It is easy to set very ambitious financial resolutions when you are feeling motivated and enthusiastic about the year ahead… but, life happens. As the months go by, it becomes trickier to stick to your goals when other financial commitments, such as your bond repayment, utility bills, medical and grocery expenses, take priority.
“If you’ve veered off track, don’t be too hard on yourself! Sometimes unexpected challenges arise that eat into your savings, but it is never too late to get back on track and achieve your goals,” says Cebisa Mfenyana from Metropolitan. Here are her top five tips for sticking by your financial resolutions:
Revisit your resolutions
Consider the goals that you set at the beginning of the year. Ask yourself: Why did I set these goals? Are they still as important to me? If your goals are not realistic, re-evaluate them. Nothing is cast in stone and you need to be flexible, adjusting your goals as your life changes.
If you had three goals in January, but realise you can only achieve one by the end of the year – that’s okay, don’t be discouraged. Keep going and aim to achieve that one goal – you will still feel a sense of achievement.
Write down your resolutions
Be specific when setting goals. When you clearly define your goal, you will be able to work out what you need to do to achieve it. Rather than saying, “I want to pay off my debt”, define how much, what debt and by when you want to pay it off.
Re-evaluate your route to resolutions
It is important to have a plan of action to help you reach your resolutions. Re-assess the original plan you put in place in January and revise it accordingly, by considering how your circumstances have changed and which goals you are still keen to pursue.
Make your financial goals more manageable, by breaking them down into smaller savings tasks. Therefore, instead of saying “I will save R3000 in 2015”, rather say “I will save R250.00 each month”, making it less daunting. This way you have a clear plan ahead of you, making it easier to keep going and achieve your goals.
Very often your financial resolutions are linked, and by ticking one off, you are a step closer to ticking off another. For example, by managing your money better you are able to save more. Or, if you pay off debt, you save money on the interest you would have paid.
Review resolutions regularly
Make a concerted effort to check in with your goals regularly. Seeing that you are one step closer to reaching your goals is the best kind of motivation to keep you on track.
Remember to congratulate yourself each time you reach a goal, and don’t be too hard on yourself when you can’t reach one. Achieving your financial goals doesn’t have to be a chore – it should be a happy and rewarding experience.
Reaching your resolutions
Don’t get discouraged if you don’t achieve your goals by the planned date. If it takes a month or two longer to reach your goal, it is not the end of the world. Every Rand saved counts. A few bumps along the way are to be expected. It takes time to achieve great goals, but be patient and the rewards will be worth it.
Refer to a financial adviser
It is always a good idea to check in with a registered financial adviser, who can work with you to review your resolutions, along with your overall financial plan, recommending tailored solutions to fit your pocket and your goals.
Looking for more money saving advice? This is what you really need to know about financial planning and these tips will help you get your rands in a row(i.e: save big)!
