Have you ever made a new years resolution? I’ve made quite a few…and pretty much broke them all! Quitting on new years resolutions has become and epidemic. Data shows that that only 8% of those who make new years resolutions actually keep them! Which means the majority of us don’t stand a chance.
Many of us will quit after just one month of making the resolutions, and most of us will quit after only six months.
So what are some of the most popular new years resolutions? An obvious #1 resolution is to lose weight. Becoming organized is in the second place, and following right after is the resolution to SPEND LESS and SAVE MORE!
Financial wellbeing is obviously a big item on the list, and many of us attempt year after year to get our finances in order and on the path to success. Yet, year after year, more of us end up in more debt and more frustrated about not making any real progress.
So now that we know the statistical probability of us keeping our financial new years resolutions, is there anything we can do in order to increase our chances of success? The answer is yes; there are quite a few steps we can take in order to make our financial success a reality.
Accountability Matters (more than you realize)
Motivation, or lack there of, is usually linked to us quitting prematurely. Based on research conducted by Michigan State University, we learn that accountability not only helps with keeping us motivated, but it also helps us with achieving much better overall results.
They found that the simple presence of a moderately more capable partner could increase motivation by as much as 100%! Exercising with a partner also improved workout performance and the length of a work out.
Accountability doesn’t only work with fitness. It can serve a critical role as we strive to achieve financial freedom.
So, while you are plugging along toward your financial goals and dreams, accountability can make all the difference in you actually achieving them. Accountability may be the missing link to help you make real progress.
At different stages of your financial journey, you will need different accountability partners who can help you progress and improve on your financial goals. Here are a few suggestions on how to approach accountability and wise counsel.
Find someone who does it well!
If you’re at the beginning on your financial journey, you are most likely focusing on building a solid, workable budget, living within your income and starting your debt-repayment journey.
– In order to succeed in all of these areas, you have to break certain unhealthy money habits (overspending, lack of tracking your expenses, etc.). Do you have a friend who is very disciplined with his or her money? Are they making financial decisions you’d like to be making? Ask them to become your accountability partner! Talk to them about their secrets for resisting overspending and for sticking to the budget.
Arrange weekly chats over coffee and give your friend permission to ask you the tough questions.
– If you’d rather keep your financial issues private, there are programs like our Money4Life Coaching where you can work with a qualified coach to help you build a plan and stick to it. Frequent one-on-one coaching sessions and check points will help you stay on track and challenge you not to quit on your progress.
In order to complement accountability, you should get in the habit of reading about finances. There are great books and financial blogs that will tell you all you need to know about ditching debt, creating a workable budget, sticking to your goals and saving for the future. Commit to become a student of financial wisdom and spend 15-30 minutes a day just soaking in the information. This will require you to stay focused and disciplined, so creating a solid daily routine or posting your goals and objectives in a visible place where you can “check them off a list” can be very helpful.
You don’t have to walk this journey alone. No matter what financial situation you find yourself in, you can overcome it. Need some encouragement? Just read a few success stories of couples and individuals who were at the point of no return but who are thriving today – all because they said yes to additional accountability.