Question: I already have my financial goals but I am having a hard time achieving them, or even starting on them. What should I do?—name withheld upon request
Answer: There are many reasons why you are having such difficulty but I think the biggest reason is not having the right behavior. Personal finance guru Dave Ramsey says finance is 80 percent behavior and only 20 percent skill, and I agree with that 100 percent.
Your quest to achieve your financial goal is a big step in the right direction, and that should be backed up with consistent behavior.
The most important thing is you must have the right behavior in money management, and it is where a lot of people fail because it is a daily task. People do not get into a financial mess overnight, they do so with wrong behavior done on a daily basis. Spending and saving money are behavior concerns and not skills. Let’s break it down for better illustration: To achieve your financial goals, you need to invest properly. To invest properly, you need to save properly. To save properly, you need to spend properly. To spend properly, you need to earn properly. While investing is a skill, earning, spending and saving are all about behavior.
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Here are some simple and practical tips:
1) Create a practical budget and stick to it. Have a spending plan. As your receive your income, you should already know where it will go. When preparing a budget, it is best for you to identify those that are needs and those that are wants so that when there is a need to make adjustments, adjust from your wants, not the needs.
