As a financial coach, I help people restore their financial health so that they can live full and abundant lives. I become their accountability partner on the journey back to financial well-being, teaching them how to recognize their strengths and weaknesses when it comes to money. It’s an honor to be a part of their journey. But how did they get to the point where they needed my help? What caused their finances to suffer in the first place? In every situation, their finances floundered because of a failure to set healthy boundaries. Every. Single. Time.
Healthy finances are a result of healthy boundaries. Merriam-Webster defines a boundary as “something that indicates or fixes a limit or extent, the real or imagined line that marks the edge or limit of something.” In the natural world, a boundary could be a fence, a wall or the lines on a highway that keep us in our lane. When it comes to money, there’s no better example of a financial boundary than a budget or a savings plan. Ultimately, boundaries are the guardrails that keep us from veering off-course.
The stronger your motivation for change, the stronger your boundaries will be. The stronger your boundaries, the healthier your finances will be.
The creation of every successful financial boundary begins with a motivation for a breakthrough, a willingness to change and a determined spirit. The desire to set boundaries and create new financial beginnings typically stems from a life event or an experience of significant impact. Maybe it was a wrong turn or two in your financial past, and you’re ready to make a change for the better. Maybe retirement is on the horizon, and you want to improve your spending habits while you still can. Maybe the financial legacy you want to leave for your kids won’t happen until you’re free from the burden of debt. The stronger your motivation for change, the stronger your boundaries will be. The stronger your boundaries, the healthier your finances will be.
When you’re ready to put healthy financial boundaries in place, follow these steps to restore long-term financial well-being in your life:
Start with discovery. Survey the landscape. Setting successful boundaries begins with a solid understanding of your financial goals and the roadblocks that are standing in your way.
With those goals and hurdles in mind, determine what changes you need to make to get where you want to go. Do you need a budget? Do you need to reduce debt? Do you need a savings plan? When you understand where you are and where you want to go, create a plan that will get you there and stick with it.
Remember you’re in this for long-term success. Stay on course by keeping your financial goals in front of you at all times. Update your budget regularly. Create a vision board with pictures that will serve as reminders of why you’ve set boundaries in the first place. Do what it takes to keep you on track.
It’s not a sign of weakness to ask for help. Seeking professional help takes courage and boldness. An accountability partner can help you achieve your goals. If you need encouragement and someone to walk beside you on your journey to financial wellness, I’m HERE for you!
If your habits are preventing you from reaching your money goals, check for boundaries. If they’re missing, set them in place. Long-term financial freedom is within your reach when you set healthy financial boundaries and make a commitment to honoring them!