The first month of the New Year is basically behind us.
Most people end the year by dreaming up a list of resolutions or goals they want to accomplish moving in the next 12 months.
But sticking to those goals can be hard, especially when it comes to goals centered around finances.
Here are some tips on how to handle your money, courtesy of Pamela Yellen, who wants to help keep you on the right track over the next 12 months.
Change Comes From Within
Understand that real, permanent change is usually driven by your own desire, rather than outside pressure.
Enlist Allies To Help You Stay On Track
An ally – whether a professional for hire, a friend or other mentor – can help you reinforce your commitment.
Set Incentives And Consequences
When you make your commitment binding, you increase your chances of success. Plus, it’s fun to reward yourself when you reach a goal!
Don’t Set Yourself Up For Failure By Insisting On An All-Or-Nothing Change
This is one of the main reasons people fail at keeping New Year’s resolutions or achieving other goals. Don’t fall victim to the voice in your head that says ‘You blew it.’
Remind Yourself Of Your Goals
Sometimes all it takes to stay on track is to pause and consider whether what you about to buy is more important than your goal. One of my favorite ways to do this is to wrap my charge cards in a picture or a few words describing my goals. Every time I take out a credit card, I’m reminded of why I am saving.
Skip The Pity Party When You Fall Short
Most successful New Year’s goal-setters faltered for five consecutive years or even more before they ever succeeded. Those who rebound the fastest are the ones who set aside emotional thinking and formulate a plan to get back on track.”