Stephen Covey says, “Begin and end with a goal in mind.” The most essential key to overcoming challenges is to pursue a goal and beat your goal!It is important to write down your goal, to own it, and then get busy achieving it.
One of the most common and challenging hurdles that we may experience is having financial difficulties. It is often just a fact of life. But pursuing a goal to overcome difficulties, is the first step.
Here are six tips that you can help you to beat your financial challenges, using the acronym DEFEAT:
Deal with it – the earlier you admit that you are experiencing financial difficulties and start acting on it, the easier you will be able to work on a goal to overcome the challenges. But if you keep on denying the fact that you are in a crisis, the bigger the problem will become, and the more difficult it will be to resolve the problem.
Establish a workable budget – start having a written weekly or monthly budget. Overcome the “I deserve a treat” attitude and just focus on your workable budget. Do not spend to excess. You need to monitor where your money is going and start keeping your spending within your means. Sufficing your ‘needs’(such as food, shelter, electricity, and other utilities)vs ‘wants’ should be your priority. Start thinking about establishing your budget and disciplining yourself to keep to it.
Focus on your goal – it is more beneficial to focus on your financial goals rather than your financial constraints. Do not allow distractions from sticking within your budget, most especially the distraction of pleasures in life. Distraction is the enemy of focus. Remember the key is to hit the goal.
Eliminate unnecessary expenses – financial challenges are mostly caused by overspending. We usually buy products that we do not need, and cannot afford. We need to overcome our appetite for our wants. If they area luxury that we can live without then avoiding the temptation will help us reduce our expenses.
Adapt to changes – it may be difficult to live within your means at the beginning but the sooner we start, the faster we can achieve our goals. We need to be flexible enough to change and adapt our behaviour in order to remain profitable and focused on the goal. Accept that the change is good and there are so many great things that can come out of this.
Track your plan – it is smart to know how you are going with your plan. Ask yourself “Am I moving towards my goal of overcoming financial challenges?” This will help you identify if you are moving in an upward direction financially. Revisit your budget and analyse whether you are on your way to resolve the crisis. It is also the perfect time to identify distractions and thinking about how to eliminate these things. It will also help you to fix your focus towards the goal. As you progress, you may get other insights and you could realise that you are doing better than you
Overcoming financial obstacles and challenges isn’t simple, but by establishing some precise priorities, distinguishing ways to accomplish these goals, and pursuing your plan, you can overcome the hurdles and at the same time, put an end to the financial burden.