It’s a new year! There is always something exciting about having a fresh start. Typically resolutions usually involve getting in shape, either physically or financially. Although I can’t really help with your health and wellness goals, I can helps with your savings goal. Here are four tips to help achieve your goals.
Set a Target
Instead of resolving to “save money in 2014,” quantify it with a concrete objective. For example, “save $250 a month in 2014.” Setting a target helps you establish an expectation, work towards your goal and, most importantly, know when you’ve achieved it.
Choose One Major Objective
One major objective for the year increases your ability to focus. Make your goal easy to articulate in a short sentence. If your New Year’s resolution is to save money, lose weight and get a promotion, your end goal gets a little lost in the clutter. Focus on one resolution at a time. After you’ve built the habit of saving money each month, you can build on your success next year and add a new goal.
Automate your money management when you can. Use direct deposit, automated transfers, bill pay and more – you can set it and forget it. You may be more successful when your extra money is out of sight. Open a second savings account in BranchLine using the “Open Account” tab. Then, automatically transfer money each month to your vacation fund, a holiday stash – even a child’s account!
Ultimately, resolutions fail because people give up. If you fall short of your intended target one month, that’s okay. Keep your motivation to try again next month or reevaluate and adjust your goal to make it attainable. Continue to strive for your goal throughout the year. Routines become habit.
Sticking to a New Year’s resolution isn’t always easy – but it can be rewarding! Good luck for a successful 2014.
Happy New Year!
by Kristin, Vice President, Marketing