Tangible Financial New Years Resolutions

If you are planning on making financial New Year’s resolutions, do yourself a favour and make them measurable. When they are measurable, they are attainable.

Normal Resolutions

Here is a good example of some noble resolutions

• I will save more this year
• Pay down my mortgage
• Lose weight

I applaud you if these are your goals. However, how will you know whether you have succeeded or not? Without a tangible financial goal, you are doomed to failure.

Tangible Resolutions

More tangible versions of the same goals might be:

• The balance in my TFSA on Dec 31 2019 will be 10% larger than on January 1 2019. This is very specific, you can even put actual values in there, which makes things easier for you to monitor your goal.
  • Remember if you are saving for your kids’ educations an RESP goal of $2500 added to the account would be good.
  • RDSP contributions for your child need to be there as well.
• My mortgage principal will be $10,000 lower at the end of this year. The important thing is to set a tangible financial goal. How you do it is left open, but the goal is concrete.
  • You can automate this goal, and make it easier. Setting up automatic over-payments on your online banking of $400 per pay (if paid bi-weekly) makes this resolution real.
• I will lose 60 pounds this year by going to the gym at least 150 times. Ideally, I will try to lose 5 pounds a month. Again, this is very concrete and easily monitored.
  • In my case I am lucky as my office has a gym I can use for free.

Resolutions are excellent things (although you can set goals any day of the year), but they must be specific. Saying, “I will be a better person” is an admirable sentiment, but what does it mean, and how are you going to do this?

• Give more to charities?
• Being more positive in your life outlook? (again really hard to monitor this, unless you tell someone who can say, “You really are being a sour puss these days”).

Make your goals and resolutions tangible and measurable and you are more likely to succeed. Also, remember to put your resolutions somewhere where you can be reminded about them.

1. Set the background of your computer or tablet with them.
2. Put them on your refrigerator?
3. Tell your spouse. They will remind you.

All Those Happy New Years

Yes, for many years I have wished you a Happy New Year

• Happy New Year 2024! What will the year 2024 bring? Let’s hope it is a Happy New Year, but there is potential for a great deal of upheaval in the coming year. #NewYear #Happy2024
• Happy New Year 2022 and #MoneyTalk recapped a lot of 2021 and hoped that 2022 was going to bring some hope.
• A happy new year for 2021 ? Well it started pretty grotty, but it might get better.
• I must have had an inkling about 2020, as I didn’t wish you a Happy New Year to start things. Hopefully with this post I have helped make the year better?
• In 2019 I was too practical with Tangible Financial New Years Resolutions but still worthwhile thinking about it, eh?
• For Happy New Year 2018 I had a great photo of being stuck on the 401 during a snowstorm, and links to previous New Year Messages.
• 2017 I pointed out that you start paying CPP and EI again, so your net pay is going to be lower.
• 2016 Happy New Year, just didn’t happen, not sure why, must have been having a grinchy holiday?
• 2015 Happy New Year and I included a really bad joke about it being the year of the RAM in the Chinese Calendar.
• 2014 Happy New Year again I pointed out that CPP and EI rates were increasing as well, I really am a kill joy.
• 2013 was a Happy New Year, a celebratory Sunday was the photo to start the year.
• 2012 I used to post best of Twitter posts, and it seems to have fallen on a Sunday as well.
• Merry New Year! It All Starts again  was how 2011 started, and I included a bunch of resolutions in that article.
• 2010 New Year began with me in a new job, which was very nice, given I had been unemployed for a while.
• 2009 started a little bleak, in that I was unemployed, and was looking for a job, during a major economic crisis.
• Belated Happy and Prosperous New Year was how 2008 started, the economy was booming, employment was high, but there were hints of the systemic failure that was coming soon.
• Good Bye 2008, outlined the eventful year that it was for me. Things got better, but a lot didn’t go right that year.
• A New Year Brings Tax Breaks? The tax breaks appeared in 2007 but later disappeared, unfortunately.
• Happy 2007 a quieter year, we hoped.
• 2006 I was still figuring out what this whole thing would be, but I showed signs of a ranting good time.

Yes, I really did start in 2005.