I wish everyone a Happy New Year. No matter what 2020 served you, the idea of a new year is still an exciting time, as people return from a well-deserved break and resolve to make some changes for the better. But, how do you make a New Year’s resolution when you do not know what’s around the corner?
Here are some strategies to put in place to help make your 2021 resolutions meaningful no matter what the year holds.
Flexibility is key as the New Year starts but this doesn’t mean that your objectives need to change. You may just have to adapt along the way.
When it comes to your financial goals, it is crucial to meet with a trusted financial advisor when discussing your objectives and life goals in an ever-changing financial climate. This will ensure you have current information and are on track with your financial resolutions, whilst keeping realistic with your time frame.
When setting goals, or financial resolutions, a helpful method is called SMART and can apply to everyone:
To make sure your goals are clear and achievable, each one should be:
• Specific (simple, sensible, significant).
• Measurable (meaningful, motivating).
• Achievable (agreed, attainable).
• Relevant (reasonable, realistic and results-based).
• Time-bound (time-sensitive).
However, some academics have now expanded it to include extra focus areas; SMARTER, for example, includes Evaluated and Reviewed.
If there’s anything to learn from 2020, it’s that people don’t do well going it alone. The same can be said for goal setting and keeping yourself accountable for your financial resolutions.
A goals based approach (GBA), such as the process adopted by WLM Financial Services, builds your plan by defining the goals that are meaningful to you and then works backward to achieve them.
To learn more about how to get started, contact us at WLM.