5 interesting similarities between a fitness plan and a financial plan

Whether you’ve been hitting the gym for years or you’ve recently started working out, it’s widely understood that having a well-balanced fitness plan is crucial to achieving your health goals.

Interestingly, the process of getting into shape can teach you a great deal about the way you should handle your financial planning, too.

So, read on to discover five similarities that your fitness and financial plan share.

1. There’s no time to start like the present

Personal fitness is often kicked down the road as an issue to solve later, as it can seem like there are reasons not to get started straight away.

Yet realistically, there won’t be a better time to make a start than setting out a plan and hitting the road towards your fitness goals than today. The earlier you begin, the sooner you’ll start to feel better and see the results you’re hoping to achieve.

When it comes to your money, the same is true. You might be a few years away from retirement, so it can feel like planning for your financial future can wait until a later date.

Alternatively, you may be anxiously looking at volatile stock markets and rising interest rates, and think that you’d be better served waiting for the best time to start investing your money.

But just as with your fitness plan, the best time to start planning and investing is typically straightaway. Having more time to plan for your future can only offer you greater space to do it right.

Meanwhile, there never will be a perfect time to invest – markets are always in a state of flux, so trying to time it perfectly is likely to be a fool’s errand.

As the old adage goes: “The best time to start was yesterday. The second best time is now.”

2. You need to commit to making a long-term change

When you’re putting your fitness plan in place, you have to commit to making a long-term change to your lifestyle and habits.

Indeed, it’s all too easy to go to the gym once and feel like you’ve achieved what you need to, when real change will only come with repetition and commitment.

Similarly, you need to commit to managing your money in the long term. It’s all well and good to review your finances and set a plan in motion, but you need to monitor that plan to ensure that it stays on track.

Equally, your goals might change down the road. In that case, your plan may need adjusting so that it continues to provide you with value. Otherwise, your money might be stagnating and not working towards your goals as you might hope.

3. Part of your success will come from your frame of mind

Frame of mind and positive mental attitude are crucial to succeeding with your fitness goals. Indeed, many fitness fanatics are firm believers in the “no pain, no gain” school of thought.

This might represent a significant mental readjustment. You need to keep your goals at the centre of your thinking, and be willing to tolerate the necessary hard work to achieve them.

With money management and investing, this idiom doesn’t quite hold true – just because you experience the pain of market volatility or taking on additional risk, it doesn’t necessarily mean it will equate to gains.

But a shift in mindset is still highly valuable. You need to be willing to change your behaviours and keep your goals front and centre, knowing that the process can be mentally demanding at times but that it will ultimately be worth it.

4. Small, steady changes will be far more sustainable

When people choose new fitness goals, they often become obsessed with achieving them instantly. This sees them hit the gym or go running every day for a couple of weeks, in the hope that greater input will get them to their goals sooner.

Of course, what often happens is that they either become disillusioned with the lack of progress and burn themselves out, or pick up an injury that stops them from progressing towards their goals entirely.

Instead, a slower, careful approach will be far more sustainable. Improving by 1% each week would do far more good for your health than looking to improve 10% in a month and then losing your enthusiasm for the rest of the year.

You should consider adopting a similar approach to your wealth. Instead of thinking that you have to make changes as soon as possible all at once, keep in mind that you can do this gradually.

Equally, take the same approach to your investments. Try to resist the temptation to make changes if you don’t instantly see the results you want.

Be patient and willing to take time with your finances. Doing so will be a far more productive and sustainable way to progress.

5. Working with a professional can help you achieve the results you want

The majority of people who exercise won’t have a personal trainer or coach to speak to. Yet if they were to employ the services of a professional, they would no doubt be far more likely to meet their goals.

That’s because personal trainers and fitness coaches can design training plans to make workouts even more effective. It’s by no means impossible to reach fitness goals without a trainer, but having an expert reviewing you can make a significant difference to your ability to make headway.

It can also help to ensure that you stick to your commitments. It’s all too easy to devise a perfectly balanced training plan and then not stick to it – no doubt many new year resolutions to exercise more are lost by the end of January.

Meanwhile, your trainer can encourage you to be accountable to your plan. Part of their role is to ensure that you stick to it so you can ultimately reach your goals.

With your finances, the same is very much true. While you can make progress by yourself, working with an expert can take you to the next level.

When you work with us at Britannic Place, we always find the most appropriate strategies for your wealth to help you reach your financial goals.

The personalised plan we create for you prioritises your targets, giving you the confidence that your wealth is organised for living the lifestyle you want.

We’ll also ensure that you stick to your plan and remain on track toward your goals. It can make all the difference to have a professional reminding you of the financial commitments you’ve made and why you’ve done so, keeping you on the path to meeting your ambitions.

Work with us

If you’d like to find out how we can help you to build a sustainable financial plan that will put you on track to achieve your goals, please get in touch with us at Britannic Place.

Email info@britannicplace.co.uk or call 01905 419890 to speak to an experienced adviser today.

Please note

The value of your investment can go down as well as up and you may not get back the full amount you invested. Past performance is not a reliable indicator of future performance.

This blog is for general information only and does not constitute advice. The information is aimed at retail clients only.