No this is not a Bill Murry sighting or story about how Bill showed up at a party and started washing dishes. But we can learn something from his 90’s movie Groundhog Day.
With Groundhog Day upon us, we await Punxsutawney Phil (the groundhog) to come out of his hole and let us know if we will have 6 more weeks of winter. In the movie Bill found himself reliving the same day over and over. Just as in the movie, we often find ourselves repeating our financial mistakes over and over. Here are three tips you can use to stop reliving the same financial spell.
- Plan for Tomorrow
While we want to live for today, too often we find ourselves blowing our paychecks each month and not saving for tomorrow. Use the concept of Pay Yourself First. Save for those future goals first and then go have a good time. If you are saving for your goals and find yourself short on your bills for today, then see if there are some lifestyle changes you can make so that you can plan for tomorrow and still have a good time today.
- Be willing to Change
We often get into ruts. We form financial habits that can be hard to break. Think about what some of those habits are and write them down. Going out to eat to much, having to always upgrade to the latest technology, paying for services that you rarely use, are just a few examples. Reach out to your Private CFO or other financial professional to help moderate changes. Remember to break the Punxsutawney loop, you have to be prepared to change.
- Giving can be personally helpful
If you remember from the movie, it was not until Bill Murry started helping others that he stopped repeating the same day. Look outwards at problems friends or family might have. If you find an opportunity to help them solve their problem, you might be surprised to find that your network will be able to help you and your financial situation will move forward as well.
Try these Smart Money Move Groundhog Day tips. And if you happen to have a Bill Murry sighting or story, please send them my way.
Van Pappas, CFP®
Private CFO, oXYGen Financial, Inc.
Request a FREE, no obligation consultation: www.oxygenfinancial.net