How are the New Year’s Resolutions Coming?

by Mike on February 1, 2010

A month ago we brought in the new year with excitement, energy, goals and resolutions. I shared in my newsletter why most resolutions are not S.M.A.R.T. and encouraged readers to set “SMART” goals instead of ambiguous resolutions. A SMART goal is Specific, Measurable, Accurate, Realistic, and Timely while resolutions generally have no way of measuring success or failure…rendering them useless and typically forgotten.

My advice was not to abandon resolutions; instead, I suggest goals that follow the SMART formula. For example, a typical resolution is “I’m going to save more money this year”. This is not specific, measurable, or timely. This can be improved by adding some more details. A new goal: “I am going to save $1,000 in the next 3 months”. This is something that can be broken down into smaller steps and metrically tracked.

The “new year buzz” is probably starting to wear off by now, but don’t forget those goals you set. Here are a few my goals as they relate to personal finance:

1. Complete phase 1 of Emergency Fund w/$2,000 – DONE

2. Pay off last credit card by April 23rd. Balance as of this posting: $4,000
(Status: With current payments, it may actually take until late May, but I am hoping to generate extra income in the process)

3. Eat out less! No more than 5 times per month. This one is going to be hard for me, but I spend WAY too much eating out. It will also be healthier to eat at home. 1 month down…11 to go!

What are some of your goals / ambitions for 2010? How are your financial goals for 2010 coming along? What action steps are you taking to accomplish your goals?

{ 1 trackback }

Paying off my credit card bills in 2011 | Asha Anujeeva
January 13, 2011 at 9:16 am

{ 2 comments… read them below or add one }

1 ChristopherFM February 1, 2010 at 10:36 am

I didn’t have any specific finance goals other than pay off all debts and create a solid budget. I had a couple of vague goals, but those were more related to blogging. I apparently missed the SMART resolution post, is that in your archive?

Good luck on meeting your goals!

P.S. So how did you do on goal #3 in January? I’m bad with that too, working in an ER and all. 😉

2 PF Journey February 1, 2010 at 3:13 pm

ChristopherFM,

The SMART Resolution article was something I shared in my newsletter. If you like, I can send it to you…just drop me an email and let me know.
Goal #3 — I made it this month, but our church was also doing a corporate fast so for the sake of spiritual growth and unity I refrained from eating out. Now I’m on my own! Well, not really, I’m sure you all will keep me accountable!

Kita

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