Welcome to Good Money Vibes, the podcast where millennial women in the UK transform from being bad with money to becoming financial rockstars. Are you tired of feeling lost in the world of personal finance? Do you ever think, “I’m just not good with money?” Well, fear not. You’re in the right place.
Every Thursday, we dive into the heart of money matters tailored just for you. Good Money Vibes isn’t your typical finance podcast. It’s a friendly and conversational journey into the world of money, mindset, intentional spending, behavioral finance, and all things money education. I believe that being smart with money doesn’t have to be dull. It’s about understanding your financial behaviors, making purposeful decisions, and most importantly, feeling good about where your money is going. The episodes are packed with practical tips, expert insights, and relatable stories, all designed to empower you to take charge of your financial life with confidence and joy. Whether you’re sorting out your savings, tackling debt, or just curious about how to make your money work for you, Good Money Vibes is your go-to guide.
We’re not just a podcast; we’re a community. After tuning in, don’t forget to join our Money Confidence Club on Facebook. It’s a space filled with supportive women just like you, all on their journey to financial freedom. So grab a cuppa, hit play, and let’s turn those money woes into money wins. Welcome to Good Money Vibes, where good money management meets great life choices.
Hello lovely. How are you? Welcome to today’s episode. Thank you for joining me. Today we are talking all about how to set financial goals, but more specifically how to set SMASHABLE financial goals – goals that you’re motivated for and goals that you can actually achieve.
I think so much of our negative mindset around money comes from maybe having an idea of a goal and then it didn’t go to plan. We didn’t reach the savings goal, we end up dipping into our savings, and this feeds into the narrative of “I’m bad with money, I can’t save,” and so on. What I’m going to talk you through today are the exact steps I take my clients through to help them set goals they can actually achieve and that they are fully motivated to work towards through a combination of utilizing money mindset, neuroscience, and a bit of maths. So, let’s get into it.
When we think of financial goals, we typically think of things like saving up for your first house, saving up for a holiday, maybe saving for your first child, maternity leave – it’s all about saving, right? We’re saving money for something to be able to do something, whether that’s to physically pay for an item, pay for an experience, or to afford flexibility with employment.
This is where a lot of people fall down with financial goals, and it’s because of their money mindset. Your money mindset is all your unique beliefs around money. It’s built up through your childhood and also through your lived experiences, which then affirm the things you saw in your childhood around money. That’s how you build your behaviors, beliefs, and interactions around money today.
When you’re setting a financial goal, you need to get really clear on what that goal is and why it’s important to you. Many of us, especially millennials and probably Gen Z as well, were told by our parents, the education system, society, and the media that we should all be buying property. I talked about this in my last episode on the home buying versus renting debate. In the past, I was saving for a house deposit back when I was “bad with money.” I tried to save for years, but I wasn’t able to because of my money beliefs.
Growing up in a single-parent family living off benefits in a council estate, money came in and went straight back out. Every penny had a job to pay bills or buy things we needed, so there wasn’t any excess. This experience shaped my money mindset. When I started earning good money in my early 20s, I still couldn’t save because I didn’t believe I could buy a house.
It wasn’t until 2020, when I had my financial awakening, that I learned how to budget, pay off debt, and manage my money. I realized that I needed to believe in my goal to achieve it. If you’re working towards a goal that you don’t truly believe in, you’re not going to achieve that goal. The first step in any financial goal setting is getting clear on what you actually want.
Take a few minutes to visualize your ideal lifestyle. Think about where you’re living, how many bedrooms your home has, whether it has a garden, what neighborhood it’s in, and other little details. This visualization activates the prefrontal cortex, the part of the brain that helps you feel good, motivated, and make clear decisions.
Next, identify the gaps between your current life and your ideal lifestyle. Write down what is missing and what needs to happen to get there. This might involve research, such as finding out how much a property costs, what kind of savings accounts you need, or what training programs are required.
Setting a financial target involves calculating how much money and time you need. Review your budget to see what’s coming in and what’s going out. Identify areas where you can cut expenses that don’t align with your ideal lifestyle. Decide how much you can afford to save each month.
If you can’t save enough to reach your goal in your desired timeframe, consider ways to bring in more income or adjust your goal. Break down big goals into smaller, achievable steps to keep yourself motivated. Set up automated savings to make the process easier.
Use visual trackers to monitor your progress and keep your goal front of mind. Create a vision board with images and quotes that represent your ideal lifestyle. Place it somewhere you’ll see it often, like as your desktop screensaver or phone wallpaper.
Check in monthly to track your progress and make adjustments as needed. Remember, your financial goals are achievable with the right mindset, planning, and motivation.
I hope this episode has been useful. Please let me know if you try any of these steps or if you have any questions. You can message me on Instagram at Emily Nutley or email me at hello@emilynutley.co.uk.
Next week, I will be talking about how to increase your income, specifically how to start a side hustle. I’ll do another episode in the future on securing a promotion or changing jobs or careers. I hope you can start working towards your SMASHABLE goal. Until next time, see ya!
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