Sticking to Resolutions

 

New York Times writer John Tierney recently wrote about one man's resolve to lose weight and how he did it. It is an interesting look into how we need to use our willpower, which the article tells us is a real thing. Even though the article focuses on how to keep your resolution to lose weight, we can take the strategies presented and apply them saving money.

The article points out that you are already ahead of the game by just having a resolution. If you can continue working on your resolution past January you have an even better chance of success. Luckily, last week we presented our readers with a simple resolution. It’s a one-time change that you don’t have to work on month after month – increase your retirement savings by 1%.

But, you may have larger long-term goal like paying down debt, building an emergency fund, or saving for a home. The New York Times article offers the following basic strategies to help:

  • Set a Single Clear Goal – Make your goal specific. Instead of making your resolution “pay down my debt,” make your resolution “pay X amount each month towards debt.”
  • Precommit to Your Goal – If you want to spend less, leave your credit card behind so you aren’t tempted to shop. Don’t set yourself up for failure.
  • Outsource – Share your success with friends. Blogger J. Money from Budgets are $exy takes this to a new level by sharing his net worth (and how much he saves) monthly with his readers.
  • Keep Track – This is extremely important for financial success.  Keep track of how much you are spending and how much you are putting towards your goal.

America Saves want to help you stick to your resolution no matter how large or small it is. Join us for tips and advice. 

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Tip of the Day

  • Written by Administrator2 | January 14, 2014

    To minimize interest charges, limit credit card purchases to those you can pay off in full at the end of the month. In the end you'll have more for emergency savings. http://ow.ly/FJyVP

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