Richmond Times-Dispatch
Email Facebook Twitter YouTube Mobile RSS

Be resolute with New Year's resolutions

»  Comments | Post a Comment

If you're like most Americans, you're full steam ahead this week, ready to tackle your New Year's resolutions. And — again — if you're like most, the resolutions topping your list relate to your finances and your health.

So I'm going to tell you a secret: Many of the strategies that will make you more financially secure — a better saver, a more conscientious spender, etc. — will also help you lose weight, get in shape and eat only one cookie instead of six. Here's to killing two birds with one stone:

  • Blab about it.

If you shout your goals from the rooftop, telling all of your friends and family that you're going to lose 40 pounds this year or pay off your $5,000 in credit card debt, you're much more likely to do it. Why? Because you don't want to have to admit failure. Having to go to the gym or skip the cheesecake or transfer that $50 a month into savings is painful when you'd rather be sleeping in or going shopping. The idea is to make it even more painful to not follow through with your goals. And having to tell everyone you've failed next December will be pretty painful.


  • Succumb to peer pressure.


    I know — all your life, you've heard you shouldn't. But this is a case where peer pressure can actually work in your favor. Stephan Meier, a professor at Columbia University, recently published a paper on a large study he and two colleagues conducted in Chile. They found that peers are an incredibly important motivator.

    This goes hand in hand with the first point, but I'd take it a step further by finding a buddy who will work out with you or have a movie night at home when your other friends are out for a pricey dinner.

    • Make it automatic.

    This is easy for your savings: You simply set up your checking account so a portion of your paycheck is transferred into savings each pay period. It's out of hand, out of mind, and out of your favorite store's cash register.

    It's slightly harder for health goals, but not impossible: Forming a habit and making it automatic is simply a matter of repetition. If you get up and go to the gym every morning before work, before long you'll be dressed and out the door before you have a chance to change your mind.


    • Consider the consequences.


      For both of these goals, not clearing the bar has a big impact: It could mean carrying debt into 2013. It could mean working well past the age you'd prefer to retire. It could mean medical issues and higher health care costs. (I saw a stat from late last year that said health insurance policyholders in the "obese" body mass index category pay 22.6 percent more in monthly premiums on average than those in the "normal" BMI category.)

      Part of what keeps us from meeting our goals is that we're not forward-looking — we prefer to live in the here and now, and we almost think of our future selves as completely different people, says Meier.

      "But if you sit down and realize you may be biased toward now, you can be aware of it," he says. "Then you can write down all the things that are going to happen in the future, and force yourself to think of the long-term consequences."


      • Don't be too hard on yourself.


        Studies have shown that we may not be able to tackle two big goals at one time. We simply may not have enough willpower to go around. If you find that's the case, then focus on one area — health or wealth — at a time. Once you fall into a pattern there, and you've made your changes second nature, move on to your next goal. And in both cases, it will help to break down your resolutions into smaller, manageable pieces.

Terms and Conditions

Share This:

Share - Yahoo! Share - Facebook Facebook Share - More More


View More: No tags are associated with this article
Not what you're looking for? Try our quick search:


Reader Comments

*Facebook Account Required to Comment. If you are not already logged into Facebook, please click the comment button to do so.

Deal of the Day


Get the Work it, Richmond Newsletter

work it richmond 300

Sign up for the daily Work it, Richmond business newsletter - get connected, get solutions and get inspired!  Sign up now!


Video Preview

More Ways to Connect


Things to Do


Media General - Coupons and Deals Promo Codes
KewlBoxBoxerJam: Games & Puzzles
Games, Puzzles & Trivia
Blockdot: Advergaming and Branded Media
Advergaming and Branded Media
Web Links: Advertise With Us | Contact Us | Email Alerts | Find Richmond Jobs | Mobile Alerts | RSS Feeds | Search | Times-Dispatch Shop | Public Notices
Newspaper Links: Subscribe to the Newspaper | TD-Digital | Kindle Edition | Place a Classified | Submit News Tips | Contact Us | Photo Reprints
Main Media Partners: | Goochland Gazette | Mechanicsville Local | Midlothian Exchange | Virginia Newspapers | Powhatan Today | PolitiFact Virginia

Calais - Powered by Thomson ReutersCalais - Powered by Thomson Reuters