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| Setting Financial New Year’s Resolutions |
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In nearly every area of our lives, including our financial well-being, one of the most powerful motivators is setting goals. Many people misunderstand this tool, thinking that merely wanting something for the future automatically makes it a goal.
Effective goals-setting, however, involves making a commitment to reaching an objective. The commitment has to be compelling – something you want so strongly that you won’t abandon it when times get tough. And it has to be something that requires much more than just an average effort. After all, why go out of your way to set a goal if accomplishing the objective comes very easily?
There are a number of ways to make goals-setting an effective tool for reaching even the most difficult accomplishment. Maybe you would like to get your credit cards paid off. Or perhaps you would like to buy a new car, without taking out a loan.
The first thing you should do, once you’ve decided what your goal or goals are for this year, is to remind yourself of it on a regular basis. At the very least, you should write your goal down and post it where you will see it every day.
Another great motivational tool is to surround yourself with photographs of what you are striving for. For example, if your goal is to save enough money to go to Hawaii, try cutting pictures of Hawaiian scenes out of magazines and plastering them around your home or car, or tacking them to the bulletin board next to your desk.
The other part is commitment. Once you’ve decided what you are going to accomplish, be confident. Tell everyone you know that you are going to achieve that goal. If you’re in sales and you can earn a bonus for achieving a certain sales level, tell all your co-workers about it. The commitment of declaring your intentions makes it a lot harder to quit when times get a little tough.
Here are a few financial New Year’s Resolutions you might try. Feel free to clip them out and tape them to your bathroom mirror.
- I will consider the difference between what I want and what I need before every purchase.
- I will be aware of the effects of advertising on the financial decisions I make, and resolve not to be influenced by them.
- I will take care of my finances today by making a spending plan to map out my income and expenses.
- I will take care of my finances tomorrow by saving for goals, emergencies, and my future.
- I will meet the credit obligations I have made on time and as agreed.
- I will continue my personal education about financial health, budgeting, credit, and personal debt.
- I will plan, beginning today, for the next holiday season, and will not include credit cards in those plans.
- I will teach my children the importance of budgeting, saving, and practicing smart credit habits.
- I will review my credit report once per year to check for inaccuracies.
- And finally, if I am over-obligated, I will take the necessary steps to seek professional credit counseling assistance.
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