Okay! So we don't send e-mails on Sundays. It's not something we've done, ever. However, we are trying to do something different this time around and hopefully, you'll be supportive of this initiative as well.

Alright! So here's the thing—If you've been reading us these past few weeks, you know that we've been dabbling with personal finance content for a while now. And while we thoroughly enjoyed doing that so far, we also received a lot of feedback from you lot, on what you'd like us to do.

And this is a culmination of all those ideas—The Finshots Money Resolution.

We know that resolutions are hard to keep. Every year, we set ourselves these seemingly impossible targets and we end up giving up on them. But this year, Finshots will join you to co-create a resolution. And that’s a resolution to improve your relationship with money.

This is how it’ll work. For the next 8 weeks, on Sundays, you’ll get an email from us that’ll explain some personal finance concepts, tell you a story or two, and maybe even give you some homework. You might groan at that word but we want to have a better relationship with our money, don’t we? And we promise to make it fun.

We’ll take it step-by-step. We’ll talk about exploring our personal goals and values, we’ll stroll down the path of budgeting, and journey into the world of investing. All this so that we can create wealth and retire on a beach or a mountain somewhere! We’ll also be nice and throw in some spreadsheets along the way for you to tinker with.

So if you’re a personal finance noob, we can guarantee that you’ll learn quite a lot. And if you’re a personal finance pro, hopefully, you’ll still pick up a thing or two. With that being said, let's get to the first story, shall we?

Finshots Money Resolution #1: Own your money story 📖

When it comes to money management, there’s one thing we don’t talk about enough — Habits.

Sure, tracking expenses is great but do you know why you’re a spendthrift? Or on the contrary, what explains your frugality? Taking a moment to introspect will help you understand your relationship with money better. And that’s the start you need.

It is something that I’ve been trying to work on myself. Because I know that my relationship with money has changed quite a bit in the last decade. A part of that is to do with moving out of the comfort of my parents home for college; a part to do with working in the world of financial planning and wealth; a part of it I’ve inherited from the people I surround myself with. Here’s my secret — when I go out with friends or even extended family, I feel like I should pay for everyone. Even if it makes me feel anxious afterwards. Why? That’s for me to find out, isn’t it?

So, let’s set Resolution #1— to take time out today and understand what your money is telling you.

How long will the exercise take? 🕰️

40 minutes!

Of course, you’re busy. But if you skip this thinking you’ll begin with Resolution #2, that may not entirely be prudent. It’s like skipping season 1 of Money Heist and diving into season 2! This resolution is only going to take as much time as it takes to watch 1 episode of your favourite Netflix series anyway!

Ready? Let’s begin Resolution #1!

You’re going to need a notebook or journal for this. Because nothing beats writing down your thoughts! We are going to find out what drives your relationship with money. Try and answer as many as you can and it's perfectly alright to keep it brief.

• What was your relationship with money as a kid?
• Did your parents discuss money at home and how has that led you to think about money?
• Has your relationship with money changed as you’ve gotten older?
• What/Who has influenced any change in your money habits?
• What does financial independence or financial freedom mean to you?

If it’s too overwhelming, don’t forget to take breaks in between. Maybe order some dessert too. Ready? Then let’s move on to the next.

• Do your friends think you spend too much or too little? How does that affect you?
• What do you absolutely love spending money on? And what do you hate spending it on?
• Have you tried your hand at budgeting before? If you have and you’ve failed, why do you think that happened?
• If you’re going to make a big purchase, what are the emotions you feel when you’re at the checkout counter? Do those emotions change after a few days?
• Do you think there are money-related habits that you wish you didn’t have? Have your goals been affected by money troubles?
• Does money play a big part in how you define success in life?

Once you’re done, don’t just shut the book and bury it in a dark corner of your drawer. Take some time to actually reflect on your answers. And while this may not lead to a better relationship with money overnight it will hopefully get you thinking and expose some patterns soon enough!

The idea is to use this as a template while we go on this journey together. We won't teach you anything new in this edition of the newsletter, since we have to make sure that you know what you need to focus on. This way, when we do send out more insightful stuff, you know what to use and when to use it.

Also, a secret for you 🤐
There’s a good reason why we’re starting this right during the new year. When we set out to do new things and we begin on a day like this, it almost feels like a fresh start. And we’re more likely to make some headway with it.

Hence the resolutions!

A soundtrack to end it🎵
It’s hard to find a track in which the lyrics perfectly capture the week’s resolution. But if we’re trying to break some habits, we need a song about habits, no?

Bad Habits by Ed Sheeran

Coming up next week 📅
We explore how you can squeeze more out of your income and the nitty-gritty of budgeting. We’ll include a surprise for you as well. It’s something you’ve been asking for!

Also if you'd like to share some of your reflections with us, you can write back to us at money@finshots.in

Until then...

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Finshot’s content is for informational purposes only. Please don’t take it as the gospel truth for financial advice. Always consult an expert.