The new year often sparks new ideas and expectations for yourself. When the clock strikes midnight on January 1, millions of people begin their list of resolutions to improve their well-being. A survey from Statista found that saving money is one of the most common New Year resolutions, followed by eating healthier and exercising. While it’s always encouraged to set goals for yourself, it’s equally as important to understand the reasons behind them and the outcomes you hope to achieve.

At Elements, we help members reach financial success every day. If improving your finances is one of your goals for the new year, our experts are here to support you. In this article, we’ll explore why past resolutions may not have succeeded. In addition, we’ll share strategies to make your financial goals achievable.

The Reality of Resolutions

We all have goals we want to achieve, and the start of a new year seems like the perfect time for self-improvement. While we may start out the year motivated and consistent with our goals, that drive tends to fade away as the months go on. Forbes Health survey findings revealed that the average New Year resolution lasts less than four months.

Here are a few reasons one may struggle to stick to their resolutions:

• The resolution is too vague. A good example of this is saying, “I want to save money.” How much money do you want to save? Why are you saving the money?
• The resolution doesn’t match one’s core desires. Many resolutions are driven by societal pressures rather than personal values. It’s important to ask the question: New Year resolution aside, what do you truly desire, and how will your goals get you there? 
• Unrealistic expectations. Having too many goals or high expectations for your goals can make them harder to reach, causing you to give up early on. Are you feeling burnt out by your resolutions each year?

Consider applying these insights to stay motivated this year.

Focus More on the Goal and Less on the Year

The concept of “New Year’s Resolutions” can add unwanted stress, negatively impacting your self-esteem. Instead of feeling pressured to achieve all your goals within a year, try focusing on the goal itself. Be gentle with yourself and take time to celebrate every milestone – you’re more likely to reach your goals that way.

Be Creative and Have Fun

Who said goals can’t be fun? Try setting a resolution that awards you instead of restricting you. Maybe there's a place you’ve always wanted to visit or an excursion you’ve wanted to do; make that your goal!

Understand Your Relationship with Money

You can't set effective goals without understanding your finances. Most financial institutions offer online banking tools that give you an overview of your spending. Review where your money is going and set goals based on your priorities. Don’t like what you see? Use it as motivation to develop healthier financial habits for the new year.

Overall, financial health is a top priority for most of us, but it's good to remember that you don’t have to wait until the new year to make a change. Economic conditions and personal factors can change your financial situation, and adapting to these changes may take time—sometimes more than a year. If you are working through your resolutions, remember to give yourself grace this year!

What’s your financial goal for this year? Our credit union experts are always here to assist you. Contact Elements Financial for support in all aspects of your financial life.