Financial Friday Newsletter

With the new year upon us, many of us start reflecting on our financial goals for the coming months. You’re not alone if managing and reducing debt is on your resolutions list. Creating a realistic plan can give you peace of mind while you work toward your goal. Consider these tips to help you build a strategy for success:

The emergence of social media has brought on a wave of self-proclaimed experts in debt management and wealth building. These gurus will present a masterclass and a few affirmations, and their consumers will feel like failures when their methods don’t work. This is because there are no magic words or simple steps to eliminating debt, having more money left over at the end of the month, or building generational wealth. The truth is, there are many factors that play a part in each individual financial situation. The steps provided below will help, but there also must be a shift in how we think about money.

• Take control: The first step to success is to start. You can change your financial future. Remember that you’re in control and figure out where you are. It can seem scary at first, especially if you have anxiety about your money. Once you know what steps you must take, the rest is easier. No matter how bad it seems today, it can only get better from here.
• Get comfortable with discomfort: Getting your finances in order is going to take some work. It isn’t always going to be fun, and you won’t always like it. Just keep doing your best every day and learn from your mistakes.
• Don’t dwell on your past mistakes: No one’s financial journey has been perfect. Have compassion for yourself and others. Move forward with the knowledge that you learned from those missteps.
• Comparison really is the thief of joy, so stop doing it: Do what’s right for you. When it comes to fixing your finances and building wealth, it’s your personal journey. No one else’s standards or timeline will work. They’ll just rob you of the joy you’ll get from making progress.
• Track your progress: The easiest way to keep your head in the game when things get tough is to see how far you’ve come. Look back on where you were financially when you started this journey and celebrate the steps you’ve made, even if you aren’t at the end goal yet. Utilizing visuals can help keep you motivated and help you combat those negative beliefs when they come up.
• Keep moving forward: Everyone will have good and bad days on this journey. Life happens and you may encounter some setbacks from time to time. That’s normal and totally okay. Just remind yourself how far you’ve come and most importantly remember, this is a long-term game — a marathon, not a sprint. You’ll get there eventually.
• Get help: No one knows everything about personal finance when they’re first starting out. Use all the resources at your disposal. Need some tips on how to get started? Check out our free resources at OklahomaMoneyMatters.org.