Falling Behind On Your Personal Finance Resolutions? Get Back On Track!

It’s been almost two years since the pandemic devastated the global economy. The lockdown and its impact on the livelihood of citizens forced many to reconsider their financial planning. People who were previously lax about their spending habits took to budgeting to achieve some semblance of financial stability.

Many people made financial resolutions for the first time last year due a turbulent 2021. A number of them failed to follow through on them. If you are one of the people who couldn’t achieve their money resolution last year, you would be worried about failing again in 2022.

But the year has just begun and if you’re finding yourself falling behind, there’s plenty of time to get back on track. With a bit of strategising, you will find yourself ahead of your financial goals once again.

Here is how you should proceed.

Single Out the Problem

The first step in refocusing on your financial resolution is to figure out what went wrong in the first place. What were the causes that led to you abandoning your goals? The answer could be a lack of motivation or setting goals that were impractical in the first place. A lack of direction where the goals are not clear coil also be an issue. By singling out the problem, you would be able to learn from your mistake and avoid doing so in your second attempt.

Divide into Small Achievable Targets

You need to divide the resolution into small achievable targets. Rather than focusing on the end-goals, set small benchmarks that are more achievable.  This would also help keep your morale high. When you only focus on the final target, you lose motivation and give up on your financial resolution.

On the contrary, achieving several smaller goals would not only raise your morale but would also provide you momentum to fulfil your next resolutions. And in a matter of time, your smaller goals will lead you towards the accomplishment of your final resolutions. Just like you would approach a decade-long financial plan on a yearly basis, approach an yearly plan on monthly-basis.

You need to prioritise certain things such as debt payments, expenditure and spendings among others.

Notice Where the Money Is Going

Creating a budget plan is necessary, especially when you are looking for a yearly-based financial resolution. You need to keep a check on your cash flow over short periods of months.

Keeping notes of your income and expenditures, you can calculate your monthly profits and loss. And in the case of profits, you can figure out the fixed and variable expenditures. By cutting some of your variable expenditures, you can save some money. In this way, better budget plan over shorter periods can help you achieve your financial resolution more efficiently.

Create Multiple Sources of Income

Having a job or a business that covers all your financial needs is great. But what is better than that is to have multiple sources of income. The main reason is that a setback to one won’t affect the other stream of income and you will not lose all the money at the same time.

Besides, when you are making financial resolutions, it’s more about how much you earn rather than how much you save. Investing money grows your capital. It is of no use if it is rather sitting in a savings account. Investing money also allows the flow of cash in society.

Automating your Finances

A very clever and prudent step in achieving your financial resolutions is to automate your finances on your payday. In this way, all your fixed finances would be automatically paid. It will save you fines. Bills paid on time will not leave enough money to waste on unnecessary things. Financial automation will help you save money and cruise towards the accomplishment of your financial resolution.

Develop Better Money-Saving Habits

Saving money is everybody’s passion but there are only a few strong-willed people that could act on the money-saving habits. Some of the good-money saving habits include:

  •       Creating a monthly or weekly budget.
  •       Living beneath your means
  •       Building an emergency fund
  •       Keeping a track of your expenditures

Similarly, to save money you should cut all the bad money-wasting habits like

  •       Don’t rack up your credit card debt.
  •       Don’t shop when you are bored.
  •       Don’t have food delivered or take-outs instead cook for yourself because that costs a lot less.

Don’t Let One Mistake Ruin the Whole Exercise

Lastly, you should not let one mishap put your entire plan into jeopardy. People often let one mistake sabotage their whole strategy and lose all hope. However, if you are new to budgeting, it’s expected that you will falter now and then.

Until you master the whole art, celebrate the little successes that you have achieved. Keep these victories in mind whenever you’re looking for motivation to continue forward. In due time, you will reach the financial stability that you desire.


Fulfilling one’s financial resolution is a big achievement, but it doesn’t happen easily overnight. It requires dedication and hard work. The year has just started and it is certainly possible for you to achieve your 2022 financial resolutions.

So make all the tweaks necessary and don’t give up halfway through. If the last two years  have taught us something, it’s that life is unpredictable and you need a better handle of your budgeting in case things ever go wrong.

About the Author

Amy Wilson is a Lifestyle contributor. She’s passionate about how it’s constantly evolving in the modern age. Amy hopes to create a wider understanding of the latest lifestyle trends through her writings.

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