As we wave goodbye to 2014, are you harboring a sense of disappointment because you did not achieve all the goals you set out at the start of the year? Is it because you did not get a chance to take that European trip, or couldn’t put aside enough funds to fully contribute to your Roth IRA, or didn’t manage to pay off as much debt as you desired?
Well, you must remember that life is unpredictable. Sometimes, unforeseen circumstances occur that cause our plans to deviate. What we need to do is keep going rather than quit.
Maybe your savings were depleted or your debt was not paid off adequately due to unexpected difficulties, like car repairs or family health issues. You might have set your aspirations too high and they were simply unachievable in the first place.
Take a lesson from 2014 and pledge to reassess (or continue working on) your finances in 2015. Here are some handy suggestions to help recommit to your financial objectives in the coming year.
STARTING ANEW
Release your unfulfilled goals and start again. Dwelling on your past failures won’t help you progress with your new objectives.
SPLITTING GOALS INTO SUB-GOALS
Did you hope to clear $10,000 of debt in a year, only to realize in October there was no way to attain that? A better process is to break your goals down into bite-sized pieces. For instance, a blogger wanted to save up to buy a computer, costing her $1,100. Saving up $1,100 might seem like a lot, but distributed over 12 months, that’s a simple $92 per month. And if she set aside $25 weekly instead? She would reach her goal in just 11 months.
CREATING ACHIEVABLE GOALS
A common error people make when setting goals is to establish them so high that they are nearly impossible to reach, setting up for disappointment. Aiming to clear $50K in debt in a year on a salary of $65K might not be feasible.
REWARD YOURSELF
Avoid punishing yourself until you achieve your goals. Even the most devoted among us require some respite occasionally. Give yourself a mental pause from your objectives from time to time and indulge yourself when you hit particular milestones.
KEEPING A CHECK ON PROGRESS
Setting aside regular intervals to assess your progress can aid you in staying on track to fulfill your goals. Regular quarterly reviews will ensure you stick to your financial strategy.
If 2014 has been challenging and you didn’t reach your targets, let the New Year be your turning point to recommit and achieve your financial goals. Will you be reaffirming your objectives in 2015, or are you aiming for new ones? What lessons did you glean from the goals you set this year?
