Tuesday, January 14, 2014

New Year Resolution

This is an guest post from the Personal Finance Blog Debt Discipline:

I’m not a big fan of the term resolution when it comes to making them for the New Year. I always joking with family and friends that my New Year resolution is to stop making resolutions. I prefer to make goals for the upcoming year. I guess the word play is just semantics, but when looking for the Merriam-Webster definitions for each word, I think goal is truly a better fit.

 res•o•lu•tion • the act of finding an answer or solution to a conflict, problem, etc. : the act of resolving something • an answer or solution to something

goal • something that you are trying to do or achieve

new year resolution
Image courtesy of Satit Srihin

So I will be setting goals for the New Year. Before I do I think you need to follow a few rules when setting goals for yourself. The goal needs to have detail and not be vague like “I going to lose weight this year.” Instead if you say I’d like to lose 12 pounds by April this gives you a true way of measuring what you are trying to achieve. You should also document your goals and set reminders in your calendar, mobile phone, e-mail, etc. This will help remind you during the year and allow you to check in on your progress. I believe you goals should be a mix of easily obtainable goals and ones that will push you. You don’t want to set yourself up for complete failure, but don’t want to just have all easy goals that will be completed in no time. Having the right mix/ balance of different levels of goals will help keep you motivated.

My 2014 Goals

Paying off all consumer debt by November – We are on track to do so, we are attempting to pull this in by 2 months and be complete by August.

Involve our Children more in Money/Budget discussions – They have been involved all along, but as we get closer to our debt repayment completion we want to educate them on the next steps.  

Continue to change my eating habit to lose another 25 pounds – I have made some significant changes over the least 2 years and have lost 40 pounds. Mainly stopped eating bread and began to exercise more. My wife and I received a vitamix as an Anniversary / Christmas present for ourselves so there will be a lot of fresh juice and smoothies in my future.  

Finish an e-Book about our debt story by the time we are debt free – I have started it a few times; I have an outline, but have been side tracked.  

Add a puppy to our family – We lost our yellow lab of 13 years this year and the family is looking to add a new puppy to the family.

That’s what I have so far. I’m sure the goal list will be updated during the year. I don’t think you should limit yourself to setting goals to just during the New Year. It’s certainly a good time to start or update, but should not be they only time you are thinking about goal for yourself or family.

What are your top goals heading into 2014?

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