It seems that every year, the masses make new resolutions and vow to keep them, only to falter a few weeks into their commitments. At Iron City Executives, we came across one study indicating that approximately 45% of Americans identify New Year’s resolutions, but only 8% follow through with them.
The research also found that most of these individuals lose momentum after a week or two. The problem is that an average of 66 days is necessary to form a habit, which is the most likely way to turn a resolution into reality. By calling it quits too soon, people aren’t giving themselves adequate opportunity to succeed.
Instead of making resolutions this year, our team members at Iron City Executives decided to create habits. For instance, one of our colleagues vowed to save more money. He considered how much he wanted to save, evaluated his expenditures, and outlined a realistic budget. This helped him identify a reasonable percentage of his income that he can bank. Every payday, he calculates the appropriate amount of money and transfers it to his savings. It’s become a ritual.
You can do something similar whether you want to fund your IRA, plan a vacation, or even take better care of your teeth. No matter what it is, the secret is to give yourself the time to succeed. With a strategic plan in place and the drive to develop a habit instead of make a resolution, you can achieve your goal in a matter of months.
This strategy has worked beautifully for us, and we’re confident it will do the same for you.