The money goal that’s often neglected

Posted on: February 4, 2015

By Alison Stafford, FPSC Level 1TM Certificant in Financial Planning

Information Definition Magnifier Showing Knowledge Data And FactsAt this time of year lots of people set goals, and it’s certainly not unusual for one of those goals to be about money. This year I’m going to pay down my credit debt, or this year I am going to spend less on dining out and save for a trip, or, I’m going to put more into my retirement savings. All worthy goals.  But there is another money goal that is often neglected, one that would reduce the need for goals that “fix” our past behavior with promises to make better choices this year. That better money goal is: This year I’m going to focus on my financial knowledge.

The more we understand the mechanics of money, the more engaged we are with our finances, the more likely we are to make good choices every day, not just for the first few weeks of the New Year. So what holds people back?

Feb 4 blog tweetSometimes they worry that they aren’t as financially “savvy” as they believe they should be. They are embarrassed to admit what they don’t know, so they don’t want to ask questions. This can be especially true for people who are very successful in their careers and earn a lot of money. But the ability to earn money does not directly equate with feeling confident managing money. That takes a separate education from the one that made them professionally successful.

It’s important to become comfortable talking about money. Sure we talk with friends, co-workers and neighbours about the high cost of groceries or the roller coaster ride of gas prices, but that’s the financial equivalent of talking about the weather.

There are lots of ways to jump-start our financial knowledge and begin meaningful and helpful conversations:

  1. Every month Money Coaches Canada hosts Money Mondays. The last Monday of each month our coaches facilitate a free, themed discussion on some aspect of money and finance. (February’s topic: The power of goals: How to set financial goals that get results Learn more).
  2. Set a financial education goal for yourself, pick an aspect of money management you would like to understand better and consciously go about learning more. Or, to keep it simple, become a regular reader of financial magazines like MoneySense.
  3. Unstuck ebook availableGive yourself an investment check-up. Ask yourself these questions. If you don’t know, or don’t like the answers, book an appointment with your investment advisor.
  4. Start a financial book club. Learning with others is more fun and less daunting. Get a group of friends together and read and discuss one of the many finance books available.


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Category(s): Money Coaching, Relationship to money
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16 Responses to The money goal that’s often neglected

  1. Sheila Walkington says:

    My big goal is always travel, travel and more travel. By managing my money well it ensures that I always have money being set aside to my travel fund.

  2. Kim Reynolds says:

    This year I’m determined to keep track of my cash flow. I want my money supporting my goals (like a big family trip to New York) instead of wasting it on impulse purchases and coffee!

    • Love this goal Kim! And absolutely prioritizing spending will be key to help you keep your eye on the prize of a trip to New York! Did Judith give you a credit card condom for safe spending?? It will help keep your credit or debit card safe, and keep you focused on your #1 goal!

  3. Karen Richardson says:

    We want to save up for a large down payment on a vehicle. We already have a bunch saved, but want to try and find an extra $10K this year. We can do it!!

  4. Leslie Gardner says:

    Our goal is to build our retirement dream home and have it completely paid for by the time we retire. Its a bold goal! I’m doing this by living in a garage for a year and a half and following my spending and savings plan to the tee!

  5. Noel D'Souza says:

    I realized that my vehicle is hitting the 10 year mark this year, and while I hope it lasts a few more years, I have to be prepared to replace it, or at least be prepared for the inevitable repair bills to come!

  6. My goal is to top off my TFSA and family RESP, and maybe get my wife to open a TFSA and start contributing to it as well.

  7. My goal is to not pay interest on my credit card by only ‘charging’ what I can pay off each month.

  8. Anthony Larsen says:

    We were waiting to replace our carpets until our cat passed away. Unfortunately our cat passed away almost two years ago and we still seem to be waiting for the right time. It appears the right time was more money dependant and less cat dependant. Our goal is to replace the carpets this summer and therefore we have started putting money aside accordingly – finally!

  9. Julie Langevin says:

    Context: April 2013-I found out about Money Coaches Canada and absolutely LOVED their philosophy and immediately knew I wanted to be part of it. So, over the course of over a year, I SAVED up enough money to 1) quit my job and 2) start this adventure of being self-employed. My goals for 2015 are a) to guide others to follow their dreams and b) building a sustainable business.

  10. My goal is to share all of my financial knowledge with family, friends, loved ones, and colleages in order to help them meet their financial goals.

  11. As a single mom raising 4 children I re mortgaged my house a couple of times and now at age 66 I am still trying to pay down the debt with a limited budget. I did not work for any companies where I had a pension plan, so CPP and OAS simply does not pay the bills. I continue to work part-time as a Career Counsellor and am trying to find ways to pay things off efficiently.

  12. Thank you to everyone for sharing your financial goals! Sounds like many of you are very clear on what you want to make happen for 2015! Wishing you all the best for your 2015 goals.
    Our prize draw winners from those who commented on our blog or posted their goal on Facebook are:
    1. Rhonda Faubert
    2. Lizette Espinosa
    3. Fran Watson
    4. Blair McCallum
    5. Gene
    Winners will receive a copy of our Book: UNSTUCK: How to get out of your money rut and start living the life you want.

    • This is exciting! I just found out I won the book UNSTUCK! Hope it’s on it’s way as I haven’t received anything as of yet!! How fun!! Thanks for the opportunity! I look forward to a new read on financial independence!

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