Starting something new—whether it’s saving for an emergency fund, paying off debt, or investing—can feel daunting. But if you’ve tried before and didn’t succeed, don’t let that stop you. Here’s how to finally take the plunge.
“The first step is to face your fears,” Josefino Gomez, Registered Financial Planner, told FinancialAdviser.ph “We fear making mistakes, looking foolish, or asking for help. But identifying where that fear comes from is the key to overcoming it.”
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Educate Yourself
“Knowledge is power,” says Gomez. Whether it’s taking a finance class or reading books and articles, getting educated is crucial for building confidence. The more you learn, the more empowered you’ll feel to take that first step.
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Be Realistic with Your Goals
Don’t expect overnight success. “If you’re saving 5% now, don’t jump to 50%. Start by aiming for a 10% savings rate,” advises Gomez. Small steps lead to long-term progress.
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Focus on a Few Key Goals
Instead of trying to do everything at once, choose a few things to focus on. “Start with something manageable,” says Gomez. This will help you avoid feeling overwhelmed and actually make progress.
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Set Clear Goals and Deadlines
“Put your goals in writing,” says Gomez. Break them down into mini-goals, and set specific deadlines. Want to save P3,000 this month? That’s P100 a day—track it, and you’ll be closer to hitting your target.
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Take That First Step
“The secret is to start. A journey of a thousand miles begins with a single step,” says Gomez. Whether it’s opening a savings account or making your first investment, just take that step.
The Bottom Line
It’s easy to feel overwhelmed when starting your financial journey, but the key is to start small, stay focused, and keep learning. Overcoming your fear and taking action will get you closer to your goals—step by step.
