January is, of course, traditionally the time when we make resolutions, and unfortunately the time we also traditionally break them. Why is that? Well …change is hard. We are ultimately creatures of habit and a resolution by its very nature requires change. And we would much prefer going along in our daily lives doing the same things in the same ways as we have always done them. So, regrettably our resolutions go by the wayside … and life goes on… and we feel bad. Instead of setting resolutions this year, how about setting some goals for yourself? “What’s the difference?” I can hear you asking. While a resolution tends to be somewhat vague (“I want to lose weight”), if you are setting them the proper way, a goal is more specific. And to help you make them specific the genius gurus that be, have come up with this cute little moniker: S.M.A.R.T. So, taking the example of losing weight, we would say that I want to lose 20 pounds (specific) by April (time bound) and I will do this by losing 2 pounds per week (measurable). This goal would be both attainable and realistic. Saying you wanted to lose 100 pounds by April would be very unrealistic. And setting the mini goal (of two pounds per week) makes it easier to work towards. You can now just concentrate on those two pounds per week, rather than the bigger (more daunting) 20 pounds by April. You can even set up a reward system for yourself every week if you make your 2 pound goal (get a message, your nails done, watch your favorite movie, whatever…) Now, let’s translate this into a money goal. Rather than a vague “I want to save more money this year”, try “I want to save $2,000 by the end of the year”. Now you can break this down into how much you would need to save each month ($167), and per week ($38), and even per day ($5.48). Once broken down this way, it is easily manageable. What can you give up that is currently costing you $5.48 per day, or $38 per week? And much easier to monitor your progress. You can easily see if you are on track. It is helpful to make a chart for yourself. To be even more specific make a plan for where you are going to put this saved money (perhaps open up a separate savings account for it). And it should be earmarked for a specific purpose (a vacation, new furniture, a new computer…). Or it can be an account that you will continue to add $2,000 (or more) into each year going forward (toward your emergency fund, or a house, or a car…). Now you are not just making vague resolutions, you are setting goals the SMART way. It is a specific amount (broken down into even more specific “mini” goals), it is realistic and attainable, and certainly measurable. And you can continue to manage your progress throughout the year (and give yourself little mini rewards if you need them). When you set your goals in this very definitive way, you are now shooting towards something very precise, and keeping that goal in mind it is now easier to “give up” whatever you need to do in order to achieve your goal. You are not just making your own coffee in the morning to “save money”, you are saving up for that computer, or furniture, or car or house. It gives you more of an incentive to make the sacrifice. (In the weight loss scenario given earlier, it makes it easier to give up that one of two things that are contributing to your weight gain and swap them out for healthier options, just to make that 2 pounds weight loss for the week). So try setting yourself some S.M.A.R.T goals this year instead of those nebulous resolutions and see if you don’t stick to them this time around. Best of luck to you for a bright and prosperous New Year!
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