Get more specific, stay flexible to stick to your financial New Year’s resolutions
Save more, spend less and pay off debt are popular New Year’s resolutions — and perhaps the ones most likely to fall by the wayside a few weeks into the year when reality sets in and expenses derail plans. But an early-in-the-year setback, like paying your health insurance deductible or the credit card bills after a costly December, doesn’t have to knock you off course.
“My goals are more tangible this year,” says Yasmeen Alshabasy, a Los Angeles-based clinical study assistant. “They can be measured and quantified, instead of the symbolic plans I’ve made previously, like gaining more financial freedom.” She has an exact savings goal for the year and plans to use an Excel spreadsheet and tracking app to monitor her weeklyAlso, make sure goals are within reason and won’t cause added stress.
Choose a check-in interval that feels reasonable for you to regroup: long enough that you’ll have made progress but not so long that there’s no time to pivot if necessary.Keeping track of your financial progress throughout the year can add an unnecessary mental load to your plate. Consider implementing some automation to your money goals, like a monthly account transfer you can set and forget.
For credit card debt, you could schedule monthly payments that are bigger than the minimums. Taking that responsibility off your hands in advance can reduce day-to-day financial stress and make it more likely for you to meet your targets.can be worth the cost. Look for a licensed, registered fiduciary, preferably one who is fee-only, meaning they don’t make commissions by selling you financial products. Finding a certified financial planner, or CFP, is a good place to start.
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