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How to Make New Year’s Financial Resolutions That Stick


New year, new financial planning goals? If your resolutions included incorporating more smart money moves, it’s time to make money resolutions that stick. While they might not be the most fun or glamorous resolutions, better financial planning practices can make a major difference in your life.

Here are some budgeting tips that will make your 2022 the best year yet:

  • Decide on your goals: What are your money goals for this year? Whether you’re saving for a house, planning for retirement or just want a little more wiggle room in your budget. There’s no goal too small—if you don’t have a specific monthly budget, that’s a great place to start. Write down all your goals, then select one to three that will benefit you the most this year.
  • Make the goals specific: Next, make sure your goals are specific. “Save more money” is a noble aim, but how much money do you want to save? How? Where will it come from in your budget? Where will you cut back to make it easier to save? What kind of savings account will you use? Don’t settle for vague goals. The more specific you are about what you want and what you need to do to get there, the more likely you are to succeed in your money resolutions.
  • Be realistic: Financial planning requires a certain sense of realism. “Become a millionaire by 2023” is a nice idea, but it’s not realistic for everyone. Avoid the temptation to make big, sweeping changes or set unreasonable standards. If you restrict your budget or try to do too much all at once, you’re less likely to stick with any of your resolutions. Instead of becoming a millionaire, why not resolve to increase your retirement contribution by $100 each month?
  • Break the goal down into smaller pieces: If you do need to make a big resolution, like aggressively saving for a home, try breaking that goal up into smaller chunks. For example, if your goal is to set aside $15,000 for a down payment this year, you’ll make a specific, realistic plan to get there. Don’t forget to celebrate the milestones, either. Every time you hit one, find a (financially reasonable) way to reward yourself for your diligent progress.
  • Make a plan: Finally, your resolutions require a plan. Now that you have specific, realistic goals that are broken down into reasonable steps, you can make the plan to achieve them. Whether that’s cutting down on how often you order delivery or taking on a part-time gig for extra cash, it’s important to consider the “how” just as much as the “what.”

These financial planning and budgeting tips will make it a lot easier to set reasonable goals for yourself. Remember, it’s never too late to start making better financial decisions, and the experts at OUR Credit Union are here to help and encourage you. Call us today to learn more about our services.

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