it’s okay. Simply acknowledge that you’re going into more debt and determine when you’re going to deal with it. Taking on debt can be uncomfortable, but it’s okay. Consciously taking on debt during a challenging time is very different than using credit cards irresponsibly.
If you’ve found yourself with credit card balances that can’t be paid off, it may be time to go on a crash diet. Give the credit cards a break.
If you haven’t started preparing for the financial worst this year, it’s time to start. There will be more layoffs in the future, and they can happen in any industry. Be aware that it’s out there. Having as much cash as possible is key.
If you have savings outside of an HYSA, now is the time to consider one. The interest rates are great for saving.
The high rates mean it’s best to keep debt as low as possible.
If you are in an off-season and are interested in the support of a Financial Trainer, head to FinancialGym.com to learn more. From Trainer-on-Demand to the monthly accountability program, there are options to help you become more financially healthy.
I wish for the most outstanding 2023 and a winning financial season for everyone. If it doesn’t feel like you’re in a winning season, know you’re not alone.
If you have any topics you would like me to cover on this podcast, or if you’d like to get in the financially naked hot seat, I encourage you to email me at Shannon@fingyms.com, or join the private Martinis and Your Money Facebook group, and let me know what you want to hear.
The beginning of the year is a perfect time to set goals and make plans for where you want to go in the next year. You may not actually accomplish all of your goals, but I’ve witnessed amazing results happen over the last 10 years when people set out to make financial health a goal of theirs. A financial health journey can be long and feel lonely at times, but if you or someone you know would like to have a supportive best financial friend along for the ride, please check out financialgym.com. With memberships starting as low as $35 a month, we are the inflation-proof source for financial wellness for anyone. So head over or send friends to financialgym.com and schedule a warm up call today. As a reminder, our warm up call team is staffed with amazing and current Financial Gym clients that can answer any of your questions about our program without any pressure to join. We know that Financial Gym is an investment and we want to make sure that you’re confident in the choice you’re making before you commit.