Jessica Moorhouse, millennial money expert and podcast host, built her platform on teaching others about financial literacy.
Yet, she always felt low at the start of a new year. She tended to scrutinize her accomplishments — or rather, what she had failed to accomplish over the past 12 months — and focus on the negatives.
It turns out that, even with Accredited Financial Counsellor Canada certification, she felt her own relationship with money was to blame.
“Internally, I still never thought I was good enough, no matter how much money I had in my bank account, or how much I earned, or what kind of accolades or whatever I was able to accomplish, it always felt like it came up short,” she said.
“I’d always be able to find someone who did 10 times better, and I would internalize that and be like, ‘Wow, I still didn’t meet the mark.’”
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It has become easier than ever for people to compare themselves to others, she said, pointing to the rise of social media posts as a main culprit.
“It’s very easy if you’re looking outside of yourself, to feel inadequate.”
In her recently released book, Everything but Money: The Hidden Barriers Between You and Financial Freedom, Moorhouse delved into her financial traumas and history in order to get to the root of her unhappiness with money.
This time around, she said she hopes to kick off the new year by being kinder to herself and she had some advice for others who hope to do the same.
Here are Moorhouse’s Top 5 financial tips for starting off a new year.
1. Take stock of the good stuff
While it is important to look forward, it’s also necessary to reflect on the good things that happened over the past year, Moorhouse said.
She suggested reviewing your 2024 calendar and photos and making note of your accomplishments and the little things that brought you joy. Maybe it’s that big European vacation you saved up for, or a simple backyard barbecue you attended with your friends last summer.
Instead of comparing yourself to others, Moorhouse recommended figuring out what makes you happy and setting that as your benchmark for success for the next year.
2. Set goals, not resolutions
The concept of a New Year’s resolution can be problematic, Moorhouse said. “Everyone fails at them. … I usually try to set goals.”
Moorhouse said she likes to split her goals into three categories — career, financial and personal — to ensure she is not neglecting one area of her life by focusing too much on another. For example, this could involve starting a new project at work, maxing out contributions to retirement savings plans and learning how to rock-climb.
She also emphasized the importance of giving oneself grace when things don’t go according to plan.
“No one accomplishes 100 per cent of the goals that they set,” Moorhouse said. “Six months later, if you can get 50 per cent, or even if you just accomplish one thing on your list, that’s still really good.”
3. Start fine-tuning your steps
While setting your goals, you need to get as precise as possible, Moorhouse said. If one of your plans next year is to pad your savings cushion, consider revisiting your budget and looking for specific ways to cut back on costs.
“I always look at (the) big picture and then get more granular, so we can have specific action steps.”
It can also be helpful to take a step back and ask yourself why you want to accomplish this goal, she said. One example, she said, would be not simply setting a goal to save 50 per cent of your income but telling yourself you are doing this so you can feel more confident and comfortable about retirement.
4. Make room for joy
It is important to make room in your 2025 spending plan for joy, Moorhouse said.
For example, if you are setting aside 50 per cent of your income for your savings, you can allocate 10 per cent of that for the things that bring you happiness, such as travel, eating out or activities with friends, she said.
“If you just focus on the career or money stuff, you’re going to realize quickly that those won’t really make you happy,” she said. “Money is ultimately just a tool to help you achieve the things that you want, that will bring you fulfillment.”
5. Hold yourself accountable
It is also important that, after setting your goals, you make sure you actually work toward achieving them, she said.
A vision board is a tool she finds helpful, Moorhouse said. And setting a schedule to help organize and separate your goals and meet them within specific deadlines is also key, she said.
Sharing your goal with a trusted person can also help keep you accountable. “It puts it into the universe and you feel a little bit more (motivated) to actually do it,” she said.
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