So it’s a new year and you have told the universe that this is going to be your year where you get serious about saving money.
Then New Year’s Day rocks around and, if you are anything like me, you probably have a little bit of a champagne headache and are feeling slightly less enthused about your goal.
Then you head back to work and get busy with life and before you know its February and you’ve forgotten all about your plan to save more.
This is a very common story because University of Scranton research suggest that only eight per cent of people achieve their New Year’s resolution.
The good news is there are some steps you can take to make it easier to stick to your money resolutions:
Set a goal that you actually care about.
Often the reason we fail at sticking to a goal is that we are saving for something that’s not really important to us.
Let’s say you are saving for a house. But you just can’t seem to stick to your budget. It could be because you don’t really want a house as you don’t really value security.
Instead, you might be saving for a house because you think it’s the right thing to do because your mum and dad or society expect of you.
But maybe you would find it easier to save if it was for a holiday as you really value freedom or adventure.
It’s easier to say no to that new pair of shoes (or whatever your savings kryptonite is) if you are saving for something that is important to you.
So before you start your budget ensure what you are saving for is something you really value.
Write your goal down.
If you want to increase your chance at achieving your goals then Dr Gail Matthews, a psychology professor at the Dominican University in California, tells us by just writing them down you are 42 per cent more likely to achieve and this further increases if you share it with someone else.
So if you are serious about your goal why not jump into our free community The Savings Squad and let us know what you are working towards as just by doing this you nearly double your chances of achieving it.
Being reminded of your goal regularly will also help to keep you focused after the initial motivation/excitement has occurred. So consider:
• Having a photo of your goal as your phone or computer screen saver
• Incorporating it into your password eg “Newyork2019!”
• Stick a Post-it note on your bathroom mirror
Have an accountability buddy.
Have you ever found it easier to exercise when you are in a team or group setting but you just can’t seem to drag yourself to the gym?
If you answered yes then it could be because like many of us you are an “obliger”. This is where we can meet other people’s expectations (we don’t want to let them down) but struggle to meet expectations we impose on ourselves.