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Checking on your New Year's Financial Goals 2022

Checking on your New Year’s Financial Goals 2022

We’re about to enter the last quarter of the year and most of us want to see if we stay true to our financial goals for 2022. Although according to statistics, most people don’t keep their New Year’s resolution, where approximately 70% have dropped theirs by the 2nd week of February. So, the effective thing to do is to create a process that will allow you to achieve your goals.

Focus on the process

Whether it’s a small or life-changing goal, they tend to fail at the same rate. But, the problem doesn’t lie with the set targets. It boils down to creating a process that you can follow through.

A process with a series of small improvements is the key, making what you do not so different from what other successful people do. You can also get inspired by their success.

Pick a successful person who has achieved something you want. Emulate his or her process, then follow it. You can modify the process as you learn and with what works for you.

Meaningful and positive goals

Proving something to yourself and not what people think will make you stick with your resolution. Pick positive goals. This way, you’ll be working to become something new rather than avoiding temptation.

Stop smoking or eating sweets are common objectives. However, they’re considered negative goals because it’s harder to stop something than to embrace a new or positive change.

SMART goals

Setting your objectives is an effective way to motivate and help you create these changes such as improving your health, relationships, or productivity at work. Let’s zero in on weight. Another approach could be to lose 10 pounds in a month. It’s specific and measurable.

“To grow and expand your business” is too broad a goal. “To land 5 new clients per month” is more specific.

Make your aim achievable, realistic, and in balance with your life. The SMART theory could be of help once you’ve decided.

SMART (which started in the 1980s) is an acronym, giving criteria to guide in the setting of objectives. Here are the 5 criteria of SMART goals:

  • Specific. It should include the 5 Ws (what, where, when, why, and who).
  • Measurable. It should include a quantity (how many or how much).
  • Achievable. Satisfying results can come from setting harder goals as long as it’s attainable. Although it can be discouraging and could lead you to give up if the objectives are too difficult.
  • Realistic. It should be practical for you and your situation. Making goals public can enhance commitment and improve your chances of achieving it.
  • Time-related. Set a timeframe and an endpoint. Deadlines can enhance your efforts and help you prioritise the task at hand.

Seeking regular feedback from others or by tracking measurable items is also important, as it allows you to know when you are on the right track.

Breaking down your targets into smaller steps that can lead to a sense of achievement. It also prevents you from becoming overwhelmed by large goals.

If your long-term aim is to find a new job, some smaller and more achievable actions could be to update your curriculum vitae, check job ads out online, or ask your contacts from previous work.

Now that you know what to accomplish, you can create a guaranteed process to get there: setting a workout schedule, laying out a diet plan, and following through.

Set and forget

Successful people usually set a goal and focus more on the process to achieve it. What they care about most is what they need to do today because a sense of accomplishment offers further motivation.

They feel good and happy about themselves whenever they accomplish things, even if it’s a step at a time. Incremental successes will void the distance between here and there. Having a goal motivates you to focus on the more vital things. It allows for creative vision and develops effective strategies to achieve certain objectives.

If you liked our “Checking on your New Year’s Financial Goals 2022” and find it useful, check our blogs regularly for more information on how to get out of debt and get updates on apps to help finances in Australia.