6 Things Stopping You From Taking Action On Your Finances
With the new year and new goals on the horizon, we thought it would be a good idea to share six roadblocks you may hit while taking action on your finances.
1) Your reason for action isn’t strong enough
In order to motivate yourself to change ingrained habits, you need a compelling “why”— something that you can leverage when the initial excitement wears off and the real work begins. Doing something because “I’m supposed to” isn’t going to inspire you for long. But if you dig deep and find a reason that moves you, you can become unstoppable. Even better, find a reason that benefits people you care about.
Examples:
To build the confidence I need to go after my dreams
To give my children a better start than I had
To have a healthier relationship with myself (and my partner)
2) You don’t have a clear roadmap
When you don’t have a clear idea of where you’re going, it can be difficult to get there. Many people start off the new year excited to create change in their lives. They set goals like “make more money” or “be better with my finances.” While these goals are accurate, they don’t outline an outcome. Get specific on what your ideal outcome looks like and now combine it with number one.
Example:
Make $10k more this year through a side income so I can travel to Bali
Have an organized budgeting system so I know exactly where my money is going
Learn to invest so I can save for a down payment on a home
3) You’re worried about doing it “wrong”
The road to financial health is full of twists and turns. So learning to be okay with making mistakes is critical. Massive imperfect action is better than waiting for the stars to align. The important part is that you learn from your mistakes so you’re not repeating them.
4) You don’t have accountability
It’s easier to stop short of your true capacity when no one is watching. When you have someone who shares a higher vision for your life, it lights a fire under you that propels you to greater heights. This is especially true for finances because our relationship to money can be clouded by challenging emotions!
Hold yourself accountable by scheduling a task into your calendar. Don’t have a calendar? Then write it on a post it note with a date and time. You can also check out The Financial Gym’s one- on-one accountability coaching program.
5) Your goals are too big
If taking action on your finances feels daunting then it can help to break your goal into smaller chunks. Like the saying goes, “A journey of a thousand miles begins with a single step.” Many times the first step is simpler than you think. For example, if we take the goal of getting out of debt, the first step could be to figure out how much disposable income you have to make extra payments.
6) You’re not caring for your needs
You won’t be able to accomplish your goals without enough gas in the tank. No amount of willpower can make constant action sustainable. You might not have the bandwidth to take action on your goals because you are spread thin in other areas of your life.
Here are a few helpful ways to refuel when your tank is low:
Get enough rest and sleep
Meditate
Visualization (imagining yourself completing a task can trick your brain into completing the stress cycle)
Exercise/Movement/Yoga
Take a bath
Breathe deeply and slowly into your belly
Social support - sometimes all you need is to vent or have a few laughs with a friend
Ready to take your finances to the next level?
To get started, schedule a free 20-minute consultation call to speak to a member of our team. We will ask you a few basic questions to get to know you more, walk you through our financial training program steps, and of course answer any questions you may have. No pressure to join! Need advice quickly? Talk to one of our Trainers on Demand.