How to Stick to your Financial New Year’s Resolution

At the start of a bright and shiny new year, the first few days of January are the easiest to get through. You’re full of motivation to make a big leap and get started on your resolution to save more money.

But as the weeks go by, you start to lose momentum, falling for the temptation to stray from your goal and debating whether you should just give up. According to U.S. News, 80 percent of new year’s resolutions fail by mid-February when people lose their motivation or get overwhelmed by the magnitude of their goal.

Choosing to improve your financial situation is always a great idea, whether you’re hoping to stock up your emergency fund, get out of debt, or give your budget a boost. If you want to avoid the post-January slump and stick to your financial new year’s resolution, follow these tips:

Start Small

One of the reasons why 슬롯사이트 people fail their new year’s resolutions is that they bite off more than they can chew — picking a goal that’s vague, unrealistic, or far away will always be an act of self-sabotage.

The first thing you should do is give yourself a specific number as your resolution. Saying you want to “get rid of debt” or “add to your savings” isn’t enough. Choosing to take $2,000 off of your debt and add $900 to your savings account are clear goals.

You should also cut your timeframe into smaller pieces. A faraway deadline leaves room for procrastination, so you don’t put money away until the date looms closer and you start to panic. The lump sum is intimidating, so you will get discouraged before you even reach the halfway point.

Researchers Leona Tam and Uptal Dholakia recommend that you save money in short cycles to reach your goals, instead of aspiring to make one large sum over a long period of time. Telling yourself to collect $40 a week for a year will be much easier to accomplish than telling yourself to get $2080 by the end of the year. Both goals give you the same results, but the former is more likely to be successful.

See Also: How to Budget Using the 50/20/30 Rule

Automate Your Savings

When you get overwhelmed with work or life events, the resolution could slip your mind. Instead of missing out on a contribution and dropping further away from your end-goal, a mobile app can automatically put money aside for you, so you can make progress without even trying.

An app like Digit will analyze your spending habits and transfer money from your checking account into a specific savings account, which earns a 1% annual savings bonus. Users can save for multiple goals at once, directing money into accounts for things like emergency funds, credit card debt repayments, or vacations.

Saving money isn’t always a solo venture. If you’re trying to reach the resolution as a couple, consider an app like Twine so you and your partner can contribute to a joint account with automatic deposits.

Trick Yourself

If the idea of tackling your finances feels far too intimidating, you can always pick another goal that just so happens to save you money. You can check out these money saving 2019 New Years resolutions to see how you can quickly improve your finances without having to think about budgeting.

For instance, limiting your alcohol consumption can help you reach a substantial savings goal. Cutting down one $5.00 drink a day can give you $1820 by the end of the year. You may be focusing on fixing one bad habit, but you’re also filling up your bank account.

See Also: 9 Unconventional Ways to Save Money

Making money-saving your ultimate goal for the year is a commendable plan. The extra money can be used to stock up your rainy-day fund, just in case you deal with an emergency payment. After all, you don’t want to notice your pipes have frozen overnight when you can’t afford to call a plumber.

If this ever happens to you and you have no emergency fund to dip into, you can contact a lender like MoneyKey to apply for a payday loan. The process of getting an online payday loan will be fast and hassle-free. All you have to do is fill out an application, sign the loan documents, and get approved. Then, the money you need can be in your bank by the next business day. While savings are designed for these types of problems, it’s important to know that you have an option when those funds aren’t available.

Don’t get discouraged by the high rates of New Year’s resolution failure. Using these techniques will help you stay on track and reach your end-goal. If you make a mistake or fall behind, you don’t have to wait until 2020 to make another resolution. Pick yourself back up and work to better your finances, again.