This time of year often gets people thinking about New Year’s resolutions.  Wikipedia defines this as a commitment that an individual makes to a project or the reforming of a habit, often a lifestyle change that is generally interpreted as advantageous.

Being a numbers person I love statistics: some research from the UK found that 52 per cent of participants in a resolution study were confident of success with their goals, however only 12 per cent actually achieved them.

My thoughts behind this are that you need accountability and structure.  Now everyone is different so it’s important to look at what has worked for you in the past and use this to your advantage. I work with people to help them focus on achieving their goals.  Some of these goals may have a financial consequence; however people generally want similar things — the difference? It’s in the detail.

Do you want to be financially comfortable? Do you want to spend life doing the things you enjoy with the people you enjoying being with?  Yes please! But these are very general. The more specific your goals are the more achievable they become.

I call this part ‘Your Plan’. The what, when, who and where of the things you want in your life.  This takes a little time but the reward is worth it in the long run.

The How? This is ‘the strategy’ and depending on your goals, outcomes and whether there is a financial consequence will depend on the complexity.  But that is where teaming up with a professional and getting quality advice can come into play. My challenge to you for 2010 is to not put it all on a resolution.  Set some clear goals and break them down into specific, measureable and achievable chunks or get your friends on board so that you are accountable.  Want to know more about goal setting or getting your money in order for 2010 check out fido.gov.au for information on getting quality financial advice.

Scott Malcolm is Director of Money Mechanics (ph: 02 6257 5557) who are authorised to provide financial advice through PATRON Financial Advice AFSL 307379.

The information provided on this document is of a general nature only. It has been prepared without taking into account your objectives, financial situation or needs.  Before acting on this information you should consider its appropriateness having regard to your own objectives, financial situation and needs.