Did you know that approximately 92% of people who set New Year’s Resolutions fail at following through with their goals? Can you imagine what that number is going to look like after you add in 15 months of a pandemic??!?! What is is about January 1, that’s makes us feel like it’s the only good time to reset our financial goals? If you’re anything like me, sometimes you get off track and need to reset.
Well, let’s take a moment to see what we can do to reset and recommit to our goals.
Have you ever considered a Mid Year Reset? Instead of waiting until January of 2022, why not treat July 1, 2021 like the fresh beginning that it is? Here’s some things you can do now to get ready to get back after your financial goals and not give up on yourself.
1. Modify your original goal. If your plan was to save $10,000 by the end of the year, cut it in half and aim for $5,000. This will help to keep your goal realistic and attainable. When we reset financial goals that we don’t actually believe that we can reach, it is very difficult to maintain the discipline to go after it. Modification doesn’t have to be a form of surrender. It can very well be the step you need to take action.
2. Analyze what went wrong. There is so much to learn from our past mistakes if we will just take the time to review the data. Go back to see where you went wrong in the last 6 months. Was there an unexpected expense that busted your budget and you gave up? Did you lose your primary source of income so you had to change gears? Did you experience and emotional trauma that impacted your spending? Really checking to see what happened can give you some serious insight as to how to prevent it from happening again as you try again on your journey to reset your financial goals.
3. Be specific with the how. It’s awesome that you’ve set the goal but how is it going to get done? If you want to pay of $4000 of credit card debt, do you have a strategy in place to do it? Do you have enough discretionary income to complete your goal by the target deadline? If not, what’s the plan to fill in the short fall? The more specific you can be about the how, the higher your odds or reaching your the targets on your financial goal reset. One thing we do is help our clients with a cashflow budget so they know exactly how much money is available during each pay period and where that money is going.
4. Unplug. Strange advice from a blog that you’re reading online, right? Maybe. But it is important to disconnect from external motivating factors to get back into alignment with what is actually important to you. It is very easy to be influenced by what’s happening around us and if we aren’t careful, your goals may shift based on the things you are consuming and no longer accurately reflect what you value most.
As always, we are more than happy to help. If you find that you would like professional guidance with your Mid Year Reset, book your free discovery call. We are accepting applications for new clients until June 30th. Enrollment will open again in September.