Powerful new beginnings. The dawn of a new year is when many Americans commit to improving physical health, financial security, relationships and more. Here we share tips on choosing New Year’s resolutions with your entire wellbeing in mind.
 

New Year’s resolutions: a holistic approach

Recent research indicates there is a significance to choosing New Year’s resolutions which take a holistic approach to your wellbeing. While financial health is at the forefront of what we do at Credit Human, there are four other core elements of human wellbeing to consider.

According to research by Gallup and Healthways there are five core components of health and well-being:
   

Set a goal and draw a road map

Goal setting helps provide direction. You can decide on your destination and make a plan to get there. This might seem small, but it’s not. Not only is goal setting found to be linked to higher achievement and self-confidence, but writing down your goal can also make you 42% more likely to succeed. Be specific about what you want and why you want it. You might ask yourself these three “W” questions:
   

Be positive and realistic

New Year’s resolutions can challenge you and help you grow into a new future. Choosing a goal that is attainable is another important part of success. Let’s say you’ve chosen a clear goal: “In five years, I will be debt-free. I will pay off my entire debt of $12,000 so that I can focus on enjoying my family instead of worrying about money.”

It’s important to consider how much you can set aside every month in addition to your minimum payment to achieve that goal. Is it realistic to spend $200 on your goal each month? Is it possible to pay it off even faster by spending $250 a month? Or does your spending plan allow for $100?” Planning your paycheck each month can show you how much you can devote to achieving your financial resolution.
 

Keep track of progress and celebrate milestones

Making your resolution goals measurable will help it stick. Keeping track of your progress can help you stay focused and motivated. You can see your future getting closer and closer.

• Break your goal into smaller milestones. This makes it easier to see your progress and it’s less intimidating. Consider mini-goals. For example, “This year, I will begin paying $100 per month to my credit card.” Making smaller changes over time is often easier than trying to make a massive change all at once.
• Celebrate your success along the way. Celebrating wins actually “trains your brain” by reinforcing your new habits, which in turn makes it easier to stay on track if you hit a bump in the road at some point.
• Going slow to go fast. It’s important to be kind and patient with yourself as lasting change rarely happens overnight. Consider working on one goal at a time. Once you've created some new habits that are automatic they don't require as much attention. Then you can begin work on the next goal. It’s understandable breaking old habits and starting new ones to achieve our New Year’s goals doesn’t happen as quickly as we might like. Remember, think small for big change.

 

Ready to get started

The biggest reason so many resolutions go by the wayside is that they’re a goal without a fully formulated plan. Before you finalize your resolutions this year, remember the three “W” questions: What do you want to accomplish? When will you achieve it? Why does it matter to you?

Our Financial Health Centers specialize in helping people build and maintain financial slack. We are here to support you in your journey of health and well-being.