I will be honest, I am not a New Year’s resolution guy.  I do think goal setting is the first step in gaining control of your money.  So what’s the difference?

New Year’s Resolutions are usually:

1. Poorly thought out-How many resolutions have you heard your friends and co-workers spout out as they had their third glass of champagne or beer-”I am going to quit drinking…..(insert- lose weight, exercise, get out of debt, write a journal….)
2. Non-specific-”Losing weight is a thought, not a goal or a plan-” I am going to lose 15 lbs. this year”- better.  I am going to lose 15 lbs. this year by losing 1/4 pound a week, by cutting out my starch’s, while exercising 30 minutes per day/5 days a week-Now you are getting it!
3. Superficial-Many New Year’s Resolutions are done because you are supposed to do em.  So the smoker says he is going to quit smoking, the drinker says he will quit drinking, the spender says he will quit spending-not because he wants to change, but because he thinks society/friends/co-workers think he should.
4. Short-term/short sighted-Spending less is a good fleeting notion, but why-what is it about your relationship with  money that you would like to change?  Do you want a comfortable retirement, send your kids to college, buy a car?  A clear long term definition/vision of where you want to be is necessary.

So, do I think New Years Resolutions are evil?  Of course not.  Do I think they have about as much value as opening a fortune cookie-yep, thats about right.

So instead of a New Years Resolution, how about developing your goals and a plan.  See this post about goal setting.

When you have done a thoughtful/deliberate job of goal setting, then the next step is accountability-”How do I do that, Dr Dean?”

I am so glad you asked!

• Set up a monthly accountability session-a time you set aside to review your goals and how you stand-if your goals are of a very long-term nature-quarterly or semi-annual reviews are ok. Make an appointment with yourself and spouse/partner.
• Publish your goals-except maybe the one about taking your bosses job,–that one may need to be your little secret goal…. You needed something to do with that refrigerator magnet you got for Christmas last year.
• Write them down-not quite the same as publish-publish means put them out for others to see, writing them down means the process of making them real-you need to do both.
• An accountability partner-no that is not the same as a CPA lover-just someone to hold your feet to the fire.  If your goal is to be a better public speaker-join Toastmaster and let them abuse you.  Lose weight-Weight Watchers comes to mind. Hire a coach-if you can afford one.  The YMCA here used to have a wandering personal trainer-believe me I worked harder when he was yelling-”one more, one more!”

So go forth and make a plan, Stan.  Try to do more, Roy!  Set yourself free, Lee!

Sorry, got carried away.  Let me know if you are setting goals to improve your financial situation, and if you need an accountability partner, you can probably find one here. Good Luck!

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