After the clock struck midnight on New Year’s Day of 2020, you made up your mind about your resolution for the upcoming year. You would commit to saving more money and paying off all of your debt.
January and February have come and gone, and you’ve realized that you haven’t even come close to sticking to your resolution. It’s quickly faded, and you’re back to square one with the same money problems as before. So, what can you do?
The New Year’s Resolution Slump
You’re not alone. Lots of people struggle to keep up with the goals that they set on the first day of the year. Research shows that approximately 80% of New Year’s resolutions fail by mid-February.
But, that doesn’t mean that you can never save money or tackle your debts. This is just a small bump in the road. You can keep moving forward and reach your target. All you have to do is find out what’s been holding you back in the past few months.
What Has Been Holding You Back?
You Went for It Alone
It’s easy to get overwhelmed all on your own. If you really want to reduce your expenses and take down your outstanding debts, you should seek help.
First, go to a licensed insolvency trustee. They offer services like credit counselling so that you can successfully save money every single month. And if you’re too deep in debt to get out with these techniques, the trustee can assist you through a more serious debt relief option. Whether you want to file for a consumer proposal or look into bankruptcy, they can lead you through it.
After that, you should start telling your close friends and family the news. One of the best ways to stick to your financial goals is to talk to people you trust about your resolution as much as you can. They can be your cheerleaders and hold you accountable whenever you start slipping.
You Forgot to Reward Yourself
If you don’t reward yourself once in a while, you’re going to lose your motivation to continue and give up. Set up small celebrations whenever you reach a certain milestone with your resolution.
And when you get closer to your end-goal, prepare your biggest reward. Lots of people set up mortgage burnings and debt-free parties to celebrate their financial freedom. You can do the same. If the small treats aren’t enough to keep you pushing forward, imagine the big bash that you’ll have when it’s all over.
Your Goal Was Too Big
It can feel like you’re biting off way more than you can chew. In this case, you can get through the meal by cutting it into smaller, more appetizing pieces. Instead of saying that you want to pay off $10,000 in student debt, you can set ten separate goals of paying off $1000. This solution will make your goals much easier to swallow.
There’s no rule saying that you can only make resolutions at the start of the new year. You can do it whenever you want. Start fresh this week. When you follow these methods, you’re sure to stick to your financial goals for much longer than a month.
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