By Jasmin Brown

BDO Debt Solutions

Fresh Financial Start

Dec 31, 2023 | 9:30 AM

“The views and opinions expressed in this article are those of the author and do not necessarily reflect the position of Pattison Media and this site.”

It is a new year, and an opportunity for new beginnings. This includes a new beginning for your finances. What’s done is done, but we can work toward positive financial change for the future.

If one of your priorities, like many others, is to get your debt and finances under control, it helps to go beyond just resolutions and set some goals. I always recommend a very popular approach, which involves setting SMART goals:

· Specific: What you are looking to accomplish? For example, you may want to pay back one of your student loans, reduce your credit card debt with the highest interest rate, or start an emergency fund.

· Measurable: How much do you want to pay down, or save? For example, you may decide to repay half of your remaining student loans or save $85 a month for emergencies. Did you know that by saving $85 a month, you would have a little over $1,000 saved in one year?

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· Achievable: Will you be able to complete your goal? For example, if you plan to pay back a student loan, confirm what the exact amount is and how you plan to accomplish your goal. Don’t set a goal that is too difficult, or potentially impossible to achieve.

· Realistic: Are you financially comfortable with your goal? For example, if you have other financial responsibilities to consider such as rent, or a car payment, set an amount that you will truly be able to commit to, without feeling overwhelmed or stressed, but that still helps you make progress you can be proud of.

· Timely: How long will you need to accomplish this goal? For example, in one year I will have reduced my student loans by half, or at the end of the year I want to have $1,000 in my emergency fund.

Quite honestly, setting the goals is the easy part. Sticking to the goals is the hard part. People often lose momentum as time goes on. Here are some suggestions for helping you achieve the results you want:

Start small and look for progress over perfection

Don’t expect to completely revamp your finances overnight. Understand that it will take time. This ties into the “achievable” goals. Break big goals down into smaller parts. Even if you don’t do exactly what you hoped for in one month, consider it a win if you showed improvement over the prior month.

Write down your goals

Writing down your goals makes them more real. You will also have the benefit of referring back to what you were actually hoping to achieve.

Prioritize your goals

While you may want to achieve many goals, take note of the goals that are “most important” to you, and focus on those first. Realistically, you may have to make decisions as you go, and knowing what is top priority can help you make those decisions more easily.

Find an accountability buddy

An accountability buddy is someone that you trust that will help you stay on track. Because you report your progress to them, they increase the chance of you reaching your goals. People tend to perform better if they are held to account by someone other than themselves.

Track your progress at regular intervals

Evaluate how you are doing against your goals as you go. The more regularly you check in on your progress, the more successful you will be. If you find yourself off track for a particular goal, you will have more time to adjust and get back on track.

Celebrate the small wins

Don’t underestimate the importance of celebrating your progress! Celebration is motivating and will encourage more positive growth. Big change comes from many small (celebrated) successes.

Adjust as necessary

You may find that something you are doing isn’t working. Don’t be afraid to make a change. Also, you may experience life changes that mean that your goals no longer make sense. Adjust as necessary – and don’t just abandon the process altogether.

Be kind to yourself

Remember to give yourself some grace. Give yourself the courtesy of patience. Negativity is not likely to be a strong motivator. Sometimes it helps to think, “what would you say to someone you care about in the same situation?”

Successful people are able to see what success looks like. They can envision how it feels and what it looks like. Research suggests that when it comes to people that find success, it is not about who they are, it is about what they do. It is about the decisions that people make and actions they take toward achieving the goals they set for themselves. Make this year a year of positive change for you!

If you are having trouble making ends meet each month, finding the right debt solution can help. Visit the BDO Debt Solutions website for more information about bankruptcy, or call 1 855 BDO DEBT to book a free, no obligation consultation.

Jasmin Brown is a Senior Vice President overseeing the insolvency practice in Saskatchewan. She is committed to providing creative and practical debt solutions with empathy, understanding and professionalism to help people overcome their financial difficulties.