3 Keys to Change Part III: Perseverence

It’s not that some people have willpower and some don’t.  It’s just that some people are ready to change and others are not.

- James Gordon

The third key to change is perseverence. Even if we are able to learn a great deal and put some regular effort into our financial life, we can lose focus and temporarily or permanently give up on our quest. A major or minor setback can be very damaging. There’s no doubt about it. Change is hard. If you’ve ever tried to give up any vice, lose weight, or break any habit, you know that. It all comes down to how badly you want it. How much education and effort are you willing to put in? Are you ready and willing to accomplish your goals? If not, are you willing to deal with the consequences of not addressing your financial needs?

Here are some ideas on how to keep your momentum going:

1. Shampoo Cycle:  If you become paralyzed and forget why you started your change project, revisit your written goals, and go over your shampoo cycle again: Where are you? Are you happy with where you’re at? Where do you want to be? Lather. Rinse. Repeat.
2. Automate the Process: Set a regular time to accomplish tasks and stick to it as best you can. If something really important comes up, that’s fine. But don’t use it as an excuse to abandon your quest for a better balance altogether. It takes time to replace old habits with new, healthier habits.
3. Recruit a Partner/Coach: This person will often be your spouse or partner, but it could be anyone you trust. Let them know about your commitment to change and just have them ask you periodically how it’s going. Just knowing someone else is watching can be the impetus we need to act.
4. Reward Yourself: This is important, but we need to be careful here as well. It doesn’t make sense to reward ourselves with things that undermine our financial goals. Try to make your reward intangible, or at least very inexpensive, depending on your situation. If you are up to your eyeballs in debt and you have managed to pay some of it down and not add to it, don’t reward yourself with a credit card spending spree. Maybe an hour or so doing something you truly enjoy would be a good reward. If you are not in serious financial difficulty, but have accomplished a significant goal, maybe you can afford to reward yourself with a temporary loosening of the purse strings. The intrinsic rewards of achievement are much more satisfying and permanent in the end than any extrinsic rewards, which are usually fleeting.
5. Review Your Plan: If I’m consistently unable to follow through with my plans, it usually means one of two things: a) my plan is unrealistic and needs some changes or b) I need to look at how important my goal is to me.

Coincidentally, there is a great article over at zenhabits this week on motivation and habits. If you haven’t read it, check it out. There are some great ideas there that can be applied to any area of life, including personal finance.

What are some ways that you have found to reward yourself for a job well done?  Do you find it helps you persevere and achieve your goals?