Jan. 7, 2026
118: Start 2026 Broke or Building? 5 Must-Do Money Moves
Start the new year off right with a clear, actionable financial plan. In this episode, Jessica and Brandon walk you through five key money moves to make in January, from setting financial goals and reviewing your budget to building a debt payoff strategy and automating your savings.
Whether you're managing money solo or with a partner, this episode is packed with practical advice to help you take control of your finances and build wealth in 2026.
What You'll Learn:
- How to set measurable, achievable financial goals
- Strategies for reviewing and improving your budget
- The difference between debt snowball and avalanche methods
- Why automating your savings boosts success
- How to finally take action and get financial help
Resources Mentioned:
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Money, relationships, and the mindset to master both. Hosted by financial advisor Brandon and his wife Jessica, The Sugar Daddy Podcast breaks down how to build wealth, unpack old money beliefs, and have real conversations about love and finances. Their mission? To help couples and individuals grow rich in every sense of the word: emotionally, relationally and financially.
Chapters
00:00 - New Year, New Money Intentions
01:33 - Subscribe, Guests, And Newsletter Updates
02:29 - Step One: Set Clear Financial Goals
06:34 - Align Goals With Partners And Friends
09:57 - Step Two: Review And Track Your Budget
14:08 - Spending Boundaries And Value-Based Choices
17:43 - Step Three: Design Your Debt Payoff Plan
22:20 - Avalanche vs Snowball And Tools
24:24 - Step Four: Boost And Automate Savings
26:50 - Closing Notes And Community CTA
Transcript
WEBVTT
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Happy New Year, everyone.
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Thanks for joining us.
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In today's episode, we are going to talk about five things you can do to start the new year off right.
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We are going to talk about setting financial goals, reviewing your budget, creating a debt payoff plan if that's something you need to do, automating your savings, and taking action.
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So if you are ready to be in a better place financially, then this episode is for you.
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Sugar teddy podcast go.
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Learn how to make them pockets grow.
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Financial freedoms where we go.
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Smart investments, money flow.
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Hey babe.
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What are we talking about today?
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Happy New Year.
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We're talking about how to kick off your new year with intentionality and with a plan.
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Are you excited?
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How are you feeling?
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I feel good.
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Yeah?
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I do feel good.
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The idea of this today's episode is to make sure that you're starting the year off on the right foot because we all know that the new year is a time to start anew.
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The new year is a time to start anew.
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Wow, guys.
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I'm full of, you know, profound thoughts.
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It's my new year thing.
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Wow.
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We're going to have to do that.
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More of that to come.
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More of that to come.
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Please know.
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All right.
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Well, let's get into it.
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We want to make sure that we are valuing people's time and really sharing great episodes where you can walk away feeling empowered, ready to take action, and take steps to improve your financial goals.
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Aside from today's episode, we also have some amazing guests coming on the show.
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So make sure if you have not yet hit that subscribe button that you do that because we are dropping episodes every Wednesday.
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And you don't want to miss out.
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I mean, everything from a student loan attorney to entrepreneurs, stay-at-home moms, maximizing their budget.
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Um, I mean, we've got so many guest recordings that we're so excited to share with you.
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You just don't want to miss them.
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So hit subscribe, stay tuned, and make sure you're also subscribed to our newsletter because we have revamped that.
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We've been working tirelessly around the clock to make sure that things that are hitting your inbox are of value.
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And again, takeaways, links, partnerships, all sorts of great content there for you as well.
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You said it all.
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Okay.
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Well, let's get into today's episode then.
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How to start the new year off right?
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We're going to give you five action steps.
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So what's the first one, babe?
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First one is to set financial goals.
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I mean, everything that starts with intentionality is determining what it is you actually want to accomplish.
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And we've said it time and time again that unfortunately a lot of people don't actually think through what their specific goals are.
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They tend to have maybe more generic goals, and they also don't talk about them out loud.
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And more specifically, they don't talk about them with their partner if you have one.
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That's gonna be a whole nother episode because we are working on something really exciting for couples to have conversations with their partners about money.
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But everything you just said is great.
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However, I think there's a reflection component, right, that we need.
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Well, there is a reflection component.
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So, you know, you do obviously need to think about, you know, some of the things that have happened in the previous year.
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But the idea is that new year starting.
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So you want to sit down and say, hey, what do I want to accomplish in the new year coming up?
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And you need to be specific and you also need to have measurable goals.
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Like I said, most people tend to have maybe generic goals, and they aren't necessarily going to be the ones that move the needle when it comes to how you want to live your life.
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So having those conversations out loud and really talking through it, because I know for me personally, and I would say just as well, is that sometimes you may have an idea of a goal and talking out loud and talking through it helps you have a more clearly defined goal at the end of the conversation.
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Yeah.
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I mean, definitely talking about it with your partner because having that alignment, especially if your finances are combined, which if you're in the same household, even if your accounts aren't combined, there's an element of combining the finances.
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So you definitely want to be on the same page.
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Are you trying to reduce debt, increase your savings, start investing, you know, plan for that house, that baby, whatever it might be, you know, are you on the same page?
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I think too, writing them down or saying them out loud, you know, I think I don't know the statistic right off the top of my head, but I do know that the research has shown that when you talk about your goals out loud, that you are more likely to achieve them.
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So as you're going out for brunch and lunch and dinner and meeting up with friends, that's a great opportunity to let your friends know what you're working on because it's a way for them to not only be aware, but also to help support you.
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You know, if you're saying I want to pay off debt or I want to increase my savings, then they know maybe I don't need to be asking you to go out, you know, every other day to spend money.
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Maybe we can come up with ways to spend time together that's meaningful without spending additional money.
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So you want people to also know your goals so that they can help you achieve them.
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I mean, that also leads into the whole one of the purposes of this podcast is to have more open conversations about money.
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And that includes your goals.
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I mean, I feel as though that if you want to deepen their friendships and the relationships that you have in your life, talk about your goals.
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I mean, you know, having a shared, I mean, you guys might even have shared goals when you start talking about it and you have new accountability partners.
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Yeah, absolutely.
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So really setting those goals, getting clear on what it is that you're trying to accomplish.
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And, you know, don't let this be an overwhelming part.
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Let it be something exciting.
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Maybe you won't be able to do everything this year, right?
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It's only 365 days.
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However, what are the most important things?
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If you don't have an emergency fund to start off the year, that's something we would definitely recommend you focus on, you know, putting aside X amount of dollars from every paycheck to make sure that you are getting that emergency fund up.
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If you, you know, didn't like I say keep the list concise.
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Yeah.
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I think too often people start to put too many things on their plate, and then a few months in they feel overwhelmed and then they just let everything go.
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So maybe keep this list initially three to five items for the entire year.
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I mean, the idea is to be focused and make sure you get them done.
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And, you know, if you're able to handle those five things this year, maybe you could add a few more to your list the following year.
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But the idea here is that you want to set goals that are actionable and that you can actually accomplish.
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Yeah, absolutely.
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All right, let's move on to the really big thing, which most of us need to consistently do month over month, week over week, is review your budget.
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Yeah.
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So I always have to start out with the positive.
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What did you do that was positive?
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You know, what did you do right in that year when it comes to your budget?
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I mean, you could obviously once you review some of the things that you're doing right, you want to continue doing those things correctly.
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Continue doing those things in the new year.
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Words once again are eluding me.
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But also we do want to look at what do we need to improve upon?
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What are some of the things that you set out to do and maybe you didn't accomplish when it comes to your budget?
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And why?
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And why, yes.
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The key is the why.
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The why.
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What hindered you from accomplishing those things when it comes to your budget?
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And then working on fixing that moving forward.
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Now, obviously, there is some reflection here, and I don't want you to dwell on the negatives because the reality is that it happened, you can't change it, but you can learn from it and apply what you've learned moving forward so that it doesn't happen again.
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I think this is a good opportunity to talk about how you want to budget, because there are people who are going to put a line item for everything, right?
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They're gonna put a line item for gas, for groceries, for iced coffee, all those things.
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Um, and then there's people who are gonna say, I'm going to save, I'm gonna invest, I'm gonna save my money, um, pay my bills, and then anything else that's left is left.
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And so there's other ways to do it.
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You can track everything, you know, using software or an app, or if you are a paper to pen person and that helps you, then that's a great thing to do as well.
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But typically what we hear is, I don't know where my money goes.
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And we've we've felt that way as well.
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You look up at the end of the month and you're like, where did all my money go?
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Um, and if you're doing like a zero-based budget where you do what we do, which is you pay your bills, you save and invest, and then whatever's left is left.
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You know, maybe you aren't tracking and you're like, whoa, this was a really big Amazon month or whatever it might be.
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But decide how you want to actually track your budget.
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And we've been honest on this podcast, and we even talked about how in one of our most recent money meetings, we sat down and it was the iced coffee, it was getting a little out of control.
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And so we pushed back and and pulled back and said, all right, this is our budget for iced coffee.
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This is our budget for eating out.
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Here's the money that, you know, quote unquote, I get to spend when I go out with friends.
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And so it just puts boundaries and parameters on the things that we value.
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And then we pull back in other areas where, you know, we didn't find value.
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Um so think about how you want to budget, but most importantly, how are you going to track it?
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Because if you can't see in black and white where your money is going, you don't have a budget and you don't know.
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I also want you to have a mind shift because I think when most people hear the word budget, they think of restrictions.
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Right.
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And that's not what we're focused on.
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We're focused on using our money with intentionality as far as focusing on where our money is going and is it going towards enriching our lives?
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Because I think often we get too caught up in just spending money on things that, in all honesty, if you just stopped and thought about it, you don't necessarily need and it really isn't adding to your life.
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So don't think about budgeting as restriction.
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Think about it as really focusing on knowing where your money is going so that you can create a plan for where you want to be in the future.
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Yeah.
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And I've actually, one thing that I've seen online several times and I just started kind of implementing is I put things in my cart and I just leave them there for a day or two.
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And you give it 48 hours and then you decide, do I really need this?
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Do the kids really need this?
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What am I going to use it for?
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How long is this going to last?
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And, you know, I'm not talking about the laundry detergent and the kids' vitamins, but, you know, that extra sweater or that cute pair of shoes that was on sale, you know, is this something that was already on your list, or is it something that you're buying because it was on sale?
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You know, we just kind of came off of that Black Friday, Gray Thursday, Cyber Monday.
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I mean, like Gray Thursday, is that a thing?
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Yes, it's a thing.
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I mean, it's, you know, it's all the excuses to shop.
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And so why are we buying things?
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Are we buying things just because it's there and it's on sale, or is it because we actually wanted it?
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And I know for us, one of the things that we're being very intentional about is our travel, right?
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We spend most of our money on travel.
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We've got a big trip coming up.
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We're already planning on going out of the country again for Christmas.
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We don't have any plans yet for our summer beach trip.
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We need to do that, you know.
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But what we really value is travel together, travel with our children.
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Um, and so that's where the bulk of our money goes.
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But again, intentionality.
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And that ties into, you know, when you're reviewing your budget, that you are taking into account the goals that you want to accomplish for incorporating that into your new budget.
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You know, any major expenses you may be having.
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So, for example, like we were talking about some of the trips that we're taking, we're booting that into our budget for the year.
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So that's the idea of doing the review.
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Absolutely.
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All right.
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Moving on from budgeting, um, most of us, in some capacity, need to also look at our debts.
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So, you know, for anybody new that's listening, we are not debt-free.
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Um, that's not something we've ever claimed.
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It's also not something that is a goal of ours.
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We have a mortgage, we don't plan on paying it off, we have a car payment.
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Um, and, you know, we're talking about those consumer debts.
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We're talking about, you know, getting our student loans down, things like that, personal loans.
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More specifically, you know, if you have credit card debt.
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Right.
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So if you do have debt and it's been weighing on you, um, not only is that something that you could work with Brandon on developing a plan and a payoff, you know, a payoff plan for, but it's something that you need to look at.
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So it's a great time at the start of the year to look at all of your debts, write them out.
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Where are they?
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What are the amounts?
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And then what are the interest rates?
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And there's a couple of schools of thought about how to pay off debt.
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Um, some people will say, write out all of your debts, the amounts, and then the interest rates, and start with the highest interest rate first.
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Um, but there's other people who want those small wins along the way.
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So maybe you pay off a credit card that has a smaller balance with a smaller interest rate, but you get that endorphin boost because you've paid it off much quicker.
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And then you roll that payment that you were making onto the smaller card into the larger cards.
00:13:06.879 --> 00:13:11.519
Yeah, that's the difference between the two strategies known as like the avalanche versus the snowball.
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Where with the avalanche, you're focusing on the Avalanche?
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Avalanche.
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There we go.
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That's what I said.
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But with Avalanche, you have you're focusing on paying off the debt that has the highest interest rate first.
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So you're obviously paying the minimums on all the debts that you have, but then any excess money that you have after you reviewed your budget would be going towards your high interest, the card or you know, whatever debt has the highest interest.
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As compared to with the snowball method, is that any extra money that you have to put towards debt payments, now you're going to put that towards your lowest balance instead of the one with the highest interest rate.
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And the idea behind that, like she said, is some people need to get those small wins in order to continue on.
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It's a mental shift.
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Yeah.
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And there's no wrong or right way.
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Now, mathematically, paying the higher interest, putting the additional money towards that one would make more sense mathematically.
00:13:58.639 --> 00:14:03.840
But as you know here, we're not all about just the math because everyone has an emotional attachment to their money.
00:14:03.840 --> 00:14:10.720
But the idea is that you discuss a payoff strategy and you implement it, whatever it may be.
00:14:11.039 --> 00:14:11.279
Right.
00:14:11.279 --> 00:14:27.679
And you know what's really nice is if you're looking at your credit card statements, which you should be doing on a monthly basis, even if you're paying off your cards every month, even if you have things automated, you should still be looking at your statements just to make sure everything's correct, that all of the charges are actually your charges.
00:14:27.679 --> 00:14:39.200
Um, but what's really nice is that most of the statements now will actually give you almost like a schedule of if it takes you this long, you know, this is how much you're actually gonna pay on this bill.
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It'll also tell you how much extra you're gonna be spending, you know, in interest payments.
00:14:44.080 --> 00:14:55.200
And so that could be pretty motivating to look at because obviously the higher the interest rate, the longer it's gonna take you to pay it off, and the more you're gonna pay in interest if you're only making those minimum payments.
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So that's something to take a look at.
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They've done the math for you, and you know, we want to get that consumer debt paid off as quickly as possible.
00:15:03.360 --> 00:15:13.679
Yeah, I always use a debt calculator with, you know, my clients I'm working with because it shows them, you know, with the current method that they're using and how much they're putting towards that debt, how long it will take for the pay it off.
00:15:13.679 --> 00:15:20.879
And then say we add an additional $50 a month to that payment and it shows them how much quicker they could take it off, um, pay it off.
00:15:20.879 --> 00:15:36.159
And a lot of people are really surprised at how much a little bit of money actually goes a long way when it comes to debt payments as far as how quickly, you know, a debt that maybe was going to take you 24 months, you had another $50 a month towards the payment, could end up reducing it by, you know, six or eight months, and you pay it off sooner.
00:15:36.159 --> 00:15:41.919
Um, we can also definitely link, I can link the one in the show notes that I often use with um clients because it's a really easy one to use.
00:15:42.159 --> 00:15:42.639
Perfect.
00:15:42.639 --> 00:15:44.480
We'll link that in the show notes.
00:15:44.480 --> 00:15:58.000
Next, we want to talk about going from you know your debt reduction to your savings, because we not only want to have that emergency fund, but we also want to, you know, save for our future selves for retirement.
00:15:58.000 --> 00:15:59.679
What's your suggestion there?
00:15:59.919 --> 00:16:03.360
So first and foremost, you need to look at how much are you currently saving?
00:16:03.360 --> 00:16:09.120
The idea is to get an I the idea is to figure out what your current savings rate is.
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How much are you saving on a monthly slash annual basis?
00:16:12.799 --> 00:16:22.000
And that can include how much is going to you know a high yellow savings account, how much you're putting towards your retirement accounts, whatever it may be, but how much of your income are you saving?
00:16:22.000 --> 00:16:26.320
Now, once you know that amount, maybe you can look at, hey, can I increase that amount?
00:16:26.320 --> 00:16:31.840
So let's say hypothetically your savings rate is 10%, which is great.
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If you're already doing that, pat yourself on the back.
00:16:34.399 --> 00:16:36.879
But we always want to work towards improvement.
00:16:36.879 --> 00:16:40.879
So maybe you can do 12%, 13%, and see what that looks like.
00:16:40.879 --> 00:16:46.000
Now, once you've determined what your savings rate is and what you want it to be, automate it.
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Automate it, automate it, automate it.
00:16:48.480 --> 00:16:52.399
Make it much easier for yourself rather than having do all this stuff manually.
00:16:52.399 --> 00:17:01.279
And it's also been shown statistically that those who automate their savings are much better savers than those who try to do it on a monthly basis manually.
00:17:01.679 --> 00:17:12.720
Well, because let's be serious, if you're not automating it, the likelihood is you're gonna pay your bills, you're gonna spend your money, and then you're gonna be like, oop, I need to save, and you're gonna say, Oh, I don't have enough.
00:17:13.039 --> 00:17:30.000
And the thing is too, is for those individuals that are maybe working jobs where your monthly income fluctuates and you're a little bit worried about, you know, choosing an amount to automate, automate a lower amount so that it's automatically happening, you know, base it off of your lowest month of what you brought in.
00:17:30.000 --> 00:17:32.160
Choose that amount and automate that.
00:17:32.160 --> 00:17:36.160
And then you can always add that additional amount manually on top of that.
00:17:36.160 --> 00:17:38.799
The idea is that we want to make sure something is going in.
00:17:39.039 --> 00:17:39.279
Yeah.
00:17:39.279 --> 00:17:52.720
And one nice thing that you could also look into, especially if you are working, you know, a corporate nine to five type job, um, a lot of times your payroll will allow you to add additional bank accounts.
00:17:52.720 --> 00:18:05.359
So you have your direct deposit into your checking, but then you could also, in some cases, you'll have to do your research, but in some cases, you can also automate that a portion of your paycheck goes directly into savings.
00:18:05.359 --> 00:18:09.039
I know for me, if I don't see it, I don't miss it.
00:18:09.039 --> 00:18:21.680
So even if it's $25, $50, $100 getting taken out immediately from that paycheck, just like your health insurance and your 401k and your taxes and all the things, if you don't see it, you don't miss it.
00:18:21.680 --> 00:18:27.519
So get that out of there as quickly as possible and you know, flow it into one of your other accounts.
00:18:27.519 --> 00:18:29.839
A high yield savings account would be great, by the way.
00:18:29.839 --> 00:18:30.240
Yes.
00:18:30.400 --> 00:18:35.119
If you have not opened up your high yield savings account, please go pause this episode and do that.
00:18:35.119 --> 00:18:36.960
It literally takes a few minutes.
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