(It’s a marathon – not a sprint)
This phrase. One can apply it to almost any substantial project — getting in shape, further education, starting a business — and it usually fits like a glove.
It’s said that a cliche is formed when genuine wisdom loses power due to overuse. So as 50,000 runners recuperate, let us share some wisdom and destroy it too …
Because managing money is, well, a marathon not a sprint.
Marks, set, go.
Small training is big training
Getting into marathon shape takes training. It’s work. It’s commitment. It’s persistence. Not everyone could run a marathon in marathon time next Tuesday …
But that’s okay. Marathon training is built of smaller pieces and milestones. The first goal isn’t nailing 26.2 miles, it’s more likely bossing a bunch of 5ks. Then 10ks. Then faster 10ks. Then half marathons. The beauty is that nailing smaller goals builds form, resilience and technique en route to the bigger goal. All of it is marathon training.
To turn this into moneyspeak, the first milestone, let’s say the 5k, may be building an emergency fund. It may be a stretch but it’s doable. Next the 10k could be getting out of debt. The half marathon could be saving a home deposit …
Each smaller milestone sets healthier foundations and each win builds on top of the previous. Nail the smaller parts and you’re working the marathon too.
Your marathon money
Here’s how to begin your marathon money training – a trio of tips from the financial planners here at Money Means. You’re already at the start line – ready?
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- Break goals down. You can’t eat an elephant in one bite. As said, money goals — like marathon training — are best when broken into smaller, more manageable chunks and milestones. That’s not to say we keep them easy. Set goals that stretch you and always keep your PB in mind.
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- Track and celebrate. Keep your tracker on and celebrate your achievements. Like the runner who bags a first 5k or 10k you ought to celebrate those moments. Paying a credit card, saving a deposit, getting life insurance – they’re all a big deal.
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- Don’t give up. Even the best runners pull up with cramp or trip over their own feet. If you fall then dust yourself off and get back in the race. There’s only one certainty in a marathon – giving up means you will not finish.