What’s Holding You Back From Reaching Your Financial Goals?

Setting financial goals might feel cliché, but without a clear destination, you’re simply drifting—moving without knowing where you’re headed. Taking a little time to write down your financial goals can make a huge difference. Whether it’s building an emergency fund, paying off debt, saving for retirement, starting a business, traveling more, or finally finishing your estate plan, writing them down helps clarify your vision. Be as specific as possible while keeping your expectations reasonable and achievable.

Why you’re not alone

In today’s economy, not everyone is thriving. Some are living paycheck to paycheck, some are drowning in debt, others are facing layoffs, and some may even be on the brink of eviction. These challenges affect people across all income levels. Despite these struggles, most people share one thing in common — a desire to improve their situation and emerge stronger.

Many of us know the practical steps to take: create a budget, cut unnecessary expenses, or take on a side gig if needed. But often, the real obstacles aren’t about numbers — they’re emotional. I’d argue that financial planning is more about managing emotions than crunching numbers. Identifying and addressing these psychological barriers is often the key to taking meaningful action.

Here are some of the most common roadblocks and how to overcome them:

1. “I don’t know where to start.”

You’ve acknowledged the problem but feel lost on how to begin. The good news? Help is available.

Many employers offer financial coaching as part of employee benefits. A financial coach can break down your goals into actionable steps. If that’s not an option, consider asking a trusted friend or family member to help brainstorm ideas. Often, solutions become clearer when discussed with someone else.

2. “The numbers don’t add up.”

You know what needs to be done but feel like the math just isn’t on your side. Start by getting a clear picture of your expenses by listing them all and then challenge each one. If it’s not necessary, cut it. If it’s too expensive, reduce it. Sometimes, the solution might involve temporarily boosting your income, whether that’s through a side hustle, freelancing, or selling unused items.

3. “I’m ignoring It.”

Avoidance is common, especially when facing overwhelming financial stress. Many people avoid looking at their finances because they fear what they’ll find. But here’s the truth: Ignoring the problem won’t make it go away. Facing the numbers may be tough, but it’s the first step toward regaining control.

4. “I don’t believe I can do It.”

Lack of confidence or past failures can make it difficult to try again. I often hear people say, “I’ve tried before, and it didn’t work,” or “Whatever I do won’t make a difference.” This is where small, manageable goals can help rebuild confidence. A financial coach can provide bite-sized action items that lead to small wins, building momentum over time. Even if you don’t have access to a coach, find someone who can hold you accountable and encourage you. Small victories lead to lasting change.

5. “My partner and I aren’t on the same page.”

When one partner is eager to improve finances and the other isn’t fully on board, it can create friction. Open, honest conversations about shared goals can help align your efforts. Start by discussing what you both want to achieve financially and then work toward a common vision. Encourage and support each other with positive actions and communication.

6. “Life threw me a curveball.”

Unexpected expenses like a job loss or medical emergency can derail even the best-laid plans. While you can’t control these situations, you can prepare for them. Build an emergency fund to cushion the blow when life throws the unexpected your way.

7. “I’m comparing myself to others.”

It’s easy to fall into the comparison trap, especially in a world where everyone’s highlight reel is on display. But comparing your financial journey to others’ successes can lead to discouragement. Remember, everyone has different goals, circumstances, and challenges. Focus on your own path and celebrate your progress — one step at a time.

8. “I’m just not taking action.”

Daily distractions, demanding jobs, and family responsibilities can push financial priorities to the back burner. But progress happens through small, consistent steps. Set aside time to focus on one manageable action item that moves you closer to your goals. Think of it like a football game where you can aim to get 4 yards on first down today and then keep moving toward that first down. Eventually, you’ll reach the end zone.

Ready to break through?

Everyone’s financial reality is unique and identifying what’s holding you back is the first step toward change. Whether it’s fear, lack of confidence, or simply feeling overwhelmed, recognizing the obstacle is half the battle. Seek out a financial coach, therapist, or supportive friend who can help guide you through the process. Once you’ve pinpointed the barrier, you can take practical, achievable steps toward success.

You’ve got this! Take that first step today, and you’ll be surprised at how far you can go.