How to actually make financial resolutions successful this year

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Never give up on your resolve.

For the last two years, I have taken my son to swimming lessons at the local athletic club. Last January it was so crowded that the parking lot was full. I asked his swimming teacher what happened. Don’t worry, she said – they’ll be gone by February.

I noticed the same thing happening this year, as it did last year. And this is not uncommon. In fact, if you have taken any solution, including financial ones, you may have already begun to give up on moving forward with that solution.

If that’s happening to you, there’s no need to abandon your plans to improve your money situation this year. By following these four tips, you can actually achieve the goals you set for yourself .

1. Make sure your goals are specific and measurable

Without a concrete action plan, it is very difficult to implement a solution. So make sure the goals you set for yourself are detailed. For example, if you decide to “pay off your debt,” go back and change that resolution to something more specific. Instead, you might decide to pay an extra $150 a month on your credit card.

The more specific and detailed you are, the more likely you are to actually achieve a solution because you will know what to do and whether you are doing it.

2. Make realistic decisions

If you can’t achieve the goals you set for yourself, you will inevitably give up. So don’t go too far with your goals. If you really can’t afford to pay $150 extra each month on your credit card, adjust downwards and commit to paying an extra $50. Yes, you won’t be making progress anytime soon, but at least you’ll be doing something to improve the situation.

3. Choose a goal you really care about

If you are not satisfied with the financial solution, you can easily abandon it. So pick what you’re passionate about. If you’re not too excited about paying off your debt, you might decide to put some money aside in cash to pay for your next vacation instead of putting it on your credit card. By doing so, you can get better results as a result, and succeeding in one money goal is better than failing in a “better” goal.

4. Recruit an accountability team

Finally, do regular check-ins and hold someone accountable for the solution. If you know you need to report your progress to a partner or friend, you are less likely to neglect achieving the solutions you have made. Also, when someone cheers you on, it’s fun to work hard toward your goals.

Following these four tips will make it easier to make sure your resolutions stay on track, not just in January, but throughout 2023.