The Money Reset, How to Start 2026 Without Going Broke by Feb, with Gemma Mitchell

By Molly Benjamin, Founder of Ladies Finance Club

Listen to the full podcast here.

Happy New Year ladies, and welcome to that weird January energy where suddenly we’re meant to wake up as a completely different person.

New year, new rules, new budget, new me… except life doesn’t work like that. And if you’ve ever gone hard in January only to end up burnt out (and broke) by February, this episode is your sign to do it differently.

In this Get Rich episode, I’m joined by Gemma Mitchell, one of our favourite finance ladies, to walk through a simple step-by-step Money Reset, the kind that gives you clarity, not guilt. This is a reset for real women with real lives, not a “never buy a coffee again” plan that lasts four days.

Gemma has just released her book, The Financial Reset (also known as The Money Reset), and the whole idea is made for the moment when you have a financial awakening, that internal “hang on… what am I doing with my money?” feeling.

Sometimes it’s triggered by life changes like a divorce, a job loss, a health scare, or a big shift in your household. Sometimes nothing dramatic happens at all, you just realise the way you’ve been managing your money is no longer working for you.

Either way, the reset starts by stripping things back to basics, and rebuilding from a place of intention.

A money reset isn’t a personality transplant

One of the best things Gemma said early on was this, we are not going to wake up on January 1st and become a totally different person.

The goal isn’t to overhaul your entire life in week one, build a “perfect” spreadsheet, and then avoid it forever because it feels overwhelming.

A money reset is about small, consistent steps, and building habits that are realistic and sustainable. If your plan relies on you being a robot, it’s not a plan, it’s a fantasy.

If you’re not sure where to start, Gemma’s suggestion was simple, and honestly genius: start with the one thing that’s stressing you most.

What’s keeping you up at night?

• Is it credit card debt?
  
• Is your income not covering your expenses?
  
• Is it the fear that you’re not saving enough?
  
• Is it the dream of buying a home, but you have no idea how to get there?
  

That one stress point is a good place to begin, because once you make progress there, everything else becomes easier.

Step one, the stock take (no shame, just facts)

Before you set goals or try to “fix” anything, you need a starting line.

Gemma’s version of a stock take is straightforward:

• What do you own?
• What do you owe?
• What comes in?
• What goes out?
  

You can do it on a napkin, in Notes on your phone, or in a Google Sheet if you’re a spreadsheet queen. It doesn’t need to be fancy. It just needs to be honest.

What you own might include cash savings, super, investments, or property value. What you owe is your debts, credit cards, buy now pay later, loans, mortgage, even money owed to friends or family.

And here’s the most important part, it’s not about judging yourself. The whole reset is grounded in self-reflection, not self-criticism. Knowing your numbers gives you your power back.

As Gemma put it, reframe the stock take as your starting line, not proof you’ve “failed.”

What if your income is lumpy?

If you’re freelance, commission-based, or your income changes month to month, budgeting can feel impossible. Gemma’s advice was to start from the safest place: base your plan on your lowest typical income.

Get your non-negotiables and baseline expenses covered by the minimum. Then create a priority list for what extra money will do when it comes in, a bonus, a tax return, a big invoice month.

Because if you don’t decide where that extra money goes ahead of time, most of us accidentally let lifestyle inflate to match it.

A budget isn’t a punishment, it’s a plan. It’s you telling your money where to go, instead of wondering where it went.

“I don’t want to look at my spending”, here’s the easier way

This is where I see a lot of women freeze, because checking spending can feel confronting. Gemma shared two approaches that make it feel manageable.

The first is forward-looking. List your known bills and non-negotiables first, rent or mortgage, utilities, insurance, childcare, petrol, minimum debt repayments. You may need to glance at your bank statements for some of these, but you’re not analysing every transaction, you’re simply mapping the basics.

The second is targeted reality-checking. Pick one or two categories that tend to quietly blow out, like groceries, eating out, online shopping, and check those properly. Groceries is the big one because many people estimate $300 and it’s actually $500 once you include all the extra taps.

One simple strategy Gemma suggested is tracking just one category for a week or a month, even on a piece of paper on the fridge. Not forever. Just long enough to build awareness.

The goal isn’t to track every dollar, it’s to identify the handful of places where your money is leaking, and build a system around those.

The mindset reset, the story underneath the numbers

This episode wasn’t just about the practical steps, it was also about mindset, because money isn’t only maths. It’s emotions, habits, and the stories we tell ourselves.

Gemma talked about recognising your dominant money patterns, without trying to “fix” them overnight. You might have:

• a scarcity pattern, “there’s never enough”
  
• a YOLO pattern, “life is for living, I’ll deal with it later”
  
• or a mix depending on the situation
  

The point is to notice what triggers you, and what behaviour follows. A bill comes in, do you panic? Do you avoid? Do you feel calm because you planned for it? That awareness is the beginning of change.

This is where a lot of women have that financial awakening moment. Not because they suddenly learn a new tip, but because they finally see their own patterns clearly.

Net worth, the best confidence booster you’re not using

One thing Gemma and I both love is a net worth check-in, because it helps you zoom out.

If you only focus on one thing, like a mortgage or a savings account, you can feel like you’re not progressing. But when you include everything, super, savings, debt decreasing, property value, suddenly you can see the needle moving.

It also helps you see super as your money, not some abstract account you ignore until you’re 65.

If you don’t know what your property is worth, you can use online valuation tools or comparable sales, and choose a conservative estimate. The point is ballpark clarity.

The safety net, start with $1,000

If you don’t have an emergency fund (I call them OMG funds), Gemma said yes, it’s a priority.

The classic advice is three to six months of expenses, but if that feels impossible, start with the first milestone: $1,000.

And I’ll add this, if you’ve never saved $1,000 before, it’s a huge win. Not because of the number, but because of the behaviour change it represents.

Automate it. Put it in a separate fee-free high interest account. Start small. Momentum matters.

Gemma also shared that a safety net isn’t only cash in the bank. It’s also what she calls the “sleep at night test”, knowing what your non-negotiables are in life, and building your finances around them.

Debt reset, don’t just reshuffle it

Debt is another big reason people go broke by February, especially after Christmas spending, holidays, and “fresh start” energy.

Gemma’s take was that you can choose the debt payoff style that works for your brain:

• the snowball method, smallest debts first for quick wins
  
• the avalanche method, highest interest first for efficiency
  

But either way, the reset isn’t just about moving debt around. If you consolidate or transfer balances without changing the behaviour that created the debt, you’re just delaying the problem.

The money reset is about having a plan and shifting the habit that got you there.

Don’t forget the income lever

A powerful reminder Gemma gave is that there’s only so much you can cut.

If your expenses are already lean, your biggest lever in 2026 might be earning more, through a raise, changing employers, additional work, or building new skills.

This doesn’t need to be a quick win. It can be a year-long strategy, and it starts by deciding, “by the end of 2026, I want my income to be higher than it is right now.”

Protect your future, insurance, wills, and relationship money

A reset isn’t complete if you’re building wealth without protecting it.

Gemma reminded us that protection includes insurance, estate planning, and also the way you manage money inside relationships. Communication, transparency, and maintaining independence are part of financial security too.

On insurance, she made a great point, if you think you don’t have insurance, check your super. Many people are paying premiums without realising, or they assume they’re covered in a way they’re not.

This is also one area where it’s worth getting expert help, like using an insurance broker the same way you’d use a mortgage broker, because policies can be complex and you want it right-sized for your life.

And while you’re at it, update your will and estate plan. It’s boring life admin, but future-you will be so glad you did it.

Your super check-in, schedule it now

Gemma’s hot tip for super was to book a calendar reminder for May or June, because it gives you time to take action before the financial year ends.

At least once a year, do the basics:

• are your details correct?
  
• is your beneficiary up to date?
  
• do you have insurance, and is it appropriate?
  

Then every three to five years, or after a major life change, review the bigger stuff like fees and investment options. Just remember when comparing super funds, compare apples with apples. Different “balanced” options can have very different asset mixes.

The Money Reset, done properly

This episode was the exact antidote to chaotic January energy.

A Money Reset isn’t about restriction or perfection. It’s about money management that supports your life, through realistic habits, small steps, and clear decisions.

So if you want to start 2026 strong, without going broke by February, do the stock take, pick your biggest stress point, and build from there. One step at a time.

And if you’re struggling, you don’t have to do it alone. Support exists, from money coaches to mortgage brokers to financial advisers, and we can help connect you.

Here’s to a calmer, clearer, and richer 2026.

Need financial advice? Check out a range of our experts who can help you!