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Financial Goal Tips - Part 2

talessi@ariesfoundation.org

Have Some Fun With Financial Goal Setting

This part 2 of our blog on financial goal ideas to start out the new year and some tips for setting them up. There are so many different financial goals that you can set for yourself sometimes it can be fun to just take a look at all the different things that you can do or choose to focus on different things.

 

We’re tossing these out in no particular order, in case you are setting goals and wanted some fresh ideas (check out Part 1 for more ideas).

 

#7 Invest In Yourself

Whether you’ve thought of going back to school or just learning a new skill, we think increasing one’s knowledge is always a great goal to try and set. And it doesn’t necessarily mean going back to school in a traditional sense – could taking some online courses or getting a certification, or maybe just buying a book on a subject you want to learn about. And most importantly, it doesn’t mean spending money. There are plenty of free community classes offered or books at the library (some of you may remember what those actually are), or just doing the research online to gain the information.

 

#8 The 5 Year Plan

This one is more of a long-term strategy, or if you have already put something in place, then a chance to update or upgrade your original aspirations. The focus is more on larger goals that you would like to achieve on the horizon; change of your current living arrangement, paying off a large debt like a student loan, that type of thing. A good strategy is to build-in smaller goals along the way to help you achieve your 5 year plan.

 

# 9 Reducing Your Financial Stress

This one goes to the heart of our mission at ARIES Foundation, which trying to help everyone have a better relationship with their money, or in this case, maybe start to repair the relationship you are having with your money. If you haven’t done it already, maybe it’s setting up some or all of your bills on auto-pay. Or talking to your employer about direct deposit. Or your bank about having a portion go directly to an emergency reserve account you have established (see previous goals list). Each of these can be ways to lessen or help lower the stress you are felling regarding your finances.

 

#10 Get A Will Done

It doesn’t matter who you are, the reality is that you should have a Will: Are you married? You need a Will. Got Kids? You need a Will. Got stuff? Yup, you guessed it, you need a Will. Pretty much anyone with anything needs to have a Will to let those left behind “who’s gonna get your stuff”. And if you have a Will, then make sure it is updated on a fairly regular basis.

Reminder – there are assets that pass without the Will; retirement accounts, life insurance, savings bonds, etc..If you are putting your Will together or just updating an existing one, remember to also review all beneficiary designations on your accounts.

 

#11 A Side Hustle

Again this is just a thought or idea, but what we have found is that the pandemic has left some of us with more free time than ever before, mainly because we are unable to do a lot of the activities that used to occupy our time. Could some of this newfound free time be used to supplement your current income? Maybe as a way to to help speed up debt reduction or accumulate more savings. There are lots of different types and ways today to add a side hustle or to earn extra income, so if you're creating a goal that requires extra money like paying down debt quicker or building up an emergency fund, then having a side hustle is a great goal to add to your list.

 

#12 Saving For The Kids

OK, this doesn’t necessarily have to be for your kids, if say, you don’t have children, but could be for any young ones in your life; nieces/nephews, grandkids, etc.. One of the ways you can do this is by opening a 529 college savings plan and depending on where you live this could also mean a tax benefit to you as well. Quick Side Note: If you know a child that is differently-abled or has a disability, then you could add funds to a 529A (ABLE) Account instead (though in the case of ABLE the account would already have to be set up by the child or their guardian

 

Hopefully you found some of these ideas to be worthwhile. If you ever have questions or need some help, then please feel free to reach out to us, that’ why we’re here: info@ariesfoundation.org

 

By Thomas Alessi January 5, 2025
Have you ever noticed how New Year's resolutions seem to lose their sparkle by the second or third week of January? If so, you’re not alone. Statistics show that most people abandon their resolutions within a few weeks of setting them. But why does this happen? The reasons often lie in how we approach our goals and the mindset we carry into the new year. One of the biggest culprits is setting unrealistic goals. Many of us feel a surge of motivation on January 1st and decide to aim for major life changes all at once—like losing 30 pounds in a month or working out every single day without fail. While ambition is admirable, these types of goals are often unattainable in such a short period, leading to frustration and eventual burnout. Another common issue is the lack of a clear plan. Resolutions often start as vague statements like “I want to get fit” or “I’ll save money this year.” Without actionable steps or measurable milestones, it’s easy to lose track of progress or get overwhelmed by the enormity of the goal. Without structure, even the best intentions can falter. Motivation fades quickly after the excitement of the new year dies down. Motivation is often fueled by novelty, but real change requires discipline and consistency—two traits that are harder to maintain over time. By mid-January, the initial enthusiasm often gives way to old habits, especially if we don’t have systems in place to reinforce new ones. Social and environmental pressures also play a role. Life gets busy, and as the demands of work, school, or family creep back in after the holiday lull, resolutions take a backseat. Pair this with temptations like junk food or the comfort of skipping the gym, and it’s no surprise that many people give up. Finally, many people don’t account for setbacks. Whether it’s missing a workout, overspending on a shopping trip, or indulging in an unhealthy meal, one slip-up can feel like a failure. This "all-or-nothing" mindset often leads to abandoning the resolution entirely instead of adjusting the plan. ________________________________________ Strategies to Overcome Quitters Day Breaking the cycle of quitting isn’t just possible—it’s entirely within your reach with the right mindset and strategies. Let’s dive into how you can overcome the challenges of Quitters Day and stick to your resolutions long-term. 1. Set Realistic and Measurable Goals The key to success lies in creating goals that are specific, measurable, achievable, relevant, and time-bound (SMART). For example, instead of saying, “I’ll get fit this year,” try “I’ll exercise for 30 minutes three times a week.” By breaking big aspirations into smaller, manageable steps, you’re less likely to feel overwhelmed and more likely to stay on track. 2. Build Consistent Habits, Not Just Motivation Motivation is fleeting, but habits are sustainable. Focus on creating daily or weekly routines that make progress automatic. For instance, if you want to eat healthier, prep your meals in advance or stock your kitchen with nutritious options. Building habits takes time, but once established, they become second nature. 3. Accountability and Support Systems Having someone to hold you accountable can make all the difference. Share your goals with a trusted friend, family member, or even a coach. Better yet, join a community or group with similar objectives. Knowing that someone is rooting for you—or counting on you—can keep you motivated during tough moments. 4. Reframe Setbacks as Learning Opportunities Setbacks are inevitable, but they don’t have to derail your progress. Instead of viewing a missed workout or a bad day as failure, see it as a chance to learn. What triggered the setback? How can you adjust your approach to prevent it in the future? Remember, growth isn’t linear—it’s a journey filled with ups and downs. 5. Celebrate Small Wins Big goals take time, so it’s important to recognize and celebrate progress along the way. Did you stick to your exercise routine for two weeks? Treat yourself to something meaningful, like new workout gear. Celebrating small milestones helps reinforce positive behavior and keeps you motivated for the long haul. 6. Focus on the Process, Not Just the Outcome Instead of fixating on the end goal, shift your mindset to enjoy the journey. For example, if your goal is to write a book, celebrate the act of writing every day rather than stressing about completing the manuscript. When you focus on the process, progress feels more achievable, and the outcome will naturally follow. 7. Leverage Technology and Tools Apps and tools can help you stay organized and motivated. Habit trackers, fitness apps, and budgeting tools make it easier to monitor progress and stay accountable. Life happens, and sometimes your resolutions need to evolve. Check in with yourself weekly or monthly to assess progress. Are your goals still realistic? Do you need to adjust your timeline or strategy? Being flexible ensures that your resolutions remain relevant and achievable. ________________________________________ With these strategies, you can break free from the Quitters Day trap and turn your resolutions into lasting change. The key is to approach your goals with patience, self-compassion, and a focus on progress rather than perfection. Change doesn’t happen overnight, but with consistent effort, you’ll be surprised at what you can accomplish.
By Thomas Alessi December 9, 2024
Budgeting and dieting are two of the most common self-improvement goals people set for themselves. Both aim to bring about positive changes—whether it's financial stability or better health. However, many find that sticking to a budget is just as challenging as sticking to a diet. Here’s why: 1. Restrictive Nature Both budgeting and dieting often start with a restrictive mindset. Just as a diet might cut out all your favorite foods, a budget might eliminate all your discretionary spending. This restriction can lead to feelings of deprivation, making it harder to stick to the plan. Over time, the temptation to "cheat" becomes stronger, whether it's indulging in a dessert or splurging on an unplanned purchase. 2. Unrealistic Expectations Many people set themselves up for failure by setting unrealistic goals. In dieting, this might mean expecting to lose a significant amount of weight in a short period. In budgeting, it could mean expecting to save a large portion of income without considering necessary expenses. When these high expectations aren't met, it can lead to discouragement and abandonment of the plan altogether. 3. Lack of Flexibility Life is unpredictable, and both diets and budgets need to be flexible to accommodate unexpected changes. A rigid diet plan doesn't account for social events or cravings, just as a strict budget doesn't account for emergencies or spontaneous opportunities. Flexibility is key to maintaining long-term success in both areas. 4. Emotional Factors Emotions play a significant role in both eating and spending habits. Stress, boredom, and happiness can all trigger overeating or overspending. Without addressing the underlying emotional triggers, it's challenging to maintain a diet or budget. Emotional awareness and coping strategies are essential for long-term success. 5. Short-Term vs. Long-Term Mindset Both dieting and budgeting often focus on short-term results rather than long-term sustainability. Crash diets and extreme budgeting can lead to quick results, but they are rarely sustainable. A more balanced approach that focuses on gradual, consistent changes is more likely to lead to lasting success. 6. Lack of Support Having a support system can make a significant difference in achieving goals. Just as people might join a weight loss group or hire a personal trainer, having a financial advisor or joining a budgeting community can provide the encouragement and accountability needed to stay on track. Making It Work To make both budgeting and dieting work, consider the following tips: • Set Realistic Goals: Aim for gradual progress rather than drastic changes. • Allow Flexibility: Build in some room for treats and unexpected expenses. • Address Emotional Triggers: Be mindful of how emotions affect your habits and develop healthy coping mechanisms. • Seek Support: Surround yourself with people who encourage and support your goals. • Focus on Long-Term Changes: Develop habits that you can maintain for life, rather than quick fixes. By understanding the similarities between budgeting and dieting, you can approach both with a more balanced and sustainable mindset. Remember, it's about progress, not perfection. Watch our Think With A Drink episode for ways to be better at handling your expenses: The Dreaded B Word
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