New Year, New You? Probably NOT.
Posted on 01/15/2020
Every year ends the same, you make a promise to do better in the coming year. “_____ is my year!” But if you don’t make any changes or adjustments will it really be your year? Less than 25% of people actually stay committed to their New Year’s resolutions after just 30 days, & only 8% accomplish them.
The most life changing habit, resolution if you want to call it, is to get a hold of your finances. Meaning becoming organized with your spending, sticking to a budget, & finally start saving.
20% of Americans don’t save any of their annual income. Over 40% of Americans have less than $10,000 by the time they are ready to retire. Alarming, isn't it? How you spend your money is just as important to your financial success as your decision to save or get out of debt.
Everything starts with accountability. Here are a few things you can do to help start making yourself financially accountable to make 2020 YOUR year:
Give Yourself A “Why?”
Meaning, set a goal you’d like to meet & how much you need to cross that off your list. Give yourself a solid reason to spend wisely & start saving. The more you spend unnecessarily, the further you will be from hitting your goals. Write it down or create a vision board. Place it somewhere visible so you can remind yourself of your goals daily.
Budget & Stick To It!
Without a budget in place, it’s easy to overspend. Having a budget lets you gain control over your finances. It will also give you a clear picture of where & on what you are spending the most. When you have a manageable system in place & get into the habit of following a budget, paying down debt will get easier.
Do your research before making a purchase. Chances of finding what you are looking for at a better price is very likely. Not to mention, most retail stores offer “price match”. Each store has a list of competitors they will agree to price match, if you find the item at a lower price.
Avoid Spending Triggers
Acknowledge your spending triggers & avoid them. Impulse spending will hinder you from achieving your financial goals. If you spend due to boredom pick up a habit that will better your overall quality of life(i.e exercise, declutter your home or car, practice self care, etc.). Portable devices like our phones, tablets, & social media can lead to impulse spending. With constant ads for “buy this”, “special pricing today only” & more, make it a goal to detach from technology for a set amount of time each day.
Don’t Be Afraid To Ask For Help
Let your partner, friend or family members know what your goals are for this year. Ask them to hold you accountable. You may not like it at first, but as you hit your goals, you’ll wonder why you didn’t do this sooner. As a result, whoever is holding you accountable may start looking at their own finances & make a change! When you know better, you do better.
This year stick to your resolution by seeing it as an actual goal you want to accomplish. A goal that will become a life changing habit, if you stick to it. If you are ready to tackle your debt or feel your debt has become overwhelming, know you have options. No matter what your credit score may be, there is a solution for everyone. Call to speak with a Certified Debt Consultant today. (866) 611-6838