GMR 158: Staying on Track in Difficult Seasons

We can’t prevent difficult things from happening to us, but we can ensure that at least from a financial standpoint we remain healthy and say on track. In this episode of GMR, we discuss three things you can do to prepare your finances for the challenges that life brings.

Show Notes

Staying on Track in Difficult Seasons

Get honest with yourself

  1. How committed are you to your financial health?

  2. Is your long term financial well being more important to you than you satisfying your immediate gratification?

  3. Are you engaged in a blame game? It’s not my fault!

Financial health is about personal responsibility.

  • It’s up to you. You are the benefactor or the casualty of your decisions.

  • Determine that no matter what comes your way it is your responsibility and no one else’s to manage your money well.

  • If you find yourself making excuses, “I’m doing my best” realize that you’re only giving yourself the license to continue making bad decisions.

3 things to do ahead of time to prepare for life challenges

  • Systematize your money management

    • Use a zero-based budget

    • Automate bills and regular expenses

  • Build an emergency fund.

    • 1-3 months of bare-bones (survival) budget.

    • Grow to 6 months after paying off consumer debt.

  • Build your community / rely on your community

    • Money is a big deal and your finances can change very quickly. It’s important to be connected to a support group that will provide financial wisdom in times of crisis. These are non-family members that will tell you the truth, and give you unbiased advice.

    • Friends and family

    • Listen to GMR Podcasts or other financial experts for encouragement and to reinforce the basics.

    • Don’t be afraid to ask for support from your community, but also set a short-time line of when you think you’ll be back on track, make a plan to get back on track.

In the midst of loss:

  • Be self-aware

  • Take time to grieve

  • Take the appropriate steps to get healed (physically, emotionally, mentally)

  • Don’t make any big financial decisions

  • Know that things will get better. It may not feel like it, but this will pass, just like other seasons have come and gone, so will this one.

Resources

Budgeting tools and other free resources - https://leosabo.com/resources
David’s website - www.stewardshippastors.com

Personal FinanceLeo SaboBudgeting, SavingComment