How to Achieve Your New Year’s Resolutions(including your financial ones!)

As a new year begins, it is normal to want to establish new goals and resolutions for the upcoming year. How can we make sure we set up achievable and meaningful goals? Here are some ideas:

Start by setting the right kind of goals

As part of our financial wellness, here at the Financial Wellness Center we always encourage students to evaluate their values before establishing financial goals. This concept is applicable to any type of goal: financial, physical, intellectual, etc. When you define what is important to you, what brings you joy, then it is easier to set goals and be motivated to achieve them. If you don’t have a clear vision of your goals and your why (value) behind it, you can feel like Alice in Wonderland, not knowing what path to take because you don’t know where you want to go. So, before reaching out for pen and paper to write down your goals, you should write down what brings you joy—what things you value, what you are passionate about. Now, identify how money relates to those values. Usually, looking where you spend your time and money is a good way to find your values. Having a clear vision of what you want to achieve and the values you uphold is the first step and the foundation for successfully achieving your goals.

Every trip starts by knowing where you are standing now

Another important part of establishing goals is knowing where you are now. Financially, this may imply analyzing how your expenditures have been lately. It is very interesting that most of the time, people avoid looking back over their past behavior because they are afraid of what they might find. However, a lot of times, things are not as bad as you might think they are. And remember, as with any trip, if you don’t know where you are now, it’s hard to know how to get to your destination. In addition, in the same way that you need a GPS or a map to move from point A to point B, you will need some tools to help you reach your financial goals.

Choose an approach that resonates with your lifestyle

Here are some ideas you can use when planning for your next financial destination:

• Plan goals that are Specific, Measurable, Attainable, Relevant, and Time-bound (S.M.A.R.T. goals). This might imply breaking out your goals into smaller, more achievable ones with a time frame that you feel comfortable with and that accommodates your financial situation.
• Visual reminders: another way of keeping your goals present is by creating visual aids and keeping them close by. This could include a visual board, a collage, and maybe keeping a picture of your visual board in your phone’s home screen.
• For goals that include some kind of savings, automating your savings directly from your paycheck can help you lower stress and worries. In addition, remember that saving your money in a High Yield Saving Account (HYSA) is very beneficial in keeping up with inflation so your money does not lose purchasing value.

Assess and adjust

Remember that the only thing constant in life is change. Since we know that things change, it is important to review how we are doing in reaching our goals. Did something happen in our life that our goals needed adjustment? Is our strategy working for us? Remember that life happens and that the only thing we have control over is ourselves. So, every couple of months, evaluate where you are in your journey and make adjustments as needed.

Also, remember that you are not alone in this journey. There are a lot of resources around campus available to help you reach your goals. And for all your financial goals, the Financial Wellness Center is always ready and happy to help. So, remember to use this service as often as you need!

 

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