New Year’s Resolutions: Not “One Size Fits All”
Archuleta recommends asking yourself these questions: “What are your best hopes? Or, if a miracle occurred what about yourself would tell you that a miracle occurred? What would you be doing or feeling differently that would tell you a miracle occurred?” Take some notes and you should be able to find a common goal. That should get you started.
Identify your values.
“Figure out what money means to you,” says Archuleta, “If you don’t know yourself, then it’s difficult to make changes that you may need to make or be motivated to do so.” If you find that safety is of major concern, in 2020 you should focus on your emergency fund. If you value your life after work, it might be time to up your 401(k) contributions in the new year. If you want to live more comfortably, start chipping away at the credit card debt you’ve accrued.
While these New Year’s goals are all of great importance, it would do you well to start small and set a goal you can get going immediately, Archuleta recommends. Her suggestions? Merely setting that huge financial goal will help you begin, or finding a login for a retirement account are both great first steps, says Archuleta.
Ask for help.
Taking stock of your financial health can be stressful and confusing, so consider reaching out to Accredited Financial Counselor(R), a Financial Financial Coach(R), a financial therapist (Certified Financial Therapist-I), or a Certified Financial Planner(TM), Archuleta suggests. If you’re not ready to talk to a professional, confiding your financial goals in a friend or spouse can help keep you accountable.
Stick with your resolutions.
Don’t be another number. Once you’ve isolated the steps you want to take, make them as automatic — i.e. automatically moving money from checking to savings every time you get paid — as possible. Then recognize, it’s going to take a lot of commitment, “along with connecting how you feel, behave, and think around money,” says Archuleta. Doing so, though, will “help improve your overall well-being.” What better way to start off the New Year?