18 May 2022 | 5 – 8 min read
3 Powerful steps to change your financial future
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Your financial present doesn’t have to be your financial future. No matter what your current financial circumstances are, there are some simple steps that anyone can take towards building a financial future that is vastly different.
This month, we spoke to the dynamic Mpoomy Ledwaba to get her advice about what it takes to build a better financial future.
Here are the 3 steps that anyone can take today, to help you begin building a better life for yourself and your family.
Set specific goals when saving
Saving is a very powerful financial tool that can help us achieve our money goals. Simply put, saving money means putting aside some of our income, to spend at a later stage for some other planned purpose.
That other planned purpose could be just about anything from buying a house or a car, to a vacation or the MBA you’ve been wanting to do.
But according to Mpoomy, the problem is that too many of us who are saving money, are doing it without any particular goal in mind. When we’re not clear on what our goals are, it becomes much more difficult to sustain a saving habit because it becomes difficult to justify in our minds.
So, the first thing she recommended before you start saving, is that you set specific goals for your savings. “Your plan must speak to your dreams and what you want to achieve,” she confirmed.
Write your financial goals down and get a sense of what you’re aiming for. This will ensure that when you save, you know what you’re saving for.
Everyone’s goals will be different, so be sure that you’re not just writing down the kinds of goals that you think you should have. Let them be goals that you actually want. After all, you are the person who is going to have to do the hard work and make the sacrifices, to get there.
By understanding and focusing on the end goal for your saving, it becomes much easier to stay committed to those goals. So close that food delivery app, think twice about that sale item in your cart . . . remember the goal!
Today’s small sacrifices are tomorrow’s dreams realised!
Accept your financial circumstances
Here’s the thing: We’ve all made bad financial decisions. But if we’re going to move forward financially, Mpoomy was clear on the fact that the first step towards redemption is acceptance.
“Accept your financial circumstances,” she encouraged. “Make peace with your bad financial decisions, because you can’t change until you stop running from your money problems, and you accept your circumstances and your bad decisions.”
The most important aspect of this exercise is that it forces us to evaluate our relationship with money.
What sort of relationship is it? Is it good? Bad? Indifferent?
How do you feel about money?
Are you a good or bad custodian of money? If you’re a bad custodian, what do you need to change in order to become better at holding on to money?
Also, remember that everybody had to start somewhere. Nobody was born a financial guru and most of all, very few people in this world were born into wealth. On the contrary, for most of us, financial wisdom starts with a decision to accept who we are, how we think about money, and what mistakes we’re making.
From there, you can deal with those problems and chart a new way forward. So, your main takeaway here is that all hope is NOT lost. You can start today.
Put a plan in place to reach your goals
Back in step 1, we spoke about the power of saving and the importance of linking it to financial goals. We also suggested writing them down.
For this step, it’s time to figure out how you are going to actually achieve those goals that you listed. You need a plan that outlines how you will go about saving the money you need to save.
If that sounds a bit intimidating, Mpoomy recommended that getting a financial education is a great way to begin.
That doesn’t mean you need to go to university and spend four years doing a B.Comm. It can be something as simple as reading through some of the other articles on our website or watching our archive of free financial webinars.
But another option is that you can also simply speak to someone about money. “There’s no shame in it!” said Mpoomy. “Let’s talk about money. Empower yourself. Get educated. Everyone started somewhere!”
And that’s the truth. Nobody suddenly became a financial guru. It’s a process and it’s one you can start today
Book a free call with a Velocity Club expert today and we’ll help you plan for financial success.
The Velocity Club team is here to help you achieve your financial goals, whatever they might be. If you are feeling unsure about the next step and need someone to help you start on the journey to achieving your goals, we’re here to help.
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