One thing that is on many people’s minds at this time of the year is New Year’s resolutions. According to a recent Forbes study, 37% of people set a new year’s goal, and of those goals, improving finances is the second most common resolution.
Also, as part of that same Forbes study, they tried to figure out how long these resolutions last. 50% lasted 3 months or less, while only 6% of resolutions last for 12 months or more. While this study is based on a limited sample of adults, I would imagine that the statistic holds for many people. Setting a goal is easy, but sticking to it requires discipline, sacrifice, and commitment. Thinking about goal setting, Proverbs 21:5 automatically comes to mind. The plans of the diligent certainly lead to advantage, but everyone who is in a hurry certainly comes to poverty. When looking at improving one’s finances, you can see that this is not something that can be achieved in three months. Managing one’s finances well requires a lifetime of diligence and planning, not just a few months of effort. Diligence by definition is not striking the jackpot and getting what you want. Diligence is a persistent effort and the pursuit of excellence over a long period of time. Those that are willing to be diligent in their plans will surely gain an advantage but getting the same advantage by anything less than consistent, intentional effort is just a dream.
According to another Forbes study, how you frame your resolutions has a role in whether you succeed. Positively framing the goal helps you stay committed. For example, instead of saying “I need to cut my spending on going out to dinner,” you focus on setting aside more of your earnings for retirement or paying down loans. By focusing on the positive and what you are accomplishing it becomes easier to stay motivated. The next tip is to be specific. A vague goal like “save more money” will likely fail, while setting a goal of tucking away 15% of your gross pay towards retirement is easier to put into action. The next step in selecting successful goals is to celebrate milestones. A goal that is set too far out can become so distant that you never gain traction, while a goal you can achieve too fast is probably not going to change your life significantly. However, setting a longer-term goal with milestones to mark your progress can help keep you on track as you work towards your resolutions.
Accomplishing goals that are meaningful requires diligence, commitment and sacrifice. Because diligence, commitment, and sacrifice are difficult to commit to long-term, you see that many plans like improving one’s finances never get accomplished, and people just continue on their trajectory with short spurts of change, only to revert back to normal. However, the goals that stretch you as a person are usually the ones that can actually help change the trajectory of your life for the better.
So, as you set out for the new year, we at Church Investors Fund wish you blessings. We appreciate your partnership and look forward to continuing our work together in furthering God’s Kingdom through the ways we’ve been called.
