If you’re like us, you’re thinking about how to fine-tune your budget all the time. How you can make your purchases more cost-effective, how to squeeze a few extra dollars out of your grocery expenses or how to cut every-day item use at home are probably topics you re-visit often. Come a new year, your finances are probably one of the first things you resolve to change. How do those resolutions stand up with the others you’ve made?
Hmmm. Yep. Thought so.
Not to get all arm-chair psychologist on you, dear reader, but we definitely understand how daunting it can be to want to completely re-vamp how you deal with your finances all at once. Just like with many new challenges, it can be overwhelming and sometimes the fear of failure can leave you paralyzed to change anything for the better.
Not to fear – we have a few helpful tips to keep yourself sane as you successfully navigate your cheque book this year.
If you’re trying to change a bad financial habit, you probably won’t reach perfection over-night. Maybe you spend a bit too frivolously on things you don’t really need, and your credit card debt is wracking up fast. If credit card debt of any kind is something you wish to tackle this year, don’t overhaul all at once.
If at any point you feel “tempted” to go back into your old ways, stop! Do something to change your focus and remind yourself that you have to be patient and persistent. Soon, the days will turn into months and you can kiss that bad habit goodbye. Just like you would be kind and patient with others who are trying to form better habits or stick to a goal, you need to be kind to yourself.
Need some positive feedback to help reinforce the good habit? Set up some resolution markers for yourself on your smartphone using the LIFT App. Check off every time you successfully navigated out of spending-waters and you’ll be rewarded.
Whether you’re saving up for a huge spend (a car, new tv, computer, down-payment on a house, moving, etc) or if you’re saving up to pay something off, like a credit card, it probably won’t come easy. Mentally prepare to sacrifice some leisure’s or outings to get to your goal faster.
Imagine how quickly that TV you had your eye on might be set up in your living room if you stop going out with your friends for Friday night dinner’s for a while? Weigh your options and ask yourself what you want most. Often times, that will require sacrifice. Good thing it’s character-building!
This one, to us, should be a no-brainer. Life is a team-sport, sport, so ask for some support from your mates. Ask them hold you accountable for what you do. Partner up with family, friends or colleagues for challenges, and celebrate together when you inevitably achieve them! If you’d prefer to do things on more of a solo level, that’s also okay. There are a ton of mobile apps and software programs available to help you. Don’t forget to ask your bank. They’re professionals who’s best interest is to see you succeed financially.