It’s a new year, so you set a new resolution which will lead to a new you right…?
In fact, the second Friday in January (right about this time next week) has been dubbed as Quitter’s Day because studies have shown that that is the day where most people’s motivation start to falter.
And the reason why they usually start to falter is because most have the tendency to set big goal-oriented resolutions instead of small processes-oriented resolutions.
For example, instead of setting financial resolutions like “spend 30 minutes each day looking for investment opportunities”, most people have the tendency to set goals like “earn 10% more by June 2019”, which no clear picture of the process involved to get there.
And they do the same for their fitness resolutions (“lost 10kg by Dec 2019”) …
their relationship resolutions (“get a girlfriend/boyfriend by Christmas 2019”) …
and pretty much everything else.
Now we are no experts in relationships or fitness (YET!), but we can tell you with confidence what has worked for us for years when it comes to managing our finances at WealthPark.
So, before you start to even THINK of quietly “forgetting” your resolution – while hoping others will do the same – here are 3 insanely simple process-oriented ways to accelerate your financial results in 2019.
- Review and Track Your Expenses
We can almost already see you rolling your eyes at this one – yet, we can tell you with confidence that this so-called cliché is the most overlooked when it comes to money management.
There are more little things that gets away from us than we really think.
That’s also the reason why a lot of us end up owning more things than we can remember or even need on a daily basis.
“It’s okay. It’s a special occasion”
“I don’t do this often so I’m going to pamper myself today”
Once you’ve tracked your expenses, you will realise you have had more “special occasions” or “self-pampering” than you think.
Of course, we are not suggesting that you quit cold turkey when it comes to treats and little luxury, but like everything else, it is important to pace ourselves, see where we’re at and work out how to get to where we want to be from there.