New year, no excuses

January 15th 2019 | Categories: Financial Planning |

Let’s pretend for a moment: we’re back at December 31, 11:59 p.m. Maybe you’re at a party, or you’re just at home, already in your pyjamas and waiting to watch the fireworks before bed. However you brought in the new year, you probably made some kind of mental note about what you’d like to change or achieve.

Although we’re now in mid-January (I know, I can’t believe it either!), it’s not too late to consider your resolutions.

To get ahead for 2019, let’s start thinking about what’s worth changing and how you can achieve it.

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Why you should plan now for 2019 new year’s resolutions

There’s really no time like the present. Don’t use excuses like “it’s already too late” or “I’ll start on Monday”. The idea of setting resolutions and goals is so that you can make your future better, so stop putting it off and use the new year as motivation.

Keep in mind that sudden changes are hard to maintain, so don’t be disheartened if you haven’t achieved your resolutions yet. Research from University College London found that it takes an average of 66 days to form a new habit. That means, for example, if you plan to consistently exercise or eat well in 2019, start easing yourself into the habit now and you’ll be well on your way by March. And if you’re already achieving goals by March, that’s a pretty great start to the year!

If you’re not sure what you would like to focus on in 2019, take advantage of our Paint Your Future worksheet. Understand what’s most important to you and what you would like your future to look like.

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Plan for success in 2019 to enjoy a rewarding year.

Which new year’s resolutions are worth planning for in 2019?

Trying to change everything at once is bound to end in failure. Your resolution, whether strictly financial or not, should focus on a single meaningful change you’d like to make in your life. Here are some popular ideas and tips on how to get ahead:

1. Improve health and fitness

Improving health and fitness is the number one resolution in Australia, according to Finder.com.au. Whether you aim to boost your fitness, gain muscle or lose weight, the habits required to achieve this can be challenging to form. By thinking about this now, you can build a plan to handle it in the new year.

Get quotes from your chosen health professional and adjust your budget for the new year to accommodate this change. Ease into the lifestyle change by reducing your junk food intake each week or starting a walking routine, for example.

2. Learn something new

Another popular resolution, expanding your knowledge and skills can be extremely rewarding. Formal education through a tutor or classes helps to provide the structure needed to uphold this resolution, but they’re typically not cheap. You’ll need to plan for the costs of learning, both in terms of course fees and additional expenses like textbooks and transport. If you’re retraining full-time, you’ll also need to consider your living costs and income.

It’s a good idea to get in the habit of studying in advance, too. Make a goal of regular reading – or watching educational tutorials – every week before the new year.

Health, knowledge, travel or freedom – whatever your 2019 new year’s resolution, we believe you can achieve.

3. Travel more

Thinking about seeing the world? This is a great aspiration and it doesn’t come cheap. You’ll need to plan what kind of travel you’ll do – lots of small domestic trips or one big international holiday? The financial backing for constant travel doesn’t always come easily. Talking to a financial planner can help you understand what you’ll need to do to put this dream into action.

4. Achieve financial freedom

Truly finding financial freedom is a big task – you might not be able to achieve this within one year depending on where you are in life. That said, working with a financial planner can set you in the right direction and establish SMART goals for the year.

You might like to:

• Become debt free,
• Create an emergency fund,
• Achieve a savings threshold

No more resolutions gone wrong – make 2019 your year of success. Are for tips on how to fund popular new years resolutions, check out this article.

If you understand what’s most important to you, take the time to set yourself some goals. Download our handy goal setting worksheet to start.

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If you’re running low on time, start with our quick, 5-minute Goals Made Simple worksheet.

Reach out to Invest Blue today to start planning for success.

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What you need to know

This information is provided by Invest Blue Pty Ltd (ABN 91 100 874 744). The information contained in this article is of general nature only and does not take into account the objectives, financial situation or needs of any particular person. Therefore, before making any decision, you should consider the appropriateness of the advice with regards to those matters and seek personal financial, tax and/or legal advice prior to acting on this information. Read our Financial Services Guide for information about our services, including the fees and other benefits that AMP companies and their representatives may receive in relations to products and services provided to you.