This is the time where a lot of people with good money sense fall off the wagon.
If youve hit a plateau with your financial goals, its important to stay on track and motivated.
Why Its a Problem
On the surface, a plateau doesnt seem like much of a problem.
Everything is going according to plan, so whats the big deal?
The problem is, a lot of people get bored with their finances during this stage.
There are a couple of ways getting bored can derail you, though.
First, its easy to just forget about your goals at this point.
The excitement has worn off, and youve forgotten how badly you want to straighten out your money.
Your emotions have waned, and you go back to your old, spendthrift ways.
Another problem: your goal can stagnate during the plateau stage: you dont let the goal evolve.
For example, not too long ago, I was at my own plateau.
Everything was on track, and I didnt have to think much about my finances at all.
During that time, though, my income increased.
As a result, I spent my new income mindlessly (aridiculous amount was restaurant spending).
Theres nothing inherently wrong with that, but Id rather put my money to work in other places.
Its also easy to simply get restless during this phase.
Its an unexciting stage.
Lets say youre finally earning enough to pay off your $20,000 student loan debt beyond the minimum.
So youcome up with a long-term debt payoff plan.
Just thinking about your goal in the shorter-term can keep you from getting bored with it.
And dont forget to celebrate.
It helps tomake your goal exciting, too.
I know, the wordsfinancial goaldont exactly have you jumping up and down.
Your goal should stimulate you; ask yourselfwhy you want to reach it in the first place.
for excite you, your goal should also be specific and attainable.
Well, thats pretty unexciting.
Thats specific, attainable, and it sounds a lot more fun.
The plateau isnt too bad when you know theres a trip to Rome at the end of it.
A challenge here and there can help keep your long-term goal actionable, too.
Maybe its saving a little more each week.
Or asking for a raise.
Or negotiating your monthly expenses.
Either way, the occasional challenge can help you supercharge your goals.Join ours!
Beware the Why Am I Doing This?
To shake off this mindset, focus on your own drive rather than the results of the goal itself.
Hereshow performance analysts Avidium puts it:
Focus on why its really important to you to achieve this goal.
Be careful not to focus on benefits here…
Instead, simply list why its important for you to achieve this result.
Its financially responsible and smart.
But why does it matter toyou?
Your answer might be:
Because I dont want debt collectors calling me for the rest of my life.
Because I want to improve my credit so I can buy a home in a few years.
Again, during the why?
phase, helps to make your answer specific and attainable.
Get back in touch with why your goal matters to you.
Instead of trying to fight it, learn to love it.
Instead, make the process your focus and define success in those terms.
Its their commitment to the process.
They fall in love with the daily practice, not the individual event.
Fall in love with boredom.
Fall in love with repetition and practice.
Fall in love with the process of what you do and let the results take care of themselves.
Focusing on the process is particularly helpful when it comes to making sure your goal evolves.
Maybe you get a raise.
Maybe you lose your job.
Maybe you have children.
Whatever changes occur in your life, grow your goal right along with them.
This keeps the goal attainable and present.
So instead of spending time on searching for the new, I start focusing on the basics.
This can apply to pretty much any goal, but its especially true for personal finance.
The more you learn about money, the easier it is to overlook the basics.
So I read a bit about investing and 401(k)s and how toset up a portfolio.
Your next step might be tackling yourimpending student loan debt.
It might be saving up for a home down payment.
The plateau can be a boring, restless place.
Take that as a good sign, thoughyou want to move forward with your finances.
Still, its easy to forget about the journey when it doesnt feel like youre climbing to the summit.
Photo byra2studio(Shutterstock).
