New Year’s resolutions are a common way for people to set goals and make positive changes in their lives. However, when it comes to money resolutions, it can be difficult to achieve lasting change.
One reason that your money-related resolutions fail to stick is that they are often too broad or vague. For example, a resolution to “save more money” or “pay off debt” doesn’t have enough detail and lacks specific action steps. Without a clear plan and specific goals, it can be difficult to stay motivated and make progress.
Another important factor for your financial resolutions is to ensure that they align with your most important life goals and values. Let’s say your resolution to save more money conflicts with your desire to spend more time with family or travel, then it is unlikely to be sustainable over time.
Instead of making ‘fuzzy’ resolutions, it’s most useful to be intentional with your money and make spending decisions that are aligned with what you want to achieve over the next 12 months. By setting specific financial goals, such as saving $100 each fortnight, or paying off $1,000 in Christmas Credit Card debt before 30 June, you’ll be more likely to hit the target.
No matter which money resolutions you choose, making a budget and sticking to it (most of the time) will be a central component of your success. Through being mindful of your spending and making conscious decisions about where you allocate your money, you’ll find that you feel more in control of your finances.
In addition to setting specific financial goals, it’s important to focus on building financial confidence. This may involve learning about personal finance, seeking guidance from a financial adviser, or working with a financial coach. Building financial confidence can help you feel more in control of your day-to-day position, while ensuring that the bills are paid on time and supporting smarter financial decisions.
Financial stress can be a major burden and can negatively impact our personal wellbeing. When we’re able to take control of our finances and reduce financial stress, it can give us an amazing sense of freedom and empowerment.
As you feel more confident, you’ll be able to pursue goals and dreams without the weight of financial worries holding you back. Lowering or removing financial stress can also improve our relationships and overall quality of life. With your finances in order, it will allow you to focus on what is most important in your life, without the constant stress and anxiety around money matters.
Ultimately, the key to achieving lasting change with your money is to focus on what is most important to you. Whether it’s spending more time with family, saving for a home or renovation, or pursuing other life goals, it’s important to make spending decisions that align with your values and priorities. By being intentional with your money and focusing on what matters most to you, you can achieve lasting financial success and happiness.
As the New Year approaches, may it bring you joy, prosperity, and the financial freedom to make the most of the opportunities that come your way.
Happy 2023! Remember that even small steps towards your goals represent real progress, so keep going, and you’ll be on your way to winning with money.
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