What Does It Really Mean to Progress Financially?

Thinking about financial comfort probably sounds appealing to most of us. However, the real challenge is figuring out what financial progress truly means. When I first started my journey towards financial stability, I thought it would solve all my money worries. But in reality, financial issues persist. Life is full of unexpected expenses, accidental overspending, or the occasional late bill payment.

Just like many things in life, some parts of your financial situation are within your control while others are not. Luckily, financial success isn’t only about the numbers in your bank account or having everything go smoothly.

FINANCIAL JOURNEY: A LIFELONG ADVENTURE
Unexpected expenses are a given in the world of personal finance. I’ve had times when everything was going well—my budget was on point, savings were increasing, debts were decreasing, and my credit cards were manageable. But soon enough, things would go sideways. Recently, I dealt with surprise home repairs and a breakdown of my new car, which drained a chunk of my finances. Despite these challenges, I kept calm and stayed optimistic.

IS IT REALLY POSSIBLE?
Staying calm in the face of financial surprises doesn’t mean I don’t experience sudden expenses. Instead, I expect them to happen occasionally. My peace of mind comes from having a solid plan, which I’ll talk about shortly. Part of my routine includes regular financial check-ins: monthly reviews and deep dives twice a year. These reviews cover everything from my budget, investments, and debt repayments, to savings, goals, taxes, and insurance.

The main objective is achieving long-term financial wellbeing, and here’s how I approach it.

PERSONAL FINANCE: A NEVER-ENDING EFFORT
ENRICH YOUR MINDSET
A significant number of people think about their finances daily. The key is how you think about your financial situation. Your mindset is crucial in determining your financial success. Your thoughts shape your actions in many ways. Therefore, your ideas and beliefs about money matter a lot. Every achievement you have today started as just a thought. For example, getting your current job involved envisioning the role, doing research, believing in your skills, and confidently handling the interview.

Having a positive and resilient attitude towards money is the first step towards financial progress.

BREAK THE PAYCHECK-TO-PAYCHECK CYCLE
Although it’s easier said than done, living paycheck to paycheck shouldn’t be how we live our lives. It’s essential to ensure your earnings surpass your spending and have enough left over to save. Keep track of your spending, cut unnecessary bills, and negotiate costs to maintain a greater cash inflow than outflow.

BUILD YOUR STRATEGY
Having a clear plan is crucial—financial stability doesn’t happen overnight. Using a budget as a guide for managing money is effective. By controlling where your money goes, cutting down on debts, and boosting savings, you gain more control over your finances.

BE CONSISTENT & DISCIPLINED
Consistency and discipline are key for financial growth. This could mean shaking off old money beliefs and giving up bad spending habits. It takes persistence when forming new habits and striving for challenging financial goals.

It takes time, but commit to specific habits for 30 days and watch your progress. Actions like tracking expenses, prioritizing savings, or regularly reviewing your budget can lead you to success. Perseverance is essential—progress is usually gradual. Keep at it, learn from mistakes, and stick to your plan when you stumble. With time, the results of your efforts will show.

WRAPPING UP
Achieving financial stability doesn’t mean getting rid of all money problems. It’s about making steady progress and staying clear on your goals. It also means having a strong strategy to rely on when issues arise. Your financial situation may not be perfect, as life often isn’t, but you can indeed make meaningful progress towards financial success.