Do Your Financial Habits Feel Like Groundhog Day? How To Escape The Cycle

One of my favorite movies is the 1993 Bill Murray classic Groundhog Day. For those that haven’t seen it (you should check it out), the theme is a reporter sent to Punxsutawney to cover the annual Groundhog Day events who finds himself reliving the same day over and over again.

When your finances feel like Groundhog Day

Do your finances ever feel like you are reliving the same issues over and over again? We set out with the best intentions to pay down credit card debt or get serious about our spending plan – only to find we slip back into the same habits with the same issues a few months later. It happens to a lot of us. So how do we break the cycle and move from the perpetual financial winter to a new spring?

Make a start

It sounds simple – and it is, but don’t confuse simple with easy. The first step to any change we want to make is to take the first step. Maybe that means tracking your expenses, so you can start to build your spending plan to live below your means. Maybe it means pulling the credit card out of your wallet to help resist impulse purchases. Taking that first step leads to other steps. Before you know it, you have some new habits that will lead you to those financial goals you have set.

Be realistic

Of course, setting goals is important, but if they are not realistic, you will soon become frustrated and more likely to stop trying. No one pays off all their credit card debt overnight nor do they become conscientious spenders with a snap of the fingers. Set realistic time frames with incremental milestones to track your progress and reaffirm that you are on the right track.

Don’t do it alone

We all need some help when making lifestyle changes – be it our finances, health goals, or other changes we want to make. Seek out support from your spouse, family and friends to help hold you accountable and provide encouragement. Utilize your workplace financial wellness benefit if you have one to get tips and ideas on how to make your goals happen.

Be gentle with yourself

We are not perfect, and you will have slip ups along the way. That is okay. Don’t beat yourself up. Learn from the mistakes and keep pressing forward.

Know you can do this!

I mean it. Believe you can change your financial situation. People do it all the time! But you have to it to make it happen. Again, seek encouragement from those close to you to help in those times when you are discouraged.

Making a change is hard. It involves some sacrifices, but it is so worth it to be in control of your money instead of feeling your situation is in control of you. But it doesn’t just happen. Making a plan following these tips will help you end your financial Groundhog Day – the movie, not the little woodland creature that “predicts” the end of winter.

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