FIND JOY IN YOUR FINANCIAL GOALS
Do you know how to find joy in your financial goals? This concept of joy and financial goals is often overlooked. We tend to forget the correlation between managing our finances and discovering joy. Is joy a result of having more money? No, but joy can be found in learning the place that money should have in our lives. Joy can also be discovered in our hard-fought journeys to financial freedom.
Where do you find joy in your financial goals?
I see the pursuit of my financial goals especially the journey to debt freedom as a joyful experience. I am currently on my way to realizing this goal of debt freedom through many long years of hard work and sacrifice. Every hard-fought debt that is now behind me is leading me towards a better place financially. Money is not everything in life but the less that money controls your life the better. My goals in pursuing debt freedom are fueled by my desire to be able to pursue my dreams without the stress of debt. To be able to do what I love and not worry constantly about making my bills.
Pursuing life goals and dreams without debt
There was a time in my life where I thought I would never see a life without debt. In hindsight, I look back and realize that attitude is what held me back all along. If you set a goal to pay off debt and work hard towards paying it down that day will eventually come. You will more easily be able to find joy in your financial goals if your attitude is right and you develop a plan.
What holds you back from being debt-free?
Lack of self-control in spending and saving
An attitude of consumerism and always desiring more
No budget and no plan established
A negative attitude towards budgeting and money management
What helps you reach debt freedom?
Develop a positive attitude towards money and paying down debt
Find joy in your financial goals – find ways to make it more enjoyable whenever you can
Start and maintain a budget
Adopt a minimalist attitude
Learn to be grateful for what you already have
Realize that rewarding yourself does not have to involve money find alternative rewards and splurges that are cheaper or even free
Create a plan to pay down your debt and stick to it
Involve your partner or family to hold you accountable
Starting to find joy in my financial goals
For years I felt overwhelmed by my debt. I constantly felt like there was no end in sight. I hated the day-to-day grind and the lack of money at the end of each month but I never made the right changes. My attitude consumed me to the point that my financial goal appeared impossible. I spent years just trying to survive with the same attitudes and behaviors that got me into this debt. Instead of making the necessary budget changes and paying off debt, I would just open a new credit card. That attitude and outlook eventually spiraled out of control to the point that I was in the negative every month with maxed-out credit cards. I felt hopeless and embarrassed by the mess that I had made and I had no one to blame but myself.
How my debt and financial life changed
The change began when I recognized that my attitude and behaviors were the problems. I began working on my attitude, my budget, goal setting and I made a plan. I started to see results shortly afterward in small ways. I focused on paying off the lowest debts first and worked my way up. Each successful debt payoff no matter how small made a difference in the way I perceived the end goal. Many people argue about the best way to pay off debt. Sometimes you can save more in the long run by paying off a higher interest rate first. For me, the act of paying off smaller ones first was the motivation that I needed to keep going. I had to see the results of my efforts in some small way to keep me on the right track.
Determining your method to pay down debt
Here is an article that explains why it is a better to focus on higher interest debt first. Decide what works best for you and focus on your debt goals as you move forward.
Deciding what method to use in paying down debt is completely up to you. This is a personal decision that you must make and no matter what decision you choose to make sticking to your plan is the key to success.
Ways to find joy in your financial goals
Focus on your present circumstances and what you can change now
Recognize that every small victory is leading you forward
Complete a money-saving challenge this year – these can be fun and can leave you with a large amount to save for later or to pay down debt now
Find ways to enjoy yourself for free or cheap that does not create more strain on your budget
Start saving before you do anything else if possible – having some savings can make a big difference in keeping you from further debt
Keep track of your financial successes
Last year I wrote a post where I discussed our financial circumstances in 2020. Looking back on the post I wrote last year I find it encouraging to think of how far we have come in just a year. Maybe consider keeping a journal or spreadsheet that you update once a year on the same month. It can be helpful and motivating at times to look back and see the difference that just one year can make.
Don’t give up someday you will see results
Don’t give up before you get started. Recognize that although it will not be an easy road for many of you it can be done. I have gone from $90,000 in student loans and over $150,000 in consumer debt including credit cards and loans to $11,000 in consumer debt and $75,000 in student loans remaining. My husband and I just successfully paid off our vehicle this month. I feel confident that we will have that remaining loan debt paid off shortly. My student loans will be my next major hurdle to tackle but one debt is way easier to payoff quickly than multiple debts.
My challenge to you today
Do not focus only on what you have not yet accomplished. Shift your focus to your successes no matter how small you might feel that they are. Accept your circumstances as a challenge that you are capable of managing and start making changes today. Those changes can be simple and can include increased debt payoff, more savings this year or decreasing spending.
If at all possible find someone else to hold you accountable in how you are managing your finances. Someone who you can trust to keep you following your goals even when you might get discouraged. Lastly, find joy in your financial goals and learn to not only accept your debt freedom journey but to enjoy the process. Debt can take a long time to pay off but it does not have to be a miserable experience. You could even do what I have been able to do to share what you have learned to help others.