Why your New Year’s resolutions aren’t working
16 January 19  /  Insights

It wouldn’t be a new year if we didn’t promise ourselves to exercise more, lose weight, eat healthier, drink less, save more money and so forth.

Perhaps you’re setting yourself new financial goals too?

Either way, they probably aren’t going to work out and here’s why:

Your financial goals and New Year’s resolutions do not match your desires.

Before we begin working with clients on their Lifestyle Financial Plan, we ask them to really think about what they want from life. It is from this that financial goals are determined and more likely achieved.

You must want to commit to and be motivated by your goals and resolutions, otherwise they are doomed to fail.

They’re unrealistic 

If you don’t believe from the start that your financial goals or New Year’s resolutions are achievable, then you are not likely to try and make it happen. People like the sense of achievement, so if you know you aren’t going to get there, what’s the point?

You’re acting on your emotions

Whatever goal or resolution you are setting, it is important to act and think rationally. Acting on stress, panic, anger or upset is likely to lead to quick, rash decisions that are of no value to your long-term goals.

You’re not adaptable

Life throws all kinds of things at us and we simply cannot plan for everything. Sometimes things have to change. Be prepared to change or adjust your goals and resolutions throughout the year depending on what is happening around you.

You don’t follow through on your commitments

Inaction is the biggest flaw when it comes to not achieving your New Year’s resolutions and financial goals. You cannot achieve anything by doing nothing.

Whatever your New Year’s resolutions are this year, ask yourself:

  • Do I really want to do it?
  • It is realistic?
  • Am I sure I am not acting on my emotions?
  • Am I ready to take action?

If you can answer yes to all of those questions, this year’s resolutions have a chance to last! If you answered no to a few, you may want to reconsider.

However, to ensure you do achieve your financial goals this year, we can devise a detailed, personal financial plan that outlines these goals and how to get there. We can determine if they’re achievable and how.

Speak to us today on 01865 208012 or click here to request a callback.