Why New Year’s resolutions fail and what you can do to achieve your 2023 financial goals

Jan 29, 2023 | Financial coaching, Reflection

It’s just over 4 weeks since Christmas and the first month this year has already passed.

By now, it’s likely that any New Year’s resolution you made have either ceased, are going strong or are somewhere in-between.

Why is it that some resolutions work and others don’t?

I recently read a blog talking about achieving goals, real change and the role of creating habits. It discussed the importance of looking at your 2023 goals as a marathon, not a sprint.

It made me ponder on our tendencies to use the new year to set new goals.

However, the goals we set are often big and the outcome can be so far away in the future that after a few days or weeks, it seems impossible to reach and we stop. It’s easy to become a bit disheartened.

So what can we do to achieve our goals?

Focus on the strategy behind your goal or the one key thing that will move you forward. Ask yourself: where do you want to be and what activity will you get there?

This helps you know that doing this “one thing” will produce results. It’s also important to remember that achieving results may not be linear. At times, you may find yourself going backwards before going forwards.

Weight loss and investing have some similarities in this respect.

To lose weight the energy output needs to be more than the energy taken in.

With investing the money expended needs to be less than the money coming in.

It seems so simple, right?

In practice, it’s a lot more difficult.

Creating a perfect balance can be difficult when setting financial goals

You need to get your overall “setting” right, where your ins and outs are where you want them to be. Repeating the process will then lead you to your end goal.

At times, there are setbacks. 2022 was one of those years of setbacks. If you keep investing and put money in, yet see the balance drop, it’s easy to be disheartened.

My advice to you is keep faith, and stick to the plan. Remember it’s a marathon, not a sprint.

About the author

Simon Duigan is an Independent Financial Advisor and owner of Core Independent Financial Advice (Core IFA). Core IFA is 100% independent and receives no commissions or benefits from any product providers or financial institutions.. Instead, you can be confident that Core IFA have your best interests at heart.

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