Are you feeling behind on your financial goals for this year? Staying motivated with money’s challenging, especially when progress feels slow, or you experience a setback. If you’re saving for a big purchase, paying off debt, or working towards financial independence, here’s eleven tips to get back on track.
1. Set a New No-Brainer Fun Goal
Give yourself a mental victory by adding at least one easy achievable goal, not necessarily related to money. For example, last year I set a simple goal to have long hair. All I needed to do was let my hair grow. Easy goals will give you a sense of accomplishment and keep you motivated with the bigger goals.
2. Adjust Your Goals: Worst Case, Good, Better, and Best
I like to think of goals as targets. You might not hit the bull’s eye, but it’s the direction you’re heading. Adjust your money goals into four categories: worst case, good, better, and best. It’s empowering to see if you completely fail what the outcome is.
For example, let’s say your goal is to build a complete emergency fund for six months of expenses. The worst-case scenario is you end up with no emergency fund at the end of the year. If you find yourself in the ER with a massive medical bill, you need to use the savings you built up. Your worst case is significantly better than your previous status quo of not having savings and relying on debt.
3. Track Your Progress Regularly
Monitoring your progress can be incredibly motivating. Use spreadsheets or even a simple journal to track your savings, spending, and debt payoff progress. Seeing how far you’ve come provides a sense of accomplishment.
I recommend at the end of the month tracking your spending and at the end of each quarter updating your net worth.
4. Focus on the Effort Versus the Outcome
To stay motivated with money focus on what effort you put in versus the result. There’s a lot in life you can’t control. For example, you can’t control how the stock market performs, but you can control the amount you invest regularly. Or if you feel overwhelmed with your debt, you can put in the effort to turn things around. Putting in time with a side hustle or cutting your expenses is a victory.
5. Celebrate Small Wins
Don’t wait until you reach your final goal to celebrate. Acknowledge your progress along the way. For example, in current personal finance culture, retiring early is the ultimate goal. Life doesn’t begin when you retire. For example, starting to invest 10% of your pay is a win. Or paying off your highest interest debt is great progress. Do something small to celebrate like a happy hour or going out to eat somewhere with friends.
6. Stop Comparing and Stay in your Lane
With social media, it’s easy to see online what others have: the vacations, new homes, job promotions, etc. It’s hard to not compare yourself. Try to stay in your lane and focus on yourself. Define what success looks like for you and try to live your best life.
7. Create Visual Reminders
Visual reminders can help keep your goals top of mind. For example, one Best Money Class Ever student put sticky notes of her debt pay off to see her progress every day. Every time she made a payment; she’d mark it out. She paid off over $45,000 off in 28 months. You can read her story here.
8. Find an Accountability Partner
Having someone to share your financial journey with can make a big difference. Share your goals with a friend, family member, or coworker who also geeks out over money. Regular check-ins can help you stay on track and provide motivation when you’re feeling discouraged.
9. Focus on Your “Why”
When motivation starts to drop, remind yourself why you set your financial goals in the first place. Whether it’s achieving financial freedom, providing for your family, or reducing stress, keeping your “why” in focus can reignite your determination to stay on track.
10. Be Kind to Yourself
Financial progress isn’t always linear, and setbacks can happen. Instead of feeling discouraged, treat setbacks as learning experiences or character-building moments. Stay positive, adjust your plan if necessary, and remind yourself that persistence is key to long-term success.
11. Keep Educating Yourself
Continuously learning about personal finance can keep you motivated and informed. They don’t teach this stuff in school, but managing money is something you use everyday. It’s no wonder why this stuff is difficult. Make it a priority to learn about money and educate yourself.
Everyone gets off track and needs motivation with money! Use these eleven tips to refocus and stay on track with your financial goals for this year.
❤️ Carly
P.S. Remember you only live once. Be smart with your money now. You’ve got this. I believe you can turn things around and I’m here to help.
