Contributed by: Robert Ingram, CFP®
Set a goal to keep your goals. With the start of January, it’s that time of year again. You’ve likely made one or more New Year’s resolutions whether it’s getting back to the gym, improving your financial life, or spending more time with family.
But sometimes the goals we set can be hard to commit to. We begin with the best intentions and later find that we’ve broken our resolutions within the first few months. In fact, a U.S. News & World Report survey says as many as 80% of resolutions fail by the middle of February.
So, how can we be part of the 20% who succeed?
Try these ideas:
Keep your goals focused: You may have several things you wish to accomplish in 2020, but begin with no more than 3 goals. Juggling too many can make it difficult to stay organized. Your energy and attention can only stretch so far. Focusing on fewer goals helps you prioritize what you value the most.
Be specific: Saying “I want to lose weight” or “I want to save more for retirement” may be well-intentioned, but it’s not specific enough to wrap your mind around. Instead, define your goals further by saying “lose 10 pounds over the next the 3 months” or “save an additional 5% of your income in your 401(k)”.
Make them actionable and measurable: Now that your goals are specific, it’s time to make a plan. If your goal is to lose weight, plan on going to the gym. Write down what days you’ll go and what exercises you’ll do. This allows you to quickly assess your progress and figure out what adjustments are necessary.
Shorten the timeframe: Don’t risk losing motivation. Break down quarterly and monthly goals. Making progress more frequently makes goals more manageable, even if the wins are smaller. If your goal is to save money, look at your spending habits by the week or even the day.
Be accountable to a third party: Have someone hold you accountable or even motivate you. A family member, friend, colleague, or mentor could help. If your goals are financial, of course your planner can be your accountability partner…helping you establish goals and developing actionable steps.
Like any good plan, the best way to achieve success is to put it in writing, take action, and improve along the way. Wishing you a healthy and prosperous New Year!
Robert Ingram, CFP®, is a CERTIFIED FINANCIAL PLANNER™ professional at Center for Financial Planning, Inc.® With more than 15 years of industry experience, he is a trusted source for local media outlets and frequent contributor to The Center’s “Money Centered” blog.