It’s that time of year again where everyone takes stock of the last year and the decisions that they made, deciding which ones to improve upon in the new year. It’s time for people to make New Year’s resolutions. Nearly 40% of the population makes a financial resolution every year, most of which are abandoned by the second quarter of the year. Maintaining and achieving goals is revitalizing and our team at Factum Financial would like to see you make a resolution that you can keep for the next year and beyond. Maybe you can reshape the way you look at finances for good. Here are some goals to strive for and motivational tips to keep new financial practices in place:
For The Procrastinator: Popular Resolutions
Every year some people wait until the very last moment to decide what their resolution for the new year will be until the very last moment. No one should be so cavalier with their finances. Decide now what you want to pursue and make a plan that you know you can stick to. Here are some popular lofty financial resolutions
- Build a Budget – This is one of the first financial lessons people learn and the cornerstone of fiscal health, but millions across the nation live without a proper budget. Give yourself a chance with a well made, meticulous budget.
- Eliminate Debt – Knowing that the Fed just raised the interest rates again this year, all unsecured debt should make consumers nervous. It’s time to eliminate that burden
- Generate Savings – With so many people living paycheck to paycheck, set yourself a cut above the rest by always maintaining a cushion of savings so you can jump at opportunities safely when they arise.
- Break Free Of Expensive Habits – Whether is shopping or smoking, most people want to break out of expensive habits. Smokers could save $2000 a year or more just by quitting.
These are just a small selection of possible financial resolutions you can direct your efforts to in the new year. Get creative with your unique situation and make a resolutions based upon that.
Identify Your Goals
Before you can stick to a resolution for the new year, make sure you have some realistic goals in mind and write them down. Don’t assume that because you have a goal directly in mind right now that it will occupy your mind all the way through the next year. Studies have found that people that write down their goals are 42% more likely to achieve what they want to achieve.
What are your goals? Don’t think of an action, but a result. Do you want to be more financially fit? Perhaps a goal should be to maintain a $2000 dollar emergency fund. Do you want to stop living paycheck to paycheck? Perhaps a budgetary goal augmented by savings technology is what you should strive for. Is it your goal to get out of debt? Don’t take on the mountainous idea of “debt,” instead choosing to tackle one kind of debt in the new year, be it student loan, credit card, or mortgage debt. Make your goals realistic by giving them some tangibility.
Tips To Energize Your Plans
We live in the most advanced and advantageous age to be alive. With a little creativity, any person can meet and exceed their goals but a lot of people will choose to let their resolutions slip by as soon as February roles around. Don’t be that person. Here are things you can do to make sure your financial goals are met:
- Make Realistic Goals – Don’t exceed what’s possible for you and your budget in one year. Don’t try to turn a five year goal into a one year goal.
- Make Use Of Technology – Apps like Digit and Coins can help you maintain your savings and financial goals.
- Find An Accountability Partner – Don’t try to take on the burden alone. Find a financial partner to keep your resolution.
Shift Your Financial Thinking
How many resolutions have you made in the past that you have seen fall by the wayside? Life happens and sometimes the idealism that we feel on the new year can’t last. However, it’s true that most people in America are caught in cycle that they can’t escape, no matter what their financial resolution is. Maybe this is the year to try something different.
You can invigorate your savings and spending plan with the Infinite Banking Concept and our team at Factum Financial. IBC is a system devised to maximize cash flow, grow your wealth, protect it from excessive taxation and put the purchasing power back in your hands. You can use a carefully constructed financial system to pay debt, make major renovations, save for college or even take your dream vacation. If you are serious about having the best financial year yet and keeping your resolutions, contact one of our wealth strategists today for your free 30 minute wealth strategy session today.
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