If you're like many people, you created New Year's financial resolutions (and if you didn't, it's not too late!). Maybe you want to increase your 401k contribution, build your emergency fund, organize your financial documents, or pay off high-rate credit cards this year.
Achieving a financial goal can be empowering, but making a resolution and sticking to it are two different things. One month into the New Year you may be running out of willpower.
This article was originally published on the H&R Block blog.
Here are five tips to make your financial resolutions stick:
Resolution Tip No. 1: Automate them.
No matter if you want to save for retirement, a house down payment, or a child's education, making your financial resolutions convenient by automating them is a smart strategy. Automation adds built-in discipline to your plan and reduces the likelihood that you'll forget your goals or be tempted to overlook them.
Most employers offer direct deposit for your paycheck that can be split into separate accounts, such as your checking and savings. Or you can set up a transfer with your financial institution to move a certain amount from your checking into a savings account or other type of savings plan on a regular basis.
Resolution Tip No. 2: Break them down.
Sometimes it's difficult to keep a financial resolution that's too broad, such as "I want to make more money" or "I want to save more for retirement." While that's a good start, you need a clear action plan that's more specific.
Break down your financial resolutions into smaller, measurable components that you can achieve over a certain period of time. For instance, if you want to pay off a $6,000 credit card balance you'll need to set aside $500 a month or about $115 a week in order to reach your goal.
If your financial resolution isn't reasonable given your budget, consider:
Extending your goal over a longer period of time
Making spending cuts to free up more money, or
Creating an extra source of income
Resolution Tip No. 3: Find an accountability partner.
Many people discover that it's easier to tackle goals with a partner or group than to work on them alone. Consider asking a friend, roommate, or spouse who supports your financial resolutions to help you stay accountable for them.
Likewise, you may be able to help him or her accomplish a resolution. Set a time to check in with each other on a regular basis to report your challenges and progress so you clear away barriers to success.
See also: A 5-Day Plan to Improve Your Personal Finances
Resolution Tip No. 4: Keep them top-of-mind.
One resolution to make that supports all of your goals is to read them every day. Your financial resolutions will guide your behavior -- but only if you remember them.
Print out your goals on different sizes of paper, laminate them, and put them in strategic places that you can't avoid. Consider posting them on your refrigerator, on your bathroom mirror, in your car, and in your wallet.
Resolution Tip No. 5: Remember the "why."
Many resolutions fail to stick because you simply forget why you set them to begin with. For example, if you resolve to save money by making coffee at home, keep a picture or a description of what you plan to use the money for -- like a vacation to Maui, your dream home, or an ivy league college for your child.
You could even write the word "Maui" or "ivy league" using a Sharpie pen on your debit or credit cards so you see it before making a purchase. If you repeatedly make resolutions that you fail stick with, maybe the "why" just isn't important enough to keep you motivated.
Laura Adams is a personal finance expert and award-winning author who is frequently quoted in the national media. She hosts the popular Money Girl Podcast and is a sought-after speaker and spokesperson. Visit LauraDAdams.com to learn more.
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