The long-distance run to financial fitness
I am not Michael Phelps or Mia Hamm. In fact, I am the furthest thing from an Olympic athlete.
I was the middle schooler who tried every excuse I could think of to get out of running the dreaded mile (weak ankles, forgot my gym clothes — you name it, I tried it) and the thought of “running for fun” was actually laughable to me. But then I reached adulthood and realized that in order to be healthy, I had to (gasp) actually take part in a fitness routine. So, I tried and failed to run. And then I tried again. And again.
My experience with running reminds me a lot of my similar struggle to establish myself financially. But I’ve decided to get serious about financial fitness, and it’s a lot like athletic training — like training for the Olympics. Here’s how.
Get started. Take it at your own pace.
One of my good friends, Shannon, is a runner. On a hazy spring day a few months back, she dragged me with her to go running in Central Park. I am not exaggerating when I say she triple lapped me. I was so dispirited by how slow I was compared to her, I didn’t run for a few weeks after that.
Intimidation can be a major deterrent when you’re trying to get off the starting block with budgeting, too. Some of my friends who got a leg up financially, with the help of parents or a trust fund, make my meager saving goals seem pointless. But the only way to succeed is to stay in your lane and focus on yourself.
Personally, I don’t tell my friends how much I make and how much I save. And I don’t really want to hear where they are at either. For some people, though, hearing stories of success can be motivating. If that’s the case, do what works for you! Just avoid putting pressure on yourself to keep up with your peers.
And when it comes to running, Shannon, I love you. I just can’t go running with you.
Make it a habit.
There’s something incredibly satisfying about a well-established routine. You feel more put together, and even the most difficult tasks become more manageable. I learned early on in my efforts with running that to be successful at it, I would need to stick to a schedule. I tried running in the mornings, but could feel my eyelids drooping mid-stride. I attempted to run on the weekends, but it definitely took too much out of my social life. Finally, I figured out running after work on week days works best for me. It winds me down and clears my head, and it actually helps me sleep more soundly at night.
I’ve started approaching my finances the same way. To get on the right foot financially, you need to develop solid habits around budgeting and paying your bills. Every Sunday night, I force myself to look at my accounts and see where I’m slipping in my budget. I stick to a strict habit of using only my credit card for Uber rides — so I know I’m building solid credit without going overboard — and then I pay that card off in full every month.
Routines can even help you slowly chip away at big, long-term goals without even realizing it. If you make a habit of putting away a specific amount of money towards an emergency fund every month, pretty soon you’ll have created a good safety net for yourself. Habits start to feel like second nature, making it so much easier to save.
#Adulting isn’t that hard, is it?
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You are not stuck. Adjust.
When I finally, mentally committed to this whole running thing, I expected it to be easy right away. That couldn’t have been further from the truth. I had to re-work my running playlist probably a dozen times, switched up my sneakers and constantly struggled over running routes. It was taking me forever to work out all the kinks.
The same thing happened when I started managing my own money. Fresh out of college, I had grand illusions of how much I would spend and save with every paycheck, confident that I would be able to make it happen. But then this little thing called reality got in the way of my master plan, and almost immediately I realized I would need more wiggle room.
If something isn’t working out, adjust it. Maybe your savings goal was way too big, and you’ve been straining to take that much out of your paycheck every month. Instead of giving up on the goal altogether, just adjust it! There’s no penalty if you need to make a change. You can still be fiercely determined while being more realistic.
I’ve finally settled on a playlist, btw. My proudest accomplishment so far.
Do. Not. Give. Up.
There came a point in my college career that my running routine peaked. While I didn’t focus too much on how fast I was running, I built up enough endurance to run 3 miles every day after class. For me, that was a huge accomplishment. (To my friends who are marathon runners: Don’t think I didn’t see you stifle a laugh when I was visibly excited about this!)
But then I ruined it all. I let a few weeks slip, and I found it almost impossible to start up again. When I did get back on the treadmill, just 1 mile left me gasping for air.
I have made countless financial flubs, and have felt the heartbreak of failing. I know how discouraging it is. At one point, I didn’t save enough for an emergency fund and ended up fearing that I’d be doomed to a diet of ramen noodles for the rest of my life. I’ve had major buyer’s regret after foolish purchases I bought on a whim, and have fallen out of line with my budget countless times.
But, as with running, you simply cannot give up in the face of setbacks. You need to keep chipping away at your student debt, even if you get behind on your payments. If you’ve blown your paycheck the past 2 months and have saved virtually nothing, you need to get yourself back on track.
Despite obstacles, I am proud to say I’ve established a semi-regular running routine and have figured out how to manage my money successfully.
The most important thing to remember is that you will mess up, and you will get set back a few steps. You will fail. And fail. And fail again. And then, you will finally get it right.
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