Don’t Toss Your Financial Resolutions Just Yet!

by Paige Estigarribia
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 might have some tips to easily 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 and rethink your plan. Most of the time, many bad decisions, particular bad financial or purchasing decisions, can be avoided by just taking a while to think about them

If you see the blouse, and on impulse, you’d like to have it, then tell yourself to wait a few hours before you make 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. With computers, comes online banking and accounts. Then you’ve got retirement to think about, with your 401k and IRAs. Plus, there is more investment possibilities with world markets.

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 towards them.

For example, if your goal is to pay off a large credit card debt, set up smaller goals, maybe like 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 towards 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, or a trip to the spa, or even a small, budget-friendly weekend getaway would be great rewards to work in 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 you adjust your plans accordingly so that you accommodate the changes in your overall financial plan.

Build an Emergency Fund

With these simple tips and tools, you can build an emergency fund, even while living paycheck to paycheck.

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.

Reviewed January 2021

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