Dealing with financial roadblocks

When you have a financial plan it’s great when you’re making progress. If you happen to come across a bump in the road you can usually handle it; if it’s a speed bump it may slow you down a little. If it’s a pothole you didn’t see, it may cause some discomfort, possibly a flat tyre, but it’s not the end of the journey. What do you do when the bump in the road is too big to navigate and is more like a financial roadblock?

I’ll tell you what I’ve tried on more than one occasion. I’ve bashed into the roadblock trying everything I can to force my way through. Some would say that is persistent, and that may be partly true. But usually it’s more likely to be pig-headed stubbornness and a refusal to accept the need for a change! When this happens pride is the biggest risk, which results in not seeing the situation as it really is and refusing to take stock based on circumstances

This may look like being turned down for a loan to buy a car, then responding with desperation by signing up with a loan shark at an outrageous interest rate. This may look like fighting too hard for a Trade Me auction and paying an excessive price for the TV of your dreams. It may include buying a house, getting a new job or making plans to go overseas. Sometimes things don’t go the way we hope they would and this means we have come across a roadblock.

Instead of bashing and crashing your way forward an alternate solution may be to pause and have a rethink. This may be a perfect opportunity to regroup, rethink and make decisions on how you can move around the obstacle that is causing you a problem. Quite often a roadblock is there for safety, to prevent an accident. Is it possible that you have inadvertently planned to go in a direction that will lead to a financial accident? And, if so, perhaps this roadblock is there to save you rather than hinder you. Have a think about that for a minute.

A final suggested response when you bump into a roadblock on your financial journey would be to change the destination. You are allowed to change your mind and shift your vision to a new destination. Perhaps the goals you had set your course to achieve are not the best for you any longer. For whatever reason this is it takes a wise person with inner strength to admit it’s best to change course. As I said earlier, pride is often the reason people write themselves off.

Do not let the possibility of a roadblock trick you into thinking that there’s no need to develop a plan. The person with no plan is one who will be tossed to and fro by life. The person with a plan has the determination to make life happen they best way they can, even when the roadblock appears. The person with a plan creates their success by design.

Posted in Financial Education, Goal setting