You have some serious goals that you’re working on but you find yourself ignoring your finances. No matter what you do, you can’t seem to get yourself to give your finances the time and energy they deserve. Sound familiar? I know I’ve been there. Most women I talk to have been through this cycle at some point in their lives, and it’s perfectly normal.
One exercise that may help you to get out of overwhelm and into action is finding your “WHY” for your financial goals. Finding your “WHY” can help you get to the heart of what’s motivating you and create the inspiration you need to spring into action.
So what does this look like? I’ll walk you through an example of this using one of my current financial goals.
My goal: Purchase a home in the suburbs and rent out our current home in Philadelphia.
I’ve had this goal for a couple of years now, but I only recently took action on it and started saving. The above goal was not enough to get me out of the bed in the morning doing happy dances.
I had to dig deeper. I sat and visualized this goal and thought about what it meant to me. Ask yourself – what does it look like when you’ve accomplished your goal and how do you feel? What impact will this goal have on your life? WHY is this goal so important to you?
After some further reflection, I realized this goal was bigger than just buying another house.
Family is my greatest value in life, and I’m so excited to be a mom one day and have a family of my own! This home is representative of a cozy environment where I can raise my future children. There are going to be a lot of memories and quality time spent in this home.
I can see a beautiful, green, backyard, where I can go outside with my morning coffee and feel the calming effects of nature (not the car horn “honks” I currently experience in the city). My kids can play and my future puppy can roam free there. I can even start a garden and grow my own veggies.
I visualize something that is beautifully decorated and makes me feel calm and happy. My home office is a place filled with inspiration and a place where I can show up to work as my best self everyday.
This home is somewhere I can live while my current home is rented out. I had to dig into that deeper – why do I want to rent my current home as opposed to just selling it?
Well, I see it as a great addition to my portfolio. I can create equity in the house with someone else paying my mortgage and also through the appreciation of the home value over time.
It’s something that I can come back to and live in when my kids are out of the house, and I want to downsize. I can gift the home to my children one day. I can sell it in 30 years and fund my long term goals. There are choices and options.
You can see the difference between “I want to buy a house” and “I want a home where I can raise my family, feel good in my environment, and create choices for myself down the road.”
I went from saving $0 for years, to now saving $500 per month, with plans to increase that as my income increases.
That’s just my current example, but you can apply this to any financial goal. Your goal and “why” may be totally different than mine, but that’s the point! It’s gotta be something that resonates with you so deeply that you’re excited and inspired enough to stop ignoring your finances and spring into action!
For example, you may have a goal to pay down debt.
This is a great goal, but may not be motivating enough as it is. WHY do you want to pay down debt?
Paying down debt is a necessary means to allow you to save and invest more.
WHY do you want to save and invest more? Saving and investing will allow you to reach financial freedom and have more choices.
WHY do you want more freedom and choices? You want to find work that you love, give back to your family, invest in your health and wellness, and travel and have new experiences.
Again, you can see how “I want to pay off my debt” feels meh, while “I want to love my work, give back, invest in myself, and experience life to the fullest” feels freaking awesome!
The point of this is to dig deeper with your financial goals and find a WHY that is meaningful to you. This will allow you to feel more excited, take inspired action and start to progress in your finances like never before!
You may also realize that what you once thought was a financial goal isn’t actually something that you care that much about, and that actually, you set that goal because you were trying to solve a problem, rather than because it’s something you truly value.
Want to talk through this with a girlfriend who won’t judge you? I got you girl! I offer a free 30 minute call to hold that space for you. Schedule here.