After the one month point, many of us might already be struggling to stick to our New Year’s resolutions.
According to Finder’s New Year’s Resolutions survey, it takes only three months for 20 per cent of us to break a resolution, and by mid-year, nearly half will have fallen off track.
So why do we often give up on our resolutions? More importantly, can simply saving a bit of extra money spell the difference between achieving them or not?
Why do we break our resolutions?
According to the survey, there are four main reasons we break or give up on our New Year’s goals:
- Not keeping track of progress.
- Making too many resolutions.
- Forgetting about a resolution.
- The resolution was unrealistic.
While a lot comes down to a change in behaviour and creating new habits, almost every resolution carries a common factor: money.
Our resolutions are secretly all about money
While the overwhelming majority of the survey respondents New Year’s resolutions were related to health and well-being, around 20 per cent are financially dependent, whether it be travel, education or simply savings. Arguably, even eating right and exercising more has financial consequences when it comes to things like gym memberships or food shopping.
Getting a better handle on your finances might go a long way towards achieving your resolutions with ease.
What can be done about it?
MoneySmart suggests that there are a number of simple yet effective things you can do to put more money in your hands to contribute towards your goals:
- Know how much money is needed. Even for a simple gym membership, know how much money you need to set aside for the entire year, not just the immediate future.
- Have a savings plan. Just like a healthy eating plan, setting out your meals for the week or the month, keeping to it, and more importantly, not deviating.
- Make it a habit. By regularly contributing to a goal, such as depositing a certain amount of money into a savings account, you can afford to buy that new car you had your eye on earlier than if you were contributing erratically.
By taking control of the financial side of your resolutions, you put yourself in prime position to achieve them. To find out more about how to bolster your savings, get in touch with the team at Border Bank today.