Financial Friday Newsletter

Many people assume that to get out of debt, build wealth, or stop living paycheck to paycheck, you simply need to change your financial habits. While that’s true, to be successful you also need to change your mindset around money.

Our money mindset is largely influenced by our past experiences — whether good or bad. If they were bad, the good news is, with some intentional work you can change those existing money attitudes and habits to help you reach your financial goals. Consider these steps to shift your mindset toward financial success:

Determine your values: First, it’s important that you share any changes in your name, email, address or phone number with the Department of Education, so you don’t miss vital information that could impact your finances. You can update your personal data, as well as find out who will be servicing your loans, by visiting StudentAid.gov.

Take control: The first step to success is to start. You have the ability to change your financial future. Remind yourself 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 have to 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.

Stop keeping up with the Joneses: Let go of comparisons to everyone else. 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 will just rob you of the joy you’ll get from making progress.

Let go of limiting beliefs: Internal beliefs like, “This is too hard,” “I can’t do this” or “I’m just not good with money” are some examples of limiting beliefs. They do just that — limit you. You will continue to go in circles if you don’t dig deep to find out where these beliefs came from and take them on. You may even continue to make the same mistakes. Consider journaling or seeking the help of a mental health professional if you’re struggling.

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 to 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.

Trying to get out of debt and don’t know where to start? Consider a nonprofit credit counseling service — like GreenPath Financial Wellness or one of the many similar organizations found at the National Foundation for Credit Counseling — to sit down and help you create a game plan.

Looking to build wealth and save for retirement? Consider speaking with a financial planner. You can find some in your area on PlannerSearch.org.