“Financial Wellness” begins with a fresh start, which generally means you get a do-over, try again, or get a second chance. We are 26 days into the New Year with new opportunities to take advantage of in different respects. Whether you live across the borders or in the U.S., anyone can take advantage of starting fresh in 2024. Some things that will enable you to manage your finances this month properly and in the months and years to come should be considered. Remember, wherever you are, stay focused and well!
Everyone I have met during my travels desires to accomplish similar things in life, whether in Mexico, Barbados, the Dominican Republic, the U.S., the Bahamas, or Jamaica; they want to live a worry-free and debt-free life. Many of you might have spent more money than anticipated over the Christmas holidays, and now the dreaded bills are rolling in. Now is not the time to panic or become frustrated; instead, turn that toxic energy into positive energy towards focusing on the best, fresh start ever.
These are four tips that you can use to put things into perspective:
- Change your mindset – Resetting and adjusting your mindset is good, but the key to a successful, focused, and fit year involves changing your mindset. Clear your mind of past disappointments and failures, and focus on the possibilities ahead. Staying focused on the past will create a high level of anxiety and stagnation. Envisioning a productive future coupled with doing the work will yield a high level of success on your financial journey.
- Set your priorities – Determine what is most important to you regarding your finances. Identify your needs and wants, then decide how they will play a role in meeting your goals. Will your wants take priority above your needs this year? Find a balanced mode of operation. Depriving yourself of having some of the things you want can derail your plans; in contrast, overindulging in wants could yield similar results. Therefore, take setting your priorities seriously.
- Work hard to meet your goals – Anything worth dreaming about, planning, and ultimately accomplishing takes hard work. Thinking about debt freedom, saving for a vacation, college fund, retirement, or just managing well enough to have food on the table and clothes for your children requires an intentional, focused activity. It doesn’t matter what country you live in, socioeconomic status, rich, poor, young or old; setting goals and attaining them requires work. Making your goals lofty or conservative is your decision; just make sure your goals are realistic. Unrealistic goals will hinder your motivation to move forward.
- Consider a second income stream – If you need to look at another income stream (business start-up or a second job). Now is a great time to indulge. Many times, an increase in income could be a remedy to a situation along with exchanging bad behaviors with good ones where mismanagement of being overextended is concerned. Cutting back alone is not the only answer to focused financial wellness.
These four simple steps are essential and will help lay the foundation for the next steps to take on your debt-free journey. Over the next 21 days, we will be discussing how to get results for the goals you set, but first things first: change your mindset, set your priorities, work hard to meet your goals, and consider a second stream of income.
Here’s to financial wellness all year!
Christine Roebuck, CEO