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Top 5 Tips: How to Stay On Track with your New Year’s Resolutions

Financial Coaching NYC_Diamond NestEgg

80% of us give up on our New Year’s resolutions in February, regardless of whether they are financial, health, job or relationship-related. Here’s some tips on how to be a part of the 20% that gets back on track and stays there.

 

1. Go back in time. No, unfortunately, we still haven’t created time machines since the making of Back to the Future. What we mean is – think back to December 2019. What motivated us to make the resolutions we did? Was it too many glasses of wine? Too much ham? Or was there really some sound rationale behind those New Year’s resolutions? Well, now’s the time to take a second look at those reasons and see whether they are powerful enough for us to give things another try. 

 

2. Make your resolutions Febsolutions – with a number and a time! What’s a Febsolution? A January resolution that we’re giving another shot in February because it’s still important to us – even after the buzz of holiday wine, ham and the hallelujah of new beginnings has died down. Not every resolution gets to be crowned a Febsolution – just the ones we think are really worth giving a second shot to. Choose the ones you would feel most rewarded by if you were to see them through.

Most importantly, make sure these new Febsolutions have a number and a time: “I will save all my $5 bills for the next six months” or “I will put $1,000 more each month to paying off debt”. This makes our Febsolutions more actionable and measurable, increasing the likelihood of success.

In our small (but growing) Febsolutions group, all of us have failed New Year’s resolutions. However, our Febsolutions – the resolutions with added focus and clarity – have been the ones to succeed.

 

3. Create a happy, supportive place. One of our regular financial workshop-goers set a New Year’s resolution of saving all her $5 bills for the next six months. She told me last week: “My friends and I agreed to start this in January and I’ve saved nearly $500 dollars, but I don’t call my friends. I know they’re not doing it, so I’m just going to keep doing what I’m doing and see them in six months to see where we’re all at.” A supportive network and environment that’s aligned with what we want to achieve greatly improves our chances of reaching our goals – that’s why she keeps coming to our workshops!

 

4. Up the game. If we’re breezing through our January resolutions or our Febsolutions, then we can increase the stakes. Instead of saving just $5 bills, save $10 bills as well – yes, that is what our $5-bill-saving friend did and it’s awesome! Instead of not drinking alcohol and not eating chocolate in just January, don’t drink alcohol and don’t eat chocolate in February either – that’s what my neighbor and I are doing. Not sure if the leap year bit is supposed to be good or bad in this respect! 🤔

 

5. Relish your achievements & pay it forward. Optimism breeds more optimism and success breeds greater success – whether financially, physically or mentally. Bathe in the glory of reaching your goals, tell others about it and share with them your tips and tricks so that they can do the same.

 

What’s your Febsolution? Comment below and let us know.

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