Hands up if you\u2019ve ever set a New Year\u2019s resolution that actually lasted beyond the end of January.<\/p>\n
Now, you\u2019re on the other side of a screen, so we can\u2019t tell exactly how many of you have a hand in the air, but we\u2019ll assume that not many of you stuck with it. Really though, it\u2019s understandable. On January 1st, we\u2019re excited. New year, new me.<\/p>\n
But even though it\u2019s a fresh start and a new opportunity to break a bad habit or two, and take a step in the direction of who you want to be, only 8% of resolutions actually last. So, don\u2019t feel bad about dropping your resolutions. It happens to just about all of us.<\/p>\n
Now, just because most New Year\u2019s resolutions don\u2019t last, that doesn\u2019t mean yours have to suffer the same fate. It just means you need to take a different approach to your resolutions.<\/p>\n
Make your goals realistic: if your salary is $40,000, you shouldn\u2019t try to save $20,000 this year. You\u2019re setting yourself up for failure. Instead, try to save 10-15%, or commit to paying off a specific piece of debt.<\/p><\/blockquote>\n
Set specific goals: don\u2019t just say \u201cI want to save more this year\u201d or \u201cI want to get out of debt\u201d. Zero in on specific, achievable goals, like building a $3000 emergency fund, or paying off your credit card.<\/p><\/blockquote>\n
Plan the how<\/em>, not just the what<\/em>: so you want to save $5,000 this year. That\u2019s great. But how will you get there? In addition to saving money, you\u2019ll also need to stop spending to get there. Whether that means no more lattes, brown-bagging your lunch or skipping a night out every month, you need to figure out how<\/em> you\u2019ll hit your goals.<\/p><\/blockquote>\n
Develop milestones: in addition to your big goals, break them down into multiple milestones. Smaller milestones like putting $250 into your high-interest savings account<\/a> or onto your credit card each month are easier to work with than larger ones. In addition to making your goals feel more feasible, you\u2019ll also build momentum along the way.<\/p><\/blockquote>\n
Talk about it: tell your friends. Tell your family. Tell your coworkers. Let them know what your goals are, and rely on your inner circle to help keep you in check.<\/p><\/blockquote>\n
Give it 3 weeks: studies say that a it takes 21 days to build or break a habit, so before worrying about the whole year, start by focusing on getting through the first three weeks of 2021. Once you make it January 22nd, you should have adjusted to your new behaviour or goal, and you\u2019re off the races from there.<\/p><\/blockquote>\n
Celebrate the small wins: for example, if your goal is to hit $5,000 in your TFSA<\/a> this year, and you\u2019re starting off with $50, be proud of yourself when you hit $1,000 and $2,500. It\u2019s a huge deal to break into 4-digits, and to hit the halfway point. Give yourself a bit of love for sticking to your goals!<\/p><\/blockquote>\n
<\/p>\n
In addition to these seven tips, there\u2019s one big thing to keep in mind: resolutions aren\u2019t just for New Years. You don\u2019t need to wait for December 31st or January 1st to kick a bad habit or try something new. A new year is a great chance to start fresh, but so is a new month, a new week, or even a new day. Whenever you realize a change that you want to make, whether with your finances or any other part of your life, make a plan to hit those goals and you set yourself up for success. You\u2019ve got this.<\/p>\n
<\/p>\n
If you liked this article, you\u2019ll definitely like <\/span><\/i>Hardbacon\u2019s mobile app<\/span><\/i><\/a>, which links to your banking and investing accounts, helps you <\/span><\/i>plan your financial goals<\/span><\/i><\/a>, <\/span><\/i>budget<\/span><\/i><\/a>, and <\/span><\/i>invest better<\/span><\/i><\/a>. The basic version of the app is <\/span><\/i>free<\/span><\/i><\/a>, but you can do more with <\/span><\/i>Hardbacon Premium<\/span><\/i><\/a>. As a loyal reader of our blog, you can get 10% off any Hardbacon Premium subscription. To take advantage of this promotion, use promo code BLOG10 when subscribing through <\/span><\/i>our website<\/span><\/i><\/a>.<\/span><\/i><\/p>","protected":false},"excerpt":{"rendered":"
Hands up if you\u2019ve ever set a New Year\u2019s resolution that actually lasted beyond the end of January. Now, you\u2019re on the…<\/p>\n","protected":false},"author":86,"featured_media":4983,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_uag_custom_page_level_css":""},"categories":[356,361],"tags":[],"acf":[],"nelio_content":{"isAutoShareEnabled":true,"autoShareEndMode":"default","automationSources":{"useContentSentences":true,"useSocialTemplates":true,"useCustomSentences":false,"customSentences":[]},"followers":[],"suggestedReferences":[],"includedReferences":[],"efiUrl":"","efiAlt":"","highlights":[]},"yoast_head":"\n
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