Big money goal? Try a 1-week financial fast

Your financial achievements will only go as far as your willingness to sacrifice for them. I see people prove this point every single day. Some people don’t try, some people do try, and some people alter the definition of try, based on their extraordinary effort. I don’t use the word “extraordinary" ham-handedly. There is ordinary, and then there is extra-ordinary.

Each story of extraordinary effort I come across solidifies my assertion that extraordinary effort can bridge the gap — crossing your fingers cannot.

Don’t be a finger-crosser.

I have a friend whose No. 1 financial priority is sending his daughters to college. As a high school teacher, he knows that being able to save enough money in the time allotted is mathematically impossible. Therefore, he started a landscaping business on the side. He sacrifices his afternoons, his weekends and his summers in order to achieve his goal. He is fueled by purpose.

I know a couple who raised well over $30,000 for an adoption, via a year-long scrimping and saving effort, which included holding a series of rummage sales, odd jobs and various other fundraisers. They were able to pay the fees to adopt their son with $0 borrowed. Thus, they could focus on parenting, not digging out of $30,000 in debt.

I know a single mom who works three jobs to pay for her son’s private school tuition. She didn’t like the school system where she lived, so she decided to send her son to a private elementary school. Finger-crossing wouldn’t have done the job.

If I’m being honest, I both love and slightly dislike all of these stories. I love them for obvious reasons, but I dislike them because they remove any excuses I might conjure up for why I’m not accomplishing my own goals. Why do some people go all out for their goals, while others don’t? After observing dozens of these scenarios over the last several years, I’ve come to the conclusion that it begins with math.

An open letter to parents who financially support adult children

The teacher-turned-landscaper did the math. He determined his daughters’ education will cost X. He then discovered he didn’t currently have the means to provide X. His extraordinary effort bridged the gap.

I encourage you to do the math. Most financial goals have a number that represents their completion. A college education is X amount of dollars. Paying off student loans is Y amount of dollars. And the down payment on a home is Z amount of dollars. Do the math. Bridge the gap.

I’m certainly not suggesting you aren’t trying. But I am suggesting you might not be doing what it takes to accomplish your financial goals.

You can jump-start your extraordinary effort. I call it an “effort week.” Your goal during effort week is to cut your spending as far as possible for that given week, in order to feel the pain a bit. I believe most high school sports teams have a T-shirt with the phrase “Pain is temporary. Pride is forever.” Yeah, that. Think of this week as a new exercise regimen. The first day of a new exercise program isn’t fun. It hurts. And the next day, you wake up sore, as though you just got finished riding all the horses. Some people drop out after the first day of pain. Others throw in the towel after the equestrian-inspired second day.

Second job is Step 2 in debt-free plan (spending cuts is Step 1)

On Sunday, go to the grocery store, fill up your car’s gas tank, and take 20 minutes or so to think through the coming 168 hours. Can you possibly make it through the week without spending a dime? If you have a chance, it will most likely come in the form of food planning. It’s amazing how many of the little things you don’t need get flushed out when the default is not spending money. An “effort week” can essentially reset your spending habits.

You can sustain extraordinary effort over the course of one week. If you can’t, you certainly won’t make it two weeks, or one month, or five years.

It’s stunningly easy to live a life you can’t afford. Nearly every television commercial, radio commercial and Web ad is encouraging you to do just that. Even banks are complicit in this counter-effort against your effort. If you believe the media programs our minds, then you’ll definitely believe you’re being programmed to make bad financial decisions. Ordinary effort cannot combat the messaging. Extraordinary effort can.

What are you willing to do to accomplish the financial goals in your life? Whatever you’re willing to do, I urge you to stop crossing your fingers.

Peter Dunn is an author, speaker and radio host. Have a question about money for Pete the Planner? Email him at AskPete@petetheplanner.com