Have you ever made a New Year’s resolution to “get fit” in the upcoming year? The gym is always packed during the first days of January. Now that we’re a few weeks in, there seem to be more open treadmills and weight machines, right?
Here’s your workout plan:
Remember, saving money is a marathon, not a sprint! If you lace up your new shoes and expect to cover 26.2 miles on your first run, you’ll have a hard time making it to the finish line. It’s the same with saving money – don’t feel pressured to put tons of money away from the start. Start small, and the money will add up. You can also save more as your financial situation improves.
Set personalized goals. If you want to shed fat, you’ll exercise differently from someone who wants to bulk up. Likewise, decide what’s most important for your life. Are you trying to get out of debt? Saving for the kids’ college funds? Planning your retirement? Having a goal that makes sense for you will determine what kind of plan you need.
Be willing to make sacrifices. Given the choice, would you rather go to happy hour after work or do your workout at the gym? How about this choice: buy that new TV with your paycheck or make more than the minimum payment on your credit card? The best decisions aren’t always the most fun, but reaching your goal will be worth the sacrifices you make to get there.
Deal with the setbacks. Getting fit and healthy comes with challenges! Maybe you didn’t lose as much weight as you wanted or an injury prevents you from doing some activities. You can also encounter setbacks when you’re trying to get financially fit -- from mistakes like paying a bill late to emergencies like car repairs or sudden illness.
If you’re faced with a financial setback, it’s important to evaluate your situation and determine what caused it. If you miss a payment due date, look at setting up automatic payments well in advance. Make sure you’re saving enough money in your emergency fund, so you can be more prepared for unexpected expenses.
We’re eager to help you stick with this plan! Stop in to your local Bank of Luxemburg to get started.