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5 Reasons Your New Year Resolutions Will Fail
5 Reasons Your New Year Resolutions Will Fail
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Money Management

5 Reasons Your New Year Resolutions Will Fail

Eddy Mwanza
January 5, 2023

It's that time of the year. You are constantly bombarded with new year resolutions and cliche quotes on the importance of planning.

Failing to plan is planning to fail is one of those quotes. I can bet one of my kidneys that you'll come across it during this month of January 2023.

It can be overwhelming at times and this could explain why there is a good number of people who avoid the whole new year's resolutions bandwagon.

However, having a clearly laid out plan of how you want your year to pan out and steps to ensure how you'll get there is not the monster that most make it out to be.

It is simply a way to hold yourself accountable throughout the year if personal growth is something that speaks to you.

For those keen on setting fancy financial new year resolutions, here's why you are likely to achieve none of them in the end;

Read Also: 10 Money Resolutions you Must Make in 2023

Lack of Planning

It goes without saying that in the absence of a clear plan or strategy, it can be difficult to stay motivated and achieve your goals. 

Or should I say 'failing to plan is planning to fail'? If you do not take the time to plan and prepare for something, you are setting yourself up for failure. 

Without a plan, you may not know what steps to take or resources to use, leading to mistakes and difficulties. On the other hand, if you take the time to carefully plan and prepare, you are more likely to be successful in achieving your goals. 

Planning also helps you to anticipate potential problems and come up with solutions before they occur, giving you a better chance of success. 

As a rule of thumb, try breaking your resolutions down into smaller, achievable steps/goals and create a timeline for completion.

This way, you have a clear and visible target, and having a timeline guarantees that you'll have to review your progress at some point in time.

Not Setting Specific Goals

Vague resolutions like "lose weight" or "save money" can be difficult to measure progress and success. They are just a lazy way of saying “I’ll try it out when I’m in the right mood”.

Instead, try making your goals specific, such as "lose 10 Kgs in the next six months" or "save Ksh30,000 in the next three months."

This then puts pressure on your psyche to hit the set targets as you are working with a deadline in mind.

Overall, setting specific financial goals helps you to create a roadmap for your financial future and gives you the motivation and direction to achieve them.

Also, specific goals allow for better progress tracking, as they are clearly defined and measurable. This allows you to see how you are progressing towards the set goals, and make necessary adjustments if needed.

Read Also: Digital Savings Accounts: Should You Open One in 2023?

Not Having Accountability

Having someone to hold you accountable can be a powerful motivator in achieving your resolutions. Having no one on the other hand can at times breed laziness and complacency. This more often than not leads to carrying things forward as there is no one to keep you in check

Find a friend or family member who can support you and check in on your progress regularly. This way, you are assured of constant positive pressure that will keep you on the 2023 roadmap that you created.

When you are accountable, you are more likely to make informed financial decisions that align with your goals and values. This can help you avoid costly mistakes and set yourself up for long-term success.

Read Also: Why Personal Accountability is the Key to Financial Success

Not Making it a Priority

If you don't prioritize your resolutions and make them a part of your daily routine, it can be easy to let them slip before Easter kicks in.

Making and sticking to New Year's resolutions requires self-discipline and determination. By working on these qualities, you can improve your overall discipline and ability to achieve your goals.

Make sure to prioritize your resolutions and make time for them in your schedule. You could have a quarterly personal meeting to check on your progress. Nothing is as satisfying as ticking off a to-do list.

Think of it this way, New Year's resolutions can help you grow as a person by challenging you to try new things and make positive changes in your life, especially financial ones.

Read Also: 9 Money Rules You Should Live By

Not Staying Motivated

It's easy to get excited about your resolutions at the beginning of the year, but maintaining motivation can be a challenge. 

Make sure to reward yourself for small wins and find ways to stay motivated throughout the year.

This could be a holiday trip after you hit your savings for a holiday target mid-year. This could actually work in your favor as off-peak season usually means the potential to make major savings on holidays.

Whatever it is that works for you in terms of a reward, do it once you accomplish a set milestone and this will in turn give you an extra bit of motivation to hit the next one and so on.

Read Also: How to Get Money Motivated - Money Psychology

Wrapping Up

New year's resolutions can serve as a helpful tool to set goals and focus on self-improvement. They can help you identify areas of your life that you want to change or improve and provide a plan for achieving those goals.

Additionally, new year's resolutions can serve as a motivator and a source of accountability. By publicly declaring your resolutions, you may feel more motivated to follow through on them and be held accountable by others who are aware of your goals.

Furthermore, new year's resolutions can help you reflect on your past year and consider what you want to prioritize in 2023. It can be a time to make positive changes and take control of your life. Think of it as a clean slate, or a blank canvas where you can paint what you want your financial future to look like.

Overall, new year's resolutions can serve as a helpful tool for personal growth and self-improvement.

Eddy Mwanza is Creative Consultant living and working in Nairobi, Kenya. His areas of focus are Content Creation, Creative Writing, Research and Photography. When he is not writing in his favorite coffee shop, Eddy spends most of his time reading, cooking, and traveling. He is also a sports fanatic. Connect with Eddy on LinkedIn.

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