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2010 Half Way Done: 5 Steps to Getting Back on Track with Your Resolution Print E-mail
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Personal Finance - Education
Written by Omie Ismail   
Thursday, 01 July 2010 03:50
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2010 Half Way Done: 5 Steps to Getting Back on Track with Your Resolution
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Guess what? We're halfway through 2010. How's that New Year's Resolution doing? Do you even remember what it is or has it conveniently been forgotten. The good thing is that you still have half the year to achieve your goals. If your goal of losing 20 pounds, saving 15% of your income, or cutting your debt in half this year is starting to look like a pipe dream, here's 5 steps to help you get back on track.

Write Down Why You Had the Resolution to Begin With

Resolutions typically come from something that you needed to do last year that you didn't. There is almost always a really good reason: like your general health or a realization that you pay more in credit card interest than it would cost to vacation in Hawaii for a week!

Whatever your reason, write it down on a piece of paper and put it someplace where you will see it every day. Try to make it specific: "I resolve to eliminate my credit card debt because I can't afford a vacation until I do."

Pinpoint Where You Went Wrong

It's important to know how you started getting off track. Did you just feel compelled to buy an HDTV for the big game or a nice expensive gift for your significant other. Perhaps eating out less than three times a week was too difficult and your credit card bears the trail of your credit carnage. Or maybe you just couldn't turn down that invite to the expensive hotel that wasn't in your budget. Whatever the specific events, write them down. "I missed twenty workouts since the year started" might be the culprit if your goal is losing weight or getting in better shape.

Get Back on Track Quickly

Call it your mini-plan to redeem your efforts. If you spent too much, what are you going to do so that in 30 to 45 days, you are going to be back on track. "I will eat out only once per week for the next 6 weeks." The important part is having a very short term plan (i.e. 2 to 6 weeks) that will get you back on target. Trying to map something out over the balance of the year won't work, you have to get it done this Summer. If you are way off of your plan because of a big purchase, like that HDTV, you may have to stretch it over another month or two, but try to keep it relatively short even if you have to give up more.

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