Change Your Mindset Regarding Your Finances

​With two and a half months left in this year, think about the path you are on. Do you want to continue down the same path or is it time to do an about-face in another direction? Well, it is fair to say that you will not reach the goals you set for 2019, if you haven’t started yet. If you continue the same mindset, you will not reach the goals you set for 2020. It is time to have a complete change of your mindset regarding your financial situation.    
 
At the beginning of 2019, what financial goal or goals did you consider? Did you think about paying down debt, buying a house, buying a new car, or taking a family vacation? These are the typical financial goals that are considered every year. When you set one of these as your goal, did you comprise an amount for that goal and include it in your lifestyle plan each month?  Did you check periodically on your progress towards achieving your goal?  If you didn’t complete any of these steps, there is no wonder you are not on the path to reaching your 2019 financial goals.
 
Take a minute to think about where you went wrong in achieving your financial goal or goals. Did you just pick a goal without fully thinking about it? If you picked a goal at random, you will most likely fail at reaching your goal. This is because your heart wasn’t attached to the goal. There is no care or consideration given if the goal is not reached. If your heart is detached, you will lose focus and something else of interest will easily distract you.
 
Have you heard the saying, “Know your why?” When asked this question, most people equate this question to mean know why you get up every day. Knowing why you get up every day is a way to encourage you to keep waking up day-after-day and strive to achieve your desires. Understanding your why and making sure your why is truly heartfelt, will help you stick to achieving your financial goal or goals.  
 
Let’s consider one of the popular financial goals like paying down debt. When you set this as your financial goal, you need to dig deeper into why you are setting this goal. This goal cannot be set just because you hear other people talk about paying down debt or because it’s the buzz phrase in the financial industry. If this is your financial goal and the reason for setting this goal is to be like other people, you will not succeed. The reason for setting this goal must be very personal to you.
 
For most people, the “why” tends to be related to their family. Anything that pertains to family pulls at the heart strings. If the heart is involved, your emotions get involved and more care and consideration is given. To dig deeper into the financial goal of paying down debt, think of how this goal relates to your family. Think of how your family will be impacted by accomplishing this goal. Will you be able to spend more time with your family because there is no need to work longer hours to keep up with your debt payments? Will you be able to afford recreational activities with your family because your debt load isn’t as heavy? Will you be able to afford sport activity fees and sport equipment for your children? Will you be able to get tutoring for your children to help them improve their grades? The biggest reason to pay down debt is to qualify to purchase a house. Think about the house that you want to provide for your family. Knowing your family can be in a safe and clean environment that is all yours, will help you stay motivated to keep working towards your goals.

Although we are just about over with 2019, take the last few months to reflect on the goals you set for this year. Determine if the goals were tied to a strong “why.” If not, seek to change your mindset about your financial goals and figuring out how to relate the goals to a heartfelt why. Dedicating some time to reflect on your past goals, will prepare you for setting and achieving your goals for the upcoming year.