Why is it so hard to keep New Year’s Resolutions?
Summary
Every year, billions of people set new goals for themselves; this is healthy and good, yet its become a “thing” that they won’t be kept
I delve into six main reasons why goals are not kept, but more importantly, 3 main ways you can keep on track to meet your goals - through proper EDUCATION, MOTIVATION, and INNOVATION.
Ensuring you build healthy habits, set SMART Goals, and build accountability structures will ensure you stay on track to meet your goals - SUSTAINABLE HABITS!
Check out my upcoming course: 2023: BACK TO YOUR FUTURE, if you want to get a jump on 2023 and stop feeling like you are “just surviving”, but rather “START THRIVING”!
As we head into 2023, I started to reflect – why is it that it has become a “thing” that we don’t keep our New Year’s Resolutions? Why when everyone is aware that this is a potential pitfall, is it that we still cannot keep the resolutions (ie) the goals) we set. As I did some research, I came across these 6 primary reasons in an interesting article in the Economic Times (Read Article Here). As I went through the main reasons why new year’s resolutions fail to be kept, I found a very interesting correlation to the design of my coaching program – which I will highlight in the rest of this blog.
The six reasons why New Year’s Resolutions fail to be kept:
1) No Tracking or Review Mechanism
2) Lack of Planning
3) Self-Doubt
4) Unclear on your “Why” – why you want to achieve what you do.
5) Lack of Accountability
6) Setting Unrealistic Expectations
My coaching program is based on three pillars: EDUCATE. MOTIVATE. INNOVATE. I will go through these as we dig into why New Year’s resolutions fail.
EDUCATION – Not setting ourselves up for success in the first place!
1) No Tracking or Review Mechanism on the Goals that were set – if we set great goals, but don’t set processes up to track our progress or course correct when we start to stray, how can we possibly hit what we are not aiming for? In working with clients, I ensure that they learn HOW to track their finances and ultimately, their progress towards the goals they set (eg) saving a downpayment for a first home purchase).
2) Lack of Planning to execute the goals – I love the saying “Execution eats strategy for Breakfast”. It is one I picked up in my professional career and something I love to quote. Why? Because even the best strategy or goal will fail if there is not a plan to get there. For instance, how can we possibly expect to pay off debts we may have, if we can’t stop going further into debt (by creating a monthly surplus). With clients, I love to set a VISION, and then SMART Goals right off in Session 1. Using the SMART Goals framework (see post here: SMART GOAL SETTING) ensures that “good” goals are set, and therefore that they can be followed through on/achievable.
MOTIVATION – Failing to Follow through on the plans we set for ourselves
3) Self-Doubt – this “failure” relates moreso to bad habits and practices. If we don’t believe we can change an area of our life, we won’t. We have to believe we can succeed to not be impacted by our past failures. As a coach, I so often need to work on mindsets to help clients through the blocks they create – “I can’t be rich without a six figure salary”, “Debt is just a part of life” etc. etc.. Working through our mindsets and doubts will help us to overcome any obstacle and ultimately, succeed in reaching our goals!
4) Unclear as to “why” we are working towards our goal – this I like to call “Finding Your Why”. Essentially, if we don’t understand why we are doing something (the bigger reason/purpose), it will be hard to keep going when “the going gets rough”. Knowing our why allows us to make trade offs and sacrifices for the bigger purpose. Check out this post for more on “Finding your Why”: FIND YOUR WHY. (Be sure to read the text as well as watching the video).
INNOVATION – Giving up because we feel like “we’ll never hit the goal”
5) Lack of Accountability – Maybe you have found your “why”, but you struggle to follow through with goals and objectives you have set. When things start to go off-course, do you “pack it in”, or decide to “keep going”. Just like having a workout partner for the gym, you need to have someone there to keep you on track with your goals. If you are a self-starter and set up a routine, you may be able to, but two is always better than one! As a coach, I provide clients with this accountability, keeping them “on track” until they have built the habits they need to reach their goals!
6) Setting Unrealistic Expectations – If we fail to set SMART goals in the first place, then they will be unrealistic and unachievable. The tendency may be to reduce the goal, rather than find a way to succeed with it set where we want (ie) I want to buy a house in 2 years). After setting goals with clients I always look to “optimize” their budget – finding savings that they may not see, or doing things “differently” to reach their goals. If you want to learn more about this process, I encourage you to check out my upcoming course 2023: BACK TO YOUR FUTURE, where you can learn how to set a vision and goals, build and optimize your budget, and then align it to your long-term strategy. In other words, set realistic expectations, and align your life and finances for what you want to achieve!
It is always good to take stock of where we are at in our lives, and look for areas we want to improve upon. However, I like to make it a “continuous process” rather than just doing so once per year. If you can focus on building good habits, and being prepared to succeed, it will make achieving your goals not seem like such an obstacle.
If you would like to discuss any challenges you may be having, or any of the content (current blog, past posts or upcoming events), do not hesitate to reach out! I’d love to chat with you and always offer a free no obligation session to begin. You can book here: www.hopefinancialsolutions.ca/get-started
Make 2023 your year. Make it the year you get BACK TO YOUR FUTURE by following through on the goals and dreams you have for your LIFE!
EDUCATE. MOTIVATE. INNOVATE.
In YOUR Corner, and wishing you a most blessed 2023!
Tyler Wain
Founder and Financial Coach,
Hope Financial Solutions
