No-one likes a setback. But we’ll all face them at some point. Even a little stumble can make us feel like we’re failing completely even if we’re not. Something that can be extremely discouraging when it comes to achieving financial goals is setbacks. Setbacks aren’t just about not hitting a certain goal or getting something done in a specific timeframe. It can also be the realisation that maybe we just aren’t ready to tackle a certain goal because we need to do a little more work on the overall foundation, or that we need to take a step back and focus on one specific thing instead of the larger picture.
This was something Steph learned recently on her journey to financial wellbeing. Let’s check in and see how she’s been going:
After my previous delving into the Managing your money course, I started thinking about my super. It’s a topic I hear a lot when spending time with my more financially savvy friend, but I’ve never given much thought to it. After checking my credit score and asking my friend whether it was good or bad, I started thinking more seriously about my super, so I decided to check out a course on MyMoney101 literally called Super.
I found the first module more detailed than I expected, with a lot of background information about super. I kept going and found the second module more useful and relevant to my situation.
I realised that while the Super course is valuable, I wasn’t yet ready to focus on it. The last fortnight didn’t go as planned, and I noticed I was slipping back into old habits. I needed to start again to help gain control of my spending. I decided to take a break from the Super course and check out Getting started, which was more in line with my current financial situation.
As I currently live with a room mate and am looking to achieve financial independence (rent on my own), the Getting started course was more in line with my goals. I found practical tips that were useful, such as budgeting and handling bills.
A common tip across the courses was to start a small cash fund, which made think that it may be a good tool to keep track of my spending. I’ve decided to follow this tip and see how it pans out during my next pay fortnight.
I’m enjoying learning all these new things and the courses have made me think more seriously about how I can learn to manage my money. Following through is the hardest part, but armed with these new tips and tricks, I’m excited to aim for better management of my money.
When I first started learning about finance, I took all the tips and tried to do everything at once. Reading through the beginner-style courses made me realise I could stop and just do one thing at a time. It’s made me think and learn to prioritise what I need to do, and where I should start.
The first step was to budget, which I’ve got more of a handle on, and have become more confident in building my budget based on what I earn. The second step was deciding how to handle debt; I’ve decided to focus on my credit card debt first.
The courses I’ve done so far have been very helpful, whether in setting realistic goals, paying off my debt, or providing great tips in how to build my savings.
Have you ever experienced a setback when trying to hit a financial goal like Steph did? Sometimes tackling too much at once can hinder our progress, even if we have the motivation backing us. Or we might want to work on one thing but realise that it’s best left as a task for later down the track. None of this is failing, it’s all just part of the journey.
Stay tuned to see what happens next!
