Fireworks light up the sky. Glasses clink as the New Year’s Eve ball drops in Time Square. Family and friends toast, wishing each other another happy new year and promising each other that this will be their best year yet.
But among the endless confetti, balloons, and champagne (or sparkling grape juice), you can’t help but wonder: Will it be your best year yet? Will you actually follow through with your lofty New Year’s resolutions this time?
And you might have not even come up with your 2020 goals yet — or don’t even plan to. With all the hubbub and pressure that comes with New Year’s resolutions, you may choose not to participate at all: only 40 percent of Americans make New Year’s resolutions, the Washington Post reports. Some of the most common — and yet very general — resolutions out there every year are eat healthier, pick up a new skill or hobby, exercise more, read more books, save more (and spend less) money, get organized, and practice self care. And by February, around 80 percent of people have failed to stick to theirs, according to the New York Times.
How Do You View Planning and Goal Setting?
At The Humphreys Group, we understand how emotions can deeply affect how we view money and goal setting. That’s why we recommend taking a personal inventory on your attitudes and beliefs toward goal setting before sitting down to write your New Year’s resolutions.
Here’s an exercise to try before coming up with your resolutions this year. Try completing the sentences quickly; fill in the blanks with the first word or words that come to mind.
- I think goal setting is…
- In the past, my experience with goal setting has been…
- I think the greatest value of planning is…
- The most success I have experienced in setting and achieving a goal was when…
- I find it difficult to set goals when…
- What I want to avoid in the future is…
- The person who has been the best role model for me in defining and pursuing a meaningful life is…
Now that you’ve looked at your views toward goal setting, try to get started on creating your resolutions.
Actionable Steps to Getting Your Finances in Order
If getting your finances in order is on your list of New Year’s resolutions, here are some tips from CNBC.
- Review what you spent in 2019. Schedule a “Personal Inventory Day” (PID) to review your credit card and bank statements.
- Set flexible but clear goals.
- Get inspired by resources like money-related subreddits or private personal finance Facebook groups.
- Write everything down, whether it’s about your savings account balance or how you’re feeling about your spending.
Wishing You a Happy New Year from The Humphreys Group
New Year’s Eve can come with a lot of pressure and expectation, but don’t let the arbitrary date get to you. Take time to sit down and clarify your values, hopes, and views. This will help you come up with specific goals that are personal to you and that can be broken down into actionable steps.
If you’re like to talk more about goal setting or financial planning, reach out to us today.
