This post was originally published at the No Credit Needed Blog.
It’s almost spring training time for major league baseball. Time for the players to head south and get ready for a long season of games. In a similar way, we non-pros need to dedicate some time during every season to get our financial lives together. Why not start now? Whether you’re a rookie or an old timer, here are the 5 (unofficial) rules of spring training for your finances:
Pitchers and Catchers Report First
The first positions to show up at training camp are the pitchers and catchers. They do this because it takes longer for them to get their arms ready for the season, and their ability to work together is most critical to the team’s success.
When getting serious about managing your finances, whether it’s your first time or just an annual update, it’s best to start with the most important elements. For me two major elements have been (1) spending less than I earn and (2) ensuring proper savings for retirement. These, I’ve found, have been two of my most “important players”. Therefore, I focus on those initially. Determine what the major items are for you and spend your early efforts there.
Start Slowly
Regardless of the position, everybody player needs to ease into it. There’s no point in going out full-speed from day one, risking injury and burnout.
The same is true of our finances. Don’t try and tackle every issue tonight, or even this week. That huge amount of credit card debt took a while to build up, so it might just take a while to get rid of. Make yourself a plan of all the things you need to accomplish, whether it’s debt reduction, organizing your files, increased retirement savings, or buying a first home. Work on them as you find time. Take a long-term approach to meeting these goals. It’s a long season, just make sure you have a plan and you’re headed in the right direction.
Go Somewhere Warm
Major league teams go to either Arizona or Florida for their spring training. These are known as the “cactus” and “grapefruit” leagues. They take this out-of-town approach so that they have consistent weather and so they can be away from the distractions of their home town.
For me, I’ve found that I do best with my finances when I take myself out of my normal routine and comfort zone. For example, reading a new and motivating personal finance book, visiting a quality personal finance blog, going cash only for a week. Mix things up a bit and see how that changes your perspective. Hopefully it will provide the motivation for a lasting effort with your finances.
Practice the Fundamentals
The key to hitting a fastball or making the throw to first is not natural talent alone. These players swing the bat several hundred times a day and make the same routine throws over and over again. Repetition of the basics is the backbone of any quality baseball training program.
Likewise, for your finances, practicing the fundamentals over and over will lead you to success. For debt reduction, practice the debt snowball. For short-term and retirement savings, try making it automatic. Most importantly, find the little things that are working for you and simply repeat them.
Have Fun
Lastly, another element to spring training in major league baseball is lots of fun. Spring training is filled with fun moments, and the teams do a good job of keeping the atmosphere light and care free.
Personal finance can be a dry and boring topic if you let it be. Make sure you’re having a little fun with it along the way. Do this by focusing on all the enjoyable experiences you will be able to afford once you get things organized. Also, be sure and celebrate the goals you accomplish along the way.
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I’m not a huge baseball fun, but I love your metaphor! It is ingenious and cute : ). I especially like the practice and fun components – great reminders.
Nice metaphor! Even the pros need a system to ease into things.