“How to Successfully Meet Your Financial Goals in 2024”

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Achieve Your Financial Resolutions in 2024 with O1ne Mortgage

If you’ve set financial resolutions for 2024, you’re off to a great start. However, many people struggle to follow through with their resolutions because they don’t take enough steps—or the right steps. To truly achieve your goals this year, you need more than just resolutions; you need a solid plan. Here are five common mistakes to avoid to ensure success in the new year.

1. Not Writing Down Your Financial Resolutions

Studies show that writing down your goals increases the likelihood of achieving them. While it’s not a guarantee, it does make your resolutions more concrete. Simply talking about your goals isn’t enough; writing them down is the first step in creating a plan.

2. Not Setting SMART Goals

SMART goal setting, introduced by George T. Doran in 1981, stands for Specific, Measurable, Achievable, Realistic, and Time-Bound. Embracing SMART financial goals provides a clear blueprint for success. For example, if your resolution is to save more money in 2024, running it through the SMART criteria can make it more attainable:

• Specific: Instead of vaguely deciding to save more, specify that you’ll save 10% more of your income.
• Measurable: Track your progress by reviewing your bank statements and setting a clear dollar amount to reach.
• Achievable: Set up automatic transfers from checking to savings to help you reach your goal.
• Realistic: Ensure your goal is ambitious but attainable. Adjust the percentage if needed.
• Time-bound: Set a deadline to keep yourself focused and motivated.

3. Not Having an Accountability Buddy

While not everyone likes to share their goals, having an accountability buddy can be beneficial. Find a friend or family member with similar financial goals to support and motivate each other.

4. Not Working with a Financial Professional

Consider working with a financial professional if your resolutions require expertise. Just as people hire fitness trainers or real estate agents, a financial advisor or certified credit counselor can provide valuable guidance to help you achieve your goals.

5. Giving Up Too Easily

Financial resolutions can be challenging, which is why they’re worth making. Don’t give up after a few months. Stick with your plan, and you’ll be surprised at your progress by the end of the year. Even if you fall short, working towards your goal is still a win.

The Bottom Line

Creating specific financial resolutions for the new year is a great idea, but it’s also important to understand your entire financial picture. Check your credit report and score, and identify areas for improvement. Small changes, combined with your financial resolutions, can make a significant impact.

For any mortgage service needs, call O1ne Mortgage at 213-732-3074. We’re here to help you achieve your financial goals!

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