5 New Year’s Resolutions for 2023 using SMART Goals
It’s almost that time of year when we get a fresh start. As you look back and think about what you have accomplished in 2022, can you say that you’ve achieved what you set out to do at the beginning of the year? Probably not. 72% of Australians have set at least one New Year’s resolution for 2022 but most of those resolutions likely became unfulfilled.
Right from the start, what you don’t realise is you’re not giving yourself the best chance of success. You set goals that are too ambitious, or you don’t spend time planning how you’re going to achieve the goals you set. Instead, you should be making New Year’s resolutions focus on SMART goals. SMART means:
- Specific – make your outcome as clear as possible.
- Measurable – you should be able to measure your progress.
- Achievable – focus on smaller goals that help you get closer to achieving the bigger goal.
- Relevant – set goals that are relevant to improving yourself or your life.
- Timely – set a reasonable deadline to fulfill your goal.
When you set SMART goals, you’re helping yourself visualise the smaller steps or actions that you can take to help you move closer to your bigger goal. SMART goals help refine your decision-making, acting as a guide to keeping you on your determined path toward your New Year’s resolutions.
How to Create SMART Goals to Decide on Your New Year’s Resolutions
Now that you understand what SMART goals are, let’s take a look at how you can make resolutions using the SMART method.
Resolution 1: Saving for a house deposit, for an investment property, or for a retirement home.
Start with a realistic amount of money for a deposit in mind. If you want to save towards a down payment for a property, the steps you take toward the end should be laid out clearly. Take into consideration your salary and expenses. If you’re a double-income household, you can talk to your significant other about your plan to save up for the down payment of a property so both of you achieve the amount fast.
Here’s an example of how you might plan on achieving your goal:
- S – “I’m going to save 15% of my salary to save up to buy a property.”
- M – “The goal is to reach the total down payment in two years.”
- A – “I’m going to minimize eating out and focus mostly on meal planning and prepping to save on expenses.”
- R – “I’m going to establish priorities and push back the holiday ideas, instead focus my finances on homeownership.”
- T – “I’m going to start on my goal in January, with a progress review every quarter. I’m going to repeat the process again in the next year.”
Resolution 2: Start a budget.
Budgeting is always a challenge, but ultimately, it allows you to have more room financially to spend or invest in other things. Make a list of your expenses and see areas where you need to save up. Minimize unnecessary expenses like eating out or buying clothes that you won’t use frequently.
You could phrase your New Year’s resolutions this way:
- S – “I’m going to start a budget and stick to it so I can do more with my money.”
- M – “I’m going to save $300 per month.”
- A – “I will reduce my expenses by listing all of the things I spend for in a month and then cutting the expense that’s unnecessary.”
- R – “I want to foster a lifestyle of spending and living minimally.”
- T – “I will stick to my budget for one year.”
Resolution 3: Learn a new skill.
It’s always life-enhancing to learn a new skill. When deciding to learn a new skill, the new skill should be something that you’re going to be interested in doing and is easy for you to develop, which could also be useful in yours and your family’s daily life.
Let’s take the example of learning how to cook or enhancing your cooking skills:
- S – “I’m going to learn how to cook so I can make great, healthy meals that my family can enjoy every day.”
- M – “The goal is to make at least two great-tasting meals a day with one to two healthy snacks in between.”
- A – “I already have the basic knowledge. All I have to do is learn more by watching YouTube videos or looking up recipes online.”
- R – “I want to have more time with my family and encourage a family culture of eating together for quality time.”
- T – “I’m going to look up recipes and watch YouTube videos tonight so I can go to the grocery store and shop for a week’s worth of groceries tomorrow.”
Resolution 4: Go on a family holiday/go on a holiday.
Going on holiday is a great opportunity for you and your family to bond. It should be a time of relaxation and fun. The first thing, do your research and choose a destination. If it’s a theme park, you will, more or less, know how much you’re going to spend. You can even set a spending limit if you wish.
If it’s somewhere that requires planning and saving, you can make SMART vacation plans and New Year’s resolutions this way:
- S – “I’m going to save 20% of my salary for three months in order for myself and my family to take a vacation by February.”
- M – “By the time February rolls in, I’ll have saved $5000.”
- A – “I already have a destination in mind. I’ll research more about what else can be done in that destination so I can make an itinerary.”
- R – “I’d like to have a relaxing and refreshing experience while on vacation.”
- T – “All the planning and the saving will be completed by February 10.”
Resolution 5: Start investing.
One of the greatest gifts you can give yourself or your family is putting your money in the right place and allowing it to earn for you (not the other way around). In the new year, if you have already saved enough to invest, then plan how to do it methodically.
For example, your New Year’s resolutions could involve the following:
- S – “I’m going to learn more about the best way to invest my money. When I have identified the most ideal investment, I will be mentally ready to take the next step.”
- M – “I want my investment to grow by 7% per year.”
- A – “I already have about $10,000 saved in the bank which I am comfortable investing for three years.”
- R – “I want to create passive income for myself or my family.”
- T – “After a year, I will review the earnings I’ve made.”
If you would like to learn more about how to invest your money properly and securely, let us help. Whether that be to improve your financial wellbeing, achieve financial autonomy, or find a home ready to start a family in, Vision Property & Finance can help. Contact us today.
How Vision can help you reach your New Year’s resolutions.
SMART goals are guides that grant you clarity, focus, and motivation. Pair your SMART goals with a concrete plan for achieving these New Year’s resolutions, and you’ll sooner see the fruits of your labour. At Vision Property & Finance, we take the time to get to know our clients to look after them for the long-term. That’s why in 2023, Vision will continue to remain dedicated to providing the best solutions to suit your individual needs. Contact us today to see how we can help you.