As we wave goodbye to January, it might feel like your New Year’s resolutions have been lost in the whirlwind of the past few weeks, especially the financial ones. But remember, you’re not alone in this struggle.
Change is never easy and more often than not, being resistant to it serves as a major roadblock for fulfilling New Year’s resolutions. Factually speaking, U.S. News & World Report suggests that 80% of resolutions fail primarily because they necessitate change that induces stress. It’s a classic saying, “Everyone despises change.” This is especially true when it comes to financial resolutions, where they demand a shift in entrenched habits and where failure is simply not an option.
If you’re struggling to adhere to your financial vows, such as paying off debt, saving money, or tracking expenses, keep reading. Here are three strategies to stop your resolutions from unravelling.
Break it down: If you’re daunted by monstrous goals like saving $10,000 or clearing $20,000 debt, you’re more likely to abandon your quest. Thus, having smaller, progressive goals can give you a better shot at success. For instance, rather than focusing on saving a lump sum of $10,000, aim to stock away $200 a week which will accumulate to $10,400 by year-end. This makes your resolution more approachable and realistic. Further, it leaves you with a buffer of $400 for emergency expenses.
Factor in off days: As shown above, incorporating a buffer provides elbow room for times when it gets hard to stay committed to your goals. Quite often, it reduces the risk of resolution fatigue. It’s natural to hit a wall sometimes; what’s important is to account for these low moments to avoid surrendering to them. Use your buffer prudently, either to deal with unforeseen expenses or as a self-reward for staying consistent.
Embrace positivity: Last but not least, consciously amplify positive thinking. Negative phrases like “This is impossible”, “I’ll never be able to do this”, or “Why am I even trying?” are not your allies. Stay away from self-sabotage. Be your most reliable cheerleader, and soon you’ll join the elite 20% who successfully accomplish their New Year’s resolutions!
Whether you’re just getting started or are already addressing your financial resolutions, do share your progress. Much like your resolutions, is your resolve still strong or waning? What are your plans to maintain the momentum throughout the year? (Source: SmartAsset.com)
