My tips for reducing or pressing pause on your money goals right now
Hello money wizards,
👀 My question to you: Have you ever had to take breaks while working towards financial goals (learning, saving, investing) or felt like you were going backwards?
Today’s newsletter is about managing all those feelings that come up when you have to reduce or press pause on your goals because, with the cost of living pressures, this is something that many of us are facing right now.
If you’ve had to scale back your $500 monthly investing goal to $500 a quarter, I want you to know that you haven’t failed. Sometimes circumstances change, which means the plans we set in motion at the start of the year just aren’t feasible right now.
And that’s okay. It really is.
Owen and I chatted about this in some detail on Monday’s episode of the Finance Podcast.
But what if you have to press pause on your goals?
Is there a way to do it and still feel like you’re making progress?
Could this moment be an opportunity?
Here are a few ideas to try the next time you need to press pause on your money goals.
☁️ Reflect → Consider your current situation and your changing priorities. Knowing why you have to press pause can help you come to terms with the change. Consider getting support if needed here.
🗺️ Plan → What’s the plan here? How long are you going to press pause for? Knowing this will help you manage the situation better, because we humans love clarity. Can you work towards this goal in a different way?
⚙️ Keep the habit → You’ve built great habits, so don’t let them go completely. For example: can you keep the habit alive by continuing to save or invest $5 each month?
🤔 Consider → Could this be an opportunity to learn or do something else? Sometimes when one door closes, other opportunities and options present themselves.
🧠 Reset → Getting close to pressing play on your goal again? Your life has probably changed, and your priorities may have shifted, so reset your goal to fit your new circumstances. It might be a good time for an emotional reset as well.
💻 Restart → Press play again on your new goal, and be kind to yourself during this process. You might find yourself comparing yourself to others who didn’t press pause when you did, and that’ll be tough, but try to focus on the opportunities in front of you.
Most people never realize most goals just lead into bigger and larger goals and don’t have a stopping point. ~Scott Young
🎧 Want to dive into this topic in more detail? Evan Lucas and I did an entire Brain Hacks episode on this exact topic!
📚 Guess what?!
My very first book, Buying Happiness, comes out next Tuesday. This is the perfect way to continue your own personal finance journey or spark a conversation with your friends.
If you like discounts, don’t forget to preorder your copy of my upcoming book, Buying Happiness, on Booktopia* or Amazon today.
Cheers to our financial futures,
* Please note: I will receive a small payment if you use my Booktopia affiliate link to place your preorder.
