Staying On Track with Your Financial Goals
Here’s the deal. We have all been there. The first of the year hits and we all have grand plans to make it all the way through the year perfectly – We are going to get in great shape, we are going to eat healthier, we aren’t going to spend any more money. I have never seen more people in my gym than in the past few weeks.
And you know what I say to that?
Good for you! Keep up the good work! Don’t give up!
Easy, right?
It seems that after the turmoil of the past year, so many people are putting more of a focus on personal finance. Everyone wants to improve their lives in 2024, cut back on spending, start planning for retirement early. Some hit the ground running, guns blazing. Others are scared – Not knowing where to start, how to start, or if they can start.
In this blog post, we are going to cover a few areas that emphasize the importance of the little things, the incremental steps that can help lead you to be successful in achieving your goals this year. So, let’s hit the ground running!
Where to Start:
Well, first, it’s time to take a leap of faith. Remember, the little things add up. So, lets talk about some specific challenges you are facing and then we will figure out how best to address them.
- Student Debt: You know, this always seems to rear its ugly head. The return to payments is really affecting so many who are in this predicament.
- Housing: Increased cost of rent, unable to buy a home, even utility increases can feel like a burden for many.
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- Gig Economy: Is this the American Dream? How to break-out in a saturated market. You’d love to go out on your own, but don’t know how successful that venture will be.
- Time: Where does the time go? – The thought pops into your head, you have your “power-hour” and get a few things done, but before you know it, everything piles up again.
I get it – It’s frustrating.
So, what should you do about it:
You want to improve. You promise yourself that you will do better this year, make your plans, start strong. These challenges seem daunting, I understand. But we are part of a resourceful generation. Utilize that skill:
- Actionable Steps: Here’s the issue: So much of the great advice out there is too general. You need something more specific to your situation – Get beyond generic advice and find sources that can provide concrete, easy-to-implement tips and tricks for staying on track.
- Take Steps: Remember, it’s the little things that add up: One day at a time, one week at a time, one month at a time. Making progress in bite-sized pieces is so much easier than trying to accomplish everything all at once.
- Building Community: Find a good person to talk to about this. Maybe someone who is going to keep you accountable or someone who is facing the same challenges.
- Celebrating Small Wins: Check in with yourself every month, every 3 months and see how you are doing. Keeping your motivation high is going to sustain your momentum. Celebrate the smaller milestones!
- Tech and Tools: Use apps, budgeting guides, and financial technology that can streamline goal-setting and track progress.
Couple quick notes here: There are now so many options to choose from when it comes to methods, tools, and technology. So how do you know what to use:
- Use what works for you – I don’t think there is anything more important than finding a tool that you find easy, repeatable, and productive.
- If it doesn’t work for you, ditch it – Don’t waste your time, effort, and money on something that doesn’t work for you even if it has worked for others. It’s not worth it!
- Reach out to me or another financial advisor. We have so many great resources at our fingertips that can be catered to your specific situation. I would be happy to share how I have been able to manage my finances and stay on track with my goals.
- Set Goals: Perhaps the most important step because it really dictates how you are going to be successful and what success means to you.
- Use the “SMART” Goals Template:
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- Specifically, it may be most important for you to focus on ATTAINABLE – You must be able to achieve the goals that you are setting in place. Don’t overreach.
Now let’s talk about what is tripping you up:
- Procrastination and Excuses: Remember when I said you need to take a leap of faith? Well, this is it. I know it’s scary. I know personal finance gets complicated. You will want to back off, you won’t have enough time.
The real question you should ask yourself is: Do you prefer to suppress your concerns or have peace of mind?
- Temptation and Impulse Spending: This is the bane of my existence. There are just so many nice things out there. And, it’s on sale!
Think about the little things, when those thoughts come about. What is the trigger? Then, try to avoid those scenarios. Building health financial habits is going to benefit you so much more than overspending on impulse decisions!
- Comparison and Discouragement: The world is full of unrealistic financial expectations. Whether these happen subconsciously or right in front of you, these are easy traps to fall prey to. Financial FOMO is real. Don’t underestimate it!
Remember your goals, what you are working to achieve, and try your best to stay in your lane and remain focused.
Now what?
Now it’s up to you. There is no magic potion or secret sauce. It’s grit, determination, and proactivity.
Utilize your resources. There are helpful tips, tools, and tricks that may give you an advantage over your challenges. But as I mentioned before, it really comes down to what fits best in your personal finance journey!
Improving your situation doesn’t just start at the beginning of the year. It is a continual process. Take it one day at a time if you need to. Consistency is going to be your key to success, so don’t be afraid to ask for help if you are feeling overwhelmed.
Don’t get bogged down by the pitfalls. Protect yourself unrealistic expectations, from feeling like you are missing out and focus on your own journey. The little things can derail you as much as they can help you, so be mindful.
I am wishing you all the best in your efforts this year. It’s shaping up to be a great year!
Talk to you again soon,
Gil Brandon IV
