Well, according to the Chinese Zodiac, 2015 is a year whose sign is the goat. This animal is considered to be very calm, gentle, creative, amicable, preserving, frank, honest and thoughtful. While the rest may be dictated by a personal character and a host of other factors, I believe thoughtfulness sets the best foundation for our resolutions year by year. Otherwise, these resolutions remain just but a pipe dream. Globally, people make resolutions each year, making it not only a conventional tradition but also a routine to many. It is estimated that 34% of these resolutions will be related to financial aspects such as; increasing earnings, better money management and debt reduction. Others will simply sum up the whole financial sphere to illustrate better investment optimisation and diversification, in most cases deliberately.
Six months into a New Year, only approximately 40% of resolutions are achieved. 60% fall through and a lot of people actually give up, whether it is personal fitness matters or financial issues. They then wait for the next year to repeat the same ritual with more vigor and resolve, only creating a vicious circle. Now, this is worse when the matter at hand is a key financial decision, because then the implications for non-compliance are far reaching.
Let me state that these resolutions capture people’s financial dreams and aspirations that define how high we go or how low we deep. Dreams that ultimately if actualized set us apart and differentiate our past from the present. However, such dreams are of no use unless they are thoughtfully crafted considering the principle of being SMART. By thoughtfully delving into matters of finance, you increase your ability to realise your financial dreams each year.
Resolutions have to be specific, without any ambiguity. If it is an investment, one better have an idea into which interest, shares or land. They have to be measurable too, like 10 acres of land, so that it is easy to plan on how to source out for resources. Resolutions should be attainable, in the example of land; it does not make sense for one to say they will buy 1,000 acres when their ability is limited to a tenth. On the same breath, resolutions should be very realistic and within certain time frames. By being time bound, like within a year, makes one stretch and evaluate their success rate at the end of the period.
Now, before we address why resolutions fail, it is important to note that, like the vision that defines what a corporate is all about, one needs to have them in place. One key benefit of financial resolutions is that they help you understand your spending habits. From this end, you can create a spending plan which tracks your expenditures over some time, which with discipline works towards saving on wasteful practices that cost money. This will include cutting back on income leakages without necessarily making great changes to your lifestyle.
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Zak Syengo is the Senior Manager Marketing & Communications |
