Let 2022 be the year you spend less, save more, and pay down debt. We have some tips to help you set your financial resolutions and stick to them.
Set measurable goals
Yes, you can resolve to be better with money this year. But setting realistic and measurable goals will help make them happen. We suggest using the S.M.A.R.T. method of establishing and sticking with your financial resolutions. Make sure every part of your resolution is:
Once your resolution is S.M.A.R.T., you'll have a better chance of achieving your goals. For example, if your goal was paying off a specific credit card, you would identify the SPECIFIC card, MEASURE how much you have left to pay, make sure the goal is ACHIEVABLE without putting you into more debt, that it's RELEVANT and doesn't work against any other goals (such as buying a home), and work with a TIME-BASED goal (2022 or 2023).
The real challenge is sticking to the budget you create. Many of us fall back into old habits due to a lack of mindful spending. We end up doing other things while shopping, spending out of boredom, or buying because it feels good.
To spend mindfully means thinking about what you're doing while shopping. Instead of being caught up in the moment, take a look around and consider why you need to buy it and how much you're planning to spend. When making a purchase, get off your phone, stop texting, and focus. Try to be fully aware of the transaction. Only make the purchase if it meets your S.M.A.R.T. budget goals.
Partner up with a friend
Being accountable to another person can help you stick to your financial resolutions. Choose a friend who shares similar financial goals or challenges so you have the same resolve to set and work toward your goals.
Use a financial management app
Track your spending to help you see where you might be out of control. You can track all of your accounts in one place with KeepTrack, One Nevada's free personal finance tracking tool. Look for KeepTrack within Digital Banking. Speaking of which, logging into Digital Banking every day can also help you control your finances and stay on budget.
Using either pen and paper or a notepad on your computer or phone, write down your financial resolution. Writing it down helps make it real and locks it into memory. Plus, you'll have a reminder to help stay on track.
One Nevada is here to help
Whether you're setting financial goals for the coming year or need help with your credit, your One Nevada membership is packed with resources. That includes the BALANCE Financial Fitness program which you can access at onenevada.org/Balance. Let 2022 be the year you bring your financial future into focus. As always, we're here to help if you need us.