We know this phrase is so cliche but it’s a New Year and that means a New You! Ugh, I just cringed after typing that. Anyway, every year the most popular New Years Resolutions related to finances are save money and reduce debt. Both are honorable goals. So, here are some tips to help you reach your financial goals.
3 Tips to Reach your Financial Goals
1. Have a Purpose
Saving money and/or reducing debt are tough tasks. And with any tough undertaking, you should first create a specific goal. In case the bold and italicized font didn’t give it away, the keyword is specific!
For example-If you’re saving money ask yourself:
- How much money are you saving?
- Why are you saving that much?
- When do you want to accomplish this goal?
These types of questions makes your assignment more realistic and achievable. Thus, offering a greater chance of you actually reaching your goal.
2. Build Accountability
Alright, so now that you’ve formally developed your goals it’s time to make sure you actually keep focused on your plan. With that being said, we have a question for you:
- Who do you know that can help you achieve your goals?
Similar to how working out with a buddy can encourage you to follow your exercise regimen, having a trusted individual can focus you on following your financial plan.
By sharing your goals with someone not only are you speaking them into existence but you are allowing your trusted confidant to hold you responsible for carrying out the plan.
Other options (if you’re more private) is to have a vision board, set up daily reminders, watch videos, etc that constantly remind and encourage you to work on reaching your goals.
3. Make it Enjoyable
Lastly if you really want to achieve your financial goals this year make sure you have fun! Let’s be honest, no one likes doing something that they find unenjoyable; and the idea saving money or reducing debt doesn’t exactly scream “we’re going to Disneyworld”!
To make your financial desires less burdensome you should consider establishing managable benchmarks (ie. save $10 this week, $20 in two weeks…). By creating managable benchmarks not only are you still regularly working towards your mission but without the deflated feeling of making an enormous cold-turkey like sacrifice.
Also, if you really want to have some fun consider celebrating your accomplishments everytime you complete a new goal. For example, everytime to save $50 treat yourself to your favorite meal or drink. Trust me you would be surprised at just how delicious that mocha frappuccino taste after you had to work for it!
Start Your New Year Off Right
Every New Year people are so eager to complete their list of resolutions. Unfortunately, after a month or two the excitement fades and the “ehh I’ll try again next year mindset kicks in”.
Not this time! You know what they say: New Year New You! By establishing a purpose, building accountability, and having fun you can successfully knock out your New Years resolutions.
