How to Transform Your New Years Resolutions into Attainable Goals
According to research conducted by the University of Scranton, it was found over 50% of people drop their resolutions in the first six months, and only 8% successfully achieve their resolutions each year. This is particularly troubling, especially since we are all familiar with setting ourselves a long list of grand things to accomplish within the next 365 days.
The problem is we aren’t all Bruce Wayne or Clark Kent who can achieve the impossible in a short amount of time. For most people, New Year’s resolutions appear unattainable and are disregarded.
However, the secret to following through on the midnight promises to yourself is by making your goals specific, realistic, and measurable. There are also various tools in the digital age you can take advantage of, which make achieving your goals that much more attainable, especially when it comes to finance.
Change ‘save more money’ to ‘save 20% of my pay each month'
By making your goals more specific, it erases the ambiguity of the goal. By allowing yourself to see a set figure in your mind, you can actively work towards achieving what you want. By using an automated withdrawal method on your bank account, you won’t have to remember to transfer money each week to a high-interest savings account. The bank does it for you.
Change ‘stick to budget’ to ‘re-evaluate my budget'
Forcing yourself to keep to a budget that doesn’t suit your circumstances can create more stress and ultimately lead to you to ignore it altogether. By re-evaluating your budget, you can amend the costs to something you know you’ll have an easier time following. Instead of cutting out something you enjoy, perhaps take $50 out of the grocery list. This way you can reduce eating any junk food you might spend money on while continuing to enjoy a social night out.
There is also helpful finance apps you can download that can help control your spending through budget tracking programs. If you find it difficult to stick to a budget because you lose track of your spending, trial a few different apps and see how you improve.
Change ‘make more money’ to ‘hand out three resumes per month’ or ‘research investment strategies’
Making money can seem incredibly vague on your list, especially if you have no idea how. Instead of bypassing it, think in terms of applying for higher paying jobs, picking up a casual job on the side, or bulking up your investment portfolio. Getting rid of the vague nature of the goal can allow you understand what you need to do, and how to do it, much easier.
Get yourself a goal buddy
Like anything, when you share your experience with another person, it becomes more meaningful. Much like having an exercise or dieting buddy, talking to someone about shared savings or financial goals can allow you to push harder to achieve them.
When making financial resolutions, it is important to remember you’re only human. Give yourself a chance and set realistic goals that you know you have the ability to achieve. You will love yourself more at the end of next year when you can say you’re part of the 8%.
At Select, we offer no-obligation, quality and free advice to help you reach your financial goals. If you would like to talk with one of our friendly brokers about anything mortgage related, give us a call on (08) 9417 3399.