Photo by Miguel Á. Padriñán

While we do not have much to offer on keto diets or exercise regimens, we do have some tips for making money resolutions that stick this 2023.

You may only have one resolution this year. You may have a laundry list of keys and a goal of being so self-actualized that your family and friends will hardly recognize you! You resolve not to have a resolution. This year make money resolutions that stick.

Wherever you may fall on the spectrum, it is a fact that, according to a survey conducted in 2021, saving money is the second most favored resolution in America, right after leading a healthier lifestyle.

Below are some tips when it comes to making financial resolutions. Read on.

Tip #1. Set a Goal. Write It Down. Goal setting gives you direction. You can choose your destination and make a plan to get there. This might seem small, but it is not. Not only is goal setting linked to self-confidence and higher achievement, but writing down your goal can make you 42% more likely to succeed.

Tip #2. Get Clear. Deciding on a specific goal and getting clear on your priorities are two keys to success. When it comes to your financial situation and money, set aside some time to reflect on what you want to achieve and be specific. Ask yourself these three “W” questions:

  • What do you want to achieve?
  • When will you accomplish it?
  • Why does it matter to you?

Envisioning a dollar amount can lead to success, whether it is a distinct figure to save, earn or pay off in the year ahead. Keep that figure alive by tracking it in an app or writing it down. An actual dollar amount makes for a tangible goal. Give yourself a deadline while you are at it to motivate you even further.

Tip #3. Be Realistic and Positive. Goals can help us and challenge us to grow into a new future. Choosing an attainable goal is another vital part of success. Be sure it is a realistic goal, given your distinct situation. Given your expenses, income, and debts, is it realistic to spend $200 on your plan each month? Can you pay it off even faster by spending $250 a month? Or does your budget allow for $100?

Staying realistic and optimistic shows you how much you can devote to accomplishing your money resolution.

Tip #4. Hit Those Milestones. Making your goal measurable will aid it to stick. Keeping an eye on your progress can help you stay motivated and focused. Tracking progress on a spreadsheet, an app, or a simple notebook enables you to see your future getting closer and closer. Break your goal into little milestones. This makes it simpler to see your progress and less intimidating.

Laud your success along the way. Celebrating wins actually “trains your brain” by fortifying your new habits, making it easier to stay on track if you hit a hump in the road at some point.

Tip #5. Make and Work the Plan. Money resolutions often go by the roadside if they are goals without a plan. A plan outlines how you will achieve your goal. Keep it simple. The plan might define how much you will spend toward your goal, how often you will make deposits on it, and the method you will use to transfer money toward your goal. For instance, automating monthly payments or savings goals is proven to help people stick with money resolutions.

Decide one habit at a time to change. For example, if you need to lessen your credit card spending, focus on making that change as your first milestone. Then move on to setting money aside for payoff.

Ready to make changes that are attainable?

This 2023 is your opportunity for success. There is good news – you do not have to go it alone! The Law Offices Of Ronald E. Stadtmueller, a Bankruptcy Debt Relief San Diego, is ready to work with you for options to get out of debt and improve financial wellness. When you have exhausted your resources, the benefits of filing bankruptcy often outweigh the risks. We aim to help you achieve freedom from debt and start fresh. Let us evaluate your current financial situation and discuss the options available so you can regain control today. Contact the Law Offices of Ronald E. Stadtmueller to schedule your free consultation.

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