Episode: 337 - Stop Waiting for the Perfect Time to Fix Your Finances
When it comes to managing finances and tackling debt, a common mindset can act as a major obstacle: waiting for the perfect moment to start. Many of us tell ourselves that we'll begin budgeting when circumstances improve—perhaps when we get a raise or when a big expense is out of the way. However, waiting for that flawless timing can be the biggest hindrance to reaching your financial goals.
The Illusion of Perfect Timing
Life rarely presents us with a moment of financial tranquility to get started on what seems like a daunting task: managing our money effectively. There are always potential job changes, unforeseen expenses, or other events that seem to constantly occur. By holding out for a perfect set of conditions, we might delay endlessly while interest charges mount, and our debt deepens.
The Cost of Delayed Action
During the waiting period, debt continues to accumulate and thus increases the feeling of being trapped financially. The aspiration for a secure financial future, free from debt, remains deferred. Some people may even think that a substantial savings fund is a prerequisite to begin tackling debt. However, holding out for this can translate into months, if not years, of paying unnecessary interest and spending without strategy due to a lack of proper financial behavior.
The Power of Starting Small
Improving your financial situation and overcoming debt doesn't hinge on perfection or grand gestures. It’s about consistent, small steps. Think of it like training for a marathon; you don’t run 26 miles on the first day. Instead, you run a little each day, gradually building up your endurance and ability.
Creating Your First Budget
One of the simplest ways to begin is by budgeting. While you could wait and track every single expense meticulously for a month before starting, it’s better to begin with an overview of your key income sources and fixed expenses. It doesn’t need to be perfect—it’s a starting point that you can refine along the way.
At Debt-Free Dad, we encourage starting with what we call a "first crappy budget." It may not be perfect initially, and you might forget some items, but that's okay. The key is to start, learn, and keep improving.
Take Control Now
By taking action, however small, in less than ideal circumstances, you start gaining valuable insights and developing positive habits. You begin to learn about your own spending behaviors, identifying areas of potential savings, and building a sense of control over your financial situation. Having this control brings relief and accelerates further action.
Your First Step To Financial Freedom
Instead of waiting for the elusive perfect time, consider the smallest, most manageable step you can take today. Open a savings account, automate a small debt payment, or even just track spending for a day. These small shifts, while independently minor, constitute the initial stages of genuine change by moving you away from inertia towards achieving your financial goals.
Conclusion
Remember, the right time does not simply present itself; it is something you create by taking decisive, actionable steps one at a time. Don’t wait any longer—start today, and begin building your own financial success story.
Resources Mentioned
The Totally Awesome Debt Freedom Planner https://www.debtfreedad.com/planner
To learn how to take the stress out of your finances so you can breathe again, follow this link: https://www.debtfreedad.com/lwp-masterclass-opt-in-page-podcast
Connect With Brad
Website- https://www.debtfreedad.com
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Transcript
Ryan Nelson:
Hey, let's talk about a common mindset that can really hold you back when it comes to money, this idea of waiting for the perfect moment to start getting better with your finances or tackling debt. This is what I used to tell myself for years. I'll start budgeting when I get a raise and then I'd watch magically as that raise was used for other things. I'll really focus on paying off debt once this big expense is over, or the right time will come when things are a little less crazy. Does this sound familiar to you? So today, let's explore why waiting for this perfect time can actually be the biggest obstacle to achieving your financial goals. My name is Ryan Nelson, and my wife and I paid off $160,000 over eight years while we were raising three kids. So think about it. When does life ever truly feel financially perfect? There's always something going on. It could be a potential job change, a family event, unexpected home repairs the list goes on and on. Could be a potential job change, a family event, unexpected home repairs. The list goes on and on. And if we wait for all of the stars to align perfectly in our financial universe, we might be waiting forever. And, honestly, that was me. I waited for years before I did anything. That raise that you're planning on might not materialize as quickly as we hoped. That raise that you're planning on might not materialize as quickly as we hoped. That big expense might be followed by another one. Life is wonderfully unpredictable, and it rarely gives us a clean slate and a guaranteed period of this financial calm that we're hoping happens. And what happens? While we're waiting for this right time to come along, our debt continues to accumulate, interest charges mount and the feeling of being financially stuck becomes even more entrenched in our minds. That dream of a secure future free from the burden of debt remains just that a dream, and it's just constantly deferred, something that we end up feeling like will never happen. So consider someone wanting to get out of debt. Maybe this is you, or you want to get better with your finances and you might think hey, once I have a really substantial amount saved up, then I'll make a big dent in my credit card bills. Substantial amount saved up, then I'll make a big dent in my credit card bills, and while having a large sum is helpful, waiting until that moment can mean months or even years of continuing to pay interest, feeling overwhelmed. Or you'll maybe save some money and because you don't have the right behaviors, you'll take that money and spend it, and so this right time becomes a barrier for you to take any action at all.
Ryan Nelson:
The reality is getting better with your finances and tackling debt is. It requires starting small and building momentum, just like learning a new skill or building a healthy habit. It's about consistent effort, you know. Think about if you wanted to train for a marathon. You wouldn't go out today and go run 26 miles. You would run a little bit every day for months and months and practice, and practice until the point where you were ready to run that marathon. So you don't want to wait for the perfect conditions to just take action. Just start small and keep going.
Ryan Nelson:
Think about creating a budget. You could wait until you have meticulously tracked every single expense for a month and have a perfect, clear picture of your spending. Or you could start today by simply listing your major income sources and your fixed expenses. It won't be perfect, but it's a starting point. You'll learn more as you go and adjust as needed, and gradually you're going to gain control over your money.
Ryan Nelson:
Here at Debt Free Dad, we like to call that our first crappy budget. It's probably most likely for people. It's not going to work your first time and we tell people that you know, don't do it for a month or two and think this doesn't work. It's going to take time, you'll learn and you're going to forget things, but you'll learn and you'll keep getting better at it. But you got to start doing it.
Ryan Nelson:
The power of starting now, even in in perfect circumstances, is that it allows you to gain insights and build positive habits. You might realize you have more wiggle room in your current budget than you thought. You might identify small areas where you can cut back. You will start to build awareness and you're going to have a sense of control which fuels further action. In that sense of control, I remember when my wife and I started doing this, it was a huge relief to finally just take control rather than having the money control us. Even though it was a scary situation. When we finally started to do something about it, the sense of control definitely fueled further action by us.
Ryan Nelson:
So, instead of waiting for the mythical right time to get your finances in order or start paying down debt, ask yourself what's the smallest, most manageable step that you can take today. Can you open a savings account? Can you automate a small debt payment? Can you track your spending for just one day? Don't do it a whole month, maybe just for the day. Track your spending, these small actions. They may seem insignificant on their own, but they are the starting point of real change. They break the barrier of waiting and put you on a path toward your financial goals.
Ryan Nelson:
The right time isn't something that just magically appears. It's something you create by taking action one step at a time. Right now, don't wait for the perfect time. Start now and build your financial success story today. Hey, if you want practical tips to help guide you from financial stress to peace of mind, I want to invite you to subscribe to our newsletter Simplify my Money. Every Sunday afternoon, you'll get actionable tips, stories and helpful information to help you take control of your personal finances and start winning with your money. Join us next time for more practical tips on taking control of your money.
Brad Nelson:
Now listen if you're ready to break free from living paycheck to paycheck which, if you're listening, I hope you are. You wanna reduce financial stress. You wanna build savings. You wanna finally pay off debt for good, but you're not sure where to get started. Don't worry, we've got you covered here at Debt-Free Dad. Simplify my Money is sent each Sunday to your email. We make it easy and Simplify my Money. It's your step-by-step roadmap to better financial control and You're going to get stress-free money decisions that will help you simplify your financial life with proven tips that actually work. You're also going to gain the tools and the confidence to tackle your financial goals head on. You can sign up for Simplify my Money by clicking the link at the top of the show notes. Thanks for joining us on today's show and we will see you guys on the next episode.
