5 min read

Money challenges to help you kickstart your financial goals

Q3 2023 July Learn Banner

With rising living costs, most households have seen monthly bills and expenses go up and for many of us it’s made it harder to get started on our money goals or even understand what they should be.

Looking for some inspiration? Why not check out  the money challenges below - each broken down into 3 actionable steps. You can pick the one that fits your money goals the most to help you get started.

Money Goal #1: I want to master my spending.

Action 1: Get clarity on where your money is going. Once you’ve got a clear picture of your current spending, ask yourself: does this match my income, life priorities and goals? 

Action 2: Decide exactly where your money will go before you get paid by building a Smart Spending Plan. This will help you take control over where your money is going and figure out where potential savings can be made.

Action 3: Create new habits to keep you on track. Are you an emotional spender? Do you buy impulsively? It’s important to identify challenges and spending triggers you have faced in the past so you can put in place new habits to help you overcome them.

Money Goal #2: I want to pay off my debt.

Action 1: Know what you owe. You can’t develop a plan to reduce your debts until you know how much it’s costing you.  So sit down with a pen and paper (or whatever works for you) and work out exactly how much debt you have, how long it will take you to pay off at the current rates and how much you can afford to spend on clearing it. 

Action 2: Knowledge is power. Did you know there are different methods to repay your debt as cheaply and as quickly as possible depending on your situation? Snowball, avalanche or debt consolidation are all options  you can explore here. 

Action 3: Find out what support is available. Did you know through your employer you might have the option to consolidate high cost debt with Salary Finance at a lower rate? And sometimes you can get access to grants and other financial help.

Money Goal #3: I want to grow my savings.

Action 1: Set a savings goal and give it a name. Whether you’re putting money aside for a holiday, home improvements or a rainy day, by giving your savings goal a name, it becomes more personal to you and more likely to keep you motivated.

Action 2: Work out how much you can save each month. Do you have one goal or multiple? Decide how much money to save toward each of them on a monthly basis. This is also a good time to consider areas where you might be able to make savings to free up extra cash. Check out the Salary Finance G.U.I.D.E: The Savings Edition for inspiration.

Action 3: Automate it. The best way to start saving is to not have to think about it. If you don’t have a savings account, open one then set up a standing order which will regularly transfer money from your current account into your savings account. Alternatively, check if you have access to Salary Finance through your employer. It could help you save directly from your pay, making it completely hassle-free.

Money Goal #4: I want to improve my relationship with money.

Action 1: Did you know how we manage our money is often connected to how money makes us feel? The first step to progress with your money is to understand how you feel about it. Start by taking this simple money personality quiz and reflecting on your relationship with money by asking yourself these 5 questions.

Action 2: Review your current financial situation and spending habits. Write down your income, expenses, debts and savings. Use this free financial fitness tool to get a clear picture of your money habits and help you identify areas for improvement.

Action 3: Make it fun. Have you thought about how you could use social media to  support your financial goals? Curate your social feed so it’s packed with content about financial wellbeing and look for inspiration and communities online that align with your goals. For example, if you’re working towards getting out of debt, follow accounts and hashtags like #financialfreedom and #debtfree to receive daily encouragement to keep you on track.

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