Staying Motivated

In June I overspent my budget to the tune of $1,100. This was due to some travel expenses and a large property tax bill. Now, as you may have gathered we DINKs are definitely interested in building wealth, so overspending often leaves me feeling deflated. Without going into the gory details of my budget woes, I thought I’d briefly discuss some ideas that I’m batting around.

1) Writing Down Goals: If you write down your goals, its more likely that you’ll achieve them. I’ve got a small poster with our financial goals written above my desk. When I’m working on my computer, I get a chance to look at it every day to let myself know what the end purpose is. That said, I’ve just totally overspent my budget, so maybe you should hear this from someone other than me.

2) Trying Something Different: I’ve read a ton about stocks but am beginning to think about expanding my horizons by looking into bonds. I think I might also start reading up on tax regulations again. Unlike most people, I find reading IRS publications to be amusing and enlightening, but haven’t done it in a while. So the main idea here is that trying something different might help me stay motivated.

3) Following Up: Its one thing to write down a goal, but you’ve got to follow up to be sure it happens. Whats worked for me in the past has been to set and follow up on monthly financial goals. I haven’t done this recently because I’ve been watching movies and hanging out busy at the University. Building wealth is a long process, but I find that setting and achieving small goals has helped motivate me in the past.

To make a long story short, I’ll give these a whirl and see how they work out. If you’ve got any ideas on staying motivated, your thoughts would be most welcome.

Best,

James