‘Tis the season when many people resolve to do better with their finances in the new year. Promises to save more, reduce debt, and save for retirement have been difficult to keep over the past few years, as a sluggish economic recovery and challenging job market left many struggling to meet their financial obligations.
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As the economy found its footing in 2015, a study by Fidelity Investments finds that fewer people feel the need to make money-related resolutions because they’re feeling better about their finances.
The number of respondents considering a financial resolution is just 31%, compared to 43% last year. Perhaps there are fewer resolutions because financial circumstances have improved. 36% of overall respondents say they are carrying less debt and 41% say they feel better about their financial situation now versus the same time last year.
While results indicate feeling good about our ‘personal economies’ relieves a sense of urgency and resolve, we shouldn’t give up on financial resolutions. More than half of the participants who made resolutions at the start of 2014 now feel they are better off financially, with 74% realizing at least half of their goal.
When it comes to achieving a goal, experts say your chances will improve if you write them down, create a plan, and share it with a friend.
“There’s a connection that’s made between the brain and the progress of where we’re going when things are written and we see it,†says Jojo Brim, entertainment manager and founder of life coaching firm Playbook LLC.
Brim has seen many achieve success. He was also Creative Director for Russell Simmons’ advertising agency, Rush Media, and former head of L.A. Reid’s LaFace music label. In addition, Brim has overseen gold and platinum albums for scores of artists including LL Cool J, Ashanti, and Dru Hill, in addition to producing for Motown, Island Records, and Uptown Records.
“Most people don’t share their goals or do things like keep progress reports because they don’t want to be held accountable. They don’t want to look crazy. But guess what? When people really put themselves out there and their credibility is at stake, they step up,†adds Brim.