Did you break this New Year’s resolution despite your sincere promise to spend less in 2024? You wouldn’t be alone.
According to one study, a stunning 91% of goal-setters don’t achieve their New Year’s resolutions. Most give up by the second Friday of January, otherwise known as Quitters Day.
If you’re the type of person who believes in all-or-nothings, you may be tempted to join these quitters when you break your promise. This black-and-white thinking catastrophizes a small mistake. Worse yet, it doesn’t account for the reality that progress isn’t linear.
You’ll have setbacks, but the important part is that you keep trying. Here are some tips to help you do that.
Table of Contents
Be Kind to Yourself
First things first, give yourself room to make mistakes. You’re human, and that means you’ll mess up here and there. Don’t let these mistakes convince you to give up your goal. Instead, try to reframe it as a learning opportunity.
- Why did you break your promise?
- Was it worth it? Yes, sometimes an unplanned splurge adds value to your life!
- What can you do to avoid this mistake in the future?
Know How to Recover from Mistakes
Spending too much can have significant consequences for your budget. Between the all-you-can-eat sushi, a new area rug, and a winter getaway, your money can run out.
Your recovery depends on a lot of things, like timing and costs. You might be able to squeeze through this rough patch by ditching all remaining discretionary spending for the month.
If you have an emergency fund, now might be the time to take advantage of these savings. You can halt your month’s contribution and use this cash to cover your bills. Alternatively, you can draw from your fund to cover your expenses.
What if your roof starts to leak the same day you drain your emergency fund? Recovery also involves thinking through these worst-case scenarios.
If you can’t cover an unexpected household repair on your own, you may turn to a personal loan or line of credit for answers. Take some time to learn about short term options that work well in an emergency. The reading you do here will help you choose the right short term loan or line of credit to fill in for your savings.
Set Specific and Realistic Goals
Breaking your New Year’s resolution doesn’t mean you’re weak. It could signify you’re making the wrong types of goals.
If you truly promised to “spend less” without any other qualifiers this year, you are suffering under a bad goal. This is the kind of vague resolution that sets you up for failure. After all, what does less mean? It’s a constantly moving goalpost that doesn’t provide any hints as to how you can achieve it.
Sit back and think about how you can refine this financial goal, making it more specific and realistic. Instead of keeping it to “less,” try setting a specific dollar amount. Look at your discretionary spending and identify expenses you want to control.
Find a Support System
Lastly, don’t try to spend less on your own. Seek out others who want to achieve similar goals this year. You can find moral support online using message boards and apps. However, sometimes, the best support is in your backyard, so to speak. Talk to your friends and family about your New Year’s resolution and see if they set similar goals. Together, you can keep each other accountable.
Also Read – Installing a Mini-Split System on the Roof: A Comprehensive Guide