According to research, the 12th of January was the day when commitment to our New Year’s resolutions begins to falter.
So, if your motivation is being tested, here are a few ideas to help beat ‘Quitters Day’ and hopefully keep you on track if getting your financial life in order is a resolution for you this year.
1. Save more money
No surprises here – it seems rather obvious that saving more money is a good thing to do in order to be financially better off. That said, it can be easier said than done.
My tip for achieving this goal is to set specific, actionable goals. For example, ‘I will save £X,XXX in 2019’ instead of ‘I will save more money in 2019’ – simply choose an amount that suits your circumstances and is appropriate for you. This is just one idea, but you get the idea. Setting a specific amount allows you to measure progress and understand if you are on track.
2. Go on a spending diet
Hand in hand with saving more money is spending less… after what can be an expensive festive season, January can be a good time to tighten the reigns on spending and be more aware of your money.
Doing so can play a big role in reaching your financial goals; there are lots of ways to curb spending but one idea from moneysavingexpert.com is to leave debit/credit cards at home. Where possible, only take the cash you need – this can make it much easier to keep track of all the small purchases that can easily add up.
3. Build your goals into your financial plan for the year
This resolution can be whatever is relevant to you; saving for retirement, planning the purchase of a second home, gifting money from your estate to your children or beneficiaries… Whatever it may be, setting both short-term and long-term goals can play an important role in achieving your overall plan.
And remember, a financial plan is for life not just for Christmas… so it’s also worth regularly reviewing your goals as time goes on, update them (if necessary) and review your progress since last year.
Whether you set such goals every year, or are using this New Year to formulate your goals for the first time; doing so can put you – or help you stay – on firm financial footing.
If you’re not sure how to go about setting the right goals, your Financial Planner could help.
Looking for a Financial Planner?
Resolutions, like financial goals, are best when they’re specific. If you think you could benefit for expert advice in this, and don’t yet have a Financial Planner, you can book your free no-obligation consultation with one of our Planners today
The information in this blog or any responses to comments should not be regarded as financial advice. Please remember that the value of your investment can go down as well as up and may be worth less than you paid in. The information here is based on our understanding in January 2019.