We all have financial challenges – or have had them. But how do we manage them?
My first major financial challenge was to stop spending every cent I earned. I felt that I’d worked hard so I deserved to spoil myself and some things were just too hard to resist! Thankfully this didn’t lead to credit card debt – just a continuing zero bank balance.
It took a major lifestyle change to stop my spending. I got a job working on a cruise ship and the only thing I could buy while at sea was beer. I did go on little spending sprees when we were at port, but I just couldn’t manage to spend all my money. It was really nice seeing my bank balance grow and it inspired me to change my habits. And once I was on a roll I wanted more and I continued to save until I had a healthy nest egg that I used to buy my business.
So how do you change your habits without moving halfway across the world, changing jobs and locking yourself up on a ship?
Goals and milestones, motivation, accountability and encouragement.
They’re the key in my opinion.
What’s your #1 financial challenge? Are you still battling with it? Or how did you overcome it?