It’s the time of year when I like to think about fresh starts and new beginnings. And it seems like everywhere I turn, from my social media feed to ads on my Tetris app, everyone seems to be promising amazing results in the new year from weight loss to financial freedom.
Changing habits can be more challenging than those ads promise though. And so here are 9 out of the box financial habits you’d be wise to change in the new year that aren’t necessarily simple or quick fixes but can transform your finances forever.
1. Quit Thinking You Can’t.
I’m not the type to fill you with false hope and fairy tales. But there is much to be said about self limitation. The old adage “Whether you think you can’t or can, you’re right” certainly applies in this situation. The internet leads me to believe Henry Ford said the above but along with your emotions, the internet can’t always be trusted when it comes to quotes. This year, drop your feelings of “it will never happen for me” and breathe some hope into your finances.
2. Quit A Subscription.
Many moons ago, I’d tell people the first thing they needed to quit was cable. And many people did cut the cord. But now, I’m more likely to tell them to unsubscribe from something. Whether it’s a gym membership, a magazine, or the ever growing online streaming services, you can’t have it all. Hit cancel to get some automatic breathing room. Check out 31 Debt Free Missions: Hit Unsubscribe for ideas.
3. Quit Making Excuses.
Again, life is not a fairy tale and odds are good, you’ve been dealt a bad hand more than once. I’m not going to deny that you’ve been handed a raw deal at all. But at the same time, to make progress, we have to make change. So acknowledge pain and unfairness, but do your best to begin moving beyond it.
4. Quit Looking for An Easy Fix.
No joke, my ads have been pushing something that causes you to lose 45 pounds in one week. First of all, if you lose 45 pounds in one week for any reason, you need to go to the doctor. STAT. Secondly this represents our irrational desire to undo what took years to happen in a matter of minutes. I often tell people that paying off debt isn’t complex, it’s just not easy. What I mean by that is that it requires time and intentionality. The process is basic – make more money, spend less, and be smart about how you tackle things. For more on our journey, check Slaying the Debt Dragon out of the library or use the Amazon gift card you got in your stocking to pick up a copy. Or read all of the free content on my site. It’s probably not going to be easy. But it’s possible and it’s worth it.
5. Quit Living the Same Lifestyle.
Similarly, you can’t live the exact same lifestyle you’re in right now if you want to make a difference in your finances. Does it mean you’ll always have to sacrifice? Probably not. But for a season you may need to give up a luxury or two (coffee out, name brand items, etc.) in pursuit of greater goals. The most dooming words I usually hear people use are “We’re already doing everything we can.” For 98% of the population, this isn’t true. Make some changes now to reduce your lifestyle.
6. Quit Dining Out All the Time.
It’s not horrible to enjoy a meal from a restaurant from time to time. Right now, I’d recommend carry out though. But a lot of us have become too dependent on the luxury of the drive through and delivery. Take a pause during the month of January and decide to cook meals at home or plan to pick up delicious food on your meal plan instead of letting the hurry and scurry of life cause you to overpay for food. For more ideas, check out: 31 Ways to Kick Debt in the Teeth: QUIT RESTAURANTS.
7. Quit Letting Others Guide Your Finances.
If you are listening to the voices of people who don’t live fulfilling lives with an evidence of financial security, stop it. If someone tells you “everyone has a car payment,” “everyone has a credit card,” “no one pays off debt,” it’s not true. Lean in when you meet generous people who are transparent about their finances and don’t have major money problems. Sometimes they’re difficult to spot because they live fairly simply. But if you pay close attention, you’ll begin to find them. If they advise an easy way out without sacrifice, your warning buzzer should go off!
It’s an uncertain time. And it’s easy to feel tossed about by the wind of confusion. Pause before you begin the New Year and evaluate what you can do instead of focusing on what you can’t. Begin small. You CAN do it. It may challenge and stretch you, but it’s worth it for what you can gain.
My book is now available: Slaying the Debt Dragon: How One Family Conquered Their Money Monster and Found an Inspired Happily Ever After. You can also check out The Debt Free Devotional
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