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Make S.M.A.R.T Financial Resolutions
Episode 284
If you’ve made a resolution to manage your money better this year, how can you be sure to keep it for the long haul? Today we’ll help you avoid the pitfalls of resolution failure.
No matter when you make them, resolutions are hard to keep.
The most common excuses for giving up on our resolutions are…lack of willpower, forgetfulness, and plain old laziness.
Break old habits and develop new good habits.
- Make a clear plan. Financial resolutions are almost guaranteed to fail if you don’t set up a budget.
- Have accountability. Don’t go it alone.
- Don’t do it all in your own strength. We need to lean on the Lord.
- As Isaiah 40:28 says, that’s where the power is.
The Lord is the everlasting God, the Creator of the ends of the earth. He does not faint or grow weary; his understanding is unsearchable. He gives power to the faint, and to him who has no might he increases strength.
Here’s a new way to approach your new year’s resolutions.
First, pray. Ask God to show you his will for you.
As with any goals, your financial resolutions need to be SMART.
- Specific – The more detailed and clear your plans are, the easier they’ll be to follow. That’s where a spending plan comes in.
- Measurable. Your detailed budget will allow you to keep track of where your money’s going.
- Achievable. Don’t expect to pay off all your debt at once or build up your emergency fund in just a couple of months. Be patient with the process.
- Realistic. It’s okay to dream, but your spending plan needs to reflect your real income and your real expenses.
- Timely. If you’re saving for something, or paying down debt, give yourself a reasonable timeline, and stick to it. Set up your spending plan and track it weekly…or even daily… so you always know where you stand.
If you need help with a spending plan, or getting out of debt, or saving for the future, download the Faithfi appfrom your app store.
ON TODAY’S PROGRAM, ROB ANSWERS LISTENER QUESTIONS:
- Jim and his wife are both retired, home is in a trust for all the children. We want to put an addition on our home for us and for our children to be able to buy our home and move in. We are concerned with mortgage rates. How do we do that?
- Jean is asking about where to put a CD that is coming due.
- Diana is on disability since 2012, in 5 years my monthly income is going to drop by one-half. I have an option to take out my pension, at one-third, in a lump sum. What should I do?
- Harriet is 58 and has term life insurance, is it wise to have life insurance?
RESOURCES MENTIONED:
- FaithFi app
Remember, you can call in to ask your questions most days at (800) 525-7000. Faith & Finance is also available on the Moody Radio Network as well as American Family Radio. Visit our website at FaithFi.comwhere you can join the FaithFi Community, and give as we expand our outreach.
Remember, you can call in to ask your questions every workday at (800) 525-7000. Faith & Finance is also available on Moody Radio Network and American Family Radio. You can also visit FaithFi.com to connect with our online community and partner with us as we help more people live as faithful stewards of God’s resources.
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Published on 2 years ago