New Year, New Mindset: How to Achieve Your New Year Financial Resolutions
Seven ways to achieve your New Year Financial Resolutions.
It’s 2019! Welcome to a new year. Time to let go of 2018 and start fresh. That means new budget, new goals, and even a new mindset. You have to change things up if you want different results. So if you want to get your finances together this year, here’s how to cultivate a new mindset and achieve your New Year financial resolutions.
1. Write a check
At The Financial Gym, we’re all about manifesting our goals and dreams and doing the work to get there. Our founder, Shannon McLay dreamed of being on the Today show and made it happen. You can do the same with your money but you have to put it out there and do the work.
To start, write a check for how much you want to make. Don’t play small — how much do you really want to earn to live the life of your dreams? Then take out a check and write it to yourself for that amount. Keep it somewhere that you’ll see every day so you can stay focused.
Actor and comedian Jim Carrey wrote a check to himself for $10 million when he was absolutely broke. And several years later, with his hard work, he was able to reach that goal from one of his films.
2. Track your spending in a new way
One of the most common New Year financial resolutions is to save more money. In order to do that, you want to track your spending and see where you can cut back and get more room in your budget to save. That can seem boring and just plain tedious.
To help you with a new mindset and think of your purchases differently, start tracking your expenses for one month on pen and paper and write down how you felt immediately after that purchase. Do you feel happy? Filled with guilt? Regret? When it comes to managing money, your emotions play a huge role.
You want to track patterns and spending triggers. Do you always seem to spend more when you’re bored? Does going out to lunch not really excite you? Those are things to be mindful of so you can change your financial life and align your money with things that bring you value and joy.
3. Create a vision board
It’s a new year, new you with new year financial resolutions. One way to really get clear on your financial goals is to create a vision board. You can create a vision board full of images of things you want and dream of.
There are no wrong answers! You want a house in Vermont? A mustang? To adopt a child? Put it on the board. You can create a vision board with old magazines or you can do one online or through Pinterest.
4. Change your language
Have you ever been hurt by something someone has said to you? That just goes to show the power of words and language. That’s why it’s key to change your language if you want to achieve your new years financial resolutions.
Stop saying how broke you are and say that you are in the building stage. You want to look toward the future and possibilities and not be stuck in a place of lack.
Instead of saying I can’t afford it, say that you have other priorities. Get rid of the “I never…” or “I always…”. Don’t trap yourself into thinking patterns that limit your potential. You’re a financial rockstar and capable of more than you realize.
5. Feed your mind
Your mind creates your reality and what you believe is possible. That’s why it’s key to monitor what you are feeding your mind. If you’re just scrolling on social media mindlessly, in some cases you may be feeding your mind junk that isn’t serving you.
Instead, consume books like Think and Grow Rich from Napoleon Hill (one of Shannon’s favorite books!) or listen to the Martinis and Your Money podcast. Feed your mind the right stuff for you to grow so you can take steps to reach your new year financial resolutions.
6. Hang out with the right people
There’s a saying that you are the average of the five people you spend the most time with. If your friends and family are always nagging you about why you’re trying to save money or think it’s silly to pay off your student loans early, they may not be your people.
That doesn’t mean you have to cut them off completely but you want to surround yourself with cheerleaders, accountability buddies and friends who support your goals.
7. Put systems into place
Most people fail their new years resolutions because of lack of motivation, discipline and having a process that works. In order to stay motivated, focus on your why (example: I want to pay off debt so I can go to Argentina). When it comes to discipline, you have to harness your energy and know that you are working toward something longer-term.
If you don’t feel like going to the gym, just put your shoes on and walk out the door and don’t think about it too much. Suddenly, you’re at the gym working out. If you want to change your finances, leave your credit cards at home. Go out with only a set amount of cash. Block websites that tempt you to spend money.
On top of that, you want systems in place to support your goals. For example, you can track your finances using Mint.com and set goals for yourself to reach. You can sign up for Credit Karma and get a free credit score and keep tabs on your credit easily.
You can schedule one day a week to have a money date and look over your budget, spending, and savings. You can sign up for automatic withdrawals from your checking to your savings — even if it’s just $20. It’s crucial to have systems in place to help us reach our new year financial resolutions. If we leave it just to motivation and discipline, it’s easy to slip up.
Get started
Now is a great time to refresh your finances and get going on your new year financial resolutions. Taking these steps can help shift your mindset and give you new ways of thinking about your finances and life. You don’t have to go it alone, either. Need some extra accountability? Get in touch to chat with your new BFF (best financial friend).
Happy New Year from The Financial Gym!