Do you participate in those fitness challenges? Maybe you want to lose weight or increase
muscle or simply tone up. Whatever the case, the challenge is there to help you identify the
goal and then help you work through it. Some even ask you to take a photo and then again
down the track so you can see the progress you have made.
Money challenges can be used in the same way so you can achieve short or long term
financial goals. Money challenges can also be measured too, maybe you want to save for a
holiday, a new car or start working on gifting yourself the ability to retire early.
Just like a fitness challenge, you control how much you exercise, what type of exercise you
do, what you eat and the big one – tracking your daily activity and diet so you remain
accountable.
Each factor can be altered to your fitness level and goal.
Yes, you guessed it, the same principals can be applied to your financial fitness.
Follow these steps to help you become financially fit!
Establish a clear financial goal and write it down.
Work out where your money is going, yep this is a budget plan. When you write it all
down you can easily see where all your money is going and what you can cut down
on.
Manage your financial health risks. Life can throw us curve balls, when you least
expect it so ask yourself a series of “What if” questions ie. What if something was to
happen to me, will my life insurance be enough for my family to keep living
comfortably.
No time like the present! Start saving now, compounding interest is your BFF!
Eliminate your debts, just like those love handles you want to shed. Create an
emergency fund, after that chew away at that debt. Best be earning interest than
paying it!
Ask for help, just like when you are training you may need an accountability partner.
They need to have similar values and understand your goals so they can help keep
you on track.
Work with financial advisors who can plan out a personalised game plan for you.
Find someone you can trust and feel comfortable with. Much like we try and hide
that muffin top, we need to be able to bare all with our financial planners, no use
hiding anything.
Both of these challenges can be difficult and have many things in common. I ask, which do
you find harder? I challenge you to becoming financial fit for 2019!
If you are looking for an accountability partner, get in touch today!