Mar 17, 2022 Reframing Your Resolution Mindset
Cleaning up personal finances remains one of the top resolutions every New Year. But we all know what happens to such self-promises … life gets busy, our motivation fades, and before you know it, the year is half over, and your goal is no closer than when you started.
If you’ve found yourself in a similar position, you’re not alone. Nearly 80% of all New Year’s resolutions go unachieved. Here’s why:
- Your resolution is too vague or unrealistic
- You haven’t thought through (or planned for) what it requires to achieve your resolution
- You have little to no system in place to help keep you accountable for your resolution
Change, whether it’s to save more and spend less, master a new skill, kick-start your health journey, or even get more sleep, requires planning, preparation, practice, and perseverance to make it stick. In contrast, a more successful approach is to get SMART and reframe your resolutions using this simple method for setting and measuring goals. SMART goals are:
- Specific: A clear definition of what you want to achieve.
- Measurable: Targets that will help you evaluate your success.
- Attainable: Realistic to achieve in a particular time frame.
- Relevant: Appropriate for your life right now.
- Time-Based: A definite timeline for achieving your goal.
Strategies to Stay on Track
Even when motivation fails you, these tips will help you refocus financially. Setting specific, measurable, attainable, relevant, and time-bound goals is only the first step toward achieving your desired outcome. The more complicated part is staying the course when life can slow your progress or derail your effort. Luckily, there are some things you can do to increase your odds of success.
- Document both short and long-term goals in one place
- Use technology to monitor progress and adjust habits
- Share your plan with someone to remain accountable
Meeting with your advisor to review your goals is a great way to help increase your odds of success. We have tools that can help to document the goals that monitor your progress. Your advisor will check in about your goals at your meetings to help you remain accountable. A financial plan can help you manage and prioritize your goals. Make this your best year yet!
Schedule your review now to review your accounts and help you reach your financial goals.
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Market Update: February 2023