Opportunities to open our wallets are always surrounding. Buy this, vacation here, and you have to have this is a constant ring in our ear.
We understand just how hard it is to find discipline to stay committed when the brunch invitations are still coming and airlines are offering $200 deals to fly across the country. Not to worry, here are 5 surefire ways to stay on target with your financial goals.
Remember why you started
Are you willing to forgo that trip to Maui this November just to partake brunch season with your girls? Didn’t think so. Go back and read your financial goals for 2016. Whether you plan to pay down your debt, grow your emergency fund, or take that dream vacation, reviewing the goals you set will remind you to stay focused on the bigger picture.
Pat yourself on the back
Be proud of the progress you’ve made to date. There is no better way to boost your financial confidence and inspire you to keep going than by seeing how far you have already come. Check your statements and track your progress to date. Did you minimize discretionary spending in May and June? Took a pair of heels to get repaired instead of buying a new pair? Ate out less and cooked at home last week? Saved more than your budget called for last month? Celebrate your accomplishments and let them inspire you to keep the momentum going. Seeing really is believing.
If you fail to plan, you plan to fail. If you know your home needs a new roof before the Fall, start your research now. Ask for referrals from friends and family, find out who received the best work for the lowest price. This same strategy applies to almost anything else money can buy. Always comparison shop, whether you need car repairs, a beach vacation, or a new pair of stilettos. This will empower you to know how much product or services cost and allows you to pick the price you want (need).
Set a spending limit
This is extremely critical. Cash register CHA-CHINGS add up very quickly. You will overspend without a set limit, so think about this and commit to a number before you head out the door to the mall, restaurant, grocery store or home improvement store. I even recommend setting a monthly limit for items that you may want to do more than once in a month.
Say it with me now, ready? Noooooo, try it again, noooooo. This can also be swapped out for, “I can’t this week, I’m already committed to something, I’m over my budget for that,” or any phrase that will save you from overspending or distract you from your goals. Let’s take our brunch example. If you have a monthly spending limit of $150 for brunches-stick to that. Discipline is the key to long term financial success.
How do you plan to stay committed to your financial goals?