May 29, 2019 // 3 min read
Do you have financial goals? Of course you do. Here are three things we’ve found help our clients reach their financial goals.
1. It’s not going to happen overnight
When I was in college I worked at a nutrition shop and had people come into the store daily looking for a “magic” weight loss pill. Not surprisingly, these pills didn’t work. Why? Because things worth doing are going to take time and effort. It’s not your fault to expect immediate results. Everything around us is about getting it “now.” From on demand media to faster shipping times. Faster is better. Except when it’s not. The problem is not everything in life follows this same break neck pace. When it comes to reaching your financial goals, whether it be paying off debt, buying a home, or saving for retirement, it is going to take time. The sooner you accept it is going to take time, the more successful you will be at reaching your financial goals.
2. Enjoy the journey
Reaching your financial goals is a marathon, not a sprint. Only you will choose whether you are going to enjoy the journey or despise it. When you realize things aren’t going to happen overnight you can start to celebrate “small” wins. It is going to be a journey, but when you start to recognize the non-financial benefits of managing money such as reduced stress, improved relationships, and a different perspective on life, you’ll start to truly embrace the journey. Managing money isn’t really about managing money but about managing your life. As T. Harv Eker once said “money is a big part of your life, and when you learn how to get your finances under control, all areas of your life will soar.”
3. Find what works best for you
The best formula to manage your money is the one that works for you. There are a lot of great tools and solutions out there, but that doesn’t mean they all will work for you. When it comes to managing money there are a few things that you want to keep in mind:
• Mental accounting doesn’t work. We tend to overestimate our ability to do mental accounting. The problem is, that’s a ton of information to keep in your head. Rather than doing mental math, free up your brain space by using a financial management tool.
• You need to see your entire financial picture. When you can see everything in one place, from account balances to transactions, you can start to make better decisions.
• Managing money is about making decision. To make good decisions you need information. The easier it is to see where your money is going, the easier you can make good decisions. When you know how much you have spent this month and how much you have left to spend, you can begin to make more educated purchase decisions.
Reaching your financial goals is going to take time. With the right tools and support you can make the journey worthwhile. At Koach, we’d love to help you reach your goals. Download the Koach app on the App Store or Google Play Store to see if it is the right tool for you.