Making a New Year’s resolution is the first step to creating better habits. But making a New Year’s resolution and keeping a New Year’s resolution are not always the same thing. If you’re like most people, New Year’s resolutions are often long forgotten by mid-February, if not sooner. But it doesn’t have to be that way. By incorporating the following tips, you can keep this year’s resolution going strong throughout 2020.
Choose Just One
This first tip is simple but key; only pick one resolution. It’s easy to get caught up in the excitement of a fresh start but trying to overhaul every aspect of your life often backfires. You’ll likely feel overwhelmed, and as soon as one resolution hits a roadblock, it’s easy to give up on everything. Pick the area of your life where improvement is most important to you right now. And don’t worry – this doesn’t mean you’re giving up on other areas. In fact, when you improve one area of your life, it often ripples out to impact other areas. For example, if your New Year’s resolution is paying off debt, you might stop eating out as much, and instead start cooking healthier meals at home.
Pick a Specific Goal
Part of the problem with many New Year’s resolutions is that they are vague. If your goal is to “save money”, did you accomplish your goal if you saved $ 10? A vague resolution fails to keep you accountable. It also doesn’t have an end goal that can keep you from feeling accomplished. No matter how much you save, you may feel like you could have done more and therefore did not achieve your goal. Instead of “saving money”, settle to have $ 5,000 in a savings account by the end of the year. Instead of “running”, pick a specific race to sign up for and decide to run it. These concrete goals give you something specific to work towards. They can also give you a sense of accomplishment when you’ve achieved them.
Make a Plan, Not a Wish
Antoine de Saint-Exupéry said that “a goal without a plan is just a wish.” This is especially true for New Year’s resolutions. Once you have a specific goal to work towards, you will need to create a plan. If you want to save enough for a down payment on a home, how much do you need to save from each paycheck? If you want to run a race, how long will you need to train? How many times will you need to run each week and how long will each run be? Think of each of these steps as mini-goals. With each mini-goal you accomplish, take a moment to appreciate the work you’ve chosen to put in and how this small step has made you a little closer to your end goal.
Have Realistic Expectations
This is often one of the hardest parts of setting a New Year’s resolution because it requires accepting where you are now. If you haven’t run in years, running a marathon in March is not very realistic. However, if you’re used to running regularly, you may find it hard to accept you’re not in the same shape you once were. Keep in mind that having a more realistic resolution this year, such as running a 5K, doesn’t mean you can’t even run a marathon in the future. You’re simply wise enough to know that for where you are now, a 5k is the better option. Accepting where you are now is not always easy, but it gives you a much better chance of moving forward than denying your current reality.
Set Yourself up for Success
One of the biggest reasons New Year’s resolutions fail is an overreliance on willpower. Willpower may get you through a day, or even a week, but long-term change requires creating new habits. It’s likely that you’ve tried to improve this area of your life before. Honestly ask yourself why it didn’t work last time and what habits you can incorporate this time to create a different result. Let’s say your resolution is to finally pay off your student debt. You’ve tried before, but you’ve never seemed to have any extra money at the end of the month to put up with your debt. In this case, the solution may be as simple as creating a budget, deciding how much you can afford to pay off your debt each month, and putting that amount towards your debt as soon as you are paid, rather than waiting until the end. of the month. Figuring out which strategies work for you and making them habits may take a bit of trial and error, but you’ll have a much better chance of success. If a strategy didn’t work before, it’s unlikely that doing the exact same thing this time will have different results.
Remember Why You Started
Finally, keep in mind why you chose your New Year’s resolution. This can help you appreciate the progress you make, rather than throwing in the towel as soon as things become difficult. You probably want to build an emergency fund so you and your spouse can have more financial stability and less stress. If your car breaks down and you have an expensive bill, you may not make your savings goal that month. But that doesn’t mean you need to give up. Think about the progress you’ve made and accept that life happens. Even with the best possible planning, unexpected events will throw a wrench into your plans. But remember why you started and always keep in mind that progress does not require perfection.
If your resolution requires getting in better financial shape, you don’t have to do it alone. Consider working with a financial advisor to help you create a financial plan tailored specifically to you and your financial needs.
Sources
https://www.verywellmind.com/how-to-keep-your-new-years-resolutions-2795719
https://psychcentral.com/lib/10-sure-ways-to-keep-your-new-years-resolutions/
https://www.forbes.com/sites/erikaandersen/2018/01/28/four-simple-steps-to-keeping-your-new-years-resolutions/#1f59a6a034d3
https://www.forbes.com/sites/megangorman/2018/12/31/how-to-keep-your-financial-resolutions-in-the-new-year/#5c79e51b73e6