The dawn of a new decade is a time for powerful new beginnings. Are you ready for a powerful New Year’s resolution?
Eliminating debt, learning new spending habits, or building savings are choices that can change your life. They can affect your entire wellbeing – from stress levels, to physical and mental health . The new year and new decade is a great time to commit to your financial health.
Goal setting gives you direction. You can decide on your destination and make a plan to get there. This might seem small, but it’s not.
Getting clear on your priorities and deciding on a specific goal are two keys to success. Chris Dlugozima, who served as a GreenPath financial counselor for many years (and is now one of our learning experience designers) suggests setting aside some time to reflect on what you really want to accomplish. Ask yourself three “W” questions: What do you want to accomplish? When will you achieve it? Why does it matter to you?”
He encourages people to be very specific when setting financial goals.
Goals can challenge you and help you grow into a new future. Choosing a goal that is attainable is another important part of success.
Let’s say you’ve chosen a clear goal: “In five years, I will be debt-free. I will pay off my entire debt of $12,000 so that I can focus on enjoying my family and instead of worrying about money.”
Chris says: “Consider how much you can set aside every month in addition to your minimum payment to achieve that goal. Is it realistic to spend $200 on your goal each month? Is it possible to pay it off even faster by spending $250 a month? Or does your budget allow for $100?” He adds, “Planning your paycheck each month can show you how much you can devote to achieving your financial resolution.”
Making your goal measurable will help it stick. Keeping track of your progress can help you stay focused and motivated. You can see your future getting closer and closer.
The biggest reason so many resolutions go by the wayside is that they’re a goal without a plan. How will you accomplish your goal? How much will you devote and how often? How will you set money aside?
Kick that roadblock to the curb and make your to-do list. Clearly define how much you will spend toward your goal, how often you’ll make deposits on it, and the method you’ll use to transfer money toward your goal.
As a HUECU member, you have access to GreenPath. They specialize in helping people get out of debt and improve their financial wellness. 90% of people who talk with us feel better prepared to handle their finances.