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Episode 533 Podcast Summary
New Year money resolutions that work
Summary:
I examine the psychology of habit formation, drawing on James Clear's book, Atomic Habits and applying it to personal finance. I explain why traditional New Year's resolutions often fail and how using techniques like "habit stacking"- such as checking your budget while drinking your morning coffee - can drastically increase your success rate. I also discuss "Smart" and "Hot" goals to help you build momentum throughout the year.
Key Insights:
- The four laws of habit building - To form a lasting habit, you need a cue, a craving, a response, and a reward.
- Morning habits stick better - New research from the University of Australia suggests you are 43% more likely to stick to a habit if you stack it in the morning rather than the evening.
- Patience is key - While simple habits take 66 days to form, complex financial habits can take up to 335 days to become truly automatic.
- Set "Hot" Goals - Consider "Harder Over Time" goals where you start small (e.g., saving £50 a month) and increase the difficulty as you build momentum.
- Connect with your future self - Writing a letter to your future self, thanking them for the financial decisions you are making today, can psychologically prime you to save more.
How to overpay your mortgage without cutting back
Summary:
I provide a breakdown of how I earned £1,030 in cashback and interest last year by using apps like Jam Doughnut and Moneybox. I then outline a strategy to use the money to overpay a mortgage. By automating these earnings into your mortgage, you could become debt-free years earlier without spending an extra penny of your salary.
Key Insights:
- Stacking cashback deals - I combined a cashback credit card with the Jam Doughnut app (which offers instant cashback on gift cards) to achieve an average return of 3.1% on spending.
- The Mortgage Overpayment Hack - Overpaying a £200,000 mortgage (25-year term at 3.8%) by just £100 a month - funded entirely by cashback and roundups - could save £16,910 in interest and clear the debt 3.5 years early.
- Watch out for protection issues - When using gift card apps like Jam Doughnut, you lose Section 75 protection. For items between £100 and £30,000, pay a small portion on a credit card to retain this protection.
- Roundups add up - Using the "double roundup" feature on apps like Moneybox generated an additional £645 in savings over the year without me noticing the money leaving my account.
Resources
Links referred to in the podcast:
- MTTM - Podcast Episode 160 - Succeeding at New Years Resolutions
- MTTM - Podcast Episode 393 - How to form good financial habits
- MTTM - Podcast Episode 474 - Savings Challenges
- Book: Atomic Habits by James Clear
- How to make your child a millionaire - Strategy Guide
- Sign up to our weekly newsletter
- Best Cashback Credit Cards
- Best Savings Apps in the UK
- Apps to help you overpay your mortgage
- Should I overpay my mortgage or save in 2026?
- 11 Savings Challenges to try this year
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