Have a party! Celebrating wins drives possibility

Busy working towards your goals? As you move ahead in your financial journey, you may find yourself thinking about that next step, then the next step, and so on.

But what if you paused for a bit, and thought about how far you’ve come? Simply taking a moment to acknowledge what you’ve done so far – the small and great wins alike – can be good for your financial wellbeing, and your spirit.

Here’s some food for thought on your way to long-term financial wellbeing.

The great impact of small milestones

What are your financial goals? Are you building that nest egg for the future, or saving up for a home, or a car?

Knowing what you want to achieve in life is a good first step to actually achieving those goals. But sometimes, when you have greater goals on your mind, it’s easy to miss the smaller yet crucial steps you’re taking along the way.

Splitting the bigger goals into smaller bits can have quite an impact on your pursuit – as a study on this topic said, “The power of progress is fundamental to human nature.” At the end of the day, it’s all about acknowledging your progress.

For example, let’s say you’re aiming to save $20,000 for something. If you acknowledged, and celebrated, every $1000 more you added to your bank account, that may boost your motivation towards the end goal. As opposed to thinking about how far you may still be from that $20,000, think about how far you’ve come from point zero – it might refresh your perspective and push you further along your unique journey.

Lessons you learn along the way are invaluable

One of the key milestones you may have missed is the growth in your learnings. Have you learned something new about money in the past few months? Did you maybe make a financial decision, like installing a budgeting app?

These behaviours play a key role in your journey – they serve to educate you, so that you may make better-informed decisions for your future.

According to research from the Commission of Financial Capability (CFFC), when it comes to your long-term financial wellbeing, “knowledge is power”. In fact, the report reads, “a person’s financial knowledge, behaviour and psychology can have a greater influence on their overall financial wellbeing rather than how much they earn, how old they are or what ethnicity or gender they identify with.”

So, it’s worth counting your lessons, even those that came from some mistakes, as achievements. If you’re adding to your financial wisdom, you’re on track.

Moments that are worth celebrating

Sometimes, it’s not easy to see your achievements through the busyness of your days. But the good news is, there are some milestones that you may be achieving every day. To give you an idea, here are some key ones:

• Making and following a budget
• Actively saving
• Practising good borrowing behaviours (like not borrowing for day-to-day expenses, and keeping track of your money).
• Learning about all things money-related
• Thinking about the long-term
• Setting clear financial goals
• Reading about financial solutions and making informed decisions (for example, if you have insurance in place, understanding what your policy does and doesn’t cover).

What are your smaller wins?

As advisers, we are here to help you achieve what you’re working hard towards. And if you’d like to talk through your goals with us, get in touch anytime.‍

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Disclaimer: Please note that the content provided in this article is intended as an overview and as general information only. While care is taken to ensure accuracy and reliability, the information provided is subject to continuous change and may not reflect current development or address your situation. Before making any decisions based on the information provided in this article, please use your discretion and seek independent guidance.