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Episode 216 - How Accountability Can Transform Your Finances

Have you ever set financial goals, only to fall short time and time again? It's easy to feel discouraged and alone in the journey towards financial freedom, especially when living without debt is not the cultural norm. But today, I'm here to tell you that accountability can be the key to keeping you on track and reaching your financial goals. In this blog post, we'll explore the power of accountability and how it can help you stop watching your financial goals slip further out of reach. 

 

 

The Cold, Hard Truth: 

To begin, let's face the cold, hard truth together. It's time to look at ourselves in the mirror and take ownership of our financial situation. Accountability starts with you. By acknowledging and taking responsibility for your actions and decisions, you can set yourself up for success. It's not easy to confront our financial reality, but it's a necessary step towards achieving financial freedom. 

  

Identifying the Problem: 

When my husband and I decided to take control of our finances, we realized that our main problem was our own behaviors and habits. We were living paycheck to paycheck, constantly struggling to make ends meet between paydays. We took a hard look at our bank and credit card statements, highlighting every expense. It was a wake-up call. We discovered that our overspending on eating out, entertainment, and things we didn't really need was the root of our financial difficulties. 

  

Taking Accountability: 

Having a clear picture of where your money is going is crucial for taking accountability. It enables you to make informed decisions and start making changes. For us, making these changes felt like giving ourselves a pay raise. Of course, everyone's situation is different, and for some, living paycheck to paycheck may be an income problem. Regardless of your circumstances, understanding your financial situation is key. 

  

Setting Clear Financial Goals: 

One way to hold yourself accountable is by setting clear financial goals and tracking your progress towards them. Creating charts and visual representations can help you stay motivated and focused on your priorities. Personally, I love charts, and they were everywhere in our home. They served as constant reminders of our goals and progress. 

  

The Power of Support: 

While holding yourself accountable is important, having the support of others can make a significant difference. Research shows that publicly sharing your goals increases your chances of success by 65%. However, having a specific accountability partner boosts that chance by 95%. Joining a community of like-minded individuals, such as our "Life Without Payments" group on Facebook, can provide the necessary support, engagement, and motivation to stay on track. Learning from others who have gone through similar experiences can also be invaluable in managing your personal finances. 

  

Dealing with Pushback: 

It's important to remember that not everyone around you will understand or support your financial journey. When my husband and I started sharing our goals with friends and family, we received pushback. Some questioned our decision to avoid debt or cut back on certain expenses. But staying true to our budget and financial plan paid off in the long run. We were able to pay off over $54,000 in debt in just 20 months, and now we live debt-free outside of our mortgage. The accountability we had, both from ourselves and the supportive individuals in our lives, played a vital role in our success. 

  

The Journey to Financial Freedom: 

Can you achieve financial freedom on your own? Absolutely. We've seen people who have accomplished incredible results through their personal efforts. However, joining a program like Roots of Personal Finance or having an accountability partner can accelerate your progress and increase your chances of success. It may take a little longer on your own, but having someone in your corner can provide the necessary encouragement and support. 

  

Take Action: 

To get started on your own journey towards financial freedom, I challenge you to take action this week. Print out your bank and credit card statements from the past three to six months, grab some highlighters, and start categorizing your expenses. Seeing where your money is going will give you a clear understanding of your spending habits and where changes can be made. Remember, the first step is looking in the mirror and being honest with yourself about your financial desires and goals.

 

Resources Mentioned

Get better results with your finances in 30-60 days - GUARANTEED. Watch this video to learn how! - https://www.debtfreedad.com/payoff-debt-in-60-to-90-days 

Free Tools and Downloads at www.debtfreedad.com

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