Three tips to keep your New Year financial resolutions on track

By the resi financial blog team, 07 January 2015

Three tips to keep your New Year financial resolutions on track

Most of us begin the New Year full of good intentions, especially when it comes to setting financial goals. Here are three tips to ensure those financial resolutions don’t become financial regrets:

1. Set yourself smaller goals and smaller deadlines 

Too often resolutions are broken because you’ve set yourself a massive task, such as paying off more of your mortgage than is possible. Instead, set yourself smaller goals and keep the deadline for achieving them smaller. For example, resolve to pay an extra $1000 off your mortgage within three months – rather than an extra $10,000 within a year. This strategy will be less overwhelming for you and you’ll feel even better if you do end up paying off more than your target.

2. Monitor your situation

We can feel discouraged if we’re not making any headway with our goals. If this is your situation, look at how you are approaching them. If your resolution is to save an extra $100 a week and you’re only managing $80, don’t despair. Have a look at your spending and see where you can make savings. Cutting back on smaller items such as takeaway coffee or that extra glass of wine when you go out could make all the difference to meeting your budget goal. 

3. Reward yourself

One way to stay on track is to reward yourself when one of your mini goals has been reached. Many resolutions fail because they are too strict and involve a radical life change. But if you know that reaching one of your goals means you can then go out and treat yourself, you’re more likely to stay motivated. Just don’t make your reward something that will put you back to square one financially.

And remember, just because you slip up occasionally, it doesn’t mean you should give up your goals altogether. Stay motivated and get back on track, otherwise you’ll find yourself in the same situation again next New Year’s Eve.

If your goals include purchasing your first home, refinancing or investing in property, then get in touch, or request an appointment with your local resi lending specialist to find out how we can help you achieve your goals sooner.

Categories: financial goal setting, financial planning, financial resolutions, saving, saving tips