Steps to get financially fit

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Local financial professional Barry Bigelow from Great Waters Financial shares four ways you can stay physically fit for 2022.

Start at the End

  • Start with your end goal in mind. But when you’re setting that goal think about why getting financially fit is important to you. What does success look like to you?
  • Really visualizing the positive impact reaching your goal could have on your finances can help you stay inspired and motivated.
  • At Great Waters Financial, when we create financial plans for our clients, they help move our clients closer to their financial goals. We also partner with them and review their goals, update them and keep track of their progress.

Build Momentum

  • Just like you don’t start by lifting the heaviest weights, you need to build momentum with your financial goals.
  • Small routine changes like skipping the stop at the coffee shop or only eating at restaurants on the weekend can have a big impact and free up income to put towards your financial goals.
  • Setting up automatic contributions to your retirement accounts like a 401(k) or Roth IRA builds a habit of consistently saving for your future.

Get an Accountability Partner

  • Make it a competition among your friends, relatives or coworkers.
  • Start by all parties pooling together a small cash prize.
  • Challenge each other to see who can save the most in a week or a month.
  • Whoever wins, get the money pooled to go toward their savings goals.
  • Any time you get friends involved, it is someone to hold you accountable, and it creates some extra motivation to save.
  • Meeting and working with a financial advisor can also provide you with a great accountability partner who is just as excited about helping you reach your financial goals.

Treat Yourself

  • Everyone takes a “cheat” day every now and then. As you reach your goals, treat yourself.
  • As your budget allows, give yourself a reward for sticking to your routine. Enjoy a nice dinner, a night on the town or pamper yourself with a spa day.
  • Having this extra motivation and determination can help you stay on course to reaching your ultimate financial goal.