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Are you curious about how to make New Year’s resolutions stick? Don’t let past mistakes hold you back! Go ahead and make those goals and explore strategies to achieve lasting success this year. Learn tips to overcome common obstacles in order to turn your goals into achievements.
Will you make a New Year’s resolution this year? One of the smartest ones could be to get your finances in order. But keeping that promise may be another matter.
A lot of people make money resolutions. According to study after study, the most popular resolution every year is to lose weight, followed by getting organized and saving more money. It’s good to see that a financial-related resolution is in the top three.
Here is a framework for making that New Year’s resolution stick.
No matter the results of past investing history, there is always something that can create a better financial picture for the future. The key is to make a plan.
Some people don’t bother making New Year’s resolutions because it seems futile. While most people make resolutions every year, less than 8% actually keep them.
This doesn’t have to be the case! There is every reason to make this year successful and accomplish those goals. Here are some tips to help.
Getting family and friends involved can help with follow through. Sharing resolutions with family and friends means there is someone to check in with for accountability.
For those who want to set a budget and save a specific amount each month, see if a friend wants to do the same. Set a date at the end of each month to check in with one another and share successes and ideas to stay on track.
The centerpiece of a financial resolution is to create a budget for the entire year. This isn’t as daunting as it sounds. Decide with your partner and family members what the big expenses are for the year. Does it include a new car? A vacation? Fixing the roof or replacing the air conditioner? By planning ahead and setting aside money in advance, these expenses don’t hit the pocketbook as hard as they would if there were no plan. A family budget is a great learning opportunity for kids, as well.
Don’t allow mistakes made in the last 12 months to affect goals for the coming year. Go ahead and mentally wipe the slate clean for a new start.
Some people like to use previous stumbling blocks as goals for the new year. For instance, if there’s credit card debt, create a plan and timeline to work down the debt. To reduce stress at the office, schedule time and activities away from the office. For those extra pounds, meet with a personal trainer or create a fitness plan that can be added to the schedule.
Don’t forget to write down the goals and place them somewhere they can be seen each day. Seeing reminders helps keep them fresh and top of mind.
Finally, talk to your financial advisor to make sure your financial resolutions are consistent with your long-term financial plan. Your financial advisor can be a great advocate for financial accountability.
