Making Your Resolution Stick: Reaching Your Financial Goals

Kristina Kraus
Greater Nevada Credit Union
Each year, roughly 45% of Americans make a New Year’s resolution. The third most common resolution is to ‘spend less and save more.’ Saving more is always a great goal though few actually stick to it. Reaching your financial goals is quite an accomplishment, so don’t give up on it. To make your resolution stick this year, follow these steps:

Clearly Define Your Goal

Saying you want to spend less and save more isn’t very definitive. Think about what you really want to accomplish in 2016. Is it to take a big trip, reduce your mortgage, or get out of debt? Whatever it is, make sure it’s defined with a target in mind, such as saving an additional $5,000, then map out a way to achieve it.

Write it Down

Writing down your goal and the steps to reach it will help make it more concrete and reachable. Whether you make a checklist or use a calendar, seeing your goals and plans spelled out regularly can help as a constant motivator. Plus, it always feels good to cross off things from a to-do list!

Take Advantage of Technology

If you’re someone who depends on technology, consider an app that can help you keep your resolution. For example the app Strides enables users to track multiple goals, including financial ones, all at once. With its simple charts and graphs, it’s easy to stay motivated because you can actually see your progress.

Make One Change at a Time

Once you evaluate your expenses, it’s okay to cut back a few things at a time. If you eat out six times a week and want to reduce those costs, instead of trying to drastically change your lifestyle, limit yourself to four or five times a week to start. Just remember to set a time frame so you can stay on track.

Keep it Competitive

It can be hard to do things alone, so if you have a friend or significant other with a similar goal, keep each other posted on your progress. You’ll be less likely to quit if you have to report on your status, and it can help fuel your desire to save if you make a competition out of it.
Now that you have a plan to reach your savings goals, make sure you have the right tools to make the process even easier. An account with Greater Nevada can help with services such as online and mobile banking, automated savings, financial education tools, and so much more. 
Happy New Year—and here’s to a successful 2016!