The new year has always inspired many to create resolutions for a fresh start. One popular goal is the one about being able to save money. But because we’d get busy and distracted throughout the year, not everyone can follow through. What starts so optimistically usually ends with forgotten resolutions instead.
But in these uncertain times, being financially stable is very important. Having enough money for rainy days and having vital investments and savings that’ll sustain you are reasonable goals to achieve. Everyone should work on these goals. Coz’ you never know when you’re going to need extra cash.
Whatever you’re saving up for—whether it’s for a nest egg, a new house, retirement, or that long-awaited trip abroad—sticking to your financial goals is a must. Here are five tips on how you can stick to your New Year’s resolutions.
Remember What This Is All For
Think about it—why are you saving up? What is your reason for having financial goals? Financial advisors stress that it’s necessary to be clear on your purpose because this is where your motivation stems. Once you are properly motivated, it’s easier to stay the course and remember your goals.
Write Them Down or Create a Vision Board
We hear this word on the internet often: “manifesting.” It is when we say something out loud and will it so that it can become true. Writing things down can be very helpful in manifesting your goals. A study conducted by psychologist Dr. Gail Matthews found that people who write their goals down are significantly more likely to complete them than people who simply verbalize plans. More of a visual person? A vision board or a process map can help, too.
Make SMART Goals
“SMART” stands for specific, measurable, achievable, relevant, and time-bound. Following these criteria can make goal-setting more effective. It gives more clarity on what you want to achieve and ensures that you have a time frame to work within reaching them.
Monitor Your Progress
What better way to remind yourself of your financial goals than to conduct regular progress checks on your finances? You can go monthly or quarterly—whatever works best for you. Set a meeting with yourself to review your budget and goals and evaluate your progress. It is also the perfect time to assess whether you’re meeting your goals. If not, now is the time to assess what’s wrong and whether you should update your goals accordingly.
Once you hit your goals, treat yourself! You deserve a pat on the back after working very hard on sticking to the plan. You’ve saved P10,000 for the month, treat yourself to a dinner out. Rewarding yourself can also help increase your motivation and can be something to look forward to at the end of each milestone. But make sure to not blow away the money you’ve just saved for your reward.
Having savings also goes a long way towards protecting your mental health. An emergency fund can help ease your anxiety about potential difficulties that might happen in the future.
And to protect what you are building and to make sure you’re able to achieve your goals with less worries, make sure your budget goes to the most significant things in life by investing in your protection. You can choose from FWD Life Insurance’s three health and wellbeing insurance plans, Set For Health, KanMend, and Health Bundle.