How to Increase the Chance of Keeping New Year’s Resolutions

“Be at war with your vices, at peace with your neighbors and let each new year find you a better man.”

Benjamin Franklin

Frequently people use the change of the year as a milestone to which we associate conditions that we hope to change in life in a positive way.

The most common New Year’s resolutions are related to issues related to healthier eating, practices related to health benefits (such as exercise), abandoning negative habits or behaviors (such as smoking or drinking) and others associated with goals tips like saving a specific amount, learning a new skill, or traveling more.

The most frequent reasons why people abandon or fail to fulfill their resolutions are related to the following factors: The approach of unrealistic resolutions that are very distant from the current behavior, or that involve a series of changes in behavior patterns and difficult environment to achieve.

The fact of setting multiple objectives that all compete for a single willpower also has a negative influence. Different studies show that the willpower to undertake changes is a finite resource and if you simultaneously try to exercise, eat healthier and quit smoking, the probability that you will not meet any objective is very high.

In other cases, such as savings, objectives are set that are either distant with respect to the current income-expenditure structure or are overly ambitious with respect to current financial behavior.

The establishment of more modest and unlimited plans, with short-term follow-up capacity and, where appropriate, adjustment, grants greater possibilities of compliance.

Another element is related to the fact that people establish commitments with ourselves and we do not have a verification mechanism that generates pressure for external compliance. Establishing a type of external reference that monitors our progress increases the chances of compliance. Thus, in matters related to exercise, having a coach that pressures the achievement of objectives is a support element, as is the involvement of family members or partners in savings objectives. A follow-through reinforcement effect is created that increases the chance of compliance.

Another element associated with the lack of compliance has to do with the fact that the parameters established for monitoring are unclear and over long periods. The establishment of compliance milestones that are short in duration and short in scope allows better monitoring of progress and the possibility of rapid correction in case of deviations.

Finally, it is important to remember that, like almost any aspect of life, prioritization is essential. There are objectives that may be attractive but are insignificant in terms of the impact they have on our lives, while others can generate fundamentally beneficial effects in both the short and long term.

Establishing an adequate prioritization process is essential to focus willpower and resources on meeting the most important objectives. Thus, for example, in the complex environment we live in, learning new skills that later have an impact on income generation or job growth can be achievable, more rewarding and highly beneficial objectives.

I wish you to achieve all your important goals and, above all, that this year you have on average many good and positive things for the financial well-being of your households.

raul@martinezsolares.com.mx