Do you feel like you’re already failing at your New Year’s Resolution? If so, you’re not alone. According to the Washington Post by the third and fourth week in January only about 64 percent of those that set a New Year’s Resolution say they have been able to keep it, which leaves 36 percent who will cite failure by next week.
If you’re part of the 36 percent who can blame you? Apart from losing weight, improving one’s finances is one of the more popular resolutions, and changing well-ingrained habits in either category is difficult as mishaps are often tied to emotions.
As humans, we have hard time putting away money. Even with the best laid plans, we often lack self-control, choosing instant gratification over saving for the future. Admittedly, it can be difficult to stay disciplined when you are staring at the object you want to buy at this very moment in time.
However, one of the first steps of getting your finances in order is to commit to not burying your head in the sand.
Even if you’re among the 36 percent, don’t give up. Remove failure out of your vocabulary and start slowly. I’ve found that one of the best things you can do for your financial plan is to set consistent money dates to review your personal savings and spending plan to make sure you’re on track for your future goals.
Personally, I like to have a money date once a week on Mondays to see how I’m doing. It helps me reset for the week and coming weekend. While there are Mondays where the last thing I want to do is look at my credit card bill (especially if I know I have overspent the weekend before) I’ve found that it often only takes little tweaks the following week to get back on track, whereas if I had ignored the situation it could have worsened.
So don’t let your financial flame burn out just because of a bad weekend, week or month. If you consistently set a money date to review your budget, whether weekly or monthly, you’re more likely to stick to your savings and spending plan, rather than letting your spending spiral out of control.
At Legacy Next, our planning portal can help you project how much you’ll need to save for all of your goals, whether it is retirement, buying a new car, saving up for a down payment, etc. while keeping a long-term focus. Having a plan will help you as you stay on track during the weeks and months as the New Year progresses. Let 2019 be the year your New Year’s Resolution succeeds. Get more information on how we can help you grow smarter.