Did you make any New Year’s Resolutions this year?
If so, don’t miss this episode! Most people give up on their resolutions after just a few weeks.
But with the tips in today’s episode, you’ll learn how to set and keep your goals this year.
Your action task this week is to make a goal and tell people about it.
Depending on your goal you may not want to reveal specific details, but that’s ok! In fact, research has shown that sharing about your goals publicly is a bit more nuanced than we once thought.
Check out this article for more specific guidance, but the gist is: share your goal with successful people and share your plans with everybody else.
Article on sharing your goals publicly:
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Below is the transcript from today’s show. Or you can download the full transcript as a PDF.
Welcome to the Go From Broke podcast where you'll learn how to take control of your money so you can stress less and save more. If you're tired of living paycheck to paycheck or constantly wondering where your money is going, you're in the right place. This podcast is all about giving you actionable tips and advice so you can get started improving your finances today. It's a new year and with it comes a clean slate to set new goals for your money. Saving money and paying off debt are pretty popular resolutions, but unfortunately, most people actually give up on their resolutions by mid-February. So in today's episode, I'm going to share five practical tips to help you set and keep your financial goals this year. Tip one, be reasonable. It's okay to make your goals a little bit of a push, but be careful that you don't enter the delusional zone. For example, if your goal is to pay off debt, make sure you're being reasonable with the amount you can afford to pay and the timeframe you have to pay it. Just because you've heard stories about people who've paid off an enormous amount of money in a short amount of time, it doesn't mean that you should do that too. While it may be possible, it might not be. You have to look at your own numbers and your own unique situation, and then calculate your own financial future. The same goes for savings goals. Sure it's a good idea to max out all your retirement accounts, but that may not be possible for you. You may need to build a foundation first. The point isn't to give up before you start, the point is to make sure your goals are reasonable. You risk fizzling out from frustration if you try to compare yourself to others or live up to the achievements of others. Look at your own situation and make a goal that suits you for where you are right now. Make it challenging, but not impossible. Tip number two, start small. Excitement and energy toward your goals are high at the start. But the newness wears off pretty quick. Try breaking your goal down into smaller steps to help you maintain some momentum. For example, if you're facing a mountain of debt, start by determining what your income is versus your expenses. Next look for some expenses you can cut. Then start brainstorming some new income ideas. Taking those smaller action steps and getting tiny wins along the way will help you stay motivated so you can achieve your goal in the long run. Tip number three, stay focused. It's easy to make goals, but it's hard to stay focused on them. Within goal-setting circles, they say the key to maintaining your focus is knowing your why. Ask yourself, why you're setting that particular goal? What's your motivation behind it? If you hit a roadblock along your way, having a strong why will help you break through that roadblock. Also, realize that there's a difference between internal motivations and external motivations. And the internal motivations will make achieving your goals a lot more likely. Take the example of a weight loss goal. An internal motivator for losing weight might be to get healthier so you have the energy to play with your kids. Whereas an external motivator could be that the doctor told you to lose weight. External motivators produce goals you view as things you should do. Whereas internal motivators lead you to the goals that you want to do. You're a lot more likely to achieve the goals you actually want to do, so try to find internal motivators to help you stay focused on your goals. Tip number four, be patient. Most financial goals are more achievement-oriented, like paying off debt or saving money. But to reach either of those, you're going to need to adjust your spending habits. The most recent research shows that it takes an average of around 66 days to change our behavior. So if you're not used to tracking your spending or making a budget, it will take some time to get into that habit. Be patient with yourself and give yourself time to adjust. Tip number five, automate things. Setting up automatic payments and or deposits is a great tool to help you reach your money goals. It can be tricky to know how much to automate in the beginning, so start small. For debt management, set your credit cards to auto-pay at least the minimum amount due. Eventually, you'll want to increase this to the statement balance, or even pay it in full. But if you're struggling to pay off debt, start with the minimum just to avoid the late fees. For savings goals, start by transferring a small amount into your savings with each paycheck. It may seem silly to set aside a tiny amount like $5 a paycheck, but starting small will help ease you into the habit. Transferring large amounts can lead to a feeling of deprivation. Once you've adjusted your spending habits to meet your savings goals, then you can increase your deposits. Also, consider using an app like Peak Money to automate your savings for you. Simply choose a savings action and Peak will make it happen. For example, you can set a Roundup action that rounds up every purchase you make, and then Peak will add that extra change into your savings. Peak has a ton of fun actions you can try from Ding Out Dollars, where you save every time you eat out, to Payday Saves where they'll automatically save a percentage of all your income. I saved almost $1,500 last year just experimenting with Peak's savings actions. And the best part, besides the fact that it's automated, is that it's actually kind of fun. All right now, it's time for you to take action. I love the excitement of setting new goals, but I've also experienced the regret of leaving them behind when the enthusiasm fizzles out. Studies have shown that we're more likely to stick to something when we publicly announce our intention. So for your action task today, I want you to set a goal and let people know about it. Share it on Facebook or Instagram and commit to following through. And make sure as you plan your goals, you apply the tips from today's episode so you'll have an even greater chance of success. If you enjoy today's episode and think others might as well, spread the joy by leaving a rating and review. And don't forget to subscribe so you don't miss any future ones. As always, take action and make it a great day.