Every year, Oxford Languages chooses a word that defines the year. In 2023, the word “rizz” was picked, which means style or charm. Rizz is a new turn of phrase that young adults have popularized recently and represents the strong internet culture that permeated society throughout 2023. But what does the Oxford Word of the Year have to do with finances? Choosing your money-related word of the year can help you stay focused on your financial goals in 2024.
Achieving your savings targets requires discipline and sacrifice. It can be hard to stay motivated when temptations to overspend are everywhere. Your financial word of the year can become your mantra when saving gets tough and you want to give up. Here are some tips to help you choose a word that embodies the financial goals you’re hoping to achieve this year.
How to Choose a Financial Word of the Year
Define Your Goals
Before you can choose a financial word of the year, you first have to define your main money goals for 2024. Although we’d all love to pay off all our debt or become millionaires this year, we have to set attainable goals to make progress!
It may not be possible to pay down your student loans while saving for retirement and a house deposit, so you have to prioritize. Which goals are most important for your financial well-being? Although you may dream of taking a tropical vacation, building a solid emergency fund may be a more pressing goal.
It’s also important to think about how much money it will take to achieve your target. For example, if you’re saving for your wedding, it’s a good idea to familiarize yourself with event costs in your area. Contact local venues and vendors and ask about pricing so you know roughly how much you need to save.
Finally, you’ll need to figure out how much money you can afford to contribute toward your goals each month. Although it’s tempting to set a lofty goal, it’s better to be realistic.
Dig into your bank statements to familiarize yourself with your expenses and spending habits. This will help you figure out how much disposable income you have to contribute toward your goals and identify opportunities for improvement. You may be able to cancel certain subscriptions or make lifestyle changes to reach your goals faster.
Identify the Lifestyle Changes You Have to Make
To achieve your goals, you may need to make changes to your lifestyle, such as cutting back on eating out or getting a side hustle. However, breaking ingrained habits like hitting up the drive-thru after work or shopping online to relieve stress can be extremely difficult.
That’s why setting a financial word of the year to use as a mantra can be so helpful. Whenever you feel tempted to stray from your goals, you’ll be able to think about the word you’ve to remind yourself why you’re sacrificing. Although you’re missing out on short-term pleasures now, your hard work will pay off in the long run when you finally pay off your debt or buy a car in cash.
Ask Yourself Why You Want to Achieve Your Goals
The final step in choosing your financial word of the year is to figure out your “why.” What do your goals mean to you and how will achieving them change your life?
The Meaning Behind My Word of the Year
This year, I want to continue working on paying off my home and building my cash savings. Both of these goals represent financial security, and achieving them will give me immense peace. Paying off my home means that I’ll always have a place to live that’s 100% mine, not the bank’s.
This goal has deep emotional roots for me. I came of age during the Great Recession and worried about my parents losing their home due to the downturn. Paying off my mortgage would eliminate the deep-seated worries I have about losing my home. Building my cash savings is also about security. The bigger the financial cushion you have, the less you have to worry about economic events that are out of your control such as recessions.
For these reasons, I’ve chosen “stability” as my financial word of the year. I want to view all of the financial choices I make this year through the lens of stability. When I feel tempted to buy something, I plan to ask myself how that purchase is going to help me create stability and security in my life.
Sometimes I need to get out of the house for my mental stability, especially during the dark, cold winter months. However, using “stability” as my mantra will help me avoid going overboard on random impulse buys. Keeping my goal of achieving financial security at the forefront of my mind will prevent me from splurging on unnecessary gadgets on a whim.
Potential Ideas for Your Word of the Year
It can be difficult to find a single word that sums up the meaning and importance behind your most important financial goals. Don’t put too much pressure on yourself to come up with the perfect turn of phrase. Your mantra doesn’t have to be super catchy or clever—it just has to give you a nudge in the right financial direction when you’re feeling unmotivated.
For example, if you’re hoping to minimize mindless shopping this year so you can pay off debt, your word of the year could be “mindfulness.” Repeating this mantra to yourself before you make a purchase will help remind you to slow down so you make fewer impulse buys.
If you’re saving up to buy a house or have a child, your word could simply be “home” or “family.” These words evoke powerful emotions that can help keep you motivated to achieve your financial goals. After all, nothing is more important than family and feeling at home, especially not unnecessary material goods and impulse purchases!
Here are a few more words or sayings that may inspire you to reach your money goals:
- Financial, time, or debt freedom
- Peace
- Security
- Contentment
- Minimalism
- Legacy
- Build wealth or grow rich
- Pay yourself first
- Self-care or self-love
Hopefully, I’ve given you some inspiration and helped you choose a money mantra that will propel you toward success this year! Let me know what your financial word of the year is for 2024 in the comments.
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Vicky Monroe is a freelance personal finance and lifestyle writer. When she’s not busy writing about her favorite money saving hacks or tinkering with her budget spreadsheets, she likes to travel, garden, and cook healthy vegetarian meals.