As a nation, we are making fewer New Year’s Resolutions each year. Usual categories are in the areas of smoking (less), eating (less and better), and finances (all the things). Which ones are easier to keep?
According to a study by Fidelity: financial resolutions are easier to keep than the ones about smoking and eating differently!
42% of people surveyed find financial resolutions easier to keep than smoking less or exercising more.
And, the top three financial resolutions continue to be:
- Saving more (55%)
- Paying off debt (20%)
- Spending less (17%)
After six weeks, many of us
give up forget revise our resolutions (you can ask me about my goals for planks!)
Very different from planking! By the way, I would be most likely to be seen planking in a public library.
Resetting your resolutions for 2015 for February just may be easier than planking! So if you set some financial resolutions, “survey says”, you could be more successful than you think! Success can come from positive self-talk, setting SMART goals, and realizing the hidden benefits.
- Positive self-talk means saying to yourself: “Hey, I brought my own coffee to work today-saved some bucks there!” (Saving $20 a week on coffee, for instance will allow you to add $1200 a year to your rainy day savings account, or make an automatic mutual fund investment each month.) Or giving yourself a small reward when you set up a new habit. “When I set up my automatic transfer to my savings account, I will reward myself by watching 2 episodes of my favorite TV show.”
- SMART goals can turn a vague goal of saving more money into, “Each week, I will throw all my loose change into a jar for a special Happy Hour at the end of the month”. Or turn “working out more” into, “I will go to the gym for cycling class two days per week”. Or turn “use credit cards fewer times per week” into, “I will always use cash for lunches out”.
- Hidden benefits can be derived by:
- Decluttering your inbox by unsubscribing from one “Daily Deal” email each month-fewer triggers to buy something; Earning the equivalent of 12% on your money by paying down a credit card balance with a 12% interest rate; or Increasing your feeling of well-being by boosting your rainy day fund so that you are prepared for the unexpected brake job or medical copay.
Try a reset, if you haven’t accomplished what you had in mind to date. I’d love hear what you are trying and which new behaviors succeed!