New Year’s Resolutions for Your Money

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Every year, many people around the world sit down and plan out their New Year’s Resolutions around this time. And many, many people resolve to lose weight, eat better, spend more time with family and friends, quit smoking, travel more, read more and so on and so forth. 

But according to a study that was published in the Journal of Clinical Psychology, only 46% of people who made their New Year’s Resolutions were actually successful in achieving their goals. 

January is the most popular month at any gym or for any diet program. 

But by the end of January and beginning of February, almost everyone is back to who they were before the new year started. 

So this year, let’s make resolutions that do have to do with things that you can achieve. Set your resolutions around your money. 

It is regularly said that money likes to know where it’s going, to be able to show up for you more easily. 

Pick BIG Goals

So pick one or two BIG money goals that you want to achieve in the next 12 months. 

Do you want to have $20,000 in savings at the end of the year? 

Do you want to pay off $25,000 in debt this year? 

Do you want to save enough for a down payment on your first house purchase? 

Do you want to save enough to buy a new car with cash? 

Starting the Goal Process

Whatever it is that you really want to achieve financially this year, put it in writing and in past tense: 

I saved $20,000 this year. 

I paid off $25,000 in debt this year. 

I saved for a down payment and bought my first house. 

I bought a new car with cash!

Then after you’ve written it down, put it on a post it note and put that note somewhere that you are going to see it every single day. This will remind you of your big goal that you are working towards completing this year. 

Related Post: How to Set & Achieve Your Money Goals

Break it Down

Now take that goal and break it down into smaller chunks. Start with monthly. You want to save $20,000 this year. That is $1,667 per month. And $417 per week. 

Now you know how much you need to be putting into your savings or investment fund or retirement fund each week to achieve your goal of saving $20,000 this year. 

You want to start with your goal, then create a plan for how you are going to achieve that goal by breaking it down into monthly and even weekly chunks. 

The smaller the chunks, the easier it is for your brain to comprehend what you are working towards. 

When you see save $20,000, that just doesn’t seem doable. But saving $1,667 per month seems a lot easier, doesn’t it? 

Basically you want to divide your total amount by 12 to get the monthly amount and then divide the monthly amount by 4 to figure out the weekly amount. 

Track It

At the end of each week, sit down and track your progress that you’ve made over the past week. 

For some people, having a tracking chart that you color in (like debtfreecharts.com), is a very rewarding and simple process. Every time you make progress on your goal, you get to color another bar/element/level/etc. 

Starting with a black and white piece of paper and ending the year with a fully colored sheet really good progress and it can also keep you motivated to keep working on your goal. 

Reevaluate Your Goal

Maybe you get to the end of January, and you don’t feel like you can continue on towards this goal. Then simply sit down with your goal and reevaluate it. 

There are no real rules in place when it comes to achieving your goals. Those are the rules that you make. 

So you can always reevaluate your goal and reset it. 

Maybe your goal is too easy or it’s too hard. 

Your goal should at least stretch you a little bit to work towards it. But you also don’t want your goal to stress you out. 

Related Post: Creating a New Financial Zero

What are Your Goals?

Share with me what your goals below. By sharing below, you are holding yourself more accountable because more than just you knows about your goals.

Also, this way, I can check in with you on your goals throughout the year.