When Baby Steps are Too Big

Setting Goals

Everyone has heard that the way to eat an elephant (as if anyone would want to do that!) is to do it one bite at a time. It's a good illustration of the fact that a task broken down into manageable pieces is easier to accomplish.

But what if the task is bigger than an elephant?? Besides, even eating the leg of an elephant seems overwhelming!

Goals may be absolutely worthwhile, advantageous, sensible, etc. but still seem completely unattainable.

While building up the fortitude to go the long haul, break each baby step down
into its own baby steps!

The first baby steps advocated by personal finance experts such as Dave Ramsey and Larry Burkett are to create a simple budget and to save up money for an emergency fund. These steps are overwhelming even though they are considered baby steps!

Even a baby step can be broken down into it's own baby steps so it is manageable. We don't want to cause ourselves to give up before we even  begin!

Remember, YOU (and your spouse) are in control! You are choosing what is best for yourselves. Your money isn't in charge, society isn't in charge, your friends and family aren't in charge, the creditors aren't in charge! If you decide something and it doesn't work (after a sufficient trial) YOU should change it.

Create a Budget

There are many sample budget templates outhere that give examples of common categories to include in a budget. There are percentage breakdowns to help gauge if an amount is reasonable.

But for those not accustomed to using a budget, this is similar to it being written in a foreign language!

Here are some ideas on how to break down the budget goal into smaller achievable pieces:
     Begin getting a receipt for EVERY thing you buy**
     Go back through bank records for a few months and categorize your transactions
          Do one month at a time
          Do one category at a time
     Track your spending for a month
          Do one week at a time
          Keep doing it even when you mess up

Emergency Fund

Decide where you will keep this money--a bank account is probably best because it is secure and easy-but-not-too-easy to access. You know yourself and how much temptation is too much for you.
Open a bank account if you need to.

Sell some things--eBay, OfferUp, CraigsList, yard sale, etc.
Work some overtime.
Get a second job--deliver pizza, security guard, sales clerk, fast food.
Get a couple side hustles--mow lawns/shovel snow, babysit, do hair, computer work, anything you have a talent or skill to do!
Cut expenses--temporarily --this does not need to be a permanent change in your lifestyle unless you choose to make it be
     stop extras such as cable, cell phone, memberships, hair/nail appointments
     stop eating out--coffee, slushies, ice cream, lunches, donuts, etc.
     carpool
     don't go out (cinema, bowling, drinks, putt putt, swimming), rent movies, etc.



**this has a double benefit because you may decide not to buy that pack of gum to avoid the hassel and embarrassment of asking for a receipt!