This time last year we had just started paying down debt so to be debt free now is the best feeling ever! We focused on ‘our why’ (which was basically to stop chucking the equivalent of another mortgage payment to debt repayment every month, to work less and live a little bit more, and to plan for the future), but as for goal planning itself, I had a lot to learn this time last year.
I started without the realisation that, when it comes to debt, you need to set goals for yourself, making a plan of what you want to achieve and by when. So I started setting weekly goals that were very specific but as time went on, I settled into a routine of setting monthly goals for a few reasons, namely; we both get paid monthly so it was easier to budget, it was enough time to be able to see tangible progress, and I just don’t have the time to sit down every week and plan and re-plan. So I guess the moral of the story is, if you’re reading this and want to get out of debt, start today by making a plan of what you can achieve by the end of the month, and do your best to get there. If you fall short, that’s ok. It’s better to nearly achieve your goal than to not try at all.
So with that being said, here are my (mostly!) financial goals for August. I hope they inspire you to start, or give you ideas for your own journey 🙂
We are debt free but used nearly all of our savings to pay off the remainder of our debt and I made a few (ahem) errors last month, meaning we are sitting at zero! Before we started paying off debt, we had about £3k in savings which I was adamant that we needed, but I soon realised that we needed to use some of it to pay off debt (we had £16k debt and £3k savings, meaning we really had £13k debt, which was an unsettling thought). But if this year has taught me anything, it’s how to budget properly and I know we’ll be ok, I just want to start putting some savings away regardless. So how am I doing that? Life on a budget! We will save some from our salaries and my side hustle. More details on my IG as and when 🙂
2. Track matched betting earnings
So I started doing this mid-July but as time went on, I lost some money by mistake, and won some money by mistake (those who know matched betting know there’s no winning or losing involved)! I definitely haven’t been doing much since we became debt free, so for all of these reasons, this month wasn’t indicative of real earnings so I didn’t keep it up, but it’s a new month and I’m starting to track it today and record it as an extra income on my budget. Profit Accumulator has a handy tool for this so I’m going to use that, and I’ll post the total for the month as a blog post, with details of how I managed it, but I’m expecting in the region of about £300 in earnings (tax-free!).
3. Continue monetising my blog
Is it weird that I’m writing about monetising my blog on my blog? I have to admit it’s outside my comfort zone, but as a money blogger it’s got to be done. When I first started blogging I was doing it for free but as time went on, I’ve realised I’ve been promoting a lot of products and brands that have helped me on my journey to debt freedom, and getting commission when my promotion leads to a purchase is the next logical step. This is something I’ve been working on over the past month with the lovely Emma Drew, and in particular I’ve been working through her affiliate course which has shown me how to smash affiliate marketing as a blogger! My biggest concern before starting to monetise was losing integrity in what I was sharing- my passion is helping people get out of debt and live their best life, not promoting products that will add to their debt for the sake of it, so I’ve been working to ensure that my blog is going in the right direction. That’s why I’m only signing up for things that are relevant to my followers, things I’m using on my own financial journey that help you to save money, make money and improve your finances (so you’ll not see me trying to flog detox tea or vacuum packed meat anytime soon). So there we go- full disclosure!
4. Live my best life
It doesn’t feel right to post my goals for the month without including my personal goals, so I thought I’d just write a quick speel 🙂 This month I’m hoping for 18 workouts, lots of birthday celebrations (on a budget… Mr M is making my cake for the first time ever), and above all else, prioritising my mental health. My mental health was a huge focus last month and it made such a difference- I’ve become a little bit more assertive and confident, I’ve worried less and my sleep has been (mostly) great. So expect lots of fun on my IG stories over the coming month!
I love reading goal post so if you do too, here’s Melissa from SkinnySpending.co.uk on how she plans to make £500 in August! I’d love to hear your goals for the month so hit me up on IG or in the comments below and give me your rundown 🙂