Ever feel you are your own worst enemy when it comes to your money?
Well it’s true… But your mind can also work for you rather than against you. I’m going to share the exact steps I use to eliminate mental sabotaging of my financial goals. It’s a 3-step mental trick, a shortcut of sorts,which performs mental ju-jitsu for me, and may be just what you need to take the inner fight out of frugality.
Let’s jump right in.
I was a terrible saver. Sure, I had lofty goals, but when I saw something I wanted – I couldn’t resist…
As you can imagine, this blew my budget repeatedly, and struggling to make ends meet financially seemed to be a monthly cycle of struggle, debt and sweat, only to repeatedly find myself in the same situation the following month.
One day, I hit my breaking point – you can read in complete detail about my shameful experience on my blog over at ReallyBadCreditOffers.com. Feeling like a pile of mush, I could only ask myself, “There has to be a better way.”
I resolved right then and there to break this pattern I’d fallen into poorly managing my personal finances. I began to watch what was going on in my head when I had the impulse to spend recklessly. Then I discovered an exact process to use in order to end the habit completely – more on that in a minute.
First, you need a little background, here is how it would happen…
My Savings Goals:
- Dream Home – (40% Mortgage Down Payment)
- Retirement Plan – ($1.5 Million in Liquid Assets by 65)
- Emergency Fund – ($50K Untouched Emergency Account)
- Travel Fund – ($35K Budget For Extended Travel Free From Financial Worries)
My savings goals were specific, and I had a disciplined monthly budget worked out which in theory should put about $2K towards my savings. (I’m aware my goals will require quite a bit more than that, but you need to aim high!)
Hell, I’d even gone so far as to put together a comprehensive list of savings ideas for reference, now available at my blog.
All good, in theory. In reality, I would stick to my budget with Spartan discipline, fighting to lower costs and avoid high cost spending for about 80% of the time, until something caught my interest.