Shayne Elliott: I go to the gym and have done for a long period of time. Like many people, I go through periods where I feel like I don't seem to be making progress. It’s easy to get a bit down about that. How important is the psychology, the goal setting, the not giving up?
Sam Wood: It's really important to continually set goals. The start of the year is one of those times where you tend to set a really ambitious long-term goal, whether it's to save to buy a house, or to lose 30 kilograms, the same rule applies. But when you've only got the long-term goal, it's often really hard to stay focused and stay motivated for the entire amount of time through a whole year.
I'm a huge advocate to encourage people to break that big goal down into smaller, more achievable goals, whether it be in the case of the Financial Wellbeing Challenge over a six-week period or whether it be working in four-week blocks, like I do with my online fitness program.
When you talk about plateauing and losing motivation, I think if you can do it on a monthly basis, or a six-week basis, you're a lot less likely to lose motivation and a lot less likely to plateau. If you just do the same workout day-in, day-out, for months, if not years on end, like so many people do when they join a gym, they get wonderful results for six to eight weeks and then they plateau and they wonder why they don't go anywhere. You do have to change things up. You do have to set new goals.
It's absolutely the same with your finances.