Friday Catch-Up: How to Keep Your Financial New Year’s Resolutions

Many New Year’s resolutions are somehow related to financial goals. You may want to get a high-paid job, spend more on your summer vacation, or qualify for a quarterly bonus. However, to stick to such kind of resolutions is a tough call. The study shows that one in four resolution makers fails after the first two weeks. To improve your chances of success in 2017, try the carefully selected suggestions below.

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Ensure that Your Resolution Is SMART

Everyone knows about SMART, but people rarely keep that in mind while thinking about how much they want to put on their savings accounts each month. Stephen Wendel, head of behavioral finance at investment research firm Morningstar, advises to “be a slightly pessimistic when setting your goals.” And we suggest that you give yourself a specific deadline and specify how much money you want to have on your account at the end of 2017.

Track Your Progress

Your goal should be measurable, remember? Creating a feedback loop is useful. You should study the monthly statements online or in the mail from your bank, calculate your expenses, and discuss your situation with a financial advisor. If it’s fine with you, discuss your financial goals with friends or family members. Sharing truly helps, as Cynthia Boman Thompson, certified financial planner and director of financial and accounting services at Cinder Finance, suggests.

Be Focused on the Main Important Financial Goal

You may hardly achieve many financial goals during 12 months. It is hard to pay off your mortgage, increase your savings, and finance your child’s education at the same time. So, focus on a single goal if you want to improve your financial life and feel the difference.

Use Your Surroundings to Help

Your environment can prevent you from reaching your financial goals. Have you ever thought about how much you spend at that mall nearby when shopping for groceries after work? It’s a good idea to limit exposure to situations when you may purchase something that you don’t need. Instead, keep yourself from temptation and change your route, e.g. shop for goods in a small shop near your office.

Solve Financial Tasks Using Your Smartphone

Automating your financial processes will help you achieve your New Year’s resolution goal. Credit card issues, bank transfers, investment payments, and other operations can be done on your mobile device. John Norcross, University of Scranton psychologist, says: “Apps may help with this, at least in the short run.”

We recommend you to check out this review of the best smartphone finance apps for budgeting, saving, and investing if you use an Android device. The best mobile finance apps of 2017 for iOS are provided here.

You may also check out this 6 proven ways to make your financial life better in 2017 from Forbes:

Either way, people who make any kind of resolutions are 10 times more likely to successfully achieve their goals than those who don’t. So, keep your financial New Year’s resolution simple and believe that you can do it.

Best wishes for a happy, prosperous 2017!

P.S. And remember to reward yourself for your personal success.

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