What’s going on at the Extension?
Once again it’s the time of year when we consider what we want to do better next year. If history shows that your resolutions usually die a quiet death sometime in February or March, perhaps this is the year to re-think how you set your resolutions!
The key: resolutions should be very clear and specific. Some examples:
n NOT: I’m going to get out of debt.
Instead: When I pay my credit card bills, I’m going to pay everything I charged during the month plus an extra $100 each month.
Or better yet, if possible: I’m going to pay my credit card bills in full every month.
n NOT: I’m going to save more money.
Instead: I’m going to increase my 401k contribution by 1% of my income.
Or: I’m going to save $20/week by bringing my lunch to work at least 4 days/week, and actually depositing the $20 in my savings account every week.
You may recognize this strategy as part of the SMART goal-setting strategy. Goals should be Specific, Measurable, Action-oriented, Realistic, and Time-defined. If you’re looking for ideas on how to improve your finances, check out the MoneyTip$ Extension Blog at blogs.extension.iastate.edu/moneytips/.