For fitness centers all over the nation, the New Year signals the beginning of peak season as people resolve to be healthier, and lose those extra pounds for real this time.
However, even though many experts say that New Years’ resolutions can be highly beneficial to our well-being, it’s no secret that they have an atrocious success rate. We all start the new year excited and determined, but come February most of us have already abandoned our goals.
New Years’ resolutions are notoriously difficult to keep—even when it comes to your finances. So why bother?
Why Make a Financial Resolution?
The number of people considering a financial resolution for 2015 is 28% less than last year, according to one study. And yet, people who make resolutions at the beginning of the year are consistently more optimistic about their finances at the end of the year than those who don’t.
New Years’ resolutions can be gateways to self-improvement, says clinical psychologist and author John Duffy, Ph.D.: “And even though the New Year is an arbitrary date, it gives us time and a goal date to prepare for the change, to fire up for the shifts we plan to make.”
Tips for Achieving Your Financial Goals
So how can you help make sure you actually achieve your financial resolutions this year? Whether you are resolving to save more, spend less, or start investing, here are 5 tips from the experts on how to reach your financial goals in 2015 (or any other time for that matter):
- Be realistic. Making impossible goals is a sure-fire way to set yourself up for failure. Instead, focus on smaller, more attainable short-term goals.
- Create a plan. Don’t just talk about where you want to ultimately be—make a budget and develop specific steps for how to get there.
- Save for retirement. If you only make one resolution this year, it should be to put money away for your retirement. For starters, you should consider opening up self-directed IRA and protect your savings against inflation by owning gold, silver, and other safe haven metals.
- Find a friend. Achieving a goal is easier with someone else there to motivate you when the going gets tough. Find someone who shares your resolution and keep each other accountable.
- Invest in yourself. Being financially wise isn’t about hoarding your money, but rather spending smart. Don’t forget to invest one of your greatest assets—your own personal development. Take a class, go on a trip, or try something outside of your comfort zone like online trading.
The good news is that achieving your financial resolutions is not as difficult as you might suppose.
Compared to other popular New Years’ resolutions—such as quitting smoking, losing weight or exercising more—most people agree that sticking to their financial goals is easier. So why not make one?
Do you have any financial resolutions for 2015?
Share them with other investors in the comments below, or on Facebook, Twitter and Google+.
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