How To Avoid Self Sabotage When It Comes To Your Finances
Ever planned to do something but never actually got round to doing it because you got in your own way? e.g. you changed your mind, something else came up or you just didn't feel like it?
When it comes to self sabotage we've all been guilty in one way or the other - well at least I have.
I used to tell myself I would work out at least 3 times a week because I wanted to get fit / healthier and because I liked how I felt afterwards on the occasional time I would work out (which was every few weeks) but I somehow always found a reason not to stay consistent:
"I'm too tired"
"It's too late"
"It's too early"
"It's too hard"
I always had an excuse which pretty much aided my self sabotage and it wasn't until I consciously decided to get out of my own way that I was able to become successful with working out multiple times a week.
So how did I do it? I became intentional about it. I would set my alarm on my phone and then put my phone far away from my bed so I couldn't hit snooze. I would also lay my workout close on the floor by the side of my bed so I had no choice but to step on them when I got out of bed.
In addition, I reminded myself of my why constantly - I wanted a flatter belly and stronger legs, so I kept a photo of Nicole Murphy (don't judge but her body is "goals"!) handy for days when I was ready to eat the entire tub of ice cream; and while looking like Nicole is still a figment of my imagination, over time, my intention worked.
Self sabotage happens when you know you should do something but don't because of whatever reason.
For instance, you know you should save but you overspent at the grocery before you set up your budget. You know you should be paying down debt but you put half of your extra debt payment towards an epic sale etc and basically self sabotage at it's finest.
So how do you get past self sabotage specifically around your finances?
You want to make it as easy as possible for you to succeed with it comes to your financial goals that's how - doesn't sound so hard huh? well it isn't! Below are 3 tips you can implement starting now to help you beat self sabotage.
1. Automate your finances
Automating your finances is one of the simplest ways to avoid self sabotage because your savings deposits or debt repayments can be done without any manual intervention from you once you have things set up.
If your employer offers direct deposit, you can have a percentage of your paycheck directly deposited into your savings accounts. Alternatively, you can set up automatic transfers to your savings accounts through your bank based on the days you get paid.
When it comes to paying your debt or other bills, you can schedule payments in advance with your creditors and around your pay dates.
Once your automation is in place you want to make sure you check in on the transfers and payments frequently to be sure there are no glitches etc.
2. Use an app to check-in
There are a ton of apps out there that can help you keep an eye on multiple accounts and the transactions and payments you have going through them. For instance, Mint is a super popular app and another one of my personal favorites is an app called Penny.
These apps can be set up to send you alerts and reminders each time something changes in your account, when a bill is about to come due or just to review the automations you have set up. You can have them handy on your phone so you can pretty much check in anytime - super convenient.
Don't want to use an app where you have to enter your personal information for your various accounts? Your bank and your other types of accounts probably have their own individual apps. It's more work to check in to each app individually, but still very convenient regardless.
3. Set reminders on your calendar
Checking in on your finances frequently is key to staying on top of your goals and actually accomplishing them. So in addition to automating things and using apps to check in, you want to set reminders on your calendar to do things like check in on your credit, review your accounts and investments, check in on your bill payments, see if there are better deals out there e.g. insurance, cable, phone service etc, as well as to gauge how you are doing against the money goals you have set for yourself.
Bola Sokunbi is the founder of Clever Girl Finance and she's passionate about helping women take control of their money so they can live life on their own terms.