337. Stop Waiting for the Perfect Time to Fix Your Finances

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In this episode, Ryan Nelson explores the damaging mindset of waiting for the 'perfect moment' to improve your finances. Ryan emphasizes the importance of starting small and taking immediate action. Learn practical steps to create a budget, tackle debt, and build financial habits even when the circumstances are far from perfect. Subscribe to the 'Simplify My Money' newsletter for actionable tips to win with your money. Take control of your financial future today! 

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Episode Transcript

Ryan Nelson (00:00):
Hey, let's talk about a common mindset that can
really hold you back when itcomes to money, this idea of
waiting for the perfect momentto start getting better with
your finances or tackling debt.
This is what I used to tellmyself for years.
I'll start budgeting when I geta raise and then I'd watch
magically as that raise was usedfor other things.

(00:20):
I'll really focus on paying offdebt once this big expense is
over, or the right time willcome when things are a little
less crazy.
Does this sound familiar to you?
So today, let's explore whywaiting for this perfect time
can actually be the biggestobstacle to achieving your
financial goals.
My name is Ryan Nelson, and mywife and I paid off $160,000

(00:47):
over eight years while we wereraising three kids.
So think about it.
When does life ever truly feelfinancially perfect?
There's always something goingon.
It could be a potential jobchange, a family event,
unexpected home repairs the listgoes on and on.
Could be a potential job change, a family event, unexpected
home repairs.
The list goes on and on.
And if we wait for all of thestars to align perfectly in our

(01:11):
financial universe, we might bewaiting forever.
And, honestly, that was me.
I waited for years before I didanything.
That raise that you're planningon might not materialize as
quickly as we hoped.
That raise that you're planningon might not materialize as
quickly as we hoped.
That big expense might befollowed by another one.
Life is wonderfullyunpredictable, and it rarely

(01:32):
gives us a clean slate and aguaranteed period of this
financial calm that we're hopinghappens.
And what happens?
While we're waiting for thisright time to come along, our
debt continues to accumulate,interest charges mount and the
feeling of being financiallystuck becomes even more
entrenched in our minds.

(01:54):
That dream of a secure futurefree from the burden of debt
remains just that a dream, andit's just constantly deferred,
something that we end up feelinglike will never happen.
So consider someone wanting toget out of debt.

(02:14):
Maybe this is you, or you wantto get better with your finances
and you might think hey, once Ihave a really substantial
amount saved up, then I'll makea big dent in my credit card
bills.
Substantial amount saved up,then I'll make a big dent in my
credit card bills, and whilehaving a large sum is helpful,
waiting until that moment canmean months or even years of
continuing to pay interest,feeling overwhelmed.
Or you'll maybe save some moneyand because you don't have the

(02:37):
right behaviors, you'll takethat money and spend it, and so
this right time becomes abarrier for you to take any
action at all.
The reality is getting betterwith your finances and tackling
debt is.
It requires starting small andbuilding momentum, just like
learning a new skill or buildinga healthy habit.

(02:58):
It's about consistent effort,you know.
Think about if you wanted totrain for a marathon.
You wouldn't go out today andgo run 26 miles.
You would run a little bitevery day for months and months
and practice, and practice untilthe point where you were ready
to run that marathon.
So you don't want to wait forthe perfect conditions to just

(03:19):
take action.
Just start small and keep going.
Think about creating a budget.
You could wait until you havemeticulously tracked every
single expense for a month andhave a perfect, clear picture of
your spending.
Or you could start today bysimply listing your major income
sources and your fixed expenses.
It won't be perfect, but it's astarting point.

(03:43):
You'll learn more as you go andadjust as needed, and gradually
you're going to gain controlover your money.
Here at Debt Free Dad, we liketo call that our first crappy
budget.
It's probably most likely forpeople.
It's not going to work yourfirst time and we tell people
that you know, don't do it for amonth or two and think this
doesn't work.
It's going to take time, you'lllearn and you're going to

(04:05):
forget things, but you'll learnand you'll keep getting better
at it.
But you got to start doing it.
The power of starting now, evenin in perfect circumstances, is
that it allows you to gaininsights and build positive
habits.
You might realize you have morewiggle room in your current
budget than you thought.
You might identify small areaswhere you can cut back.

(04:25):
You will start to buildawareness and you're going to
have a sense of control whichfuels further action.
In that sense of control, Iremember when my wife and I
started doing this, it was ahuge relief to finally just take
control rather than having themoney control us.
Even though it was a scarysituation.
When we finally started to dosomething about it, the sense of

(04:48):
control definitely fueledfurther action by us.
So, instead of waiting for themythical right time to get your
finances in order or startpaying down debt, ask yourself
what's the smallest, mostmanageable step that you can
take today.
Can you open a savings account?
Can you automate a small debtpayment?
Can you track your spending forjust one day?

(05:09):
Don't do it a whole month,maybe just for the day.
Track your spending, thesesmall actions.
They may seem insignificant ontheir own, but they are the
starting point of real change.
They break the barrier ofwaiting and put you on a path
toward your financial goals.
The right time isn't somethingthat just magically appears.

(05:30):
It's something you create bytaking action one step at a time
.
Right now, don't wait for theperfect time.
Start now and build yourfinancial success story today.
Hey, if you want practical tipsto help guide you from
financial stress to peace ofmind, I want to invite you to

(05:51):
subscribe to our newsletterSimplify my Money.
Every Sunday afternoon, you'llget actionable tips, stories and
helpful information to help youtake control of your personal
finances and start winning withyour money.
Join us next time for morepractical tips on taking control
of your money.

Brad Nelson (06:07):
Now listen if you're ready to break free from
living paycheck to paycheckwhich, if you're listening, I
hope you are.
You wanna reduce financialstress.
You wanna build savings.
You wanna finally pay off debtfor good, but you're not sure
where to get started.
Don't worry, we've got youcovered here at Debt-Free Dad.
Simplify my Money is sent eachSunday to your email.
We make it easy and Simplify myMoney.
It's your step-by-step roadmapto better financial control and

(06:35):
You're going to get stress-freemoney decisions that will help
you simplify your financial lifewith proven tips that actually
work.
You're also going to gain thetools and the confidence to
tackle your financial goals headon.
You can sign up for Simplify myMoney by clicking the link at
the top of the show notes.
Thanks for joining us ontoday's show and we will see you
guys on the next episode.