It’s finally here, the end of 2024! If you ask me how my year was, I’d say a rollercoaster of financial highs and lows. My plan at the beginning of 2024, like everyone else’s, was to make better financial decisions and sit comfortably on a bank account brimming with cash. But like all plans made as a part of New Year’s resolutions, they tanked.
No one would’ve guessed, not even a future-predicting crystal ball, that I would go on to improve my finances in 2024. But, at the end of the year, I’m happy to admit, despite all my questionable decisions and efforts, I’ve done significantly better than I thought I would.
This article is a quarter-wise look back at my year of trying to get my money matters in order. (Coming from an expert in impulse spending, it’s not very pretty, but my efforts did count in the end!)
January, February, and March
After the month of festive merriment and celebrations, I was utterly and completely broke in January, so much so that, if you fancied a laugh, you could’ve looked at my bank account.
After multiple unsuccessful attempts, I was still consumed with the thought of “New Year, New Me” and wanted to start my relationship with money on a clean slate. Everything looked hopeful again even in the dull-as-death UK winters.
Armed with the best intentions, I ambitiously planned my 4 money goals for 2024:
- STOP impulse purchases
- Pay bills on time (aka keep debt away)
- Improve credit score
- Put away some money for a rainy day
One by one, I was determined to tackle all items on this list. However, all through January and February, I was staring at a large pile of bills to pay. Paying the minimum instalment was no longer an option with my low account balance and poor credit score.
I had no choice but to consider alternatives: either get a personal loan from the bank or a short-term loan with a bad credit score. The second option looked enticing, but my impulse-buying behaviour was on a break, and I got cold feet in the end and borrowed from my parents instead.
With my bills paid and behind me, come March, it was time to get serious about my finances. Desperate to give my financial health a complete makeover, it was time for action. I took up the “no-spending” challenge where I completely gave up on spending for 30 whole days. Things went well for the first few days, but on Day 10, when I had to fight off bad breath without buying more toothpaste, I realised this was not working.
April, May, and June
Three months down, and I was nowhere close to achieving my goals and improving my finances, but I was optimistic that I’d turn things around. I began listening to podcasts by well-known online money-saving specialists, which encouraged and inspired me to stay focused on the goal—better financial management.
Given my impulse purchasing behaviour, one piece of advice that has stayed with me whenever I’ve had the urge to shop is to wait for 24 hours and then decide. Two months later, I had enough money in my account from not impulsively spending on online deals and discount buys. For the first time in a really long time, I could look confidently at my bank balance and not weep. I wasn’t as rich as Elon Musk, but now I wasn’t getting anxious before opening my credit card bills.
After a disastrous start to the year, I was glad the second quarter ended on a more positive note.
July, August, and September
Halfway into 2024, things were looking up financially. I had a neat little pile of spare cash that I called my “Rainy Day Fund”, ticking off my goal number 4. I was no longer at the mercy of my employer waiting for my paycheck to hit the bank
Just when things were going smoothly, I hit a speed bump. My washing machine gave up and died on me. Even though doing the laundry is my least favourite task of the week, the mere thought of visiting launderettes was getting me frustrated. I needed it fixed immediately!
Luckily, I had my rainy day fund to rescue me. With the washing machine fixed and working, I was even more determined to strengthen my finances and step up my savings game.
October, November and December
By autumn, I was in a position that the broke and penniless 2023 me would’ve been amazed to see. The investment bug bit me in late October and early November. My financial situation was way better than at the beginning of the year, and I had leeway to “make money from money”. With the holidays coming up, I felt the need to get extra cash to splurge on myself.
With a few financial wins under my belt earlier in the year, I was confident about money matters. Inspired by some friends, I downloaded an app and set up an individual savings account. A quick Google search and a few YouTube videos later, I bought a few shares worth a few hundred pounds. I was prepared to show my friends how good of an investor I was, but two of the three companies I had invested in experienced a drop in shares.
Staring at a loss, I deleted the app and swore off investing for a while. Come Thanksgiving, I couldn’t celebrate it like I wanted to, but I was in a better situation than I was a year ago. I ended up buying a few things on the Black Friday and Cyber Monday sales. At the end of it, I was relieved that I had enough money to spend on Christmas gifts and New Year’s parties without going broke.
To Sum Up
I think I did pretty well in 2024, don’t you think? I stuck to saving 30% of my paycheck, paying bills in full and on time, and putting the brakes on my frivolous spending behaviour. It’s far from perfect (yet to build a good credit score), but my financial situation is certainly better in shape than it was in January.
This year taught me that financial success depends on your choices and actions. It may not be perfect every time, but following good financial habits consistently is important for a stable financial situation. So that, like me, you don’t have to think twice before buying toothpaste!
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