Pruning the Garden

The combination of heat and plenty of rain here in Scotland means it becomes an almost week event out in the garden, pruning the hedge, trimming the lawn, not to mention combating the ever increasing influx of weeds that populate the flower beds.

Left to its own devices, the garden would soon resemble a Jurassic jungle like scene. Now take that image and apply it to your money management if left to its own devices.

When was the last time you checked in on your expenditure?

Have you checked your gas/leckie/internet bills recently?

Did you cancel that DDI to the TV service you no longer watch?

When was the last time you nudged up those savings contributions?

I’m sure the thought of reviewing how you’ve lived your life over the past month may well fill you with dread. Unfortunately, far too many of us just don’t look. We take the out of sight, out of mind approach and say ‘oh it’s fine, I’ll be okay’, but without any real insight or plan. That is the opportunity cost.

So, here’s my top tips on how you can take control of your money with a Monthly Spending Plan, and leverage the opportunity at your feet:

Make it fun - Do it on neutral territory if you can, or make some great food/ drinks and create an enjoyable foodie experience around it

Schedule it - We agree we’ll check in on the last Friday of every month. It’s in the joint calendar, so we know when it lands each month

Agree the rules - No judgement on spending. Be a listener, be honest, and remember you’re on the same team (you can add your own extra ones of course). This is NOT about casting judgement on spending choices - it’s about having honest conversations, keeping on top of where it’s all going and ensuring your spending matches what you value/ making sure you're on the right track for what’s happening now and ahead of you in life

Agree a structure - We’ll look back over how we’ve spent our money the past month and the progress we’re making to our agreed goals. Any fails/ any tweaks? What did we do well? What could have gone better? Tools like Monzo are great at putting a visual picture to things, but you can always use an A3 piece of paper and get it all out on the table. You’ll find it an insightful exercise on where your money goes. Set the timer for 1hr, but this can easily be a 15-30min chat once you get into the routine

Agree your goals - That could be to save X for a holiday/ stay within £x for the food budget/ sustain regular savings of £x. Think about what’s on the horizon in the month/s ahead and how you can work your way towards it all.

Check out our Have a System for Success blog for more details on goal planning.

You see when we give time to our money, regularly prune and strip out the ‘weeds’ we can start to feel more in control of the journey. It takes away a subconscious worry we may well carry without fully realising it.

Less digging out the magnolias with a blindfold on and more digging in the sand in Marbella having smashed your savings goals!