I know, I know… not another NYE article! This time of year, it seems like every marketing department that ever existed has found a way to turn their products and services into New Year’s resolutions. Some of the especially dry ones include resolutions for medication management, vehicle maintenance, and lawn care. (And for those feeling overwhelmed, don’t worry, there are apps to help you keep your New Year’s resolutions too!)
But on a more serious note, I believe there are three areas everyone can and should be continually working on:
- Your Relationships (with family, friends, co-workers, etc.)
- Health (through nutrition and exercise)
- Your Finances (by paying yourself first)
Even if you’re already pretty good at these areas, there are probably still ways to improve. To make New Year’s resolutions that stick (and to achieve them), consider the following criteria:
- They should be specific (I will pay off $100 of debt monthly versus I will get out of debt)
- They should be realistic (I will eat 1-3 servings of fruits/vegetables daily versus I will quit eating meat, dairy, and processed foods)
Overall, I think the best New Year’s resolutions are ones that build upon the things you’ve already been working on, instead of going from zero to hero. Let’s say, worst case scenario, you have ample credit card debt and student loans and nothing in retirement or emergency savings. Instead of tackling all of these in one year – which would overwhelm anyone – try tackling just one of them. “In 2015, I will begin contributing 11% of my paychecks to my 401k” or “In 2015, I will put aside $300 monthly into emergency savings.” Then in 2016, build upon the progress you made by further increasing your retirement contribution, saving for another goal, or aggressively tackling student loans.
I personally have five financial goals for 2015, although I don’t expect anyone to create that many! Two of mine are below:
- I will increase my 401k contribution to 12% in March
- I will increase my 401k contribution to 18% for my 30th birthday (quite the gift, I know)
Whatever yours may be, feel free to share them and party with me next December when we’ve accomplished them!