Scheduled maintenance is planned for June 13 at 4pm, during which time the site will be temporarily unavailable.
.png)
Winter can be beautiful: frost on the grass, cozy fires, and warm hot chocolates. For some families, it means trips to the snow, while for others, a holiday in the islands to get some desperately needed sunshine. For many of us, though, the reality of winter is dragging ourselves out of bed every morning to face the short, dark, and cold days with some semblance of enthusiasm.
This winter, Wellington feels particularly dark, with business owners and civil servants alike worried about their financial futures. Although some good news is coming through—New Zealand is officially out of a recession, and mortgage rates have started trending down—the impact of these changes is still outweighed by the fear of job loss, the high cost of living, and the doom-and-gloom media.
.png)
We know that a lot of these factors directly impact our finances (cost of food, mortgage repayments, etc.), but what about the indirect results of living through tough times? Even the most resilient of us can struggle to keep our motivation high when facing prolonged challenges. It’s pretty common, if not universally inevitable, that after a period of stress, people hit a wall. How it presents and what you call it can vary, from languishing all the way to complete burnout. Regardless of where you are on that spectrum, your motivation tends to be AWOL, and it’s not always easy to get it back.
A lack of motivation for normal ‘adulting’ can have some pretty quick financial repercussions. Common behaviours might include procrastinating paying a bill until you end up with late fees or interest or driving or Ubering more often rather than walking or taking the bus because that feels like too much effort. My most prominent guilty habit in this space is using UberEats far too often. While I normally love cooking, when I’m lacking motivation, my capacity to whip up a tasty and nutritious meal for my family at the end of a long day is significantly lower. All these behaviours are minor and understandable, but that doesn’t change the fact that my takeaway bill just jumped from $50 to $100 per week—and that adds up fast!
This hasn’t even touched on the idea of retail therapy yet! The concept that shopping for new items will improve your mood isn’t new, but the phrase "retail therapy" was coined in the 1980s. A study by Deloitte showed that it’s a universal activity, with people indulging in it equally across age, gender, and income levels. As an aside, this study showed that not only were men equally likely to indulge in some retail therapy, they actually spent 40% more on average than women when they did go shopping! With the combination of online shopping and Buy Now-Pay Later options, it has honestly never been easier to spend your money because you are having a bad day, week, or month.
The questions for you to consider are:
- What behaviours are you noticing in your own life that are impacting your finances?
- Once you’ve identified your own patterns, how much of an impact is it really having? Is it significant, or is it just making you feel guilty without making a significant difference to your financial position?
- If it is something that needs to be reset or reined in, what structures can you put in place (or who can you ask for help) to make that practical for you while you wait for your motivation to return?
Working out what is going on for you specifically is the first step, but then the question becomes how to get back on track. There are three approaches here depending on your personality and what works in your mind, and sometimes a combination might be best.
This is my best advice for anyone who gets more anxious the closer they get to a deadline or an unpleasant activity. I have never been able to just ‘put something out of my mind’. If I know there is a conversation to be had or a task to be done that I’m nervous about, I will have it hanging over me until it’s been dealt with. The answer for this personality is to get the thing you are dreading over with first thing in the morning. The phrase is attributed to Mark Twain, and I’m not sure how frogs came into it—but the strategy holds true. Do the thing you are dreading, and your day becomes a thousand times easier to get through. In finances, this could be anything from making a call to the bank to approaching your employer to discuss pay. Whatever you’ve been putting off out of nervousness, get it off your plate, and you will feel better for it.
This is the opposite approach and might suit people who don’t have that driving force of developing a stomach-ache when something is overdue! It’s also a better start for people who are further along that spectrum towards burnout. Identify one or two really easy tasks to tick off so that you can make some progress and get that positive reinforcement with the least amount of effort. This could be as simple as paying a parking ticket that has been sitting on your counter or ordering your shopping online so you’re less tempted to make impulse purchases—you can do it from the comfort of your couch, and you’re less likely to buy snacks you don’t need!
We all know that having good structures around you helps keep you on track and supported, and this can be thought of as scaffolding that you erect to help you when your internal motivation is lacking. This can include using a bank or debit card that lets you round up all purchases to the nearest dollar and automatically put the difference into a savings account (Booster’s Savvy card is one option here).
Other times, scaffolding might be put in place by those around you, like mentors or coaches, or when it comes to money—a financial adviser! We can help you get those simple but easily procrastinated jobs (like reviewing your KiwiSaver) done quickly and painlessly. If you have an adviser on your mortgage, they can help with the indecision at refix time, or for insurances, we can help make sure claims are processed without you needing to deal with call centres and insurance providers.
I know that winter blues and the cost of living are enough to leave us feeling flat and unmotivated, but the good news is that you’re not alone, and everything is temporary. Spring will follow winter, the days will get longer and warmer, and motivation will return. July is a great time to reflect on the first half of the year and take a moment to reset. If the tips I’ve shared help you get back into good financial habits, that’s fantastic. If all you do is reach out to meet with an adviser and start the conversation, that’s an amazing act on its own!
And if it’s all too much this month, there’s always August or September, which marks the start of spring, and before you know it, summer is here, and you’ll be feeling energized and motivated once again. Just know that it’s never too late to get back on track, and you don’t have to go it alone.
Elizabeth.
I see my role as a Financial Adviser not just to advise on individual aspects of your finances, and certainly not to simply transact on your behalf. My role is as a guide, to help chart the course, provide scaffolding and support as you progress and redirect you if you’re getting lost in the weeds. Most of our regrets, I have found, come from not having started sooner. So, let’s start today.
About Elizabeth
Hi, I'm Elizabeth, one of the Financial Advisers here at Velocity Financial. Day-to-day, this involves engaging in conversations with clients about their lives, families, aspirations, and, of course, financial goals. In a big picture sense, though, I'm driven by my perpetual desire to improve outcomes for individuals and, eventually, communities. At Velocity we aim to bolster the financial literacy of Kiwis, helping to alleviate financial anxieties, and opening up the possibilities of what can be achieved. We empower our clients to formulate a plan for the future. I'm particularly passionate about assisting women in reaching their financial goals and feeling confident in managing their money. To aid in this, I write a monthly blog on topics that affect women and maintain an Instagram page @what_would_she_do.vf. This platform provides financial content for those who might not be prepared to consult with an adviser yet but still require and deserve sound advice. In my past life, I was a nurse, so helping people is essentially my modus operandi (I'm also quite resilient and not easily grossed out!). During my spare time, I'm likely attempting to keep up with my energetic kids. If I do manage to find some time for myself, you'll find me curled up with a coffee and a book.
Elizabeth is the author of the monthly blog What Would She Do? A column for women, by women.
Follow What Would She Do on Instagram
Disclaimer: Elizabeth Moloney-Geany (FSP693611) is a Financial Adviser with Velocity Financial (FSP95466). No investment decision should be taken based on the information in this blog alone. Please see Elizabeth’s disclosure statement on our website.
Always get professional advice
The information shared in this post is meant to be general guide to support you on your journey. When making important decisions about your finances, we encourage you to seek independent financial advice first, tailored to your unique situation. As well as talking with a financial adviser, make sure you talk to your lawyer and accountant too – together they'll help you find the best solution for your specific situation. Our knowledgeable financial advisers are here to help. Check out our website for the details about our financial advisory services in our disclosures https://www.velocityfinancial.co.nz/disclosure-statement.