I am a card-carrying member of the Beyhive. For those who aren’t, that’s the name given to international superstar Beyoncé’s loyal fan base. I like to think of the red laminated VIP badge that I got with my Formation World Tour ticket package as my unofficial membership card. Before that, it was printouts of tickets from the Mrs. Carter Show World Tour and the original On the Run tour she did with her husband, another favorite and hometown hero (B R O O K L Y N!), Jay-Z. I even flew back to Brooklyn for Jay-Z’s 4:44 concert in hopes that she would make an appearance.
So when the dates for her upcoming On the Run II tour with Jay-Z were announced last week, I didn’t think twice about buying tickets. That is, until it was time to pay for them.
Suddenly, my financial goals like paying down debt and saving for a house came to mind and gave me pause. How would I ever reach my goals if I constantly allowed myself to be derailed by distractions?
I won’t. I won’t ever release debt or own my own home if I don’t stay focused on my goals. But the truth is, I’m having a lot of trouble focusing on my goals right now and I could use some help.
Thankfully, there’s The Finance Bar. Here, fellow Charlottean, Marsha, shares four tips to keep us focused on our money goals:
Hi there. Opportunities to open our wallets are surrounding us. Buy this, vacation here, and try this new gadget.
We understand just how hard it is to find discipline to stay committed when the brunch invitations are still coming and social media has your mind swimming with a million things that your money can be spent on. It’s easy to lose focus, heck it’s hard to get focused in the first place.
Pat yourself on the back:
Be proud of the progress you’ve made to date. There is no better way to boost your financial confidence and motivate you to keep going than by seeing how far you have already come. Check your statements and track your progress to date. Did you minimize discretionary spending in January and March? Took a pair of heels to get repaired instead of buying a new pair? Ate out less and cooked at home last week? Saved more than your budget called for last month? Celebrate your accomplishments and let them inspire you to keep the momentum going. I’m rooting for you!
Surround yourself with reminders:
Set a reminder on your cell phone to pop up a calendar invite once a week. You can personalize the message to read: “Are you on task this week with your finance goals?” “What progress have you made this week?” “Check your budget.” Another great idea is to place post-it notes in your car and your bathroom window. Be your own accountability partner.
Set a spending limit:
This is extremely critical. Cash register CHA-CHINGS add up very quickly. You will overspend without a set limit, so think about this and commit to a number before you head out the door to the mall, restaurant, grocery store or home improvement store. I even recommend setting a monthly limit for items that you may want to do more than once in a month.
Say it with me now, ready? Noooooo, try it again, noooooo. This can also be swapped out for, “I can’t this week, I’m already committed to something, I’m over my budget for that.” or any phrase that will save you from overspending or distract you from your goals. Let’s take our brunch example. If you have a monthly spending limit of $50 for brunches in May stick to that. Discipline is the key to long term financial success.
How do you plan to stay committed to your money goals?