Join our newsletter

Stay in the loop, subscribe to our newsletter and receive blogs, money saving tips, Boomeringo updates and new releases right to your inbox.

Make Everyday Your January 1st

Posted on 23 Dec 2015 by Shammika Munugoda

Make Everyday Your January 1<sup>st</sup>

Make Today Your January 1st

They say the worst time to go to the gym is in January. That’s because it’s right at the beginning of the New Year, when everyone still has their resolutions in mind and are benefiting from the momentum their goals have given them. However, every seasoned gym rat knows that the regulars will have their routine back to normal by March, at the latest. By then, the vast majority of people will have hit some kind of resistance and given up. A lot of them probably even sit at home andmake plans for meeting their goals next year.

Stop Waiting until January 1st

Alright, time for a little tough love. January 1st doesn’t matter. If you’re an adult and you have a goal, now is the time to start working toward it. Between now and New Years, a lot could happen. I can almost promise you none of those events will make it easier to hit whatever milestone you’re eying.

This is especially true when it comes to financial planning. I hear people all the time say that they’re going to set a budget, first thing, come the New Year. Even stranger are people who have created a budget, but are going to wait until that magical first day of January until actually acting on it. They’re holding the map toward financial success, but they’ve decided to continue being fiscally irresponsible until then.

Instead of waiting for New Years, consider the following steps for helping you get started today.

Face Facts

One of the reasons so many people have an easy time putting off their goals is because they’re not in touch with reality. They’re simply not. People work hard to avoid their problems, especially financial ones. So they continue to spend more than they can afford because it’s easier than facing the facts.

Stress is generally considered a bad thing, but there’s actually a helpful version known as eustress. This is the type of stress that brings with it positive results. When you’re realistic about where you actually stand with your finances, it can mobilize you toward setting and accomplishing goals that will help take you to greener pastures. Best of all, this step doesn’t need to cost you a thing or take a lot of your time.

Get That Budget Going

Another easy solution to build on this is to get going with that budget. You can always do more and more to improve-- it just get started for now. An extremely rudimentary version will do just fine.

Look at your bank statements for the past three months. This should give you a sufficient perspective on what you’ve been making. Now do the same with an eye for what you’ve spent.

Now, no matter how well you’re doing, there are always areas for trimming the fat. Where can you cut costs and save money? Chances are you’ll find at least an option or two that surprises you.

Alright, now you should have an idea of how much you need each month for necessities like food, clothing and costs related to shelter. What’s left over should be cut up into paying down debt or handling other bills, savings and some money for creature comforts.

Save, Save, Save

I want to expand on this part of the budget a bit because it’s another step that you can start right now without spending any money. So there are no good excuses for not doing it.

When it comes to those creature comforts, things like DVDs, new music, clothes, etc., it’s not necessary to never purchase them. That would be an unrealistic goal for most people and even defeat the purpose of all that hard work you put in.

Instead, promise yourself you won’t make those purchases until 30 days after you’re confronted by them. This will give you adequate time to consider the decision in earnest and ensure impulse buying isn’t playing a role.

Also, every bank has an option that will take money from your pay check and automatically deposit it in a savings account for you. Setting this up takes minutes and will keep a certain amount of money far from your temptation’s reach.

So stop waiting until January 1st to turn things around. Who knows where your finances will stand by then? Instead, review the above advice and start taking small, simple steps toward better financial wellbeing today.

Shammika Munugoda

Shammika Munugoda

Founder and CEO

Software engineer Shammika Munugoda is the founder and CEO of Boomeringo.  In 2005 Shammika arrived in Melbourne as an international student from Sri Lanka. Being an international student meant Shammika was only allowed to work a maximum of 20 hours per week. His years as a financially strapped student were an influencing force in the development of Boomeringo. Shammika’s vision is to make financial management simple, easy and accessible to everyone in Australia.