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Nine Ways To Stick To Your Financial Resolutions

Expert Panel
POST WRITTEN BY
Forbes Finance Council
This article is more than 7 years old.

At the start of the year, many people set financial goals for themselves, ranging from saving enough for a vacation to better funding of their 401(k) or retirement plans. But, as gym membership owners know, good intentions don't always result in good follow-through. People often get distracted by suddenly urgent concerns, and personal habits and routines aren't easy things to reshape.

But that does not mean it's impossible to get back on track: You can meet, or even exceed, the goals you set. Below, nine Forbes Finance Council members talk about how you can complete your goals, ranging from tapping into banking automation to attaching personal rewards when financial milestones are reached.

All photos courtesy of individual members.

1. Dedicate Time As Well As Finances 

Financial goals are only as likely to be achieved as the time invested. Not only do I set financial outcomes, but also the number of hours per week required and milestone achievements. This is easy as I track hours spent on each activity in a spreadsheet, and break down my results from the prior year to see what is required this year. This also lets me know if the goals I'm setting are realistic. - Crystal Stranger1st Tax

2. Use "Warm Up" Stages On The Way To Your Goals 

Set realistic goals and hold yourself accountable to them by actually keeping track of your activity, day-in and day-out. Also, don't be afraid to take it slow and "warm up" to your goal: You likely aren't going to be able to run 10 miles on your first treadmill jaunt, so start with one mile and work your way up. - Ryan MarquisPlastc, Inc.

3. Tap Into Automation 

Take the responsibility of sticking to your financial goals out of your hands. We're our own worst enemy sometimes. There are amazing online tools available to the public now, like AcornsMint or Digit, that automatically pay bills and debt and move money into savings accounts for you. As Ron Popeil used to say, "Set it and forget it!" - Paul ParadisSezzle

4. Focus On Future Value 

Compound interest has been dubbed the "eighth wonder of the world" for a good reason: By saving and investing small amounts now, you can see a fortune later. A great way to stick to investing goals is to focus on the value you'll have in the future, rather than what you have to give up now. For instance, you're not investing 0 a week; you're becoming a future millionaire instead. - Elle KaplanLexION Capital 

5. Check Accounts Regularly 

Most people just aren’t willing to look at their finances often enough. People should be logging into their online banking at least once per week, if not more often, to review expenses and income. Furthermore, if they have the flexibility of opening multiple accounts from their dashboard, they should do so and start moving small amounts of money into those accounts for plans and specific goals. - Ismael WrixenFE International 

6. Attach A Reward And Cause To Every Financial Goal 

Most of my clients express that hitting milestones isn't as exciting as they thought it would be, given that most are reluctant to share it with anyone and there are no fireworks at the end. By attaching a personal or family reward — such as a vacation, tech toy or wardrobe upgrade — and a charitable donation to each financial goal ahead of time, you will remain inspired and committed along the way. - Evan KirkpatrickWendell Charles Financial

Forbes Finance Council is an invitation-only organization for executives in successful accounting, financial planning and wealth management firms. Do I qualify?

7. Auto-Deduct A Set Amount 

Add a checking account monthly auto-deduction (ACH/EFT) feature on your investment account to achieve your goals. Pick an amount that you wouldn't miss if you went out on the town with friends. Most people fret too much on budgeting; it's much easier than most think. Look at a savings plan the way you look at having a fun night out: Splurge on yourself and your future self will thank you! - Ivan IllanAligne Wealth Preservation & Insurance Services LLC

8. Concentrate Your Energy 

It is important to concentrate your energy on just one aspect of your financial life. For example, if your goal is to decrease your credit card debt, focus on paying down the credit card with the highest interest rate first. It can be hard to increase the percentage you are saving while also paying off debts, but in the long run, you will have less debt and more money to save towards your goals. - Stacy FrancisFrancis Financial, Inc.

9. Establish Key Themes 

Consider setting "key themes" for 2017, allowing good behavior to become habit. Key themes can be more aspirational than a strict goal, thus less discouraging when things don't always go as planned. Revisit them often as reminders of what you aim to achieve. Examples might be reducing spending, paying off your credit card monthly, or slowly increasing your 401(k) savings by 1% every six months. - Gregory OstrowskiScarborough Capital Management