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American studies suggest that about 45% of people usually set New Year’s resolutions (have the rest of us become too cynical about it?). Of all resolutions about 34% are related to money.
The shocking figure (or maybe not) is that only about 8% of people are always successful in achieving the results they have been hoping for. Apparently, the younger a person is, the better the chance of achieving a resolution.
Even if we do not seem to be fantastically successful in achieving our New Year’s resolutions, come 31 December, the promise of starting afresh will again prompt us to make a list of the things we want to change in the new year.
So how can we ensure that on 1 January 2015 we will be debt free, are spending less than what we are earning and have started saving?
1. Make it a goal, instead of just a ‘resolution’
Maybe one of the reasons why we fail to achieve our resolutions is that a resolution seems to be more of a ‘wish list’ which we hope to miraculously achieve sometime in the future. In comparison, a goal is a ‘wish with an end date’.
2. Write it down
There is enough proof that a goal that is only in your mind will stay a daydream. Your best chance of success is if you write a ‘business plan’ for each of your goals with definite steps on what you want to achieve by when, what resources you need to apply such as time you need to spend managing your goal etc. And then of course make the commitment in your diary.
3. Tell somebody what you aim to achieve
It will make you more accountable.
4. Make it a realistic and achievable goal
Resolving to save R100,000 this year if you only earn R200,000 and your expenses are R150,000 sets you up for failure from the start.
5. Break a big goal down in smaller steps
For example if you want to be debt-free by the end of the year, determine how much you have to repay every month in order to achieve it.
6. Educate yourself
It will give you a better chance to be successful if you know what to expect.
7. Start NOW
By next month you will already be one month behind. Although procrastination is very much a South African sport, if you want to succeed in achieving your goals, this is the one time you need to be a participant rather than a spectator! The sooner you start, the better your chance of success.
8. Call in the professionals
There are times when, in-spite of our best intentions, the guidance and support of somebody else could make the difference between success and failure.
This could be a registered debt counsellor if getting debt free is your goal, or a certified financial planner if you want long term financial well-being.
This would not only be somebody who can take your hand and help you set your goals and the best way to achieve them – but also somebody who will gently push you in the right direction if need be!
There is no reason why this year could not be your financial success year – you do not need to bumble from year to year in financial distress.
Make 2014 the year where you will commit to your goals and be prepared for the sacrifice it might involve – but in the end, the achievement of your New Year’s resolution could mean a total new life.
If you are living in Johannesburg, and want to set yourself up for success this year in achieving your financial goals, Consolidated Financial Planning will be conducting a free workshop on how to set better financial goals, set up and manage your budget better and the steps to financial well-being. This takes place at our offices in Randburg on Saturday the 25th of January from 9:00 to 11:30. If you want to attend, please email Shannon.greyling@consolidated.co.za.
Follow Women24 on Twitter and like us on Facebook.
The shocking figure (or maybe not) is that only about 8% of people are always successful in achieving the results they have been hoping for. Apparently, the younger a person is, the better the chance of achieving a resolution.
Even if we do not seem to be fantastically successful in achieving our New Year’s resolutions, come 31 December, the promise of starting afresh will again prompt us to make a list of the things we want to change in the new year.
So how can we ensure that on 1 January 2015 we will be debt free, are spending less than what we are earning and have started saving?
1. Make it a goal, instead of just a ‘resolution’
Maybe one of the reasons why we fail to achieve our resolutions is that a resolution seems to be more of a ‘wish list’ which we hope to miraculously achieve sometime in the future. In comparison, a goal is a ‘wish with an end date’.
2. Write it down
There is enough proof that a goal that is only in your mind will stay a daydream. Your best chance of success is if you write a ‘business plan’ for each of your goals with definite steps on what you want to achieve by when, what resources you need to apply such as time you need to spend managing your goal etc. And then of course make the commitment in your diary.
3. Tell somebody what you aim to achieve
It will make you more accountable.
4. Make it a realistic and achievable goal
Resolving to save R100,000 this year if you only earn R200,000 and your expenses are R150,000 sets you up for failure from the start.
5. Break a big goal down in smaller steps
For example if you want to be debt-free by the end of the year, determine how much you have to repay every month in order to achieve it.
6. Educate yourself
It will give you a better chance to be successful if you know what to expect.
7. Start NOW
By next month you will already be one month behind. Although procrastination is very much a South African sport, if you want to succeed in achieving your goals, this is the one time you need to be a participant rather than a spectator! The sooner you start, the better your chance of success.
8. Call in the professionals
There are times when, in-spite of our best intentions, the guidance and support of somebody else could make the difference between success and failure.
This could be a registered debt counsellor if getting debt free is your goal, or a certified financial planner if you want long term financial well-being.
This would not only be somebody who can take your hand and help you set your goals and the best way to achieve them – but also somebody who will gently push you in the right direction if need be!
There is no reason why this year could not be your financial success year – you do not need to bumble from year to year in financial distress.
Make 2014 the year where you will commit to your goals and be prepared for the sacrifice it might involve – but in the end, the achievement of your New Year’s resolution could mean a total new life.
If you are living in Johannesburg, and want to set yourself up for success this year in achieving your financial goals, Consolidated Financial Planning will be conducting a free workshop on how to set better financial goals, set up and manage your budget better and the steps to financial well-being. This takes place at our offices in Randburg on Saturday the 25th of January from 9:00 to 11:30. If you want to attend, please email Shannon.greyling@consolidated.co.za.
Follow Women24 on Twitter and like us on Facebook.
