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Show notes

Why New Year’s resolutions are rubbish

• Starting to change your life in January is arbitrary, you could change any time. (Also January is already a cold, wet, miserable month, why make it worse by giving up all the things you like?)

• They’re often reactive and framed in a negative way, especially as a puritanical reaction to enjoyment over the holiday period. Too many are made without reflecting on what change would be really good and motivating for you.

• Most people don’t think about what internal and external factors could help or hinder creating the change they have resolved to make.

• They’re usually too big, too fuzzy and unspecific, and people make too many at once.

When resolutions don’t work out

• It can feel like your whole year has started badly.

• It can feel like it’s not worth trying again until next year! (Not true, you can re-start a resolution any time.)

We talk about why setting yourself goals or challenges instead is probably better

• All about getting to a cool outcome, not just doing something for the sake of it.

• Founded in reflection about why you want to achieve this goal/challenge yourself in this way.

• Can break down a goal into smaller actions all through the year.

• Flexible planning – you can adapt to new circumstances.

• Resolutions break and then they’re over; goals are just delayed.

• When the goal has a financial element it is much more motivating to get saving and do the boring admin tasks that build towards better finances.

Some possible financial goals/challenges (Or financial actions that could help you reach other goals)

• Keep a spending diary for a month

• Pay off your credit card

• Check your utility tariffs

• De-clutter and sell your old stuff

• Save for a holiday or something else specific

• Shift all your saving and borrowing onto a better interest rate

• Shift your bank account to somewhere with better deals and better service

• Check your direct debits to make sure you really want to keep paying them all

What makes a good goal? How best to succeed at your new year’s challenges?

• Set a small number

• Choose things that are meaningful (or contribute to a meaningful outcome)

• Write your goal/challenge down and keep it to hand so it stays in the front of your mind (Alex suggests making a picture of it your lock screen, Martha suggests keeping a picture in your wallet)

• Keep it positive

• Know you deserve it! You deserve to enjoy the fruits of your saving – you deserve a life free of debt-stress. So set a goal to get yourself the financial life you deserve.

• Be aware of the external circumstances that could cause issues. (Think about other times you’ve tried to achieve something similar to help you work these out.)

• Consider recruiting a buddy to keep you accountable.

• Review – how’s it going? Is this still the right thing? How can you make it easier? If it’s going well, could you make the goal even bigger and better? (NB Buddies are great for this.)

We reference Gretchen Rubin’s podcast Happier and specifically the “18 for 2018” challenge.