Next week a new year begins and many people start it off by making some resolutions or goals.

We’re still hashing out one or two goals we’d like to knock out. Perhaps you’re doing the same.

Most People Fail with Their Goals

As simple as it sounds though, many people fail with their goals.

Do you know how many people fail with their goals for the new year?

50%?
70%?

Would you believe 92% of people fail with their resolutions?

That’s insane!

Why such a high failure rate?

Many times it’s because of how they design their goals.

Let me show you what most people get wrong by looking at some popular money goals.

The Top Goals People Make About Money

According to Fidelity 9th Annual New Year Financial Resolutions Study, only 27% of Americans are planning on making finances their focus.

The most common financial goals people make for the year are:

  • Save more.
  • Pay down debt.
  • Spend less.

These can be fantastic things to strive towards, but for most couples, they’ll quit before making a meaningful mark on them.

Look at how these goals are presented and see what they are missing.

A few things that stand out to me:

  • Too Vague. There’s no actual end goal. How will you know you’re done? Is saving an extra $5/month enough of a win or are you trying to save $500?
  • No Way to Track Your Progress. Most people don’t change overnight, do to stay motivated it’s good to see how far you came. These goals don’t have that option.
  • No Why. Yes, getting out of debt and saving more are financially savvy moves. They are only part of the equation though. why do you want to get out of debt? Why do you want to have more savings? Those answers will help you discover what’s your true motivation and be a crucial step to making sure you achieve your goals.

So you know what not to do. How can you set yourselves up for wins next year?

Make some SMART goals!

How to Create SMART Goals

If you’ve listened to the podcast or known me for a bit, you know that I’m a fan of SMART goals.

For those unfamiliar with SMART goals, here are the key things you need to know when making them.

  • Specific: Choose a specific goal. Don’t say ’save more’, but instead choose ‘put aside 5% of our paychecks into savings for our emergency fund.’
  • Measurable: How do you know when you reached your goal? If you are saving an emergency fund up, consider setting aside 3-6 months of your living expenses in the account and track your progress.
  • Attainable: It’s better to work on a few goals at a time so you don’t feel overwhelmed. Be gazelle intense on the ones you have. 
  • Result focused: Make sure your goal is something you can do and truly believe in. Have a plan of action that you can sustain.
  • Time-Based: By setting a deadline, you can work backward and break down the steps you need to take and make those your milestones along the way.

Reboot Your Money and Year

It’s easy to get stuck with the living paycheck to paycheck cycle. We all have so much going on, getting off track is really common.

But then you’re stuck with the same debt.

The good news is you can break out of your rut and achieve your money goals together.

Sign up for the Reboot Your Money Course. It’s designed to help you two get on the same page to create and reach your biggest money goal this year!

Your Big Money Goals

I’d love to hear from you! What are your big goals this year? What’s your gameplan to achieve them?

 

Build Wealth Together

Couple money marriage finances wealth

Stop worrying about money and start dumping your debt and building wealth as couple!

Get our free guide on how to hack your goals. Make 2018 your best year ever!

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About Elle Martinez

Elle Martinez helps families at Couple Money achieve financial freedom by sharing tips for reducing debt, increase income, and building net worth. Learn how to live on one income and have fun with the second..

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2 comments comments closed

  1. Great post! I highly agree that goals should be SMART!

    I think you shouldn’t wait to New Year resolutions to set goals. Goals should be set all year – no need to wait with pursuing your goals 🙂

    • Agreed!
      Now is always the best time to start.
      However, I think plenty of people like to make goals at the beginning of the month or year. Whenever made, the important part is following through.