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Having been watching the Olympics the last week or so, I got to thinking about all the training and focus which went into a routine, fast laps in a pool or around a track. Years of efforts piled into seconds or minutes. The goal of winning gold is on everyone's mind, but only one person per event can achieve it.
Literally, the two do not have anything in common. But if you look at the work ethic and goal orientation it takes to become an Olympic athlete and apply it figuratively to getting out of debt, the two begin to share similarities.
The ups and downs experienced on the way to success can apply to both topics. Gold medal Olympians experience losing races along the way. Quitting is not an option unless injury or other unforeseen occurrences happen. Accept the disappointment and transfer those feelings into making future successes.
Financial battles will have ups and downs as well. Most budgets can be controlled by the individual, but there are occasions when there are unplanned mishaps. If you look at your financial plan as going for the financial gold, you may take on a new attitude towards correcting your personal situation.
To start yourself off, write down your goals. What is it that you want to accomplish over time? Make these goals long-term ones with periodic check points to evaluate success. An athlete will train, be part of a competition and have something to go back and work on. The athletes will refocus training efforts to improve for the next event. Finance training provides check points at the end of each month, quarter or end of year. Different aspects of your personal finances will need various checkpoints.
*Budgeting - Make a monthly checkpoint at the beginning of each month. Evaluate the success of the previous month and make appropriate changes.
*Income - If you are living paycheck to paycheck, you will need to make this a pay cycle checkpoint. What more can be done to optimize this key factor? Is there a way you can add more hours into your current work situation through the job you have or look into additional employment?
*Expenses - If unnecessary spending is a cause with budget failure, you will want more frequent checkpoints. Set limits and follow through with spending goals with the goal of increasing the duration of a set amount of spending money.
*Savings - Similar to expenses, this aspect of financial planning should be checked often. If for some chance the money in the savings is needed elsewhere, there will need to be a prioritized focus on replacing money used and payments missed. For an Olympian, core strength is the building block which everything else feeds from. Having a savings account at the core of your finances will feed strength into other aspects of your finances.
*Investments - This is a long-term goal which may need quarterly checkpoints at the beginning. Eventually, investments can be pushed to biannually or annually. Keep in mind, that depending on what kind of investments you are participating in, you may at least want to keep up to date on how the stock market is fairing.
Short-term goals mixed with long-term ones will help to keep a good balance. If you know you need a small amount of cash, choose an online payday loan to relieve the week's finances and get it paid off before the next budget cycle. Credit cards are affiliated with small payments paid off over the long-term. Go for the gold with your financial training regimen. Don't let small setbacks keep you from the focus on present and future financial success.