Where Do You Even Start?
Today, I present you with the ultimate Money checklist to answer the common question, “How do I get my finances in order, and where should I start?”
I used to think the answer was working hard—so I worked hard. Yet, despite the long hours, I wasn’t rolling in the life-changing money I had dreamed about as a child. “Maybe I’m just unlucky,” I thought.
But here’s the truth: money isn’t about luck. It’s about knowing where to focus and taking the right steps.
You’re not alone if you’ve ever felt like you’re missing something in your financial game. That’s why, at Simple Money Hacks, we’ve created a straightforward, no-fluff checklist to help you win with money.
Whether budgeting, tackling debt, or building wealth, these are the foundational money habits you need to master.
This is the second instalment of the Wealth Wellness Series! If you missed the first one, no worries—you can catch up [here]. This series is about building and maintaining wealth, helping you gain financial clarity, confidence, and control.
Let us begin.
1. Set Clear Financial Goals
Why it matters:
If you aim at nothing, you’ll hit nothing. Without clear financial goals, money will slip through your fingers, and years will pass without progress.
How to start:
✅ Assess where you are today: What’s your net worth? What are others your age doing with their money?
✅ Set SMART goals: Make them Specific, Measurable, Achievable, Relevant, and Time-bound.
✅ Start small: Don’t get overwhelmed. Focus on one or two financial goals at a time.
2. Master Budgeting
Why it matters:
A budget is your financial blueprint. Without one, you’re just guessing where your money goes—and guessing doesn’t build wealth.
How to start:
✅ Choose a budgeting method: The 50/30/20 rule is popular, but it’s okay to tweak it to fit your income.
✅ Track your spending: Use an app or a simple spreadsheet.
✅ Adjust regularly: If you’re paid weekly, review weekly. If monthly, review monthly.
3. Build an Emergency Fund
Why it matters:
One unexpected bill can spiral into debt and financial stress without an emergency fund.
How to start:
✅ Start small: Aim for £500-£1,000 if you have debts.
✅ Build towards 3-6 months of essential expenses once debts are paid.
✅ Use small challenges like the £0.10 saving challenge to build momentum.
4. Get Out of Debt
Why it matters:
High-interest debt is a wealth-killer. The longer you carry it, the more it costs you.
How to start:
✅ List your debts from highest to lowest interest.
✅ Use the debt avalanche method (pay off high-interest debt first)
✅ Avoid new debt while paying off existing loans.
5. Improve Your Credit Score
Why it matters:
A good credit score helps you secure better mortgage rates, lower interest on loans, and even cheaper insurance.
How to start:
✅ Check your credit score regularly (ClearScore, Experian, Credit Karma).
✅ Pay bills on time and keep credit utilisation below 30%.
✅ Don’t apply for too many credit accounts at once.
6. Increase Your Income
Why it matters:
Making more money accelerates financial growth—but only if you’ve mastered budgeting and debt management.
With technology advancing rapidly, now is the time to upskill and prepare. Some fear AI will take jobs, while others see it as a gateway to new opportunities. Your task is to stay informed and ready.
How to start:
✅ Negotiate a pay rise at work.
✅ Explore side hustles or freelancing.
✅ Upskill with courses or certifications.
7. Start Investing
Why it matters:
Saving alone won’t make you rich. Investing builds long-term wealth.
How to start:
✅ Maximise your employer’s pension contributions.
✅ Open a Stocks & Shares ISA for tax-efficient investing.
✅ Start with index funds (low risk, strong returns over time).
8. Plan for Retirement
Why it matters:
One day, you’ll stop working but still need money to live.
How to start:
✅ Set retirement goals and estimate how much you’ll need.
✅ Review and optimise your pension plan.
✅ Increase contributions over time.
9. Protect What You Have
Why it matters:
Life is unpredictable. Protecting your assets ensures financial stability.
How to start:
✅ Review your insurance policies (life, health, home, and car).
✅ Write or update your will.
✅ Consider estate planning to protect generational wealth.
10. Keep Learning About Money
Why it matters:
The more financially educated you are, the better decisions you’ll make.
How to start:
✅ Read finance books and blogs.
✅ Follow trusted financial experts on social media for daily tips and insights.
✅ Join a finance community or mastermind group to learn from others and stay accountable.
11. Spend Wisely
Why it matters:
Every pound you spend is a choice. Make intentional spending a habit.
How to start:
✅ Track your spending for a month to find areas to cut back.
✅ There is a relationship between spending and saving. Spend more, save less and vice versa.
✅ Use cashback apps and discount programs.
12. Build Generational Wealth
Why it matters:
Wealth isn’t just about you—it’s about setting up the next generation for success.
How to start:
✅ Buy assets, not liabilities, to leave something of value for the next generation.
✅ Start a family business or side hustle that can be passed down.
✅ Encourage long-term thinking by teaching children about wealth-building habits.
What’s Next? Take Action Today!
Now that you have the ultimate money checklist, it’s time to take action. Winning with money doesn’t happen overnight, but every small step moves you closer to financial success.
Over the next few weeks, we’ll be diving deeper into each of these 12 key money areas with actionable tips, strategies, and real-life stories to inspire you.
🚀 Stay tuned—it’s going to be a transformative financial journey!
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