Maintaining your New Year’s resolutions concerning finances takes a lot of resolve. Too many people take aim at Mars, then give up prior to building their rocket.
The reality is that keeping a financial New Year’s resolution is an exception to the rule. Only around 64% of the average American make it past the first month.
However, it’s not impossible to do. There are many strategies at your fingertips that can put the odds in your favor. If you’re looking to keep your financial resolutions, keep reading to find out how.
1. Keep It at the Forefront of Your Mind
There are studies that show how people who write down New Year’s resolutions are nearly ten times more likely to succeed. After writing it down, post it somewhere that will allow it to be a daily reminder. Even consider creating a vision board and placing your resolution in a prominent place on it so that you look at it as often as possible.
Another idea is to set reminders on your calendar so you continually check in on your financial goals and see if you’re on track. The important thing here is to find a way to remind yourself about your goal as often as possible.
2. Use Technology
Keeping and maintaining your resolution is simpler than ever thanks to budgeting, debt and savings apps. In recent years, these have been popping up all over the place.
Strongly consider utilizing budget tools provided by Eastex to help you stay on top of your resolutions and finance goals. If you struggle with your monthly budget, regularly utilizing these tools will help keep you in check.
As long as your phone is on you, you’ll be able to quickly check your budget situation and see where things stand at any given moment.
3. Make Sure Your Resolution Is Realistic
Sometimes, crafting a New Year’s resolution is a lot like swearing off drinking alcohol when you’re struggling with a horrendous hangover. It’s a pointless vow you make without considering the details of how you’ll maintain it down the road.
Instead of making wild proclamations, such as saving $2,000 each month or paying off your mortgage before the end of the year, set a goal you can reach.
As an example, take a look at your current budget and find areas where you can make simple changes. Decide what you can realistically cut out, then use that sum to help determine how much you’ll actually be able to pay off your mortgage or put in savings.
Perhaps your goal is to pay off $10,000 of unsecured debt by year’s end. At first glance, that may not seem realistic. However, when you break it down monthly you’ll see that you only need to cut out $833 of expenses each month. That may actually be doable.
Remember that no matter how realistic your goal looks on paper, you need to use accurate numbers. Then make sure you have a simple system in place that allows you to track all of your finances.
Find Resolution Success This Year
A New Year’s resolution is only as good as your ability to keep and maintain it. With these three simple tips, you’ll be well on your way toward keeping this year’s financial resolution.