Push Through Your Financial Barriers

 I am running again. Last September, I broke my toe, which set my exercise and running back a few months. It was a frustrating experience to have a goal and have to set it aside for a time. Now that I am back to running, I am slowly increasing my distance again. I find, though, that I always feel like stopping around a mile and a half. I am not sure if this because this was my first training distance, but if I can push past this mile marker and run a bit further, I can get past that wall to greater distances.

We have financial habits and walls that we need to push past to establish a strong financial future. If you have always lived pay check to pay check, it is a hard habit to break to become a saver and to live on a budget. I have talked to some people who get “nervous” if they have too much savings. They are fearful of failing if they push the extra mile. For those that have pushed past their financial barrier, they have found freedom on the other side.

Having no debt and a well established emergency fund, can free you up to save for retirement, college education and pay off your home early. A budget is your starting line. It will give you the foundation and framework that you need to live on less than you make, so that you can pay off your debt and establish a savings. You control the budget. It does not control you. If you need to make a change in the budget, get agreement from your spouse and move money around in your categories. Just remember that if you must take money out of one category, you need to put it someplace else. A zero based budget always has to have all of your income accounted for on paper before it is spent.

Sometimes, situations arise that you have no control over. This may cause you to have to place your financial plan on hold for a period of time. For example, if you know that you will need to have surgery, you should stop paying extra on debt and start piling money into savings. Once the bills are paid, anything extra can go back towards extra debt payments. Like my broken toe, this may be a frustrating time, but know that it is temporary.

Knowing that there are barriers and obstacles to your financial plan should arm you to be aware of them and be able to push through your financial barriers to the side of financial freedom. Get pointed towards that freedom today.

Tim and Kathryn Gerken are financial coaches in Newcastle, WA. They specialize in budget coaching and accountability. They serve their community in the greater Seattle area.