Consistency is the key to making big financial improvements whether it is getting out of debt, saving for a car or buying a house – consistency is always key. Small leaks can sink big ships. So have a look at how we stay consistent and motivated to keep on track with our finances.
Financial meetings – deciding on your goals should be a group activity. If you are in a couple or a family then the key contributors need to be present in your decision and goal making. Holding regular financial meetings ensures you are updating your goals and everyone involved knows what the aim is. It is also a great time to do financial analysis of your situation to keep you and your family on track.
Budget updates – having a budget that is consistently updates makes you financial life so much easier than guessing. Projecting saving and expenses is easily done if you have the past information. This shows you where you may have been overspending or where you can save extra money. It also helps when negotiating with insurance companies etc – you can see previous bills and ask why it has increased.
Motivation – by following the above steps and making your finances a priority it makes it easier for you to stay on track. We keep ourselves motivated by having posters of our goals. I have it on my desk at work so I know what I am working towards. You can read about other ways to motivate here.
Discussing your goals with family and friends – instead of saying I’m broke when a close friend invites you out – try telling them what you are working towards. You will find a lot more people supportive than judgemental and will want to help you work towards your goals faster. Maybe not financially but with tips and hints or by inviting you over for dinner instead of out to dinner. By sharing your goals with your children it helps them understand money and help towards reaching the family goal as well.
How do you stay consistent in your finances? I would love to know!