Just like the seasons in the year, there are also different seasons of money. They are not dictated by your age, but rather, the financial season you are in. From the early stages of your money journey to your retirement years, join me for a journey through the money seasons. This month we are focusing on Spring.
The Spring Financial Season
Spring is a season of new beginnings. It is a season full of beautiful possibilities. It is a season of hope. It is the season in which we plant the seeds that will grow into lush gorgeous blooms and a bountiful harvest. This season is the beginning of your money journey.
Who is in the Spring Season of Their Finances
If you are in the Spring season of your finances, you may be a new graduate just beginning a career, an entrepreneur in the early seasons of business, a newlywed, newly divorced and starting over, or just beginning to get serious about your finances and cleaning up debt.
You may be 20, 70, or anywhere in between. You may have many working years ahead of you, you may be playing catch-up, or you may be nearing retirement.
Steps to Take When you are in the Spring Financial Season
If you are in the Spring season of your finances, start with the basics. Begin by analyzing your current financial situation and establish your financial goals. Next, get organized and build a workable budget.
During this season, control your spending and begin paying off any current debt, including your student loans. Resist the temptation to make future purchases using debt, instead create sinking funds so you are able to make future purchases using cash. This works well for everything from paying for your wedding, to Christmas spending, expensive salon treatments, vehicle purchases, and travel.
They key for this season is to get in control of your money and begin telling your money where it is going and how it is working for you. Begin cleaning up old money mistakes, and start living a lifestyle that is within your means. This is a season to build new money habits.
While you will continue to live within your means throughout your financial journey as you work towards building wealth, this season will not last forever. Have patience, stick with it, and soon you will be building wealth, living in abundance, and will have the flexibility to splurge occasionally and give generously.
Want to accelerate this season? This is a great time to find ways to increase your income.
Functional, not Fancy
Embrace a functional, not fancy mindset. I will be doing an entire article devoted to this topic. It can be very difficult to avoid keeping up with the Joneses, but keep in mind as you embark on your financial journey that most Americans are deeply in debt. Keep your goals front and center, avoid the comparison game, and move confidently in the direction of your dreams.
Professionals Who Can Help You During This Season
A Financial Coach: During this season, consider hiring a financial coach. They can work with you to understand your current financial situation, your hopes, your dreams (and worries), and help you find clear and workable steps you can take to succeed. This typically only requires a few sessions to get you started with a custom plan and a few check ins to work through any kinks and answer any questions. This is a great investment that will pay off in dividends!
An Insurance Agent: Make sure the assets you currently own such as vehicles are protected.
The Human Resources Officer at your workplace to help you understand your benefits package.
Jenna is an executive, entrepreneur, floral designer, and the owner of Elevations. She loves great coffee, everything “royal”, and adventures in wild places with her family and two dogs.