How to Actually Stick With Your 2022 Money Goals
Sponsored by Spruce.
New Year, fresh start. It’s a time when many of us make new and exciting goals, including goals around our money. Yet, even with the best of intentions, as the month of January rolls on, many abandon their goals.
Study after study shows that most people give up on their New Year’s resolutions by the end of January or early February. That’s not what we want!
So how do we keep that New Year’s motivation going all year round? How do we stick to these money goals we’re so excited about?
Spruce, built by H&R Block and I have you covered. Here are five strategies to actually stick with your 2022 money goals. Plus, members of the Fiscal Femme community weighed in on what worked for them.
Start small.
"Having some short term goals so I can experience success and know the feeling to keep going." - @apocawysk
One of the biggest problems with New Year’s goals and resolutions is that they are way too big. Yes, we’re motivated and excited to improve and do better but if we commit to huge transformations we’re setting ourselves up for failure. Small consistent steps lead to big results. This is good news because it means that this doesn’t have to be hard. We don’t have to create completely different habits overnight.
Break your big goals down into smaller steps until they no longer feel daunting. Be realistic yet optimistic about what you will accomplish week to week. This makes it more likely we’ll stick with it. AND if you take actions towards your goals for 52 weeks, you’ll have made tremendous progress.
Be kind to yourself.
"Planning in treats for myself in my budget so I don't feel like I have to go without everything!” - @financeladiesnplantbabies
This one is a biggie and can be more difficult than it sounds. Have you ever tuned in to how you talk to yourself, especially about money? Sometimes we can be pretty cruel to ourselves.
Not only does it not feel good (we don’t deserve that!), it also creates a self-fulfilling prophecy. When we say negative things about ourselves and money, that influences the actions we take (or often inaction). This leads to our results. When the results are negative or not what we want, they reinforce our negative beliefs about ourselves and money.
When we are kind to ourselves, we have the opportunity to learn and grow from our mistakes. If something isn’t going well with one of our goals, we can adjust. And because this is a lifelong journey, we’ll be learning and growing (and making mistakes) along the way.
Get support.
"Paying my savings account like a bill." - @laceelynn_
We all need more help making savings automatic. Some good news? Choosing a mobile banking app that supports you can help you reach your goals more quickly and easily. Yes, please. With Spruce, it’s easy to keep your finances organized, you can set savings goals right in the app and will receive cash back for your purchases at select retailers. That’s extra money going right towards your goals. And all for no sign-up fee and no monthly fees. You know I love that.
Plus, Spruce offers a free credit score monitoring, the ability to get your pay up to two days earlier with direct deposit and a recommendation to save your tax refund.
We all have enough on our plates and while it’s important to spend time with your money (more on that in the next step), there is NO need to spend more time than you need to. Set up your systems and spend the saved time on things more important to you.
Dedicate some time.
"Realizing the difference between tracking my money vs budgeting my money." - @kflores56
When we don’t set aside any time to deal with our money, it’s not going to happen. And unfortunately to reach our money goals, we’ll want to be taking actions, checking in on how things are going, and improving as we go. Enter money parties.
Money parties are time we set aside to show our money some love. I recommend having them at least once per month. It’s a time to check in on our goals, look at our expenses, revisit our plans for the future and think about what we could do better.
I call them money parties for a reason. We can make them fun. I like to put on my favorite money party playlist, pour myself a glass of wine and get cozy in my PJs. Think about what would make your money party fun and reward yourself for having it.
Build community.
"Constant reminders! Social media, podcasts, planners are all built into my daily routine." - @chelisunderthesea
Community makes it a lot more fun and a lot more likely that we’ll reach our goals. If you’ve ever had a gym buddy, you know that their accountability makes it a lot more likely you’ll go to the gym and you might even look forward to it. Research backs this up. When we tell someone we’re going to do something, there’s a 65% likelihood we’re going to do it. If we make a plan to check in with them, that goes up to 95%. I’ll take those odds!
Share your money goal with a friend, family member or colleague. While it can feel scary to talk about money, it makes a tremendous difference. Remember, you don’t have to share the details of your goals - just generally what they are.
You can also find online communities of people who are working towards money goals. Sharing what you’re out to accomplish as well as your progress and setbacks can keep you moving towards the goals you set out to achieve.
For full details or to sign up for Spruce today and start getting better with money: visit https://www.sprucemoney.com/features.
Spruce is a financial technology platform built by H&R Block, which is not a bank. Banking products provided by MetaBank®, N.A., Member FDIC.
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