Crazy as it may seem, 2020 is right around the corner, and it’s time to start planning how you’re going to tackle the new year ahead. New Year’s resolutions are a time-honored tradition of setting a goal for something we will achieve in this upcoming year, and they are often centered around our financial health. The reality, however, is that over 80% of resolutions fall through by February. This isn’t because there’s something inherently problematic about setting goals, but rather because people go into it with the wrong state of mind. Consider the following if you want 2020 to be a year for you to set and reach financial goals.

Change the Way You Look at Budgeting

Much like the infamous New Year’s diet, the New Year’s budget can often come about as the consequence of guilt about overindulgences during the past year. Instead of viewing a budget as a financial punishment, try to look forward and see the bigger picture. A budget is about taking a look at your current financial position, determining a goal for the future, and building a bridge to get there. It’s about figuring out where you can scale back and cut down to budget and reach your savings and financial goals.

Set Long-Term, Realistic Plans

You’ve identified meaningful financial goals and have decided that you need to save a certain amount of money to achieve them. Making small but impactful changes to your daily routine and saving over the course of the year will help you reach your goals. One mistake we make is we often want to accomplish too much too fast, and the measures we have to take to make that happen can overwhelm us. Set realistic goals and a realistic budget and allow a reasonable amount of time to allow yourself to work towards them.

Break Big Goals Down into Smaller Ones

The sense of achievement you get from reaching smaller milestones along your journey will instill a sense of confidence in you and motivate you to keep going. Many of us quit before we start because the task at hand seems to big to tackle. When you set a smaller goal and see that getting there wasn’t as painful as you had thought, you’ll be one step closer to success.

Why Not Start Today?

If you’re serious about turning your financial position around, or saving up towards an important goal, why not start now? Any little change you can make to get yourself in the right mentality will help, and you’ll have a head start the new year!

Once you have a plan for how you’re going to reach your goals, Mechanics Cooperative Bank has a variety of financial products and services to help you get there. Visit our website to learn about Savings and Specialty Accounts, as well as Certificates. Or stop by a convenient location to speak with a representative about your options.