Now the summer is fast approaching (or is already here if you live in Florida like we do!) it is time to do a mid year check on all our financial goals for 2019. If you started this year with the mindset of getting out of debt and taking control of your finances, congrats! That is the first step towards recovery and freedom.
Sometimes life gets in the way. Goals at times seem to be so far away that getting off track for a few weeks or even a couple of months is ok. But now is the time to start turning that corner, and start looking at your debt, goals and wishes, and use that as motivation to get back on track. We all have things that distract us! For sure! I know my wife and I had a baby at the beginning of this year, and that in itself distracted us of other priorities and goals we had set at the beginning of the year. But the cool thing about getting off the wagon (like my wife says) is that you can jump back in at any time.
Here are a few tips to help turn the corner and get back on that track to financial freedom.
First, do a complete check of all your goals. If you established some goals with your significant other at the beginning of the year, take a fresh look at those and use them as motivation to move forward. A budget, paying off debt, saving more, adding to your retirement, etc. look at them and see where you are.
Second, determine what worked and what did not work till this point. Maybe you feel like the goals you established were too aggressive to achieve. Maybe you feel like a failure because you did not get to where you “expected to be”. But the truth is that no matter how small and/or slow you improve your finances, it is still improvement. Don’t look at it as a failure, look at it as slow progress. See what worked, and what didn’t and take actions to changed or improve those areas.
Third, double up in what has been working. If you see an area where you have done better than what you expected (maybe saving a bit more than what your goals were, or eating out fewer times a month, etc.) keep pushing it to the limits. If you paid off some debt, maybe a bit more that what you thought, stay at it till it is done. There is nothing better than that feeling when you pay your debt and feel financially free!! Use that, love that feeling and stay motivated. Click To Tweet
Finally, always remember there is never a bad time to start again. Financial freedom is a constant quest. It is not something you do once and forget about it. It is an ongoing art, and lifestyle that sticks to you like glue. If you are not there yet, that is ok! But make sure that at least you are moving towards freedom.
I was watching some TV with my wife the other day and I saw a couple on a popular TV talk show that they had over $700,000 in debt. The host had a financial expert there to help the couple get out of that debt. The couple brought in on monthly income over $11,000 a month. That was a combined salary of $132,000 a year!! I can’t even begin to understand, how a couple making that much money, can manage to amass that much money. Until they start explaining their lifestyle. They were living like a couple that makes $200,000 or more a year, but their salary was not making their lifestyle. This is typical, although not that extreme to the rest of us (at least I hope you do not have $700,000 in debt) but the reality is that we all can use a check point along the way, to auto assess our finances. It is a constant struggle, but one that will pay off at the end of the day. That couple is going to take over 10 years to get rid of that debt. Imagine if they could have saved all that money for those years instead? How different their life will be? Don’t be like that couple, be on top of your finances.
We at Saving For Hope understand that not everyone is at the same level when it comes to financial freedom. But one thing we know, everyone can get there!!! Click To Tweet It is just a matter of time, effort, and real small life changes that takes us from the pits of slavery debt, to the mountain top of financial freedom.
Controlling your financial future is an art, it is time for you and your family to turn the corner and get back into it. Feel free to drop us a note or two, and let us know, what is your story! What worked and what didn’t. As always, Enjoy!!!!