“Did you make New Year’s resolutions this year? Unfortunately, there’s a pretty good chance that any resolution we make won’t be kept. This can be particularly true of financial goals, which can often feel confusing and overwhelming. Here are some steps to help make those financial resolutions into a reality.”
“1) Set SMART goals. When we set a vague goal like “save more money” or a seemingly insurmountable one like “pay off all debt,” we’ve already set ourselves down the path to failure. Instead, you want your goal to be SMART: specific, measurable, attainable, realistic, and time-sensitive. Rather than “save more money,” a SMART goal might be to save an extra $5,000 for emergencies by the end of the year…” (Carter, Erik. Forbes. “How To Make Those Financial New Year’s Resolutions A Reality.” https://www.forbes.com/sites/financialfinesse/2018/01/07/how-to-make-those-financial-new-years-resolutions-a-reality)
Behavior hacks to avoid your worst money impulses, by CNN.
“Here are the biggest money challenges facing us right now…and how to get yourself to do the things you already know you should do.” “From Dan Ariely, a behavioral economist at Duke University and the author of the new book, written with Jeff Kreisler, “Dollars and Sense: How We Misthink Money and How to Spend Smarter.”
Picture from www.ccPixs.com
Problem 1: Invisible savings
“Talk about what you’re saving, early and often. Yes, we’re also terrible at talking about money, but young people are more likely to do it than older people. The more we make visible what we are saving the better we’ll be at understanding it and comparing it, according to Ariely.”
“Here’s what financial experts recommended to help get out of the revolving door of overspending:
“Face the spending music
“It’s not easy, but step one is to take a hard (and honest) look at all your spending.
“That means identifying everything you spent money on in the last few months: housing, food, gas, entertainment, clothes, drinks…everything.”
“Find a budget that works for you
“Once you know how much money you are taking in and where it’s going, it’s time to create a budget.” (“How to get out of the overspending trap”. Kathryn Vasel. CNN.com. http://money.cnn.com/2017/11/30/pf/credit-card-debt-pay-down-debt/index.html?iid=SF_LN)
When it comes to money, Americans not only want more; they want to manage it better. A new NerdWallet survey conducted by Harris Poll reveals that most folks aren’t happy with the state of their finances and they’re taking steps to change the situation.
To see how Americans are dealing with this financial balancing act, NerdWallet commissioned a survey by Harris Poll of over 2,000 U.S. adults conducted online Sept. 12-14, 2017. The results show that most Americans have financial regrets and stressors, but they also have goals and are working to accomplish them.
Americans wish they had done some things differently, with 71% expressing regrets when it comes to money management. Millennials (those ages 18-34 in this survey) are more likely than the two other age groups to have such regrets (83%), according to the survey.
But they are looking ahead: 89% of Americans say they have financial goals that they hope to achieve within the next 10 years, and 88% are taking steps right now to manage their money.