Jump Start Jan: Personal Finance Week: Day 1

Day 1 priorities personal finance week Jump Start 2014Hi there, and a Happy New Year to you! Did you go out last night? Feeling a bit delicate today? Don’t worry if you’re not up to much right now because it’s a really easy one to start you off.

No need for major resolutions, a one year plan or anything like that. All you have to do today is think briefly about your general personal finances, and decide this:

What’s my number one personal finance priority right now?

Chances are this will spring into your mind pretty much straight away. For example it could be:

  • Get out of debt
  • Make a plan to save for a holiday
  • Pay a specific utility bill
  • Renew some insurance at a good price
  • Start an emergency fund
  • File some accounts
  • Maintain current financial position (stay out of debt etc)
  • Increase earnings

Whatever it is, admit it to yourself, even if it’s scary.

Next, work out the specific amount of money involved, and decide a sensible, realistic plan to meet this priority. Pick a date for achieving your goal too – it’s a simple but effective way to get yourself organised and motivated, and make things happen how you want them to.

What’s happening here?

Last month I paid off my overdraft and a big chunk of my credit card. Right now my priority is to finish paying off the credit card as quickly as possible, and become debt free again. I’m only spending vouchers and store points in the January sales, and sticking to another month of emergency mode spending behaviour. My maximum time limit is twelve weeks from today.

What’s your main personal finance priority today?

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  1. Paying my tax bill later this month. Due to some unexpected emergencies, I’ve had to dip into my tax fund. So I need to raise some money this month, through ebay, calling in late invoices and lots of pitching! I’ve got a long term goal this year too – clear my debt before I start thinking about having a family.

  2. Happy new year Penny!!!

    Once my headache has gone (!!) I’m cracking open the wardrobe and getting all those things I don’t wear on eBay. The job I was supposed to be doing this month has been postponed so I’ve no idea when or even if I’m going to get paid in January so I need to make money by some means in the short term.

    My long term goal is to make enough spare cash to get some work done to my flat and have a nice holiday abroad – we’ve only had short breaks in the UK for the past couple of years so a bit of overseas adventuring is necessary!

  3. Hi Emma – Happy New Year! Good luck with paying off your tax bill too.

    Your plan sounds very practical and achievable, so you’re far more likely to succeed with it than someone who only has a vague wish. May your late invoices all be paid pronto, and your pitches all stick 🙂

  4. Hiya Jackie – and a very Happy New Year to you too! Sorry to hear about your new job being postponed, that must be a big worry. Good to know you are trying to get ahead of any problems and fingers crossed for you. x

    Who knows, maybe in a few months you’ll be sipping cocktails on a beach somewhere? Meanwhile, hope your hangover’s gone soon…

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