Have you ever wanted to just put yourself into timeout? You just want to take a break from it all and then come back to it later. Have you ever thought about taking a financial timeout?
Things are stressful right now and your finances may not be stable. You’re having anxiety about paying bills or finding more money to get out of debt. You’ve searched the internet endlessly looking for ways to solve your money problems. These actions are getting you nowhere. These actions may have lead you here to this blog. It’s time for a timeout.
It’s time to rethink, regroup, and re-strategize your financial plan…it’s time to take a timeout. I’m not saying to completely neglect your responsibilities, but it’s good for your mental health to take a timeout.
Often our emotions cloud our judgment which can cause financial confusion. Confusion can lead to being financially stuck. Whether you’ve lost your job, can’t make ends meet, or experienced a major life event that has affected your finances, being financially stuck can be extremely tense.
A financial timeout is when you give yourself permission to stop thinking and worrying about money for a short amount of time. This time can be a day or a week, but it’s important to take this time to reset your mind. Staring at your bank account or the overdue bills is not going to make everything better. It’s time to take a step back and NOT THINK ABOUT MONEY!
A financial timeout can help you review your goals, recognize behavior that is holding you back, and avoid making decisions based on emotions.
Start with taking one day for yourself. During this day, you’re not allowed to think about money. You can do free activities that make you happy such as spending time with family and friends, taking a long walk or just reading a book. The main goal is to distract your brain from thinking about your money problems.
Your money has stalled. Your financial brain has stalled. Working through your financial situation has caused a tremendous drain on your time and energy. Negative self-talk may start to set it and things don’t feel like they are going to get any better.
This is why you NEED a financial time out. A day where you can be care-free and not THINK about money.
I’m sure you’re thinking, “My money problems are not going to fix themselves if I ignore them!” And I agree they’re not, but you will feel better when you sit down to tackle the problem again with a renewed perspective.
Maybe you missed something before. Maybe that late bill can be negotiated. Maybe selling somethings you’re not using can solve the problem.
Taking a break and stepping away can make room for productive thoughts. Imagine feeling refreshed and ready to tackle your financial troubles without feeling dread. It may not feel possible now, but it can happen.
After you complete your financial timeout, now is the time to sit down and set realistic financial expectations and goals. Start over again. Re-create a budget focusing on your new normal. Re-purpose the money you have now to focus on priorities and everything else will fall into place.
A financial timeout is not ignoring your problems, it’s taking the time to re-focus on priorities. You’re removing the emotions tied to money that is stopping you from moving forward. Are you ready to take a financial timeout?