A Self-Made Millionaire's 4-Step 'Money Reset' to Conquer Holiday Spending
As the leaves turn and the air gets crisp, a familiar sense of dread can creep in—not about the cold, but about the impending financial onslaught of the holiday season. Before you get swept up in the whirlwind of gift-giving and festive gatherings, one expert says there's a crucial window to seize control of your finances.
Enter the "money reset." This is the secret weapon championed by Jason Brown, a stock market authority and the author behind the popular book "Five-Year Millionaire." He argues that October and early November are the golden hours for a financial deep-dive, allowing you to head into the year's final quarter with confidence and a clear plan.
What Exactly Is a 'Money Reset'?
According to Brown, this isn't about pinching pennies or creating a restrictive budget that will inevitably fail. Instead, it’s a strategic pause. "[It] is about pressing pause, taking inventory and realigning your financial habits with your bigger goals," Brown explains. It's a moment to honestly assess your spending and saving, ensuring the small decisions you make every day are actually pushing you toward financial freedom, not away from it.
By performing this audit before the holiday chaos begins, you can proactively shape your spending rather than reactively dealing with a mountain of debt in January. Here’s how to do it.
Step 1: Conduct a Brutally Honest Spending Review
First, pull up your bank and credit card statements from the last 60-90 days. Where is your money really going? Identify the automatic subscriptions you forgot about, the daily coffee runs that add up, and any other spending leaks. The goal isn't to feel guilty, but to gain a crystal-clear understanding of your financial reality.
Step 2: Realign With Your Ultimate Goals
With your spending habits laid bare, compare them to your major financial goals. Are you trying to save for a down payment, aggressively pay down debt, or boost your retirement fund? If your daily spending on non-essentials is sabotaging that progress, now is the time to make adjustments. This is the realignment Brown speaks of—making sure your wallet and your ambitions are on the same team.
Step 3: Create a Holiday Spending Battle Plan
Don't let the holidays just happen to your bank account. Create a specific, realistic budget for everything from gifts and decorations to travel and parties. Assign a dollar amount to each category and stick to it. This proactive approach transforms you from a passive spender into a strategic financial commander, eliminating the risk of a new year's debt hangover.
Step 4: Automate Your Success for Quarter Four
Finally, use the insights from your reset to set yourself up for success. Based on your realigned budget, automate your savings. Set up automatic transfers to your savings or investment accounts for each payday. By making saving an automatic, non-negotiable action, you ensure progress toward your goals happens in the background while you enjoy the holiday season, stress-free.
