6 Ways to Avoid Unrealistic Financial New Year’s Resolutions

New Year’s resolutions have a way of inspiring us to reach for the stars—especially with money goals. But when January’s excitement fades, those sky-high targets can feel overwhelming. In fact, many people tend to abandon their new year’s resolutions because they realize their goals are unachievable.

Here’s how we can sidestep unrealistic financial resolutions and aim for goals that stick. That way, you will only need to run to the best licensed moneylender if you have a money-making idea that needs funds!

Start small

It’s tempting to declare, “This year, I’ll save $10,000!” But in Singapore, where costs add up—from hawker meals to transport fares—big goals can crumble fast. 

Instead, begin with something manageable, like saving $200 this month. Once you’ve nailed that, increase it gradually – as long as you can still afford it. Achieving smaller goals builds confidence, and those wins add up over time.

Be clear about what you want 

Saying “I’ll save more” is too vague to act on. Break it down into numbers and add dates onto them. For example, plan to save $50 a week or spend only $25 on eating out this week. 

Clear goals help you measure progress and adjust along the way. You’ll feel more in control, and the motivation will follow.

Plan for life’s curveballs

Big financial changes rarely go as planned. An unexpected Grab ride, a birthday dinner, or even Chinese New Year shopping can derail even the best budgets. 

The trick is to build some wiggle room into your plans. Allocate a portion of your budget to a contingency fund. This becomes your safety net, preventing you from going over your budget when life throws you curveballs.

Make it sustainable

Extreme goals like “no shopping for a year” sound admirable but can be tough to stick with. When the temptation strikes, you might end up binge-spending. The worst part is you might not even be aware of it.

A better approach is to treat yourself once in a while—but keep it within reason. Maybe it’s a new outfit every three months or a fancy coffee after hitting a savings milestone. Balance keeps your goals realistic.

Remember the long game

Resolutions don’t have to begin and end with the New Year. Slip-ups happen, but the beauty of money management is that every day offers a fresh start. If you overspend in February, don’t throw in the towel. Just restart next week or month. Consistency beats perfection any day.

Keep your focus on what you can control

Singapore’s fixed costs—like rent, utilities, and public transport—are tough to cut. Instead, look for savings in flexible areas, like meal prepping instead of dining out or using cashback apps to stretch your dollar. Small adjustments in everyday choices can add up, making a huge difference in your cashflow at the end of the year.

Conclusion

At the end of the day, realistic money goals are about habits, not numbers. By staying specific, starting small, and being kind to yourself when things go off course, you’ll set the stage for financial success. What’s your resolution this year?

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