Between Christmas and New Year’s, it’s time for reflection and resolution…Fiscal Fitness Clubs of America
Soon the rush of the Holidays will be past and we’ll have that precious period that feels like a small lull between the busyness of last year and the burst of energy the new year brings. It’s a time to enjoy family, relaxation and contemplate successes and challenges. That, of course, brings us to the infamous New Year’s Resolutions. This is when we decide that we want to be better selves. We want to be patient, make more friends, sleep better, exercise more, spend time with family, and the standard lose weight and improve our finances.
Losing debt and losing weight are in the top 10 New Year’s Resolutions. 34% of Americans have money resolutions according to the Statistic Brain. According to Time, losing weight and getting out of debt and saving more money are also in the top 10 broken resolutions.
This blog is about creating some Fiscal Fitness Resolutions and then how to stick with them.
Here are some common fiscal resolutions and their benefits:
- Getting paperwork organized – saves times and frustration throughout the year…and is part of crisis planning.
- Setting up and sticking to a budget – you get to make conscious choices about your money rather than relying on habits and convenience, so you get more of what you really want from your money.
- Reducing DEBT– way less stress both now and in the future because of the freed-up cash flow
- Saving for emergencies – when the car breaks or you lose your job, you’ve got resources.
- Paying more attention to my investments – makes sure your money is working as hard as you are for your future.
- Saving for a vacation– lets you stay out of debt, because you’re building in things you want and you can’t delude yourself that you can buy the stuff and have a vacation. Makes vacations much more fun too!
- Funding education – funding a future and letting the child know that you’re doing it increases their chances of success in the future.
- Saving for retirement – your future self wants to eat, too! You buy friends lunch out, so why not your future self?
- Getting legal documents completed – takes a load off of everyone, if you are prepared for life’s challenges.
- Get a financial Plan – that pulls it all together and lets you know how to reach your goals and cover your risks.
Pick your resolutions and then develop them into explicit plans. Here’s the research about how to make sure you stick with your resolutions to be a better you and get what you want from life.
- Goals/resolutions need to be written down, along with the motivation and plan. For example, “I want to reduce my credit card debt by 25% this year, so I reduce my required monthly outflow, which will mean in the future I can be less stressed and achieve my other goals. I’ll do this by cutting my eating out budget by $150 and putting that towards my cards. Additionally, I’ll track my progress every month and look for lower interest debt options by the last day of January.” People who make explicit resolutions are 10 times more likely to attain their goals than people who don’t.
- Tell somebody else and make a commitment. Telling your best friend, your spouse/partner, your child, your parent, your sister and even a stranger what you are committed to makes it stick in your brain. The more people you tell and ask to check in with you during the year, the higher your chances of success, if it’s a sound plan. Saving 80% of your income is not a sound plan, so make sure it’s sound and then commit.
- Create auto reminders. Break down tasks and put them in your calendar, on your fridge, your morning mirror, around your credit cards, on your work monitor, and in an appointment reminder designed to show up every day right before you leave work. Your brain will start believing it and working with you to make it real.
- Track your progress and brag with your money buddy, your partner, your sister, your mother, your girlfriend, and the people in the elevator when you’re succeeding, and then let all those people know when you aren’t. It will increase your motivation for success. (If you do the elevator one, please send us a selfie with your new pals!)
- Have a plan for when life gets in the way. Recognize how you’re going to adjust and then catch up, if life gets in the way. Oh, an extra car repair bill? That means next month NO Starbucks or eating out until I catch up or I’ll have to sell my Star Wars collection. No “oh, woe is me!” Have a plan. Be committed!
So, we’d love you to post your New Year’s Fiscal Fitness Resolutions on our blog with a really fun hashtag such as #CreditDownCathy, or #EmergencyReserveEmmy, #NewCouchSandy”, etc. And keep posting how you are doing. We want to know!
Did you notice that those common New Year’s resolution topics and steps to making sure you achieve them sound like our Fiscal Fitness Clubs? Yup! All those topics are covered in our action classes. We create the auto reminders, track your progress, and give you somebody who checks in. We even will work with you to come up with strategies when you fall behind. We just took all those things that people need to do to stay on top of their money and implement their financial resolutions and made it a business. We’re the plan to help you stick to your plan! Of course you can do it without us (we hope), but let us help you be the person you want to be next year with your money! Remember, it’s all about GETTING WHAT YOU REALLY WANT FROM YOUR MONEY & LABOR in 2017.