Transcript: How to sort out your financial life in 2024

This is an audio transcript of the Money Clinic podcast episode: ‘How to sort out your financial life in 2024’

Claer Barrett
Hi, it’s Claer here. You’re used to hearing me on Money Clinic, but now you can find me in your inbox, teaching you everything you need to know about money with my new Sort Your Financial Life Out course. Over six weeks, I’ll help you to make smarter money decisions with tips on budgeting, tax breaks, property, pay rises, and investing — in short, everything you wanted to know about managing your money but were far too busy to ask. To find out more and sign up for the course, visit FT.com/moneycourse. That’s FT.com/moneycourse.

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Considering the financial rollercoaster we’ve been on for the past 12 months, with umpteen interest rate rises to tame inflation, we should be congratulated for simply getting through 2023 with our sanity intact. But how well have your finances weathered the storm? 

Bola Sol
I went from food shopping once a week to once every two weeks to once a month. 

Claer Barrett
Chances are you’ve had to adjust your financial plans this year. But 2024 is also shaping up to be a year of huge change — financially, economically and politically. But today’s podcast experts are here to help you prepare. 

Damien Jordan
A good investment strategy should never change, no matter which way the wind is blowing. And I would encourage people to think about their investments as, whatever happens, I just stay consistent. I keep doing it. 

Claer Barrett
So if you need some positive inspiration to help you sort your financial life out in the year ahead, you’re in the right place. Welcome to Money Clinic, the weekly podcast from the Financial Times about personal finance and investing. I’m Claer Barrett, the FT’s consumer editor. 

They say Christmas is a magical time of year, but for me, the most magical time for my money is Twixmas — you know, those days between Christmas and New Year where you eat too much and tend to forget what day of the week it is. Away from the daily grind, we have a chance to think about the future and believe me, this episode is gonna get you thinking about your money goals for the year ahead in new ways.

Joining me in the FT studio are three of the most inspiring financial experts I know. With hundreds of thousands of followers on social media between them, I’m sure you’ve met them before, But let’s ask them to introduce themselves to our listeners, starting with Bola Sol. 

Bola Sol
Oh, thank you. Hi, everyone. I’m Bola Sol. I studied mathematics and finance at university. I’m now a recently qualified financial adviser, author of How to Save It, and I am Grazia’s money columnist for the moment. 

Claer Barrett
Well, very glad to have you with us today. And secondly, Timi Merriman-Johnson, who’s better known online as Mr MoneyJar. 

Timi Merriman-Johnson
Hey everyone. My name’s Timi Merriman-Johnson. I run financial education company Mr MoneyJar. I’m a content creator, podcaster and also recently qualified financial adviser. 

Claer Barrett
Wow. You and Bola both qualified this year. So, big achievement for 2023. And last but not least, Damien Jordan, who runs the hugely popular YouTube channel and podcast, Damien Talks Money.

Damien Jordan
Hello. As you said, I’m Damien. I was a full-time finance professional for around a decade and now I’m a full-time content creator focusing on YouTube and my podcast as well. 

Claer Barrett
Excellent. Well, you’ve had the furthest to travel today coming down from Manchester, but I am so excited that I have got all three of you in the studio today because 2023 has been a really tough year for our finances. And I’m gonna ask you each in turn, based on your experiences and what you’re hearing back from your followers, what is the one financial theme or trend that has really summed up this year for you? 

Bola Sol
For me, I think it’s that everybody I know or I’ve spoken to, especially online, wants to know how they can make more money. It’s not been: how can we cut back? Because we’ve all said there’s only so much we can cut back, right? Now it’s: how can we make more money? How can we make the most of the skills that we currently have or learn new skills in order to create additional streams of income? 

Claer Barrett
Wow. Profound. Timi? 

Timi Merriman-Johnson
Yeah. To echo what Bola said, we’ve been in the cost of living crisis for quite some time now, so I think people are really tired of all the doom and gloom and they’re very interested in increasing their income. They’re interested in building more wealth and crucially, they’re also interested in what they can actually do. I was having a conversation with a friend and a follower of mine earlier on this year and she was like, yeah, I know that stuff is a mess, but what can I actually do to tidy up that mess? I’m sick and tired of hearing how rubbish things are all the time. 

Claer Barrett
OK. And Damien? 

Damien Jordan
I think the theme that’s dominated has to be the inflation, cost of living, interest rate thing. And also I think the younger audience now understands how politics affects their finances and they’ve seen that over the last 12 months. 

Claer Barrett
They absolutely have. And they’re gonna see it over the next 12 as well. The big budget in March and the general election around the corner and lots of questions in the air we had about where inflation and interest rates will go, which has got obviously lots of implications for our finances. But what are the financial things that you perhaps didn’t expect in 2023 and how did you overcome these? 

Bola Sol
So honestly, I didn’t expect food inflation to get as high as it did. So according to the Office for National Statistics, it got as high as 19.2 per cent in March 2023. I went from food shopping once a week to once every two weeks to once a month. And I just had to start making it work because that is the first place I truly noticed inflation. And I think I just had to learn to be more creative and look a little harder at what was in my cupboard as opposed to going to the supermarket every week. And then obviously that changed with time. So that’s food inflation is what I’ve noticed the most. 

Claer Barrett
And I mean by extension, eating out, going out for drinks, all of those things, just painfully expensive. And Timi, how about you? 

Timi Merriman-Johnson
Most unexpected thing? Well, our cost of living was high, inflation was high, so I think we all expected interest rates to go up. What I didn’t expect was in the March Statement for all those pensions changes, so the increase of the pension allowance from 40,000 to 60,000 and complete scrapping of the lifetime allowance from just over 1mn to uncapped. I thought that was quite a big change that went over quite a few people’s heads. But, you know, we’re trying to encourage people to spend less and instead to save and to invest for the future. Then I guess those changes are appropriate. 

Claer Barrett
Yeah, one way of bringing inflation down. And Damien, finally, how about you? 

Damien Jordan
Yeah. One thing that did surprise me, to echo what you just said there Timi, was in the most recent Autumn Statement, I thought the Isa changes were actually quite positive. I’d like to see the Lisa cap increase so that people can afford more. 450K isn’t a lot a home in certain parts of the country now, especially if you buy in a couple. But overall there was a lot of doom and gloom and scare around what was gonna happen to Isas. And I thought the changes — I think you had something to do with that, to be honest, Claer — I thought they were pretty positive overall. 

Claer Barrett
Well, certainly the Lifetime Isa, we’re hoping and praying that there’ll be something in it for people in the March budget. As you say, lots of younger savers have got their money trapped because of the property cap, and then with the fractional trading allowing people to buy small slices of expensive US shares. We’ll keep reporting on the detail of that legislation when we have it. As you say, fantastic that politicians appear to have listened. 

Damien Jordan
People were quite surprised. They were, like, they actually haven’t messed it up. (Laughter)

Claer Barrett
Well, some great points there. Thank you for sharing your knowledge and your own personal experiences. Plenty of listeners will have had to . . . adjusted their plans in similar ways in 2023, whether that’s their savings goals or other things that are no longer making sense in this high inflation environment. But in Twixmas, as we set our financial goals for the year ahead, What are the big themes and events that you’re all preparing for? Timi? 

Timi Merriman-Johnson
Yes. So with me recently qualifying as a financial adviser, something that I’m looking to do personally is get a job. 

Claer Barrett
(Laughter) OK. 

Timi Merriman-Johnson
I’ve been running my business for the past four years and now I’ve got my qualification out of the way. It’s a bit like passing a driving test and I now want to go and practice, get some hands-on experience and then fit that back into the content I’m creating. So I think my income will go from being quite variable and quite lumpy to being consistent as I continue to do that. 

Claer Barrett
And Bola, how about you? 

Bola Sol
The same for me, I’d like to get some experience as a financial adviser under my belt just to learn from different aspects, from insurance, pensions, what people want to do with their investments. That’s something that’s quite exciting to me. But also something that’s quite exciting, not just to me, but I’m sure for others as well is where artificial intelligence is going. I’m paying close attention to what it means for us as millennials and even Gen Zs and different generations. What does it mean? And do we need to upskill? If so, I am ready in the new year to look at what skills I can pick up because we can’t get left behind. 

Claer Barrett
No. I mean, certainly a massive theme for the FT this year in all of its reporting. Damien, how about you? 

Damien Jordan
It’s about, for me now, letting go of control within my business so that I can expand it further. I do everything myself, so, you know, I need to bring on team members to grow further. And really the shift in mentality is understanding that I’m the best investment that I can make, you know, backing myself in that sense. I still most identify as an employee, if that makes sense. So it was always work, saving to an index fund, grow that way. I’ve now need to shift and be like, actually invest in yourself. Invest in your business. 

Claer Barrett
So you might have to take on some employees to outsource some of those tasks. I mean, Bola, that’s something that you’ve already done with your business. 

Bola Sol
Yeah. I made the decision, like, two years ago to get a part-time PA and a part-time social media manager because I was like, on dates and then going to the bathroom to, like, edit and I was just like, this is not sustainable. And essentially I always have to remember we are human beings, not human doings. But when you run your own business, right, you are essentially almost doing everything yourself. But once you try to get to the next level, you realise that it’s probably best to relinquish some control and kind of share the load so that it truly is a business that grows and that can scale. 

Timi Merriman-Johnson
I think when your business is in its beginning stages, you will go through that period where it’s your baby and you’re working on it a lot and stuff. But I think that if you’re running a business or if you’re doing anything, you’re solving problems in the world and the aim is to make the world a better place, then it’s morally incumbent upon you to actually uncouple yourself from that business as soon as you can so that you can reach as many people as you can. There are lots and lots of people that need this information, so same for me. It’s something that I’ll be doing, trying to make less of my output tied to the hours of work that I put in. 

Claer Barrett
Yeah, because there’s a limit on there. There’s only so many hours in a day. So you’ve got to squeeze the most and the most cheese out of them. Well, thank you for being so frank as entrepreneurs and sharing how you’re approaching your work goals and your money goals, because after all, these are the same thing. As I say again and again and again, people who are listening to this show, obviously they all want to earn more money and upskill. That’s something that you all identified at the top of the show. How would you suggest, tips for them to perhaps best go about that? Who wants to come in first?

Damien Jordan
I can start.

Claer Barrett
OK, Damien. 

Damien Jordan
You know, I would just say: don’t try and reinvent the wheel. Don’t try and go out there and invent the next Facebook. Look at something that someone’s making money from and just give it a go and carve some time out of your schedule to do that. With my YouTube channel, that completely changed my life. I wasn’t the first finance YouTube channel. I just saw that the guys in America were doing it well and I applied it to the UK audience. I think most people are always trying to think of what’s the next Facebook, what’s the next Apple? And actually you could just start a YouTube channel part-time and that will change your life. 

Claer Barrett
Well, exactly. It’s risk-free trying something, seeing if it works. Bola, how about you? 

Bola Sol
I would say: try to avoid impulse spending and buying. And the reason I went for that one is because I think now more than ever, people are using social media more and more. But they’re making smarter ways for in-app purchases that are so easy and your money can just keep going so quickly. And I’ve seen it. Oh, nice lip liner. Oh, on offer? OK. Let me get a back massager. And then before you know it, I’m like, none of this was in the budget. Of course they’re useful items, but if you’re not budgeting correctly and if you’re not paying attention to where you allocate your money, it’s very easy for you to get caught up in the latest thing that you are being sold to on social media. And these days you don’t even need to be on the apps. Sometimes you can just say, like, you know, chocolate bar or neck massager, and then it pops up out of nowhere. 

Claer Barrett
As if by magic. 

Damien Jordan
I bought a T-shirt with my cat on it yesterday. (Laughter) You know, like, it was cheap and black T-shirt . . . probably like, ridiculous purchase and it won’t even turn out probably. 

Bola Sol
So funny, my friends who have cats will want to know where you got it. 

Damien Jordan
Yeah. Yeah. I’m pretty excited about getting it, you know. 

Claer Barrett
Yeah. Timi, what would you suggest to listeners either as a budgeting tip or as a way that they can upskill in the year ahead? 

Timi Merriman-Johnson
My tip would be more of a bigger picture one. I would say: become politically engaged. Next year is an election year and the prime minister can call a general election at any point to December. And then if he doesn’t do it by December, then the election has to take place in January 2025.

I, by my own admission, was a relatively apolitical person. I didn’t really follow politics that much until the pandemic, until I realised that the people who run the country could make rules that affected my ability to leave the house and so on and so forth. And then I guess a bit with my job, I’ve become more politically engaged because of the changes to all the rules and stuff. I’m saying this especially to people under the age of 30. If you want to see changes to the rules that benefit you, to do with the Lisa, to do with Isas, to do with progressing your career, to do with renting and so on, pay very, very close attention to the parties and to the individuals who are promising these things and vote for them. And if people aren’t promising things that represent your interests, then don’t vote for them. There is a big opportunity for people next year, but particularly for young people. 

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Claer Barrett
Well, very sound advice there from Timi. I have to say I couldn’t agree more. And people are really gonna need to get politically aware in this election year.

So now we’re gonna focus in on a few themes from our discussions so far and examine them in a bit more depth, starting with mortgages and rents. Now, many listeners are gonna have a financial day of reckoning with their mortgage next year, over a million people will see payments jump as fixed rates come to an end. And we know that there’s also a knock-on impact for people who are renting, as the landlords try to pass on these changes. So how can people prepare for this very unwelcome budget adjustment? Should we start with you, Bola? 

Bola Sol
Yeah, I would say, get ahead. So, for example, my mortgage is probably gonna jump up and the renewal is in August next year. But I have been told to look into it now, which is, you know, nine months ahead of the time. And I would just advise a lot of people to do the same. Check your current situation, make sure your credit score is in a good place as well, because that could also affect the type of rate that you are being given and also potentially start adding additional money to your emergency fund simply because you may have to now pay more in the future because of the current state of the UK. And as a result, you just have to say, are you actually ready for that change? Because I’ve been preparing for it since Q4 started, so since October, started ensuring that I’m ready for when my mortgage probably jumps up. So I would advise people to get ahead of it. 

Claer Barrett
Well, good advice there. The good news from the mortgage market right now is that rates do appear to be dropping down somewhat. Even though the Bank of England base rate hasn’t changed, the markets clearly think that that’s one of the changes that we’ll have to look forward to perhaps in the year ahead. But Timi, tell me about your property experiences. 

Timi Merriman-Johnson
Yeah, so really solid advice from Bola. I completely agree. One of the best things you can do if you’re paying a mortgage is to speak to a mortgage broker and have that conversation early. They’ll be able to find the best products, the best rates for you, and a lot of them will give you that help for free. The mortgage charter that was brought in earlier on this year means that you can lock in a deal six months before. When it comes to mortgages, if you’re struggling with budgets, you can also put your mortgage on interest only for six months with no effect to your credit score. And you can get a general sense of how much a mortgage is likely to cost by putting in your details into a mortgage calculator. And they’ll let you know approximately how much your monthly costs are gonna go up by. And then you can build that buffer from early. I also wanted to say on rent, if you are on a contract, obviously your rent will stay the same. Once you get to the end of your contract, if they want to put your rent up, you do not have to accept that amount. You can absolutely negotiate that. And they cannot raise your rent by more than average rents in the area. So if you feel like your rent has been put up by an extortionate amount, jump on like a property portal, have a look at average rents in the area, and use that to negotiate your rent then. 

Claer Barrett
Well, great advice from Timi. How about you, Damien? 

Damien Jordan
We need to anticipate that the Bank of England will hold rates higher for longer. They’re not gonna just suddenly drop because core inflation is persistent, so prepare for that to come. There isn’t much I can add to what everyone’s said in terms of . . . there’s no magic bullet. The cost is gonna go up. I live up north, so it’s very different to down south. So, you know, the rents in where I live haven’t shot up and what I recommend, a four-bedroom detached house for where I live is a studio in central London. 

Bola Sol
Agreed, agreed. Many people who have grown up, born and bred in London, and they just simply can’t afford to live here anymore. 

Claer Barrett
Well, I’m gonna stick with you for a minute, Bola, because you have made a really big content series over the past couple of weeks, which has been using experiences, anonymised experiences from your followers who are really struggling with the cost of childcare. And this is directly linked to the moving out of London theme because childcare in the capital is absolutely extortionate, but also very, very hard to obtain. Just give listeners a sense of the kinds of stories you’ve been surfacing. 

Bola Sol
Yes. So a lot of the stories are that people are spending at least 30 to 40 per cent of their salary every month on childcare. And sometimes that also means that they are getting support as well from their family. They’re having to put their children in nursery half of the time. They can’t afford to put their children in nursery maybe four or five days a week as they’d like. Sometimes it’s cheaper, especially for women not to work and to look after the children at home. So I think one of the things that I’ve realised now more than ever is to have a child in this economy, you really have to think about where you are with your finances and where you want to be when you have a child, because as you said, going to nursery, the prices I hear are nauseating. And I think as a result, I know many women as well who are delaying having children because they, one, want to find a good, stable partner who has a good job as well, but also be on the same page so that they can focus on raising children. And doing that in the middle of a cost of living crisis, I really applaud, like, the men and women who have shared their stories about the cost of childcare, because I just think right now, it’s not in a great place. While I was still living in a World War 2 structure, which is that the man goes to work . . .  

Damien Jordan
Yeah. And the woman . . .  

Bola Sol
 . . . and the woman stays at home, but that’s not happening anymore. And the whole 9-to-5 structure was built for men. It doesn’t actually work for women . . .  

Damien Jordan
My partner’s sister’s two jobs. You know, let’s be real here. My partner works full time and then runs a household, and I contribute to that the best I can. But I know she does more than me. But her empowerment of going out and being a boss is actually, she works twice as hard now. And I don’t think that’s fair, you know. And if you say I don’t want kids so it doesn’t affect me, it will because if all the women don’t have children, you will pay more tax because the baby boomers will retire. And they just put all that tax pressure because there is no money for pensions. It comes from the taxation of the working. So it’s in everyone’s best interest to make sure that there’s incentives for people to have children that doesn’t cripple them or, like you say, and your friends are not having children because there’s a financial decision there. 

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Claer Barrett
We’re gonna move on now to investing — a more traditional Money Clinic topic. Now, will your investment strategy change in 2024? We’ve been running lots of investment masterclass shows this year where we’ve been quizzing different investors about their strategy. But Damien, investing is something that you make a lot of your YouTube content about. So give us a flavour of how your investment strategy and that of your followers might be changing in the year ahead. 

Damien Jordan
A good investment strategy should never change, no matter which way the wind is blowing, and I think that’s the key point. You know, I think there’s a temptation, isn’t there, to change things when things start to happen. But I’m a global index fund investor, and all that means is I just back that the world will keep turning long term. Yeah? And on average, over the last hundred years, it’s delivered around 9 per cent pre-inflation. So I continue to do that and I will continue to do that, basically until I need the money, which, you know, for me may be around 30 years. But I would encourage people to think about their investments as whatever happens, I just stay consistent. I keep doing it. And a good investment approach, like I said before, shouldn’t change because macroeconomics have. 

Claer Barrett
OK. Timi, when it comes to your own investment strategy for the year ahead, are you, do you tend to make any changes or are you just seeing any big themes emerging on the horizon? 

Timi Merriman-Johnson
Yeah. Like Damien, I’m a global index fund investor and I invest monthly into my investment platform. But I’d like to touch upon the point that Damien made earlier on in the episode, which is the importance of investing in yourself. So I would say that when you invest any money, particularly when you’re starting from smaller sums, try to think very carefully about the total amount of return you’re gonna get on that money. So if the stock market, for example, rises by 9 per cent a year and you invest £100, then that’s like £109 after a year. But if you take £100 and you invest it into gaining a skill — it could be, you know, if you buy a book, you do a course, public speaking, coding, learning a language — you could be one skill away from doubling your income, you know, being able to move into a different job, being able to serve, if you run a business of service, clients more efficiently. Once you’ve increased your income and your capacity to earn, which then stays with you for the rest of your life, you can then invest that money into financial assets. You can then use that money to put into your pension and so on. So if you’re earlier on in your life, in an earlier life stage, and you’re starting with smaller sums, you’re gonna get a higher total return, most probably on investing into yourself, into your skills. 

Claer Barrett
Well, fantastic point. Bola, can you top that? 

Bola Sol
Yeah. I don’t change my investment strategy either. I have a long-term approach. I also invest in index funds globally. I am happy with steady growth because I don’t believe that there’s one way to grow your wealth. But I do believe, like, slow and steady does win the race. 

Claer Barrett
I mean, with high interest rates on cash accounts now, the interest rates have gone up so much. One of the trends that we have seen this year is that more investors are going for cash, or cash equivalents. Now, any of you getting the sense from your followers that they may be turning a bit of a cold shoulder on investment and thinking that cash could be a better option? 

Bola Sol
Yes. So I know, you know, some of my community and my followers are currently doing that as well because they say, well, you know, is this index fund outperforming this? And I would say, yeah, but it’s quite a short-term view because how long is the interest rate going to be at that level in the next year? Is it gonna change and then what’s gonna happen to your money? So I do see the short-term appeal, but once again, I have a long-term vision and I don’t like to be disrupted from that. 

Claer Barrett
Damien?

Damien Jordan
So the way I look at it is, rather than chase in interest rates and performance, any savings or investment goal is grounded in time. So if the goal is over 10 years, I’m investing that in the markets because over that time period they tend to perform better. With cash, I think people are tempted to go, oh, well, I could get 5-6 per cent here and the market’s been down the last couple of years, so why would I not do that? Which actually, if you look long term, there’s never really been a period where cash has outperformed stocks over, say, 10 or 15 years. The interest rate on cash at the minute is a nice to have for your cash savings. 

Claer Barrett
Timi?

Timi Merriman-Johnson
Yeah. Just following on from what the other two have said, it’s important to divvy up your savings as well. I sometimes speak to people who have like just a few grand or a few hundred pounds in savings just sitting in one account. But I like to think of savings as sitting in three separate drawers. You know, you have your short-term savings or emergency fund. It’s completely appropriate to put that into an easy access savings account where you can get to it if you need to. Then if you’re saving towards something that you want to do or have in the next year or two, for a lot of people that might be a holiday or house deposit or what have you, can have a separate account for that. And then anything over and above that can go into long-term investments, the stock market and so on. So divvy up rather than chasing interest rates and so on. Just know this portion of my savings is for the short term. This portion of my savings is for the medium term. And then the rest is going long term. That’s how I like to think about it. 

Claer Barrett
And this time of year, it’s a really great point in the year when you have got these few days between Christmas and New Year to think about your goals in the year ahead, perhaps with your partner or with your wider family. I mean, one thing that we will do because we are together as a family anyway is sit down and say, well, where are we gonna go on holiday next year and when? But also you might think about what the home improvements that you absolutely need to do. What are the big moments of expenditure likely to be? Where are the pinch points in your budget? I mean, are there any pinch points in your budgets that you’re looking at in the year ahead and thinking, like, to be said about how you reallocate the priorities? 

Damien Jordan
The one thing that I’ve had to come to terms with having a partner is, the pinch point is we’re a team and my partner is also self-employed, so our household finances are all over the place. And at certain points I’ve had to step in and support more. So that’s probably for me, it’s having that room within my budget as a limited company director. It’s very easy just to leave all your money in the business, only to have that personal flex to be able to pick up the slack when my partner’s not doing very well because her business is really impacted by cost of living. 

Claer Barrett
Hmm. And Bola and Timi, any pinch points that you’re anticipating in the year ahead? How are you gonna budget around those? 

Bola Sol
Mine is definitely weddings. Two of my siblings are getting married next year. 

Claer Barrett
Oh, my goodness. 

Bola Sol
I think four of my friends are getting married next year, to which three are abroad. So I’m having to do a lot of careful planning. Some things are, absolutely, some things are I’m really sorry I can’t make it. I would rather maybe contribute a little bit of money towards your dream date that I can’t be a part of. So I’d also say it’s about setting financial boundaries for myself. I think that’s really important and something I must say, I think women struggle with a lot and sometimes I say it’s really important to know who your core circle is so you’re aware of like, what’s absolutely you’ll be there versus, what’s that I don’t think this works in your best financial interests for the moment. 

Damien Jordan
I find that so hard, stag, doing wedding, both International. It’s their biggest day ever, but when you’ve got three of them in a year, you’re like, I’ve got to go away six times this year for other people’s . . . And it’s like . . . 

Bola Sol
Agreed. 

Damien Jordan
So expensive. 

Timi Merriman-Johnson
Yeah. I think that there is an art to saying no, which I’m still trying to get good at. We can’t swear on the podcast, can we?

Claer Barrett
(Laughter) Have a go, have a go. 

Timi Merriman-Johnson
OK, so it’s called the shit sandwich. It’s called the poop sandwich. If you say no to a child, like, what do they do? They argue back and it’s the same for adults. So the principle of the poop sandwich is you give them bread, then poop, then bread. So you say a positive thing, then you say no. Then you round off with the negative thing. But it’s a far more palatable way to receive a no than to just hear a no. So, would you like to come to my wedding? Thank you very much, friend, for inviting me to your wedding. I’m very sorry I can’t make it. But I would love to grab a coffee with you sometime so that we can catch up or something. 

Bola Sol
I do the same thing. I call it the sandwich theorem. 

Timi Merriman-Johnson
The sandwich? 

Bola Sol
The sandwich theorem. 

Timi Merriman-Johnson
OK, nice. And I’ve also found that in the climate we’re in whether it’s like splitting the bill at a restaurant or inviting people to stuff, particularly the international events, I think people are a lot more understanding about other people’s budgets at the moment. Well, this has been my experience. 

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Claer Barrett
OK. Well, I’m gonna close off the show by talking about any financial New Year’s resolutions that we might be making. I mean, this is the time of year when lots of people do it. You may argue actually it’s a bad idea because you might be more likely to break a financial resolution and get disillusioned. But do you have a financial New Year’s resolution or resolution tip that you want to share with listeners today? Bola? 

Bola Sol
Yeah. So when it’s cold out, I’m less likely to go out. I literally use that time to look over my budget and sometimes I’ll budget for the year just to get a little bit of an outline of what I think my year is gonna look like. So that helps me and I go through everything. I go through subscriptions, direct debits, standing orders, and I align it with my goals and I see, is this gonna work for me? Can I still afford this lifestyle? Could I invest more? And by slowing down and not having such a busy calendar, I’m able to assess where I am and get a better overview of what 2024 will look like. And I always urge people to do the same because I think that what happens is we’re running around or I don’t have time to budget and then somebody will tell me about five shows they’ve watched. So I’m like, you clearly do have time to budget. (Laughter) It’s just about priorities. But when it is cold out, use the time to slow down and reassess, you know, a full overview of what your year is gonna look like. 

Claer Barrett
OK, so back away from the box set and get budgeting. Timi? 

Timi Merriman-Johnson
It’s a great question. I think a goal or resolution is as much about the system you put in place as it is about the end result. So, if we reason by analogy, if you want to run a marathon, yes, you want to get to a point where you can run 26.2 miles in one go. But it is also about all of the runs that you put in place up until that point. So I would say have your big goal for the future, work towards it, but focus on the things that you’re doing every week and every month to move you towards that goal because that’s what’s going to get you there. That’s what you can focus on. And then if the goal changes, if the wind changes, then you can tweak and adapt it. But focus on systems, I would say. 

Claer Barrett
That’s very good. How about you. Damien? 

Damien Jordan
Yeah, and everyone knows that most people fail their financial, you know, New Year’s resolutions, like 80 per cent within a few weeks. And I think a lot of that is because everyone else around you fails. You know, Stacy in the office is trying to lose some weight and then you see her on the third week of the journey in a doughnut. You’re like, oh, well . . .

Claer Barrett
That’s me. (Laughter)

Damien Jordan
Yeah, yeah. She’s given up, so I’ll give up. The key one is, you know, don’t identify as someone that’s, I’m going to try and change. Start right now. You know, we’re listening to this on the Twixmas period, as you said. So start today. You’ll probably find you’ll have better success and then if you fall off, just get back on the next day. It’s not all or nothing. I’m trying to lose some weight at the minute and I follow a lot of creators around diet. And there’s a guy who got . . . he got a massive pack of Doritos, you know, a large Galaxy, two packs of Haribo and some ice cream. He said, right here is 3,500 calories. If you eat a normal day’s food and you eat all of that, you put on 1lb of fat, that’s it. He’s like, you know, you could have a blowout like this and it doesn’t ruin everything. Just get back on it the next day. And I think with financial goals, with anything, you’re not gonna be perfect every day. You just get back on the horse. 

Claer Barrett
It’s that consistency is key.

Damien Jordan
Yeah. Everyone’s gonna eat a load of chocolate now after hearing me say that, it’s just one more pound of fat . . . 

Bola Sol
I also think it’s . . . I approach my finances in seasons, so in quarters, so Q1 to Q4. I take things easier in Q1 on myself in general when it’s winter, even fitness goals, for example, I am slow of my goals on is heavy, I just say, try to do 10-15K walk a couple of times a week, do some sit ups and just go out, like, I don’t have the energy anymore. Same with my finances. I’m just like, just go over your budget, have a rough idea. I say, if you stay, as you said on track, don’t push yourself too hard in the hard seasons already. Then you can just prepare yourself for things like spring. Maybe when you’re more likely to want to go outside and then, you know, want to spend more of your money and that’s when you can reassess your budget again. 

Damien Jordan
Don’t try and 180 your whole life.

Bola Sol
Exactly.

Damien Jordan
It reminds me of something you said to me, actually. It’s like, just be kind to yourself and forgive yourself. Remember, that was like my head popped when you said it because it was like, all that past baggage that I carry about, I’m a failure, I’m this, I’m not, it’s like, that’s all gone. Just, you know, see what you do tomorrow. 

Claer Barrett
Yeah. Well, I think it’s the same with any kind of habit change, whether it’s financial, dietary, exercise, they’re all kind of linked together. What you said to me about your health being your wealth, I mean, I would say that is my definite goal for the year ahead.

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OK. Well, thank you so much, esteemed guests, for joining us for this special new year edition of Money Clinic. It’s been an absolute pleasure having you here. Timi, how can people follow you on social media? 

Timi Merriman-Johnson
Yeah. I am @MrMoneyJar. That’s like a jar of money across all social media. So do come say hi. 

Claer Barrett
And Bola? 

Bola Sol
You can find me on social media on all platforms: Bola_Sol. That’s B-O-L-A underscore S-O-L. 

Claer Barrett
And Damien? 

Damien Jordan
If you just put Damien Talks Money into Google, or Making Money is the podcast if that’s more your thing. 

Claer Barrett
Yeah, basically if you put Damien into Google, it comes up with talks money in AI without you even talking about it. You must be the most famous Damien in the UK. 

Damien Jordan
When I first started I was like, I’m gonna take down Damien Rice (laughter) and I did that. I was more set on, more than “Cannonball” by Damien Rice and I was like, yeah, completed that goal. 

Timi Merriman-Johnson
Damian Marley next. (Laughter)

Damien Jordan
I already got him in the back. (Laughter)

Claer Barrett
Well, thank you. A wealth of money inspiration, tips and just all the good feels, I have to say, in this podcast studio. I really hope it’s helpful to you listening wherever you’re listening from, as you plan out your goals for 2024.

Well, that’s it for Money Clinic this week and indeed this year, and I hope this content has been useful. We’re always looking to chat with people about their money issues for the show. So if you’re interested in being part of the future episodes, then email us. Our address is money@FT.com. You could also take a peek at our website FT.com/money, grab a copy of the FT Weekend newspaper, or follow me on Instagram. I’m @ClaerB.

Money Clinic was produced in London by Philippa Goodrich. The sound design is by Breen Turner and our editor is Manuela Saragosa. You heard original tunes this week by Metaphor Music. And Cheryl Brumley is the FT’s global head of audio. And finally, our usual disclaimer: Money Clinic podcast is a general discussion around financial topics and does not constitute an investment recommendation or individual financial advice. For that you’ll need to find an independent financial adviser. That’s all the small print for now. See you back here next week. Goodbye.