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9 money mistakes that can derail your financial resolutions

The Manila Times logo The Manila Times 2/12/2020 Ricky Publico
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(Editor’s note: The opinions in this article are the author’s, as published by our content partner, and do not necessarily represent the views of MSN or Microsoft.)

We’re now halfway through the second month of the year. How are you doing when it comes to your financial resolutions? You may have felt the determination to change or improve your finances last year, but is your willpower enough to last an entire year? If you keep making these money mistakes, then forget about reaching your financial goals.

Not having a clear goal

Did you just write “save money” on your resolutions list just for the heck of it? Then you’re more likely to fail. Envision a more concrete goal as to why you’re saving money. Are you planning to start a business or are you saving for a future home? Without a proper goal in mind, nothing will push you to ever clear your goal of saving money. Be more driven in life.

Being impatient

It’s going to be hard to keep your financial resolution if you don’t have the patience for it. Money doesn’t grow overnight—it requires hard work, strategy and a little bit of luck. Don’t get discouraged by your slow progress. As long as you’re consistent about saving money and exploring other sources of income, all of your financial goals will be within your reach.

Underestimating challenges

Being positive is a good quality. Being overly positive to the point of becoming overconfident is not. Always take every challenge seriously, whether it’s a small hiccup or a career-changing hurdle. Underestimating problems prevents you from properly planning your course of action. This can lead you to take a hit on your numbers or lose money entirely.

Not planning anything

Speaking of not properly planning, the lack of a game plan will surely end in disaster. Want to save more money? Plan on where you’re getting that money. Want to start an investment? Plan on what fund you should invest in. Want to leave the office and become freelance? Plan how you will maintain a steady flow of income first. Every success story starts with a concrete plan.

Failing to learn more

Let me say this upfront: you don’t know everything. You might think you know it all until someone proves you otherwise. Don’t ever think that you know everything because that mentality will limit your financial literacy drastically. In the coming years, more advancements will come and trump the things you know. Be a sponge—learn everything you can.

Remaining narrow-minded

The definition of insanity is repeating the same thing over and over and expecting a different result each time. The same thing goes when you’re trying to get rich. If you don’t open yourself to new opportunities, you’ll be stuck where you are. So, whether it’s a better job offer, an exciting business venture, or new investment opportunities, don’t be afraid to take them head on.

Making endless excuses

Failing is one thing, but making excuses to not do something is a lot worse. And when you eventually end 2020 with little to nothing to show for it, you’ll just end up making excuses for it. As early as now, stop this silly habit and take responsibility for your actions. Whether you succeed or fail with whatever financial endeavor, at least you could say you gave it your all.

Easily giving up

The worst thing you could do is to give up, especially if you haven’t exerted enough effort.

So if you want a better future, easily giving up should be the last thing you do. Having a hard time cutting expenses and resisting the urge to splurge? Endure it further because you made a promise last year to grow your wealth. Don’t get discouraged and don’t give up. It will all be worth it in the end.

To keep you on your toes and to reignite your desire to push through, you need to reflect on all the mistakes you’re making. This will help you form strategies to avoid them and generate new helpful money habits in the process. Hopefully, you reach your goals and commit to even bigger goals by 2021.

Ricky Publico is a senior content writer at Moneymax. Save money on car insurance, credit cards, and loans when you compare and apply at www.moneymax.ph. Visit its website to know more.

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