5 Simple Steps to Financial Fitness
By
Jaime McFaden
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Achieving financial fitness is just like prepping for a marathon. You must have discipline in order to reach the goals you have and in order to get started you need to create systems and strategies.
I'm going to show you five simple steps to gain financial fitness.
If you are anything like me, you were raised having NO clue how to balance a checkbook, do your taxes and money felt intimidating.
Thankfully, times are changing and its sexy to understand money. One of the biggest tips that helped me is to TAKE THE EMOTION out of your finances.
Often time we associate money with different parts of our lives and if you have been through tough times financially, it might be time to take your power back.
As a small business owner, an entrepreneur I will admit one of the best investments of my time and energy has been working with a financial advisor.
We aren’t meant to do this alone. There is support all over when you seek it out. Finances are a part of self-care that tap into ALL areas of our lives.
Here are 5 simple tips to consider when working towards healthier financial wellness!
1) Start With The End In Mind
Imagine yourself years from now, living the life you dream of. Whether we believe we can or can not is up to us.
Think of your big LIFE picture then break it down - define your WHY
Know that you have to accept the responsibility for your own life and spending, saving etc
Read Our Most Popular Post: 7-Day Plank Challenge
2) Set Financial Goals
Create a plan of action once you have your big picture. Break it down into smaller increments and get as granular as possible.
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Plan a budget
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Plan for saving
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Create goals - big and small
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Emergency fund
3) Know Where Your Money Is Going
Awareness is key. When was the last time you checked where all of your assets are?
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Numbers on a spreadsheet
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Work with finance guide
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Read a finance book based on your goal
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Talk with someone who has reached their financial goals.
4) Manage Debt
For those of us who have debt, take a good look in the financial mirror and create a system to get you OUT of the hole over time. Give yourself grace and keep plugging away.
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Create a strategy
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Shop around if you need something like a balance transfer
5) Put Some Finances On Autopilot
Once you know what your bills and typical spending is per month, you can begin to clear your mind of the clutter.
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Autosaving per month
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Auto pay for regular bills
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Use a money management tool
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Maintain steady lifestyle
My financial advisor has consistently reminded me to think with my end goal in mind. The same way I train my clients to think about their overall self-care.
He has a great analogy of scary movies. When you see a scary movie for the first time you are scared shitless, but if you watch it over as soon as it ends, you aren’t nearly as scared.
Going from 0-1 is the scariest part of any shift in life. Once we get past that first step we are open to shifting and making lasting changes for a lifetime.
There are 5 things we can do with money: Earning, saving, spending, borrowing, and protecting.
What area of finances will you work on today?
(A great article on understanding financial stress.)