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Creating Strong Financial Resolutions for 2015

S.M.A.R.T goals; Specific, Measurable, Attainable, Realistic and Timely… how clever? When thinking about setting your goals and achieving them just remind yourself of the 5 five ways to creating strong financial resolutions. Be Specific A specific goal has a much greater chance of being achieved than a general goal. For example ‘I want to save for a holiday this year’ is very general, but a specific goal would be ‘I want to save $300 a month to go to Switzerland in October’. You are simply identifying what you want to achieve, the amount, and a time frame. Make your goals measurable Tracking your progress can help with motivation. When you measure your progress, you stay on track and reach the target. Asking questions like how much, how many and how will I know when it’s accomplished will help you in making your goals measurable. Keep your resolution Attainable Identifying goals that are most important to you, allows you to figure out ways to make them come true. You develop the skills, abilities and attitudes to help you reach these goals. It’s human nature – if you want something bad enough you will make it happen. Create Realistic Goals Make your goals relevant, don’t create a goal just because you think you should do it, basically you won’t care about it as much and you are more likely to not accomplish it. Mentally tag your goal with something that will motivate you and hence will become realistic. Saying I want to save is not enough, saying I want to save so my child can get the best education is more motivating. Time Deadline Finally your goals should have a deadline, the pressure will help you reach your goal. This also falls under being specific, no time frame tied to a goal there’s really no sense of urgency and well….chances of you starting is like only being able to start a diet on Monday – Monday never comes.