How To Stick To Your Financial Goals This Year
You’ve probably resolved on a couple of things over the weekend. Hopefully they’re achievable goals, else keeping them will prove harder than imaginable. We all basically resolve to do the same things- get healthier, happier, more financially stable. Whatever your financial goals over the coming year, best of luck. Here are some tips and tricks on how to achieve them. Inspired by the excellent article in the Times.
Honestly!
Being honest with yourself is regarded as essential in sticking to your new year’s resolutions. This goes beyond just the choice of resolution, and moves into how you keep your resolutions. For instance, are you spending because you want the item or simply because it’s retail therapy? Not that retail therapy is all bad- there’s a time and a place. The honesty comes in when you start thinking about the time and the place. If you’ve promised yourself twenty dollars to spend on a CD at the end of the week, that’s fine. Spending over that amount is just cheating yourself of a financial goal. Recognising that it comes down to you, and it is your responsibility, is a big step in sticking to your financial goals and keeping your resolution.
Abstinence
There’s research that suggests a period of cold turkey is no bad thing, especially if regarded as temporary until the behaviour is reintroduced at a moderate level. Have you resolved this year to get on top of your credit card? Chances are you’ll need to relearn some behaviours, Try going for a month without using your card. If you can’t handle it, chances are you will still be unable to use it in a moderate manner. Chart your usage as a way of staying conscious of your spending patterns.
Mindfulness
There’s a wonderful quote in the Times article, quoting Holocaust survivor Victor Frankl. “Between stimulus and response, there’s a space, and in that space is our power to choose our response, and in our response lies our growth and freedom”
Important words, and applicable to so many aspects of our life. Mindfulness is something taught in Buddhism that has experienced great popularity in the Western world. It’s about meditating and observing thought without judgement, about being in the moment, but also (and importantly for our financial resolutions), it’s about recognising that feelings and reaction are not inextricable. The way we react is something we can control. Just because we feel like we’ll never pay off our credit card, doesn’t mean that has to be the case. You can change the story, change the emotion, and eventually change the outcome. It’s about recognising our choice in life, as opposed to viewing everything as inevitable events.
Get Muscly
Willpower is like any muscle. The more you use it, the stronger is gets. Overuse, however, can just lead to strain. Experts suggest setting moderate-level goals, that are realistic and measurable. Reward yourself when you achieve each one; victory is a longer-lasting motivator than punishment. Recognise that mistakes are an integral part of the process, and an essential step in what you’re working towards.
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