A fresh start, a new season, New Year is synonymous with new goals, determination, and mindset. We’ve all been there with a page long list of New Years Resolutions we’re hoping to accomplish this trip around the sun. Be healthy, save money, spend more time with family… the list goes on.
The reality is, whether we make a resolution or not, most people have some sort of financial goal on their mind. “Save money” being the most vague, yet most popular, we hear about. You’ve heard the term SMART goals, but does it really matter? Can’t you simply have a goal of saving more money and just see how it goes throughout the year?
It turns out it does matter. A study recently showed that people who set realistic, measurable goals and wrote them down were 43% more likely to achieve their goal than those who didn’t.* So instead of “save more money” what are some examples of better defined goals we can set in the coming year?
Clearly defined goals are easier to manage because they give individuals exact metrics that can be measured and adjusted throughout time. If you’re a New Years Resolutioner, go through the goals you’ve set and see if you can even further define them so that you know exactly where you stand at any point throughout the year. Your New Years Resolution is not a waste of time if you set yourself up for success from the get-go.
If New Years isn’t the time that you typically set goals for yourself, make sure that when you do reflect and think about where you are, where you want to be, and how to get there that you define the process thoroughly and check in with yourself regularly.
The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual.