How best to stick to your financial new year goals
QI
NEVER seem to follow through on my financial new year’s resolutions! What can I do? ATHE
number one reason most people don’t stick to their new year’s resolutions is that they set unrealistic goals.
It’s called the “False Hope Syndrome” where a person has unrealistic expectations about the likely speed, amount, ease and consequences of changing their behaviour.
So, if you want to make changes in 2020, consider setting yourself “SMAC” (Specific, Measurable, Achievable and Compatible) goals.
Goals need to be specific because, with clarity, we have power. The better we know something, the more confident we are with it. Saying ‘I will save some money’, or ‘lose some weight’ is neither specific nor measurable and not motivating.
Be more specific however – ‘I will save £1,000 into Premium Bonds from my income’ or ‘I will work out three days a week after work on Monday, Wednesday and Friday’ – and you should see results.
We need to be able to measure our progress to allow us to quantify our achievement.
We want our goals to be realistic because setting ourselves up for failure is not going to help anyone. Momentum builds confidence and confidence builds success.
If you’re new to this, set very achievable shorter-term goals, to build your confidence and then develop these.
Most important is compatibility. It’s essential we set goals that match how we see ourselves and how we want to live our life.
You will be infinitely happier and more successful if you act and live in alignment with your values. You will be in what’s known as ‘the flow state’, where your actions seem effortless and life more natural.
Setting goals which others tell you to is unlikely to bring you happiness. Once you have set your resolutions, check in on your progress after a period of time, say 30 or 90 days, depending on the work involved.
Make this the year you actually make a change, after all, it is the roaring 20s!