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An Essential Money Habit for 2024

January 09, 2024

It’s that time of year when we all think about ways to be better. So, how can you be more intentional about building good money habits in 2024? Or maybe you want to have less stress about money? It is important to set goals, but it is even more important to create habits for making progress toward your goals. Here is a new habit we recommend:

Give ALL your money a job in 2024.

What do I mean? With your monthly income, you need to define what those dollars are supposed to do. All of them. When you don’t have a defined job for your money, you or maybe your spouse may give different jobs to the same money and then you have a problem! For your investments, do you know what job they have? WHEN are they supposed to do their job? In 5 years, in 10 years? This can help you decide how they are to be invested.

Use tools to help with monitoring your money’s job.

You need a tool to quickly review how your money is working. Employers create job descriptions and then they review how their employee is doing. This is how you are to think about your money. Additionally, your finances are complex enough to require tools beyond a pad of paper or even a spreadsheet. Find a tool that works for you.

Pick a specific time and place to review your money’s job.

We are much more likely to build new habits when we choose a specific time and place to do the habit. It can be helpful to create a visual que to remind yourself to check on your cash flow. Another helpful method is to pick a habit you already do, such as drinking coffee, and then add the habit before, during or after brewing your coffee.

Get support from people who share your goals. 

We are powerfully influenced by the people we are connected to. Surround yourself with people who use money wisely and learn from them. At Milestone Wealth Design, you have a team of people who can help you define your goals and assist you in giving ALL your money a clear job.