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Do You Recognize These 5 Roadblocks to Reaching Your Financial Goals?

September 28, 2009

Photo Credit: ausWY

Don’t you hate ‘Road Closed’ signs?

I know I do, especially in an area I’ve never been before.

I’m always afraid I’m going to miss the next detour sign, make a wrong turn and end up lost somewhere.

Roadblocks and detours can really slow us down, cause a lot of stress and make us miss getting to our destination on time.  

It’s the same thing when dealing with your financial goals.

Recognizing financial roadblocks early can help you stay on track with arriving at your desired destination on time.

1. You Don’t Have Defined Goals

Sure, you want to save more and spend less, but what does that look like for you?

We all want to get our finances in order, but we often don’t specify exactly what we want to accomplish. 

Writing down your goals, stating dollar amounts or percentages and setting dates for when you would like to achieve your goals is key to actually getting there.

Don’t fall prey to the Monster of Generality.

2. You Procrastinate

Do you keep putting off making that budget or signing up for that 401k? 

Have you been thinking about reviewing your investment allocation and risk.

You know the old saying, “Never put off til tomorrow what you can do today”.  It’s true

But it’s hard.  Especially if you’re not a big fan of personal finance.  We tend to put off what we don’t like or don’t want to do.

If you’d rather go to the dentist and get teeth pulled than deal with your personal finances than it’s a clear sign there is a roadblock that needs to be hurdled.

3. You Follow the Path of Least Resistance

This path is usually not the best one to take because it doesn’t take any work. 

In personal finance, an example of this path could be never making a change to your 401k investment because the one your company put you in is just fine – even though you haven’t done the research on it.

If you find yourself taking the easy way out all the time, then it’s time to hear the warning sirens going off.

I spent an entire post talking about this more in depth called If You Want to Get Ahead Stop Taking This Path, so I won’t belabor the point here.

4. You Always Think About What You Don’t Have

Do you find yourself thinking and dreaming about what you don’t have rather than counting your blessings and being thankful for what you do have?

This can be a major roadblock because it can lead to being consumed with buying more “things” rather than being content.

If you’re consumed with what you don’t have you may go into debt faster, spend more than you make easier and ultimately, over a short time, destroy your financial goals sooner.

5. You Use the Phrase “I’ll Just Pay it Off Next Month”

This one’s a killer.  Basically, when you say this you are admitting you don’t have the money now and you’re hoping there will be money next month to pay off the credit card.

I use to say this all the time and unfortunately the next month I’d say the same thing.  It didn’t take long before I racked up the credit card debt.

If you find it hard to get out of this habit you may need to take some drastic action! 

 What About You?

Do you recognize any of these in your own life or have you overcome some of these? 

What other roadblocks would you add to the list?

Identifying these roadblocks early and working to overcome them will help you stay on the right path for reaching your financial goals.

5 Comments leave one →
  1. September 28, 2009 2:53 pm

    You certainly hit those five nails on the head! I find that procrastination is my point of failure and leads to most of the other (path of least resistance, “I’ll just pay it off next month”, etc.) issues that prevent me from getting control of my personal finances. I’ve recently found motivation that has helped me flip the “Just do it” switch and I’ve been making progress. It feels great to have forward motion!


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