New Year’s Resolutions Part 2
It’s Time to Buckle Down – Part 2
Last week, we took our first steps toward establishing good and attainable New Year’s Resolutions. Statistics show that most people give up on their resolutions before Valentine’s Day. We think that there are about 10 reasons why resolutions fail and we hope to provide you with a little hope as we enter the New Year – TOGETHER.
Here are Reasons 4 through 7.
#4 – Time Management
There are times when you realize that budgeting is not easy and it takes time and effort. Have you ever walked up to the cash register at the grocery store and realized that you are about to spend part of the money that you need for your electric bill? Budgeting is not something that you can do for 30 minutes per month. It has to become a full mindset for you and your family. When you walk into the grocery store, you need to know EXACTLY what you can spend on this visit and commit to NOT going one cent over your plan.
Break your budget into small and manageable pieces to make it easier. Do you find that a monthly budget doesn’t work for you? Break it down into a weekly budget and work to be successful in smaller pieces.
#5 – It is just a Hassle
Many give up on their resolutions if it requires too much effort. Make it a game and get creative. There are dozens of great apps that are available to help you stay on track. We often take a “restaurant” vacation for a given period of time. Spending extra money on restaurants is our Achilles Heel and we have realized it to be our weakness. We take a “vacation” for two or three weeks at a time and then treat ourselves. Get creative and work together. It doesn’t have to always be so hard.
#6 – Unrealistic Resolutions
Do you fantasize about being debt free? Have you wondered what it would be like if you opened the mailbox and there were no more credit card bills? These dreams can happen for you but it will probably not happen fast. It took you quite a while to get into debt and into your financial situation. You should be very realistic about how long it will take you to get out of debt.
You should also be “real” with yourself and take a look at yourself and your own behaviors. All resolutions – especially ones associated with your finances – require that you change your behaviors. It isn’t easy to slow down, look in the mirror and realize that YOU need to change so you can make progress. It is much better for you to succeed at a smaller and more manageable plan than to fail at a big one.
#7 – No Plan
This may seem silly but you have to put a plan together. The plan needs to be done – every single week/month. When we are sitting down with clients, we often ask them if they know of anyone that has ever tried to build a home without creating a blueprint. We would never dream of walking out to a construction site, buying our materials and starting to build a home without putting a plan together and making sure that all of our contractors understand exactly how to go about the project. In a similar fashion, why would you take your family’s income and expect to hit your financial goals without a plan in place? Write it down, put it into your computer, save it on your app! Whatever you do, put a plan together and stick to it.
More tips next week – We promise!
Can’t wait to hear the last Three Reasons? Email us today and we will get them to you immediately and we can also schedule your free consultation. We would love to help you get this plan started. It is what we do at Hollander & Associates.
Please let us know how we can better serve you.