Do Your 2018 Resolutions Need a Do Over?

Believe it or not, it’s May already. You’ve flipped the calendar page four times, and if you’re like more than 80% of the general public, it’s been a few months since your New Years’ resolutions crashed and burned. Have you taken the time to analyze why your good intentions didn’t pan out? Maybe they were too ambitious. Maybe they weren’t challenging enough. Whatever the reason (or excuse), your resolutions are over. Done. Finished. Or are they?

Failed goals aren’t ashes. They’re embers.

Is it possible to revive resolutions that haven’t shown signs of life in months? Absolutely. To stoke your motivational fire, you’ll need to revisit the reasons you set those goals in the first place. Take a close look at the things you want to accomplish, and then determine whether they’re still a realistic possibility. If so, recommit yourself. If not, adjust your expectations. But once you decide to have another go at it, work smarter not harder.

Find your momentum with micro-goals.

While it can be discouraging to examine missed goals or failure in general, author Erin Lowry addresses the topic of failed resolutions with refreshing candor on her Broke Millennial blog. Lowry shared, “Like most of us, I fail each year at my New Year’s resolutions. Then I realized I should apply one of my favorite money tactics to my resolutions. Micro-goals. I’m a big believer in setting a lofty goal and then working backward to chunk that goal down into manageable pieces.”

The beauty of micro-goals lies in their universal application. Financial Goals. Fitness ambitions. Relational hopes and dreams. Whatever the category, micro-goals can help you get back on track. The key to starting over is finding a way to gain momentum, and breaking your big goals into smaller goals can set yourself up for easy wins. Then, as you experience the sense of accomplishment that comes from completing each little task, you’ll find the inspiration to carry on toward your ultimate destination. Like the peaceful painter, Bob Ross, once said, “There’s nothing in the world that breeds success like success.”

Take another run at those financial goals.

Are you doubling back to pursue a financial resolution like paying off debt, building an emergency fund, or saving for retirement? Remember, you don’t have to do it alone. Your credit union can be an incredible partner in your pursuit of financial stability. From low-interest loans and high-interest savings accounts, to financial counseling and investment advice – credit unions provide a wide array of solutions designed to help their members win with money.

Not a credit union member? Your first micro-goal is an easy one: become a credit union member as soon as possible! If you live, work, worship, volunteer, or attend school in Monmouth or Ocean Counties in New Jersey – you are eligible to become a member of First Financial. It’s easy, get started now!

Financial Resolutions for the New Year

iStock_000014802582Small-x-560If you haven’t already started making your New Year’s resolutions – or even if you have – make sure to include a few money-related ones to your list. We’ve got a few to help you get started:

  • Pay down your mortgage. You can save more than $63,000 on a 30-year, $200,000 mortgage by paying just $100 more a month.
  • Save 10 percent. Put aside 10 percent of your income for long-term investments and retirement savings before paying any bills.
  • Track your expenses. Record every dollar you spend, for at least one week. You’ll get a clearer idea of where the money goes and what you can cut back on.
  • Energize your house. Look for ways to make your house more energy efficient. You’ll save on heating and cooling costs and also help the environment.
  • Stay home. Resist the temptation to eat out. Cook more meals at home. Instead of going to the movies, rent a video, read a book, or a play a game with your whole family.
  • Don’t rely on credit cards. Credit card debt can eat up your savings and your future. Start reducing your debt, and don’t buy anything on credit if you don’t have the money to pay the bill off promptly.

Don’t forget to stop in to have your annual financial checkup! Here at First Financial, we encourage our members to come in at least once a year to sit down with a representative at any one of our branches to make sure you are currently placed in the correct Rewards First tier for you, and also that you are receiving the best value, products and services based on your financial situation. Give us a call at 866.750.0100 or stop in to see us today!

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7 Steps to Creating Lasting Financial Resolutions

New-Years-Resolution-for-Finances-300x221We all have more than a few well-intentioned New Year’s Resolutions that never make it to February. We mean well, and we try hard to stick to our life-changing plans, but it seems inevitable that we’ll fail.

If you want to make lasting financial resolutions, you have to include a certain level of detail in your goals.

Try these 7 steps to help you create financial tips that will stick:

1. Make your goals specific.

In order to make realistic financial goalsyou have to be very specific about what you want to attain. “I will save more money this year,” gives you lots of wiggle room to shirk your new goals. A more specific goal like, “I will save 7% of my income each month,” is very specific and helps keep you on target.

2. Make your goals measurable.

In order to determine if you’re meeting your goals or if you need to step up your efforts, you have to create a goal that includes measurable outcomes. If you set a goal to spend your grocery money more wisely this month, you have to include examples of what smart grocery shopping looks like. Are you buying items in bulk? Do you only buy groceries when they’re on sale? Are you shopping at discount food stores? Are you spending less on higher-priced processed and ready-to-eat foods?

3. Set a time limit.

Who says New Year’s resolutions have to be set in stone as of January 1st? Make a goal for the first thirty days and include a reminder to set another goal for the next month. Can’t make it through thirty days consistently? No problem. Set your goals for smaller periods of time.

4. Reward yourself.

One of the best ways to create a lasting habit is to make the experience pleasurable. Forget the guilt trip over not keeping your resolutions; just give yourself a break and start anew as soon as you realize you’re failing. Reward yourself often for meeting even the smallest aspects of your financial resolutions.

5. Be realistic.

While we’d all love to become millionaires overnight, setting a goal to become “rich” in a short period of time isn’t very realistic. Don’t set yourself up for failure by including unrealistic details in your financial goals. It’s completely acceptable (and encouraged!) to dream, but not to set goals that are impossible to achieve.

6. Get help.

When setting financial goals for the new year, don’t forget to include an accountability partner to help keep you on track. This person can be a trusted friend, family member, or professional that will check in periodically to see how you’re doing with your goals. When you have to answer to someone else, you’re more likely to curb your undesirable behavior.

If you would like to set up a no-cost consultation with the Investment & Retirement Center** located at First Financial Federal Credit Union to discuss your savings and retirement goals, contact them at 732.312.1565.

7. Change your attitude.

One way to reinforce your desire to make lasting changes is to change the way you perceive your finances. Set a goal to read one book a month about finances, take a financial management class, or spend time with people who have a solid grip on their finances. Talk to people who are where you want to be at the end of the year. Surround yourself with information and encouragement to help make this year’s financial resolutions a success.

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*First Financial is not responsible for any content listed on external websites. **Representatives are registered, securities are sold, and investment advisory services offered through CUNA Brokerage Services, Inc. (CBSI), member FINRA/SIPC, a registered broker/dealer and investment advisor, 2000 Heritage Way, Waverly, Iowa 50677, toll-free 800-369-2862. Nondeposit investment and insurance products are not federally insured, involve investment risk, may lose value and are not obligations of or guaranteed by the financial institution. CBSI is under contract with the financial institution, through the financial services program, to make securities available to members. CUNA Brokerage Services, Inc., is a registered broker/dealer in all fifty states of the United States of America.