I’m a consistent exerciser at Orangetheory Fitness. This means I see a group of people who start with the best intentions at the New Year, but the motivation typically doesn’t last through Valentine’s Day. I get it. It’s HARD to make new habits.
That’s why I wonder how helpful are financial resolutions? I asked my planners this very question…
Katie Noble: “Oftentimes, I talk to folks eager to change their financial habits. But for real success, it’s all about being intentional. One great way to channel that enthusiasm is by setting a big, challenging, yet achievable goal. Then, break it down into smaller steps, like stepping stones, to reach that bigger goal.”
Sam Kirby: “Financial resolutions, whether made in January or June, can be wildly successful……if you’re willing to commit the time and energy to making changes. Writing down goals, tracking progress, and holding yourself accountable are key. In that respect, the habits for tracking the resolution almost become more important than the resolution itself!”
Brett Lathrup: “I personally feel like resolutions, in general, are fun to come up with… but hard to tackle over time. When it comes to finances, I find it easier to create smaller goals (baby steps) that are easier “wins” to make you feel like you are making progress toward a larger goal. For example, if you have little money saved, it’s much easier to set a goal of setting aside $1,000 for a rainy day rather than $10,000.”
Amy McIlvaine: “I think resolutions have a greater chance of succeeding if they are a “carrot, not a stick.” Try adding a positive action rather than denying yourself a few small guilty pleasures. Honestly, it works and is generally just a lot more fun!”
Joann Nieciecki: “Sometimes those New Year’s resolutions can be a bit too much, right? We aim high, and then end up feeling like we let ourselves down. I’ve learned that making gradual improvements to habits and behaviors over time tends to work better in the long run.”
There you have it. Is gaining clarity over your personal financial situation one of YOUR New Year’s resolutions? Then I recommend you chat with us sooner than later… you can find out more about that here.