Don’t Toss Your Financial Resolutions Just Yet!

by Patricia Estero

Don't Toss Financial Resolutions Just Yet photo

Ready to give up already? Don’t toss your resolutions so soon! Use these tips to stay on track with your money goals and finish the year financially stronger than you started.

It’s a few weeks past the beginning of the year. You’ve been pushing hard on your financial resolutions – be it paying off a debt, selling off what you don’t need, or building an emergency fund. But that blouse you’d been eyeing before Christmas just went on sale. You get paid next week, so should you just put it on a credit card before it sells out?

And what about those New Year’s financial resolutions?

Statistically speaking, according to the Wall Street Journal, 88% of folks who make resolutions never keep them. So, if you’ve reached the point where you’re considering dumping your financial planning resolutions, read on. We have some tips to get you back on track.

1. Take 5 Minutes

Before you make any kind of decision that could potentially jeopardize your goals, take five minutes — or even five days — and rethink your plan. Most of the time, many bad decisions, particularly bad financial or purchasing decisions, can be avoided by just taking a while to think about them

If you spot a blouse you’d love to have, rather than buy it on impulse, tell yourself to wait a few days before making the decision. Chances are, you will forget about it or decide you really can live without it.

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2. Seek Financial Counsel

Finances have generally become more complicated over time. You have your day-to-day finances to worry about — from budgeting to paying bills. Then you’ve got retirement to consider, with your 401k and IRAs. Plus, there are more investment possibilities now than there were a few decades ago.

Often, you just need reassurance – be it from a financial planner or even financial planning software. Consider doing some research to see if a financial planner is in your budget, or look at financial planning software or applications as part of an overall financial plan.

3. Set Mini-Goals

If your overall financial goals are large and looming, consider setting up mini-milestones or mini-resolutions that are steps toward them.

For example, if your goal is to pay off a large credit card debt, set up smaller goals by breaking down the debt into smaller chunks so that it becomes more manageable. Sometimes, reaching those smaller goals can give you just enough encouragement to keep pushing on toward the big goals!

4. Reward Yourself

Don’t forget to budget in a few rewards here and there. Rewards can sometimes be big incentives for reaching goals, so consider setting up several small rewards for yourself or your family to enjoy as you reach certain milestones.

Maybe a dinner out, a trip to the spa, or even a small, budget-friendly weekend getaway would be great rewards to work into your budget.

5. Review and Adjust

Finally, as life changes, be sure that you periodically reassess your financial goals and your resolutions.

As your financial situation changes, take the time to plan and make changes that best fit reaching your goals. Whether you get a raise, a new job, or take on a second job, be sure to adjust your plans accordingly to accommodate the changes in your overall financial plan.

Don’t give up yet on your financial resolutions for the year. With these ideas, maybe you can stay on top of your financial goals and keep your resolutions going strong through the year.