How to Stay Accountable in Reaching Your Financial Goals

January is a popular time to work on new goals, including financial goals. But after the shine and excitement of setting a new goal wears off, it’s hard to stay on track: studies show that most people abandon their New Year’s intentions by February. To avoid a similar fate, you need to find ways to stay motivated and accountable. Here are five strategies to do just that:

Create visual reminders of your goals

It’s not unusual to go through the trouble of setting goals and then completely forget about them. Unless you view your goals regularly, they won’t stay at the forefront of your mind and it’s highly unlikely you’ll take steps toward achieving them. Luckily, there is an easy fix for this: keep your list of goals somewhere you will see it regularly such as on your bathroom mirror or next to your computer. If you’re feeling high-tech, make a nice visual of your goals through Canva and set it as your desktop or phone background. 

Imagine your future self

People are generally biased toward decisions that benefit them in the short term, even if those decisions will cause problems for them down the road. However, visualizing your future self can help you stay accountable to your current goals. For example, a 2008 study found that people allocated significantly more money toward a hypothetical retirement account after interacting with a visual representation of their future self via virtual reality. To visualize your future self, use an app to generate an aged version of one of your photos or write a letter to your future self about what your life will look like in 5, 10, or 20 years.

Tell someone about your goals

It can be tempting to keep your goals to yourself, especially when they are related to a taboo topic like money, but the act of verbalizing your goals to another person creates the opportunity for external accountability. However, it matters who you share your goals with. A 2019 study found that you are more likely to achieve your goals when you share them with someone whose opinion you value. 

Make a commitment 

Take your accountability a step further by committing to an activity or event that will further your financial goals. If you want to make sure that you file your taxes early, schedule a meeting with your accountant in February. If you want to start budgeting this year, set up a weekly accountability get-together with a friend (either online or in person). 

Work with a financial trainer

To level up your financial accountability another notch, work with a financial trainer who will help you set goals, track your progress, and cheer you on. A certified financial trainer (CFT) from the Financial Gym will provide actionable steps to achieve your financial goals, check in on you regularly to hold you accountable, help you troubleshoot challenges as they arise, and celebrate your success with you!