Achieve in 2017 – 3 Tips to help you reach your financial (saving) goals!

Everyone can agree that we are heading into 2017 looking to create a better year than the one we left behind on December 31st.  Most people, even if they don’t make formal resolutions, set goals for themselves when the dawn of a New Year begins.  One of the top resolutions people make each and every year is to make better financial decisions.

Link to Statistic Brain Article – http://www.statisticbrain.com/new-years-resolution-statistics/

But let’s get real honest here for a minute.  Most of us won’t stick with the resolutions we set for ourselves.  We won’t lose the weight, we won’t exercise regularly and we won’t save money.  Research shows that only 8% of people who set goals for themselves as they start the New Year actually reach them.  Only 8%! 

WVFSL would like to help.  We know that saving money is hard.  Between impulsive purchases and broken water heaters, life just seems to get in the way and most people end up falling short of the savings goal they set out to achieve.  To help you Achieve in 2017, we’ve put together a list of tips to help you save money this year and be part of the 8% who stick with their resolution.

Set Specific Goals
The best way to achieve a goal is to make sure the destination is specific and attainable. 

Instead of saying: I want to make smarter choices with my money
Say:  I want to create and stick to a budget

Exchange:  I want to save more this year
With:  I want to set aside $100 each month to save for a family vacation

Once you have decided what the specific goal is…

Write it Down
Write down the goal you want to achieve and find a way to keep your progress right in front of you.  A visual reminder of your progress will often keep you motivated. 

That can mean creating a budget chart with planned spending and actual spending on it so that you can see your progress each month.

Or opening a separate savings account and call it your vacation fund.  At the end of each month take a look at your statement and watch your balance grow.

Once you have your goal set and begin making progress toward your goal….

Recruit a Cheerleader
Enlist a friend or family member to be part of your team so that they can help cheer you on as you take steps to achieving your goals. 

An accountability partner is a great way to keep impulse spending in check.  You’ll be less likely to overspend if you know you have to show your budget to someone.

Also, when you are feeling discouraged who is better to inspire you to keep moving forward than your own cheering squad?

Once you have you a cheerleader…

Stay Inspired
Post pictures of your desired vacation destination on your bathroom mirror so you start your day inspired to save a penny or two! 

Brag to your friends about how you have come in on budget for 3 months in a row!

Do whatever it takes to keep yourself inspired so that you will get hooked on saving and…

Create a Habit
The newest research states that it takes 66 days for a true habit to form.  So stick with it for 2 months, and you’ll start to see your savings grow!

But remember to…

Give yourself a Break
Life happens. 

Your car could get a flat tire and you may need to dip into your savings account to get it fixed. 

You may have to stay up late with a sick child and desperately need to stop at Starbucks for a latte that is not in the budget.

Be kind to yourself and understand that sometimes there are things that happen that are beyond our control.  So forgive yourself and keep moving forward in the direction of your goals and once you achieve them, be sure to send us a photo of your family on vacation!

Happy New Year.  Let WVFSL help you identify products & services that will help you succeed in 2017.  Stop by any one of our branches, so we can be part of your cheering squad!

Other blog articles from WVFSL that may help you achieve your saving goals:

Link to 2015 blog on saving (Sept 2015 savings kids, saving for retirement)

Link to 2016 blog on saving (Jan 2016 Saving Blog)

 

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