Every year, many folks try hard to break old habits, lose weight, or fix a “problem” in their lives, and they wait until January 1st to start this, but I have found that as soon as I call something a “New Year Resolution” it is doomed to failure. The pressure of calling anything a New Year Resolution, ensures that I worry far too much about it, and will eventually give up on this.
The University of Scranton put out some very interesting numbers on New Year’s Resolutions (in the U.S.) and how long the attempted change continues, the telling stats (especially for old farts like me):
|Age Success Rates||Data|
|Percent of people in their twenties who achieve their resolution each year||39%|
|Percent of people over 50 who achieve their resolution each year||14%|
So people my age who try to make a change have a 14% success rate? Wow, it is really hard to teach us old dogs new tricks, but, if you don’t call it a Resolution, maybe you can trick yourself into a higher success rate.
If you want to try some Financial Resolutions (not Sarcastic Financial Resolutions ) you can set up for success by starting now, a few examples:
- If you have resolved to give more to Charities, give now, and then give in the new year, and you will get the tax breaks for both years.
- If you plan on putting more money in your child’s RESP, giving now and then in January means you will get CESG kick ins for both of those “quarters”.
- The same can be said for an RRSP kick-in, yes you have until February to get the Tax break, but the sooner you put your money in, the sooner it starts growing (hopefully).
There will be plenty of useful End of Year Reminder articles on the web, use them as a good template on what you can do in 2014 to help you with your 2015 changes.
I was also glad to see in the Scranton results that money made it into the Top 3 (in fact #2 might actually be a financial thing as well).
|Rank||Top 10 New Years resolutions for 2014|
|Spend Less, Save More|
Currently I am working on about 4 different changes in my life, but they are not going to be called resolutions, and I am not going to talk about them either, since that seems to ruin things as well.