This is the time of year where you come up with a list of resolutions for the New Year.
Some want to exercise more. Others simply want to lose weight. Some want to save more money, while others want to get out of debt.
What do you think of New Year’s resolutions?
I’m not sure what to think, to be honest.
On the one hand, I think it’s important to have goals. A great goal that you follow through on give you guidance and something to aim your energies towards.
But I think setting a resolution or a goal just because the calendar changed is a bit odd.
Why not set goals throughout the year?
My Problem with Most Resolutions
If you look up some studies and statistics on New Year’s resolutions then you quickly see how dismal the success rates are. Many don’t even keep their resolutions through February, no less the entire year!
And most who create a resolution make it way too general, like “I want to lose weight,” or ” I want to save more money,” or “I want to get out of debt.”
But do you see the problem with these resolutions?!?
They sound great but they are too general. The goals have no focus and as a result, they are difficult to follow through on.
So what happens after you fail to keep your resolutions?
I’ll tell you. You feel like crap. You failed and you feel like a failure. You feel guilty for not keeping your resolution. You lose confidence in yourself for not completing what you said you would.
How is that healthy?
Make Your Goals S.M.A.R.T.
If you truly want to make a change in your life and set a goal, make it SMART — Specific, Measurable, Actionable, Realistic, and Time-bound.
The idea is to really get your head around what your goal is and figure out how you are actually going to achieve the goal.
You need to know exactly what is is you want. Figure out what satisfies your goal (for example, if you want to lose weight, how much weight do you consider a success?). Make sure you can actual work towards your goal and you can act on what you want. Give yourself a limit to when parts of your goal must be done by. Break your goal out into smaller pieces that will be steps towards the larger goal.
Try it for 30 Days (or 60 Days)
Another method to use is to try something for 30 days. Well actually about 66 days.
Some research has shown it takes about 21 days or so for an action to become a habit, where we no longer have to fight our willpower in order to do something.
In 2009, researchers from the UK Health Behaviour Research Centre found that it takes, on average, 66 days to form a new habit.
No wonder most people fail at their resolutions! You need about 2 months of practice towards your habit or goal in order for it to come automatically.
But it still can be done.
Starting with one week, one month, or 66 days is a start and a step in the right direction. Use with SMART and you give yourself a better guide to make sure you will follow your resolution.
Always Look to Improve
I mentioned earlier that I don’t think a calendar change into the New Year should trigger a flux of goals in people. Honestly, I think we should always be looking to improve ourselves.
If you find there is an area in your life that could use improvement or change, take the steps to do it. Don’t wait on the New Year, or any other time, to start.
Don’t let the calendar be an excuse to wait.
And don’t worry if you don’t get it perfect right away. Life changes and we aren’t perfect. Work towards your goals and make adjustments as you go along.
Change is Good
I think a big part of us being human beings is that we can make changes in what we are. We don’t have to sit back and resign ourselves to being the same all the time.
Bad habits can be hard to break, but they can be broken. I don’t believe in the saying “you can’t teach an old dog new tricks.”
Maybe it’s because I’m still relatively young. But to me, if we can’t change then that’s truly sad and we lose out on a big part of our humanity.
We are ALL awesome! Really, I mean that. There is something incredible inside each of us, we just have to find out how to make it show.
I’m going off on a bit of a tangent.
It’s just that it bugs me when I see people saying they want something different and I know they won’t really do what it takes to make the change.
Maybe it’s because I’m afraid of change too.
I don’t want other people to feel the same way I have (and sometimes still do). There have been plenty of times I’ve felt lost or stuck and didn’t think I could really change my circumstances.
Other times change has just been plain scary. Hell, it still is.
But as I’ve aged I’ve realized that I’m the one who controls my fate. If I don’t take control then who will?
Change can happen if you really want to make it real.
That’s All Nice but What Does that Have to do With Personal Finance?
What’s among the most common New Year’s resolutions you hear?
Lose weight and exercise more.
How many times have you heard someone say that as a resolution?
So what happens? People go out in droves and gobble up gym memberships. They set up monthly fees that get pulled from either their checking accounts or their credit cards.
Now imagine this — For many people, they’ve just set up a gym membership in January, one of the coldest months of the year, full of short days. It’s freezing out and all you want to do is get home after work. Are you going to the gym to sweat? And come home in the freezing dark, wet?
Do you see why the whole gym membership in January just might not work? We’re set up for failure!
And it’s a drain on your finances!
Other common resolutions are to save more and eliminate debt.
These after a holiday season of buying gifts. You get that first credit card bill in January and you wonder how you will ever pay off the prior month.
Not that you shouldn’t set goals. Just that you have to set them up in a way that you can achieve them, which I don’t think most people do.
What are your thoughts on New Year’s resolutions?
Do you make them? Do they work for you? How do you follow through?
Or do you just not bother with them?
Let’s get a conversation going in the comments!