Did you set a financial goal for the New Calendar Year? Did you take steps to make it work?
Is your New Year’s Resolution now a dim, distant memory? If you’re like most, chances are, it’s now in the too hard basket, life got in the road and you’ve really moved on…
But how can we boost our chances of sticking to our financial resolutions? Here are five practical tips to help you get back on track…
1. Was it an attainable goal?
It’s good to be ambitious, but you may have a better chance of sticking to your resolution if you have a smaller, and more reachable goals along the way.
Using the well-established and well-known SMART formula may help. SMART stands for:
- Specific – make your goal as clear as possible.
- Measurable – specific goals are usually more measurable
- Achievable – can you reach your goal in the foreseeable future
- Relevant – do you really want this goal and you’re sure it would benefit you?
- Time – set a timeline to achieving your target
2. Having a plan
Creating a plan that can help you take small but regular steps toward reaching your financial goal is vital. The key is to set specific milestones and a time frame for each. You may wish to talk to a friend who will keep you accountable, or your financial adviser about setting a plan for your financial situation and goal/s.
3. Announce it
Tell your family or friends about your resolution, or post it on social media. Shout it from the rooftops! By making your resolution known, you may feel more responsible for sticking to it.
4. Track progress
Record and analyse your progress against milestones. Are you reaching those smaller goals along the way? It could help to get your financial adviser to check your progress every so often.
5. Enjoy the process
Enjoying the process of reaching your goal may help you stick to your financial resolution. Give yourself a small reward or high-five every time you hit one of your milestones.
Whether you want to boost your savings, pay down debt or up your retirement fund, your financial adviser may be able to help you stay on track to achieve your resolution. We’d be happy to be your accountability buddy!