Why financial planning can feel like 'two steps forward... one step back'

Financial planner Brittney Castro reminds us that financial planning always comes with setbacks and often feels like “one step forward, two steps back”. Castro discusses strategies to make the most of our finances while also being kind to ourselves.

Transcript

00:00

Carve out time to actually evaluate what is it that you're working on. What do you want?

00:06

[MUSIC PLAYING] Financial planning is ongoing.

00:12

It never ends. Every year, things change. So you've got to ask yourself, where am I now? What's going on in my life right now and my finances?

00:20

What's my budget? What's the money coming in, going out? What's in my savings, investment, debt? And then what are my goals?

00:27

It's very personal, right? You got to focus on your own life, not what someone else wants for you

00:34

or what your friends are doing at this age. And then from there, you just say, OK, how am I going to optimize everything

00:40

in order to reach these goals? It's so part of financial learning to do two steps forward, one step back. It's life in general, right?

00:47

We're like, yeah, making all this progress, I'm never going to overspend on online shopping again, and then next week, you get stressed or something happens,

00:56

and you overspend on online shopping. So don't punish yourself when that happens. Just say, OK, that happened. That's part of the course.

01:03

Now I'm going to get back on course and continue to make the progress, right? Life-- it's never a straight line.

01:09

I don't know about you. None of my relationships have ever been like that. My business has never been like that. My goals have never been like that.

01:17

There's all these twists and turns. And then eventually, I'm like, ah, I'm here. Now, it all kind of makes sense. So with our money, we have to remember it's the same way.

01:26

And don't get discouraged when those setbacks happen, but just ask yourself, OK, great, it's happening.

01:32

It's part of the course. What do I need to do to just get back on course? You got to get in that space where you're like, OK, I'm going to make progress.

01:39

I might fall down again, but at least I'm making forward progress. Give yourself a little bit more praise or credit for everything you have accomplished in your life

01:47

is very good. Take a deep breath in. Mindset is everything.

01:55

I'm not 90 for nothing. Small steps. One motion. Your mind, your body will thank you.