A New Year is always a good time to make a fresh start and some resolutions! Psychologists say that most goals are abandoned well before the end of January. This is why gym memberships are pushing year-long memberships now! To help you be successful this year, I want to give you a piece of advice: Be kind to yourself, and be patient with yourself. We generally abandon our goals because we fail at them, and we think it’s all over. It’s not. If you set a goal and you fail to achieve it, just set it again. Set it small enough that it isn’t overwhelming, and set it in a way you can live with it for the long term. Review your goals every three months to be sure you are still on track.
Financially, one of the things you can do to help your success is give yourself spending money. When people set budgets, they are often unrealistic. Those budgets never work. Instead, give yourself permission to do a few of the things you love to do. If you enjoy eating out, then cut back by 50% or 75%, but don’t totally eliminate it. Save expensive coffee drinks for treats rather than daily fare. If you like to shop, begin by window shopping. If you really want to buy it, do it on the second trip. This will lower your impulse purchases.
If you are trying to add new behaviors, set them up to happen automatically. Have your bank transfer money to your retirement account automatically, or set your credit cards to pay off at a faster rate than the minimum payment.
Remember that you are the one who controls your finances. Your finances do not control you. Your budget is your creation. Look at it as a challenge, not a punishment. Your retirement savings will allow you to live the life you want for maybe thirty or more years. When you are the one in power, your world will be less stressful, and you will feel less victimized by your money. This empowerment will help you prosper all year long!
Be Prosperous! Peggy