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- Herausgeber: John Wiley & Sons
- Kategorie: Fachliteratur
- Sprache: Englisch
Have you tried to set budgets, but failed? Do you struggle to save regularly? Do you lack clarity around your financial goals? Then this is the diary for you. Join economist and multi-award-winning personal finance expert Jessica Irvine as she teaches you the unique system she uses to track her own money. The Money Diary is an opportunity to get a complete picture of your personal finances and plan for your future with confidence. It is, of course, a calendar you can use to organise your life and see where your money goes. But it's more than that: you can use this book -- starting at any time -- as a tool to reboot your spending so that it better aligns with your true goals and values. We'd all love to have more money. But it's not enough to simply keep boosting your income. If you fail to get a real handle on your spending habits, you will never be financially secure -- no matter how high your income. That's because money finds a way to slip through our fingers if we don't have a process to manage it. The Money Diary is a fun, easy way for you to kickstart that process. * Track your spending and radically transform the way you think about your money * Complete worksheets and exercises to check your financial wellness and identify your underlying money beliefs, emotions, and values * Set monthly goals and fill out simple tracking and budgeting sheets (all you need is a pen and highlighters!) * Take your money before-and-after pictures and reflect on your spending to see your wins and fails, progresses and successes * Review an entire year of spending to see what brings you joy and help you plan for emergencies and retirement with confidence. With The Money Diary, you'll see how life-changing it can be to truly take control of your money. Commit to using this diary every month, for one year, and you will turbocharge your ability to create long-lasting wealth and happiness. You'll see: it's easier than you think to create a better, more secure financial future. It starts one day at a time, with The Money Diary.
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Seitenzahl: 133
Veröffentlichungsjahr: 2023
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Table of Contents
COVER
TABLE OF CONTENTS
TITLE PAGE
COPYRIGHT
INTRODUCTION: WELCOME TO YOUR NEW DIARY!
Why a money diary?
What is financial wellness?
What is money, anyway?
How to boost your financial wellbeing
PART ONE: GET READY
CHAPTER 1: UNLEASH YOUR HIDDEN SUPERPOWER TO CHOOSE YOUR LIFE
The Stages of Change model
Changing your relationship with money
Choose to change your life
CHAPTER 2: CREATE A MONEY MINDMAP
Step 1
: Identify your money emotions
Step 2
: Identify your money thoughts
Step 3
: Reframe your negative money thoughts
Step 4
: Take ‘opposite action’
CHAPTER 3: TAKE YOUR MONEY ‘BEFORE’ SNAPSHOT
CHAPTER 4: DREAM BIG, BABY!
CHAPTER 5: SET A MONEY GOAL
PART TWO: TAKE ACTION
CHAPTER 6: SET UP YOUR FUTURE FUNDS
CHAPTER 7: HOW TO USE THIS DIARY
Figuring out where your money's going
CHAPTER 8: YOUR MONEY DIARY
JANUARY
FEBRUARY
MARCH
APRIL
MAY
JUNE
JULY
AUGUST
SEPTEMBER
OCTOBER
NOVEMBER
DECEMBER
PART THREE: REFLECT
CHAPTER 9: YOUR MONEY YEAR IN REVIEW
Your annual spending review
CHAPTER 10: REFLECT ON YOUR GREATEST HITS THIS YEAR
CHAPTER 11: TAKE YOUR MONEY ‘AFTER’ SNAPSHOT
CONCLUSION: WHERE TO NOW?
NOTES
END USER LICENSE AGREEMENT
Guide
Cover
Table of Contents
Title Page
Copyright
Introduction: Welcome to your new diary!
Begin Reading
Conclusion: Where to now?
End User License Agreement
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THE MONEY DIARY
End your money worries NOW & take control of your financial future
JESSICA IRVINE
First published in 2024 by John Wiley & Sons Australia, LtdLevel 4, 600 Bourke St, Melbourne Victoria 3000, Australia.
Typeset in Garamond Premier Pro 12pt/15pt
© Jessica G Irvine 2024
The moral rights of the author have been asserted
ISBN: 978‐1‐394‐20872‐2
All rights reserved. Except as permitted under the Australian Copyright Act 1968 (for example, a fair dealing for the purposes of study, research, criticism or review), no part of this book may be reproduced, stored in a retrieval system, communicated or transmitted in any form or by any means without prior written permission. All inquiries should be made to the publisher at the address above.
Cover and internal page design by Alissa Dinallo
Disclaimer
The material in this publication is of the nature of general comment only, and does not represent professional advice. It is not intended to provide specific guidance for particular circumstances and it should not be relied on as the basis for any decision to take action or not take action on any matter which it covers. Readers should obtain professional advice where appropriate, before making any such decision. To the maximum extent permitted by law, the author and publisher disclaim all responsibility and liability to any person, arising directly or indirectly from any person taking or not taking action based on the information in this publication.
INTRODUCTIONWELCOME TO YOUR NEW DIARY!
Oh, hi there! It's me, Jess, a personal finance expert and the creator of your new favourite diary. You're so welcome!
It's no trouble, really. Actually, it's a bit selfish. What you're holding in your hands is the dream diary I've always wished I had had to track my own finances. It's based on the unique system I've spent years honing and developing to help me get a complete picture of my money and plan for my future with confidence.
I'm so excited to use it myself and now to share it with you to spread the word about how life‐changing it can be to really take control of your money. To see it in action, follow me on Instagram (@moneywithjess) and don't forget to tag me in any posts as you embark on your exciting journey towards cultivating a better relationship with your money.
From the earliest of ages, I've always written diaries. I've kept many of them, including a spiral‐bound diary from my final year of primary school. In it, I chronicle — in excruciating detail which I will spare you — my passionate and completely unrequited ‘first love’ for a certain honeycomb‐haired classmate who, for privacy's sake, we shall refer to only as ‘C’.
But time moves on, and by year's end, it appears I had switched allegiance to classmate ‘S’: ‘Oh God I love him. Although he doesn't know it. I feel he is more special to me than “C”. He is always going to have a special place in my heart as my first love, along with “C”.’
My outpourings of love for both ‘C’ and ‘S’ are overwhelmed, however, by my towering adoration for actor Luke Perry, aka ‘Dylan’ from the 1990s TV show 90210, whose poster hung over my bed for many a formative year:
‘I feel that I have a very special relationship with him,’ little 12‐year‐old Jess confessed to the pages of her diary. ‘Although I know I can never have him, that doesn't stop me from wishing. I feel that my love for him is not another crush but something special.’
What can I say? Clearly, little Jess had a lot of love to give.
And on it went, diary entries about boys punctuated only by angst‐ridden meditations over who was my ‘best friend’ and all the usual pre‐pubescent frustrations with certain family members.
Growing up, I concluded succinctly in one particular entry, ‘It's a bummer’.
And I stand by that.
Why a money diary?
There's magic in diaries, I believe. They create treasured time capsules, just waiting to be unlocked and rediscovered at some later date by an older, wiser version of ourselves.
But they're also a therapeutic tool, providing immediate relief to the user. Used openly and honestly, they give us the space to vent our emotions, to explore our inner minds and to Get. It. Out. Whatever ‘it’ happens to be.
The simple act of getting information out of your head (or bank accounts, as we shall see) and putting it onto paper can go a very long way to helping alleviate the anxiety and stress we may feel over any topic. Of course, being able to tell a trusted friend or advisor has its place. But there's nothing like a private diary to help us park our difficult feelings and reflect on how our thoughts and actions may be contributing to any distress.
In recent years, I've applied this technique to my finances, chronicling every dollar I spend and then reflecting at the end of each month on the value it has or has not brought into my life.
The point of this book is to encourage you to give it a try it, too. Why? Not because you're infatuated with your money, like little Jess was with Luke Perry. Quite the opposite.
After two decades of writing and researching money‐related topics and questions, I know love is very far from the emotion most people have towards money.
Anxiety, helplessness and overwhelm? Yes. Love? No. And if I had to pick one emotion representing the overriding human feeling towards money? It's fear. Fear of not having enough. Fear of making bad decisions. Fear, in some cases, of even looking at your money and figuring out what situation you're in.
And I get it. To some extent, a degree of fear around money is warranted — primal, even. We all need a certain level of resources at our disposal to stay alive; to put a roof over our head at night and food in our bellies.
But unchecked and excessive fear around our finances can be counterproductive. That's because the emotion of fear is known to drive a range of avoidance or escapist behaviours. You see a bear so you run.
And yet, when it comes to money, fear — coupled with a lack of financial education — can drive a range of unhelpful habits, such as mindless spending, not checking your accounts or opening bills, not setting goals, avoiding important conversations with your spouse or loved ones, or not seeking the right advice and support to make important financial decisions. It's known as the ‘ostrich effect’ and is just one of the many cognitive biases researchers have discovered human beings have to constantly work against to get better with their money, and which I wrote about in my previous book Money with Jess: Your Ultimate Guide to Household Budgeting.
This book builds on those findings while also providing the private space you need to really start delving into your own emotions, thoughts and behaviours around money. It is, of course, also a calendar that you can use to organise your life and, most importantly, to track your spending. Finally, and perhaps most importantly, it's a space to reflect on whether your current spending is in line with your highest goals and values.
My aim is to do as much as I can to help alleviate the suffering so many people feel when it comes to thinking about money.
As a single mum, I have faced my own challenges when it comes to managing my money. I have felt that sting of fear. But with time and dedication to tracking my money, I've arrived at a place of security and empowerment when it comes to managing my own money. It's called ‘financial wellness’ and it's not as far off as you might think.
What is financial wellness?
Go ahead and try to picture someone who you think embodies the definition of financial wellness. What do they look like, dress like and have in their lives?
If you're like most people, you'll start to conjure up images of famously rich people: actors, famous singers or business people. They drive the Tesla, own the handbags and live in the manor‐style house.
Basically just anyone with a s*#t tonne of money, right?
Wrong.
Certainly, having a lot of savings at your disposal contributes very directly to higher levels of financial wellbeing. But not always. And it's not a necessary condition for someone to experience financial wellness.
Just as we have some pretty warped ideas as a society about what physically healthy people (visible washboard abs) or mentally healthy people (always happy, always smiling) look like, real financial health can also be harder to spot. And the good news is, it's a lot more attainable than you may think.
In recent decades there has been an ever‐evolving attempt by academics to define financial health. We used to talk a lot about ‘financial literacy’ and the importance of building people's knowledge base around money concepts. Then, we started talking more about ‘financial capability’: essentially, a person's ability to actually make sound financial decisions.
The latest evolution is to talk about ‘financial wellbeing’, which I like — though it can run the risk of sounding a bit ‘woo woo’. The distinctly non‐woo woo Consumer Financial Protection Bureau in the United States defines financial wellbeing as ‘A condition wherein a person can fully meet current and ongoing financial obligations, can feel secure in their financial future, and is able to make choices that allow them to enjoy life’.
More specifically, the bureau says people need to meet four criteria to be financially well:
Have control over day‐to‐day, month‐to‐month finances
Have the capacity to absorb a financial shock
Be on track to meet their financial goals
Have the financial freedom to make the choices that allow one to enjoy life.
Truthfully, there are many definitions of financial wellness flying around, but that's a pretty good start. How close do you think you are?
Complete the financial wellbeing questionnaire on the next page to gauge your current level of financial wellness.
Go on, pick up a pen and give it a try!
We'll return to this later, so having some idea of your starting point will be very useful, I promise.
FINANCIAL WELLBEING QUESTIONNAIRE
If you'd like to test your current level of financial wellbeing, researchers at Australia's the Melbourne institute and the commonwealth Bank designed the following simple test to help. Simply work your way through it and tick a response for each part. Don't overthink it ‐ go with your gut.
How well do the following statements describe you or your situation?
I can enjoy life because of the way I'm managing my money
□ Not at all
□ Very little
□ Somewhat
□ Very well
□ completely
I could handle a major unexpected expense
□ Not at all
□ Very little
□ Somewhat
□ Very well
□ completely
When it comes to how you think and feel about your finances, please indicate the extent to which you agree or disagree with the following statements.
I feel on top of my day‐to‐day finances
□ Disagree strongly
□ Disagree
□ Neither agree nor disagree
□ Agree
□ Agree strongly
I am comfortable with my current levels of spending relative to the funds I have coming in
□ Disagree strongly
□ Disagree
□ Neither agree nor disagree
□ Agree
□ Agree strongly
I am on track to have enough money to provide for my financial needs in the future
□ Disagree strongly
□ Disagree
□ Neither agree nor disagree
□ Agree
□ Agree strongly
