Spring breaking!
Consistent thoughts bring actions that lead to behaviors which lead to habits. There is a decent amount of controversy around how long it takes to form or break a habit. I am less concerned about the length of time to form or break a habit, and more about assessing the need to do so. From a financial perspective, sometimes we buy items, spend a certain amount of money and frequent certain places out of habit. We execute that action as a matter of course with little thought. It is automatic. We have developed financial ‘muscle memory.’
What do I mean? This example might sound silly, but I used to spend close to $20 each week on 4 gallons of water. That was $80 on just water in my grocery budget. If you have followed me for a while, you know how eye-opening it was when I dug into my grocery budget. Purchasing that water was a habit formed over many months. It took one math project for me to decide to change. Do I still drink water? Of course. Did I find an alternative hydration method? Yes. Did it take some time to reset my mind set and purpose for changing what water I purchased? Absolutely. After a little thought, I determined that I could purchase bottled water at a lesser price and reallocate the extra to something that I cared more deeply about. (If you saw the filter in my apartment fridge, you would understand why I purchase gallons of water – yikes!)
What is necessary to change a habit? I can’t simplify it in a way that doesn’t sound trivial. My starting point was thinking about what I wanted to be in six months and why. I wanted to handle money more efficiently. I thought about where my spending was inefficient, AND, and believed that I could change. I could not abide by the ‘can’t teach an old dog new tricks,’ way of thinking. That was a stopper to growth and development. I wanted to grow as a money manager; therefore, I took that thought and converted it to a repeated action until it became a natural part of my grocery shopping experience. Hello habit.
The other side of breaking a habit is forming a different one. I already built the habit of saving money, but I decided to challenge myself to save more. How is that forming a new habit? The habit I am forming is not being satisfied with doing the minimum. I challenged myself to become more and more efficient. I’m not perfect at this practice, nor is that my aim. I want to be intentional with my resources. I want my resources to work in the service of the goals I laid out. I have aggressive goals with short timelines. Efficiency and challenge are instrumental to my success.
This is spring – where new life is bright and vibrant. I encourage you to peek at what habit or habits you want to break and/or form. I’ve said it many times, but it merits repeating – you are worth it. I want you to retire with dignity, take the trip of a lifetime, or supplement your son or daughter’s college fund. But to do that, foundational thoughts, actions, behaviors and habits must be in place.
Do not be afraid to ask for help. This is why StudioM Financial exists. To help our clients move from impossible to possible through education and coaching. Please let us know how we can walk beside you to reach your goals. letstalk@studiomfinancial.net of 469-615-0387. Until we meet…keep working on the change.