Revisiting New Year’s Resolutions — Are They Even Relevant?

As the ball drops and calendar pages turn, we naturally look forward. And while 2021 was an arguably tough year, there’s hope in the possibilities that come with the future. It’s why so many of us use this time to reinvent ourselves and dream of where we’ll be a year from now.

But resolutions have become a bit of a trope. With a 19% success rate, is there even a point?

We think absolutely, yes. But we also think the traditional resolution strategy isn’t the way to go.

Instead of creating large, sweeping goals (that are statistically bound to fail) we think it’s time to redefine the new year’s resolution, centering the strategy on a cycle of self-reflection and test-runs.

Are You Listening to Yourself?

It can be so easy to fall into the societal traps of what resolutions should look like:

Exercise more

Eat better

Cut back on tech

Pay off debt

We’ve heard it all before. Are you even sure these are the resolutions you want to make? Or have you made a sweeping declaration because that’s the societal norm?

Asking the hard questions and helping clients develop personalized plans is what we do. We’re not about applying generic formulas designed for the masses to the individual.  

Our founder, Mackey McNeill, knew that she needed to put people back into financial planning. Part of that pursuit required a heavy investment in listening training.

Listening for meaning, listening for feelings, listening for context — it all matters.

But are you listening to yourself?

Are your resolutions a true reflection of what you actually want to renew within yourself? Or are you on autopilot?

Revisit Your Intentions

Before we dive into your financials, we like to talk big picture about your hopes and dreams. We ask you to define prosperity.

Not a general definition. Your personal definition.

If you closed your eyes and envisioned yourself living a prosperous life, what would it look like?

It’s one of our favorite activities within our program because it helps us concretely understand what you want to achieve (and how finances can help you get there).

When was the last time you revisited your definition of prosperity?

Does it still hold true?

And are the resolutions you’ve set for 2022 going to help you reach that vision?

If your resolution doesn’t support your idea of prosperity, then it’s probably worth revisiting. Just because others set a specific goal doesn’t mean it’s the right goal for you.

But also, things change. And that’s ok, too.

Conduct a Personal Year-In-Review 

It has been one helluva year.

To say that our world is collectively experiencing life-changing events in real-time is an understatement.

Even in a normal year it’s possible that our hopes and dreams change. But to revise your definition of prosperity after experiencing the physical, social, and emotional effects of a global pandemic is to be expected.

We’ve all been forced to look in a mirror and redefine who we are and where our priorities lie.

Perhaps you’ve decided that you want to expand your family and have more kids. Or maybe you’ve embraced your wanderlust and are pursuing the digital nomad lifestyle. Maybe the isolation from family has inspired you to speed up your path to retirement.

Reflect on the past year and take some time to conduct an informal self-analysis:

·         Who were you in January of 2021?

·         What did you like about that person? What no longer feels appropriate?

·         What were your successes in 2021?

·         What were your failures?

·         How have you evolved?

·         What did you prioritize a year ago? And have those priorities changed?

Our resolutions should make sense as we think about our personal evolutions. Our personal intentions. Our personal definitions of prosperity.

If it doesn’t make sense within your bigger picture, then it’s probably not a good choice.

But when our goals align with our long-term vision, we understand the why behind it all. We pursue our goals with passion and purpose.

We’re also far more likely to succeed.

Try It On for Size

Sometimes our clients need to change their financial strategy. Perhaps a saving plan proves too aggressive after living it for a few months. Or maybe you’ve overshot your savings goal and would rather cash in on some extra luxuries now.

Changing the plan isn’t the end of the world. In fact, for us, it’s old hat.

What do we do? We course correct and see if the new plan is a better fit.

Adjusting is OK. It’s part of the process. Sticking to an initial plan when it’s clearly not working isn’t just difficult, it can also be destructive.

So, this year we say: Abandon the traditional resolution format.

Instead, give a goal or two a test drive. Pursue your goal for a month or a quarter and then pause to evaluate. Ask yourself:

·         Is it working?

·         Am I finding success?

·         Is my goal still supporting my personal definition of prosperity?

Depending on your answers, you may want to keep forging ahead. But you may need to tweak your goals or even try something else on entirely.

Much as small goals that build have higher success rates, the strategy of setting a goal for a short period of time and pausing to re-evaluate removes performance pressures and increases your success rate.

Not only is it a strategy that you’ll find more manageable, but it’s also a strategy that better supports our abilities to pursue our why and live intentional and prosperous lives.

After all, isn’t that the point?