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Making a list of resolutions is easy enough - it's the implementing it that's hard
“I’m going to start going to the gym.”
“I’m going to read War and Peace.”
“I’m going to call my mother more.”
Most of us make resolutions that we can’t stick to. In fact, Finder research from last year showed that 58 per cent of us broke our resolutions. The thing is, a lot these pledges could be really good for you – especially the ones made around financial planning.
What are the most common things we say we’ll do, then fail at? And how can you make yourself better at achieving our own goals?
The most popular financial New Year’s resolutions in Australia
According to a Yellow Brick Road survey ahead of the last New Year, 40 per cent of people surveyed about financial resolutions wanted to start saving for a property. Beyond that, 25 per cent of respondents simply wanted to get out of debt.
This tracks with Finder’s research on the same topic: “Get out of debt” was one of the most popular resolutions it encountered. Financial resolutions also pop up in many indirect ways: quitting smoking, drinking less, and eating better can all have positive impacts on your financial planning, freeing up more cash for saving or spending elsewhere.
But, as we said, a lot of people fail to keep these. How can you be stronger in 2021?
How to keep your resolutions
The Australian Securities and Investments Commission (ASIC) and us here at Invest Blue have a couple of things in common: we want you to stick to your resolutions and have the advice to help you get there.
ASIC’s main piece of advice: Track your goals. Finder found that the number one reason why people failed to keep resolutions was they didn’t keep track of how they were progressing. Record all of your spendings in an app or even on paper. Review it weekly, fortnightly and monthly – you’ll soon identify areas where you could be saving a lot more.
When you know exactly what you have, it’s much easier to work out what you can get.
That’s only the first step, however. Couple this tracking with a clear and concise budget, and evaluate your assets – how much are you worth? When you know exactly what you have, it’s much easier to work out what you can get.
From there, you can start with longer-term strategies. Plans like increasing your super contributions, doubling down on credit card repayments, working out if you’re going to pay more on a mortgage than you do on your rent.
They’re simple goals you hear all the time – the problem is, they tend to go in one ear and out the other. If you want to make 2017 your year, talk to the team at Invest Blue. We’ll keep you on track.
This information is provided by Invest Blue Pty Ltd (ABN 91 100 874 744). The information contained in this article is of general nature only and does not take into account the objectives, financial situation or needs of any particular person. Therefore, before making any decision, you should consider the appropriateness of the advice with regards to those matters and seek personal financial, tax and/or legal advice prior to acting on this information. Read our Financial Services Guide for information about our services, including the fees and other benefits that AMP companies and their representatives may receive in relations to products and services provided to you.
This website contains information that is general in nature. It does not take into account the objectives, financial situation or needs of any particular person. You need to consider your financial situation and needs before making any decisions based on this information.
Invest Blue Pty Ltd (ABN 91 100 874 744) and Subsidiaries trading as Invest Blue, is an Authorised Representative and Credit Representative of AMP Financial Planning Pty Limited ABN 89 051 208 327, Australian Financial Services Licence and Australian Credit Licence No. 232706
Cornerstone Financial Group Pty Ltd (t/as Invest Blue Lending) ABN 92 099 426 507 is authorised under LMG Broker Services Pty Ltd ACN 632 405 504 Australian Credit Licence 517192.