How to pick a start date for the new financial you

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Time to read: 2 minutes

Our Money Wellness Index revealed that, as a nation, we’ve got a huge appetite for change when it comes to our finances. Many of us know that there are things we could do better - 64% of us think that we’re ‘bad with money’, and 54% of us want to become more financially resilient.

Problem is, it’s not easy to change our habits, as our behaviour begins with the mind – so using psychology to help improve your financial actions could really give you a boost. That’s why we partnered with Dr Ash Ranpura. As a behaviour expert, Dr Ash suggests using psychology to help you retrain your brain…

Pick a ‘starting point’

According to Dr Ranpura, the first step towards financial change is simply choosing when to start. Research shows that we really do find it easier to pick up a new habit when we recognise the starting date as significant.

Your start date could be:

• A big birthday
• New Year’s Day
• A new month
• A new job
• The day you move house

Any date that carries some significance to you is a great place to start.

Dr Ash explains that, “This artificial starting line creates a context for a new behaviour, and the brain adopts new actions more easily in a new context.” Let yourself start afresh, and put past financial mistakes behind you – pick a starting date that signifies a clean slate and a new era, and you could be more likely to succeed.

It’s suggested that we have an ‘activation energy’ that we use when we try to spark change in ourselves – and ensuring that you get off to a good start could ensure your activation energy is focused on achieving your goals, rather than just getting going.