The Groundhog Day Cycle: Avoid Repeating the Same Financial Mistakes

Posted on 02/01/2011

Groundhog Day is best known as the day when Punxsutawney Phil emerges from his burrow to forecast the arrival of spring. If he sees his shadow winter continues for six more weeks. If he doesn’t, then warmer weather is on the way. This repetitive celebration was highlighted in the 1993 film “Groundhog Day.” And it’s a great time to ask yourself if you’re falling into the trap of repetition. Make this year different and avoid repeating the same financial mistakes by breaking the Groundhog Day cycle.

Keep a Journal - Journaling can help give you insight into yourself. When you look back on your entries your writing may reveal something about yourself you didn’t know before. For instance, if you repeatedly go on spending sprees that bust up your budget, your journal may uncover what’s triggering those shopping trips.

Find Fresh Inspiration - Look for new inspiration that may lead you out of your financial trap. Read some new books like Kimberly Palmer’s “Generation Earn” or listen to a Dave Ramsey podcast. Soaking in some expert advice may be just what you need to find a new normal.

Replace Bad Habits with Good Ones - Stopping a bad habit is tough, especially if you don’t have anything to replace it with. Think about the habits that are keeping you from reaching your financial goals. Now find out ways you can replace those bad habits with more productive ones. If you’re spending too much money, replace that habit of eating out every day with a good habit of packing a lunch.

Set New Goals and Spread the Word - Make new goals for yourself that will lead you out of your tendency to repeat the past. Write your goals down and spread the word. Tell friends and family members about what you’re aspiring to achieve and that way they can help keep you accountable if they see you falling into your old rut.

Stop the Insanity - Someone once said, “The definition of insanity is doing the same thing over and over again and expecting different results.” Change your finances by making a change. This Groundhog Day commit to doing it differently.

By Alison Storm

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