Why I'm Failing, But Still Smiling

At the start of this year, I set myself a rather audacious goal relating to how much money I wanted to pay off our mortgage on top of our usual mortgage repayments. My timeframe for this goal is 1 January 2023 to 31 December 2023 and the number is HUGE. It is very much a stretch goal and the fact that the target amount is enormous and scary, strangely also makes it extremely exciting.

Well, we are just over halfway through 2023 now so I should be about halfway to my goal right? Where am I really at? 29.7%. So instead of halfway there, I’m just short of a third of the way. I guess you could say I’m failing…. But, I am definitely still smiling, and here’s why.

Ever heard of the quote "Shoot for the Moon. Even if you miss, you'll land among the stars"? Working towards my massive goal means that we are contributing WAY more to our mortgage than we would have otherwise, and even if I don’t actually achieve my goal, I will have achieved a lot more than if I had not even tried. In saying that, I’ve got a few very exciting projects on the go that could really help with my goal so while I may be a little behind where I should be at the moment, I’m still believing that I can reach my ultimate goal by the end of the year. In fact, my gigantic mortgage goal is even providing extra motivation for my project goals. Action generates motivation, and I believe that motivation in one area generates motivation in other areas too.

Here are a few things that have helped me so far:

1. Tracking is everything

When I set my goal, I decided to break it down into bite-sized chunks. I created a quick table showing my goal represented in squares of $100, that built to lines of $1,000. I printed and hung that table on my office wall where I see it. Every. Single. Day. Every time I transfer even $100 extra to our mortgage, I highlight one of the little squares with my hot pink highlighter and boy does that little mark give me a whole heap of joy! I’m a very visual person and I love what this very simple tool gives me:

• Instant visibility of my progress

• Motivation to achieve my goal

• Shows how small amounts add up really quickly over time to achieve something BIG!

2. Saying it out loud

Words breathe life into your goals. Saying it out loud and talking about the milestones that you are hitting along the way are important motivators, verbalising it makes it real. My sister and I regularly talk about our financial goals, challenges and achievements, usually while we are power-walking around the streets of our beautiful slice of paradise. I’ve been keeping her updated along the way of where I’m at with my goal and I find that talking about it keeps me super excited, gives me a sense of achievement and fuels my motivation.

3. Embrace the Learning and the Journey

Celebrate those milestones – big and small. Every time I colour in another line ($1,000) with my hot pink highlighter, it’s a massive rush. Every time our mortgage balance travels down into the next $10,000 bracket, I feel so proud. Enjoy those feelings. Keep pushing yourself. Realise that you are capable of more than you think. Reflect on where you’re at and how far you’ve come. Acknowledge your preparation and hard work.

Did you set any financial goals for yourself at the start of this year and if so, how are you tracking? We’ve got a little under 6 months until the end of the year - what would you like to have achieved by then? Set that goal and start tracking! I’d love to hear how you go.

Kim xx