Crafting New Year Resolutions 2016 and looking back.

It’s the time of the year to come up with my very own New Year Resolutions 2016. But looking back at the New Year Resolutions made this year, how has that fared? Did I accomplished what I set to accomplished for 2015? What were some things that I achieve successfully? What were some of the things that I failed miserably?

When it comes to personal finances, I think I did pretty well. I set out to save a set amount of money for the year, and I achieved it easily. Did I set my target too low? Not really. Looking back, I now know that I am capable of saving a little more when I first set my targets in the beginning of 2015. I guess this particular piece of resolution that I wrote down for 2015 did a lasting impression on me. It was one of the very few times that I realised how powerful it can be when one writes down their goals and targets on paper. Once I wrote it down, I adhere to it more readily than when I hadn’t. I could save more if I set my targets higher, and even if I do voluntarily save more, I didn’t, because it wasn’t set in stone, and whatever extra cash I had with me, I simply spend it away on travel and other things. In other words, I wasn’t personally obligated to save whatever spare cash I had with me at the end of the month.  Which brings me to the next resolution: Not spending on frivolous stuff, and avoiding  impulsive purchases.

I didn’t fare very well in this area. It wasn’t terrible. There are things that I could have bought out of sheer impulse and temptation. But big ticket purchases were easier to hold off, as I usually do extensive research on whether it would be a good buy before taking the plunge. I carefully considered my needs and wants, and I usually approached it in a logical manner. It is the small things like an extra pair of shoes, coffee, books, video games, etc that were another matter all together.. Small purchases for day-to-day comfort and convenience  adds up a lot at the end of the day. Imagine the amount of money I could have saved, if I was more disciplined in managing my money. But, on the other hand, it wasn’t as I didn’t consider saving as my number one priority on pay day.  At least I have a good strategy going on for quite sometime, which is to put away the money you need to save before you actually see the money. So long as you don’t see it, (stashed in another bank account that you rarely touch) you won’t have the temptation to spend it all away.

I have other aspects of my 2015 New Year Resolutions that I haven’t discuss. I will talk about it in the coming entries.

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