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New Year’s Resolutions Don’t Count – Only Follow Through Matters

By //  by Kevin M

We’re at that time of the year when people are either making resolutions, or slowly beginning to realize – just a few weeks into the new year – that they probably won’t reach the ones they’ve already made. And that’s the point, New Year’s resolutions don’t count – only follow-through matters.

It doesn’t matter how many resolutions you make, or how noble sounding they are; if you can’t follow through they’re virtually meaningless.

So how do you make your New Year’s resolutions stick? There’s no one answer, but several possibilities that can make this year’s resolutions more lasting and effective than they have been in the past.

[Here is a model for setting goals based on the bible!]

New Years Resolutions Fail

Cold Turkey Won’t Work For All The Same Reasons It Hasn’t In The Past

One of the reasons that New Year’s resolutions fail is because of the “cold turkey factor”. By cold turkey I mean that most resolutions attempt to put you on a course that you’ve never been on before, or in one that’s far more radical than anything you’ve ever tried. That’s the exact reason why they don’t work.

For example, if one of your resolutions is to lose 50 pounds by the end of the year, you’re almost doomed to fail. There are reasons why you’re 50 pounds overweight in the first place, and they won’t  go away over night, so setting such an ambitious goal will probably be doomed to failure, and early on at that.

No resolution can succeed if it will require a radical change in direction. That usually comes about only after successive steps, which is our next topic…

Setting Doable Resolutions

There’s no point in setting resolutions if they’re not doable. This gets back to the cold turkey factor – setting a resolution that requires a complete change in behavior is doomed to fail. The better approach is to set low resolution – one that’s completely doable – as part of a series of resolutions throughout the year that are designed to achieve a bigger goal.

Rather than setting a resolution to lose 50 pounds in 2014, it will be better to make a resolution to lose 10 pounds. It’s probably well within the realm of achievement, and once you succeed at that level, you can set a new resolution to lose an additional 10 pounds. You can keep doing that until you reach your ultimate goal of losing 50 pounds.

In point of fact, you won’t be able to lose 50 pounds if you can’t lose the first 10 – that’s why the lower amount needs to be your resolution. Even if you don’t reach your 50 pound goal by the end of this year, you will still be well on your way if you “only” lose 20 or 30 pounds.

The point is, New Year’s resolutions are rarely life-changing. We may have good intentions in setting them, but that’s not the way they usually play out. By making your resolutions doable, you set yourself up for success that you can build upon to reach the bigger goals.

Making Change Automatic

One of the best ways to make your New Year’s resolutions stick is by finding ways to make them automatic. This works particularly well for financial resolutions.

For example, if you have not done terribly well saving in the past, you can set up automatic payroll deductions into your savings account. You’ll be achieving the goal of saving money, except that for the most part you won’t see it happen or have anything to do with it beyond creating the payroll deduction.

[Take the 52-week savings challenge!]

Let’s say that another resolution is to increase your retirement funding this year. You can do this simply by increasing your payroll deduction into your retirement account. What happens from there will be completely automatic so you’ll be able to achieve your resolution without any active effort.

You can do the same thing when it comes to paying bills. If you’ve had problems paying bills on time in the past, setting up automatic debits through your checking account or credit card could automate the bill paying process. You’ll achieve your resolution of paying your bills on time this year, except that the process will move largely out of your hands.

Look to automate your resolutions as much is possible, especially early in the year.

The 21 Day Rule To Creating A Habit

If one or more of your resolutions involves breaking a bad habit, you may be aware that the only way to do this is to replace it with a good habit. I forget the source, but it’s been determined that takes 21 days to create a new habit. If that’s the case, you should plan for the first few weeks of this year to create the good habits that will replace the bad ones you’re trying to get rid of.

Many people fail to break bad habits because they simply try to do it by avoiding it (ie, “not doing it”). But if the best way we can break a bad habit is to replace it with a good one, you might be best to focus on creating the good habit more than anything else. Take whatever bad habits you have, decide which habits you want to replace them with, then use the 21 day rule to cement the good habit in your life.

The point is, bad habits won’t simply stop despite your good intentions or your will to stop doing them. You have to create a diversion – a good habit – that will replace the bad one. That will take a few weeks, but it’s worth the effort.

It’s Not How You Start, But How You Finish That Counts

It’s worth remembering that it’s never the intensity or the desire of a New Year’s resolution that counts, but how you follow through on making it happen.

Keeping that in mind, be careful not to make your resolutions too bold – you may be setting yourself up for failure. Instead, set smaller, more doable resolutions, and be prepared to invest the time and effort necessary to make each happen. It’s far better to have one small resolution achieved, than a half dozen grand ones that you’re never able to bring into reality.

The strength of a New Year’s resolution isn’t in the declaration, but the follow-through that makes it happen.

How are you doing with your New Year’s resolutions so far?

Filed Under: Commentary Tagged With: consistency, goals, habits, losing weight, new years, resolutions, saving, small goals

How To Pay All Your Bills On A Low Income

By //  by guest

[The following is a guest post, offering tips/advice on being able to pay your bills even when on a low income.]

If you are a low-income earner, you may be struggling to make ends meet as everyday living costs continue to rise. It may feel like you do not have enough money coming in to help pay for all your bills each month. This can leave you stressed and feeling like you will never overcome your debt.

The good news is that no matter how much money you earn, there are effective steps you can take to get control of your finances and cover all of your expenses. Below is a look at some basic steps you can follow to track you money and pay all of your bills each month.

How To Pay All Your Bills On A Low Income

Low Income Debt

Track Spending

The first step to taking control of your finances is to start tracking where you are spending your money. Keep receipts or utilize online banking transaction summaries to review how you are spending your money.

Determine how much money you are spending in different categories, such as food, housing, utilities, transport, entertainment and miscellaneous each week. You may be surprise at where you are spending your money. This can then be put into a budget.

Set-Up a Budget

Using the information from above, creating a household budget based on your current spending habits. Look over this budget carefully, and determine in what areas you can cut back and spend less money. Now create a new budget using this new information and amounts.

Be sure to create a realistic budget that you will be able to stick to in the upcoming months. Creating an impractical budget may look good on paper, but will be impossible to keep. A poorly created budget can easily fail, resulting back to old spending habits and further financial issues.

Get Your Benefits

If you find after creating a budget that you do not have enough money coming in to cover all of your expenses, it is a sign that you may need additional financial support. Visit the gov.uk website and see if you and your family qualify for income support or other benefits.

These benefits are designed to help low-income earner offset some of the household expenses, so do not be afraid or ashamed to use these services. This may be just the extra amount of support you need to pay all your bills at the end of the month.

Have a No Debt Policy

Obtaining a loan, may seem like the solution to all of your financial problems, but if you are already having a hard time paying your bills an additional loan will only increase this problem. Make a commitment to establish a no debt policy and instead look for alternatives to borrowing money.

You should start by talking to your lenders and try to make payment arrangements, maybe securing an additional part-time job, or seeking help from a local charity or church.

Start Saving

Once you get control of your budget and start keeping track of how you are spending your money, you will be able to start setting a little bit of savings aside each month. Even if you can only save a little bit out of each pay check, it will start to add up over time. This will give you a safety net if an unexpected expense occurs or you have a loss of wages due to an illness, injury or loss of job.

These tips will help you be more accountable to your spending habits and help you set the necessary funds aside to pay your bills. You may also be alerted to the fact that you need to seek out some financial support because you do not have enough income coming in to pay all your bills. Together these steps will help you get your finances back on track, pay all of your bills, and hopefully start a savings account to protect your future.

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Filed Under: Budgeting Tagged With: Budgeting, debt, low income, saving

5 Tips For Saving Money On Vacation

By //  by guest

[The following is a guest post…]

When you’re on the road, whether it’s for leisure or business, it’s really easy to let the spending get out of control. This isn’t conducive to sticking with an overall savings plan, but it is important to keep your bigger financial picture in mind even when traveling; and to focus on saving money on vacation. There are several ways to keep expenses under control with a little bit of future planning. Here are some tips on how to save while away from home.

5 Tips For Saving Money On Vacation

By following these simple tips, you will be on your way to saving money on vacation expenses! Even if you are traveling on business, these tips can help you to save money.

Set A Budget

Before you leave the comfort of home, sit down and figure out a budget for your trip. Factor in what you’re willing to pay for food, lodging and transportation. Set an amount for incidentals, including souvenirs, and stick to it. If you happen to come in under budget, make sure to put that money back into savings.

Decide Your Method Of Payment

Some people research to find the best credit card offer and plan to pay for their entire vacation with plastic. This can be an effective strategy, but only if you have the money set aside already and can pay off the balance before the end of the billing cycle, otherwise you will be paying high interest rates. Choose a card with a reward program, and you can come out ahead. There is always the option of utilizing 0% balance transfer credit cards if you are unable to pay off the balance right away.

Use The Credit Card When Traveling Out Of The Country

Using a credit card when traveling outside the country affords you a little more protection than using traveler’s checks or cash. Some offer travel insurance, a much better exchange rate and other buyer’s protection options. Check your credit card agreement for more details on travel information.

[Khaleef’s note: Using credit card benefits to offset some of your travel costs is a great idea, you can also set up a similar plan for your day-to-day spending.]

Saving Money On Vacation By Shopping And Eating Locally

The native residents of an area will know the best and least expensive places to shop and eat. Ask your hotel desk clerks, housekeepers and gas station attendants where they like to go and what they like to do. Chances are they can give you the inside track and you can save a lot of money this way.

Do Not Pre-pay In Advance

It may look as if you are saving significant money when you book and pay for a hotel room in advance, but the truth is you won’t save more than a couple of dollars after all the fees are charged and pre-paid reservations are not refundable. If anything happens, you are out that money no matter the circumstances. Stay away from the third party vendors and book the reservation through the hotel’s website or directly with the hotel.

The best tip is to plan ahead as much as possible. You can’t plan for every contingency, but being prepared is the best way to save money when away from home.

photo by Graeme Weatherston

Filed Under: Saving Money Tagged With: cheap, credit card, Credit Cards, fee, finance, goals, Insurance, interest, method, money, Personal Finance, saving, Saving Money, savings plans, travel, vacations

Back To Basics: Learn How To Save

By //  by guest

The following is a guest post on how to save money by Kevin at Debt Eye.

A lot of my readers are always asking me for the best recommendation to get out of debt.  Whether it’s a debt settlement plan, a debt management program, or even filing for bankruptcy, my first answer to them is: learn how to save money & budget.  Getting out of debt is always a concern and priority, but the most important piece of the puzzle that is often overlooked is learning how to stay debt free.

I’ve found that most problems come from overspending.  To tackle this problem, it’s important to develop some money saving habits.  There isn’t one solution that’s going to drastically make a huge improvement to your financial health.  I always encourage all my readers to slowly incorporate some of these money saving habits early on.  Applying some of these habits will prevent them from falling into the same trap after they’re debt free.

How To Save Money: 6 Basic Tips

  1. Lose the Coffee: If you’re like me, morning coffee is a must.  I used to buy coffee every morning before work.  It was only $1.89 at Dunkin Donuts including tax where I lived (this is sad; I can’t believe I know exactly how much it costs including tax).  Instead, buy a thermal mug and brew coffee at home or take advantage of your office coffee service.”
  2. Pack your own lunch: Besides saving money, packing your own lunch is a healthier alternative compared to greasy fast food.  I agree that it can be difficult to make lunch every morning, but just a few times a week can help tremendously.
  3. Drive the Speed Limit: I never understood why people race to the next traffic light.  Technically speaking, you’re not going to make it to your destination significantly faster.  With rising gas prices, it’s important to watch your MPG.  Don’t accelerate too hard on your gas pedal.  I’m not telling you to drive like a grandpa, but if you treat your car with TLC, you’re definitely notice an increase in your mileage!
  4. Generic > Brand Name: Buying generic brand names (especially when it comes to medicine) is an instant money saver.  Does it really matter if you’re buying Claratin or Walatin (Walgreens Version)?  Although sometimes I must admit, I’m not a big fan of generic brand soda. [Editor’s note: The thought of buying generic medications lead to a good debate in one of my recent articles]
  5. Buy Online: This is especially true for electronic items.  Whenever you go to a retail store, write down the brand and model number and search for this item online.  I can almost assure you that you’ll find better prices with online retailers!
  6. Common Cents Savings– It’s time to find an empty jar or milk jug and turn it into your new piggy bank! Saving your coins can really add up.  Most people can save about $40/month in coins!

Once you start to apply some of these money saving habits into your lifestyle, you’ll begin to see a noticeable difference that’s left in your bank account every month. These are just a few of many ideas that can help unload some of the weight off your shoulders.  Be creative.  Have fun.  And be persistent!

photo by Renjith Krisnan

Author Bio: “Kevin is a writer for www.debteye.org.  Debteye is a place where you can get unbiased opinions on anything related to personal finance.  Kevin previously owned a debt settlement company prior to joining the DebtEye team. He is a certified debt specialist and also works with credit counselors across the nation”

Filed Under: Saving Money Tagged With: basic, complicated, credit, debt, Debt Management, finance, Financial Basics, how to save, money, money budgets, Personal Finance, saving, tips

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