Half of adult Americans make New Year's resolutions every year. Most meet a dismal fate. About 29 percent of those resolutions are kaput by Mid-January, 36 percent of resolutions have gone out the window by February 1, and 54 percent are gone and forgotten by July.
Why are so many of us, despite our good intentions, doomed to fail?
Because there is a difference between a New Year's resolution and a plan. A resolution is a grand, vague idea. It's a starting point, a jumping off point. It's merely the idea of where we'd like to be next year. It's not a plan, and that's why we fail.
Once a resolution is made, you have to develop the step-by-step plan that will make it happen. Big dreams are great because they give us a destination, but it's the tiny mundane everyday actions we take that make those big ideas happen. You have to break down the resolution into small, doable steps.
OK, so none of this is scientific. I'm basing this purely on my own failed attempts at New Year- New Me changes. Last year, 2008, was the first year in 33 years that I was able to meet and exceed the resolutions I set for myself.
The only thing that made last year different was that I had a plan. Sure, I thought the big thoughts. That's what resolutions are-- big goals. And there is nothing wrong with that. The problem is that most people stop with the big thoughts and don't put any thought into the little steps they need to take to make those big goals happen.
Last year, I put the small steps in action, and I met all of my goals. I saved money, I paid off debt. It was great, and I am going to apply the same process to a new set of goals this year.
Let's use a common goal-- save money- as an example. Yes, we all want to save money. But if that's your goal, you are going to be sorely disappointed come New Year's Eve 2010. You're setting yourself up to fail because you are being too vague.
How can you make this an attainable goal? Get more specific. Instead of "I want to save money", the goal should read something like "I want to save $1,000," or "I want to pay off $2,000 in credit card debt."
Turning your goal from vague to concrete is very important. It gives you something measurable to shoot for. (This works for the second-most common resolution as well: lose weight. You will be more motivated if the goal is "lose 10 pounds.")
For the "I want to save $1,000" goal, the plan might be "I will put $83 a month or $42 a paycheck into my savings account." Voila, you'll have $1,000 saved by the end of the year.
Or, to pay off the credit card, "I will add $167 a month to the payment I send to the bank and I won't charge anything else on the card." Voila. Goal met.
If you want to slim down, and who doesn't, saying "I want to lose a pound a month" seems more doable that "I want to lose 10 pounds."
Making concrete goals, and then breaking it into small, doable tasks, is key to getting where you want to be.It gives you a roadmap, and it makes your big goals not seem so big that they are overwhelming.
Next, don't give yourself a laundry list of 10 resolutions. Prioritize. What will be the most valuable to you in the coming year? What goal will give you the most benefit? Pick two, maybe three, resolutions at the most and go at them wholeheartedly.
Several University of Washington researchers studying resolutions found that the keys to keeping resolutions were dedication and keeping track of your progress.
Dedication. This means you can't just make random resolutions at 11:59 Dec. 31 after you've had a few drinks and are feeling sorry for yourself. No no. Think- hard- about your resolutions now. They'll be more meaningful. It has to be something you really want. Really.
And yes, keep track of your progress. Be cheesy. Set up a wall chart and graph your weight loss, your savings, or your debt pay off. It can be as silly as those thermometer charts charities use to show people how close they are to their fundraising goal, or it can be as serious as an Excel spreadsheet. Do what works for you, but whatever you do, keep track.
If you blog, keeping track of your goals in the very public eye can be a great motivator. Check out some of the blogs on SavingAdvice.com. Those folks bare all- debt, savings, etc. and it helps them stay accountable for their financial actions.
Do the same. Get a pal and become resolution buddies. Or send crazy monthly emails to your family outlining your success and failures at your goals. Whatever. Just do something. Stay accountable, keep the resolution in the front of your mind, and you are bound to get somewhere.
Can a resolution really work? Yes, doubting Thomas.
I am proof.
This year, the hubby and I are going on a real overseas vacation. This is the culmination of last year's resolution to make saving for travel a priority. Last year, I put the money in the bank (a little at a time) and I finally have enough to pay for most of an overseas adventure. This year we are going to spend it in another country while hopefully working on our tans.
Last year, I started a $20 challenge.The results were spectacular. I set a goal to put $1,000 into the challenge, and so far, I've got about $1,958 in the fund, all from making a few simple changes.
If you still need more guidance and inspiration, these books can give you food for thought as you set your goals and develop your plan.
The Automatic Millionaire. This will help you set and meet realistic financial goals. The premise is simple, "Pay yourself first." This book will show you how.
A Bankrate.com column on resolutions.
A business perspective on resolutions and the troubles ahead in 2009, from BizJournals.
The typical laundry list of resolutions, from YoungMoney.com.
Finally, if you really want to keep a resolution, throw in some carrot. It can't be all stick all the time. Treat yourself when you meet certain milestones on the way to your goal. Say, take yourself out to dinner when you reach 50 percent of your savings goal. Or, buy yourself something you've had your eye on once you've paid off 50 percent of your debt. (Be reasonable, you don't want to get more debt while trying to get out of it.)
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