Perhaps you didn’t take that vacation to Europe, or you didn’t save up enough to max out your Roth IRA, or you didn’t pay off as much debt as you had hoped.
Well, life happens. Sometimes there are circumstances out of our control that push our goals out of the way. The trick is to continue trucking on rather than giving up.
So you didn’t save up enough or pay off enough debt due to some life emergencies, like your car broke down or a relative had health issues. Maybe you set your goals too high and they were just unattainable from the get-go.
Take 2014, learn from it, and recommit in 2015 to continue to work on (or evaluate) your finances.
Here are some tips on how to recommit to your financial goals in the New Year.
Start with a Clean Slate
Let go of your failed goals and start fresh. Focusing on what you didn’t accomplish won’t help you to move forward with your new goals.
Break Down Your Goals into Mini-Goals
Did you make one giant goal to pay off $10,000 of debt in a year, and when October rolled around, you realized there was no way you were going to meet that goal?
A better way to meet your goals is to break them down into smaller chunks. One blogger had a goal of saving up for a computer, which would cost $1,100. Saving $1,100 sounds like a lot of money, but spread out over 12 months, that’s only $92 a month. And if she put aside $25 a week instead? It would take her only 11 months to save up.
Set Attainable Goals
One of the many mistakes people make when setting goals is they make it almost impossible to achieve, which makes it really easy to fail. Setting a goal to pay off $50K in debt in one year, when you only make a $65K salary, is a bit unrealistic.
Don’t deprive yourself until you reach your goals. Even the most dedicated among us still need breaks every now and then. Give yourself a mental break from your goals every now and then, and treat yourself when you reach certain milestones.
Hold Yourself Accountable
Schedule on your calendar periodic time frames where you’ll check on yourself to make sure you’re on track to achieve your goals. Checking in every three months will help you stay on track and make sure you keep with your financial plan.
If you had a rough year in 2014 and didn’t accomplish all your goals, let the New Year be the year you vow to recommit and reach your financial goals.
Will you be recommitting to your goals in 2015, or will you set new ones? What did you learn from the goals you set this year?