Sticking to any goal can be tough, and it is doubly tough when it has to do with money. If you’ve resolved to save more this New Year, here are our best tips on how to stick to your goals.
Break it Down
If your goal is to save five, ten, or twenty thousand dollars, don’t think it’s all going to happen by March. Break that savings goal evenly into twelve little bite sized pieces. Then every month, you have a concrete goal you’re working towards that will help you reach your resolution for the year.
Have a Vision
Maybe you’re saving for retirement, a family vacation, or your kids’ college fund. Whatever your goal is, give yourself visual reminders. Put a change jar on the counter with a picture of your dream vacation spot. Even your phone lock screen can be a good reminder to not overspend. Surround yourself with reminders of what you’re working towards, so you aren’t tempted to impulse purchase and instead you’re excited about your savings
Be Realistic
Your resolutions should be something attainable. Look at your budget from the previous year, see where you can cut back, and start saving. Obviously, you can’t cut back on your essential expenses – for instance you have to feed yourself. Be realistic about how much you can save each month, whether you’re willing to take on additional work or projects and go from there.
Resolutions can be difficult since they take your commitment throughout the year despite the rush and complications life can throw at you. Don’t get discouraged if you get behind on your goal one month. Just sit down and decide the most realistic way you’d like to get back on track. Even if at the end of the year you come up a little short on your goal, you’ve saved a considerable amount of money you might’ve otherwise spent. Rather than be disappointed, keep working towards your goals.
