Newsletter

Winter  2025

Every January, millions of us enthusiastically set New Year's resolutions, dreaming of a better version of ourselves. Yet, by February, the vast majority of those aspirations have been abandoned. Why do so many resolutions fail? Often, it boils down to a combination of unrealistic expectations, poor planning, and a lack of understanding about the psychology of change. Let's delve into the common pitfalls that derail our best intentions and explore how to create resolutions that actually stick.

Why New Year's Resolutions Fail

• Unrealistic Goals: The problem with vague or overly ambitious goals like "get in shape" is they lack concrete steps and a clear definition of success. What does "in shape" even mean? This vagueness makes it easy to procrastinate and hard to measure progress. A more realistic approach would be to define what "in shape" means to you (e.g., lose 10 pounds, run a 5k, increase bench press by 20 pounds) and set smaller, incremental goals towards that larger objective.

• Lack of a Clear Plan: A resolution is just a wish without a plan. Imagine wanting to build a house without blueprints. A solid plan outlines the specific actions needed, the timeline for each step, and the resources required. For example, if the goal is to "learn Spanish," the plan might include: "enroll in a beginner's course," "practice Duolingo for 15 minutes daily," "watch one Spanish-language film per week," and "find a language exchange partner."

• All-or-Nothing Thinking: This cognitive distortion traps people in a cycle of failure. One missed workout, one unhealthy snack, and they feel like they've blown the whole thing. This leads to feelings of guilt and shame, which can be demotivating. Instead, a more compassionate approach is to view slip-ups as normal and temporary. The key is to get back on track as quickly as possible. Think of it as a detour, not a dead end.

• No Accountability: We're social creatures. Knowing that someone else is aware of our goals and checking in on our progress can be a powerful motivator. Accountability can come from a friend, family member, or coach.

• Lack of Motivation or Purpose: Resolutions driven by external pressure (e.g., "I should lose weight because my doctor said so") are less likely to succeed than those stemming from intrinsic motivation. When a goal aligns with your core values and personal aspirations, you're more likely to stay committed, even when things get tough. Ask yourself why you want to achieve this goal. What will it mean for you?

• Fear of Failure: Sometimes, we subconsciously sabotage our own efforts because we're afraid of failing. This fear can manifest as procrastination, perfectionism, or avoidance. Recognizing and addressing these underlying fears is crucial for achieving success.

• Not Tracking Progress: Without tracking your progress, it's hard to see how far you've come. This can lead to discouragement and a feeling that your efforts are not paying off. Tracking can be as simple as marking a calendar, using a fitness tracker, or keeping a journal. Seeing tangible evidence of your progress can be incredibly motivating.

How to Make Resolutions Stick

• SMART Goals: Make your resolutions Specific, Measurable, Achievable, Relevant, and Time-bound. Instead of "learn a language," aim for "learn 50 basic Spanish phrases by the end of March."

• Break It Down: Divide large goals into smaller, manageable steps. This makes the overall goal less daunting and provides a sense of accomplishment as you complete each step.

• Create a Plan: Develop a detailed action plan outlining the steps you will take, the resources you will need, and the timeline for each step.

• Find an Accountability Partner: Share your goals with someone who will support you and hold you accountable.

• Stay Motivated: Connect your goals to your values and find ways to make the process enjoyable. Reward yourself for milestones achieved.

• Track Your Progress: Monitor your progress regularly and celebrate your successes, no matter how small.

• Be Flexible: Life happens. Be prepared to adjust your plan as needed. Don't let a minor setback derail your entire effort.

• Focus on the Process: Enjoy the journey, not just the destination. Focus on building healthy habits and making consistent progress, rather than just fixating on the end result.

• Self-Compassion: Be kind to yourself. Don't beat yourself up over mistakes. Learn from them and move forward. Remember, progress is not always linear.

Fall  2024

The Broken Budget: Diagnosis and Recovery

The age-old budgeting struggle: you meticulously craft a plan, vowing to conquer your finances, but then reality sets in. Leaks spring up, categories bleed red, and the once-promising spreadsheet becomes a monument to good intentions. Why is this happening? Here's a breakdown of the culprits sabotaging your budget, along with a roadmap to get you back on track.

#1: Unrealistic Expectations

The first culprit is unrealistic expectations. We underestimate how much we spend on daily lattes or fail to account for irregular expenses like car repairs. To fix this, track your spending for a month. It's a financial reality check, exposing the true culprits behind your dwindling funds. Be honest! Do you really need a gym membership you never use?

#2: Rigidity vs. Flexibility

Life throws curveballs. A leaky faucet or a birthday gift for a friend throws your perfectly balanced budget into chaos. Instead of rigid categories, create a buffer category for "unexpected expenses." This wiggle room prevents frustration and keeps you from derailing your entire plan. Remember, a budget is a living document, adaptable to your life's ebbs and flows.

#3: Lack of Visibility

Out of sight, out of mind. If your budget is buried in a dusty notebook, it's easy to forget about it. Use budgeting apps or online tools that connect to your bank accounts. This constant visibility keeps you accountable and empowers you to make informed spending decisions in real-time.

Treatment Plan: Revamping Your Budget

Now that we've diagnosed the problems, let's get to the cure. Here's what you need to do:

1. Gather Your Financial Documents: Paystubs, bank statements, and receipts – everything needs to be on the table. This will help you understand your income, spending patterns, and recurring expenses.

2. Prioritize Needs vs. Wants: Separate essential needs like rent and groceries from non-essentials like entertainment and dining out. This distinction helps you allocate funds effectively.

3. Embrace Automation: Set up automatic bill payments and transfers to savings accounts. This removes the temptation to overspend and ensures you stay on track.

4. Review and Adjust: Don't be afraid to revisit your budget regularly. As your income or expenses fluctuate, so should your financial plan. Update categories, adjust allocations, and adapt to changing circumstances.

5. Reward Yourself: Sticking to a budget can be challenging. Celebrate milestones! Did you pay off a credit card? Treat yourself to a small reward, but do so within the confines of your plan. This positive reinforcement keeps you motivated.

Remember: Your budget is a tool, not a punishment. It empowers you to make informed financial decisions and take control of your financial future. Don't get discouraged by setbacks. Track your progress, celebrate your wins, and most importantly, be kind to yourself. With a little discipline and these steps, you can overcome the "broken budget" syndrome and achieve your financial goals.

Summer  2024

Credit Card Debt? Here's Your Escape Plan 

Drowning in credit card debt? You're not alone. But there's a way out. Here's a step-by-step plan to get you debt-free:

1. Cut the Cord (and the Plastic)

First things first: break up with your credit cards. Cut them up! Stop the cycle of easy swipes and mounting interest. Build a $1,000 emergency fund instead, a safety net for true emergencies, not impulsive purchases.

2. Debt Snowball: Small Wins, Big Momentum

List your debts (including credit cards) from smallest balance to largest. Pay the minimum on all but the smallest one. Throw every extra dollar you can muster at that smallest debt. Once it's gone, celebrate! Take that freed-up payment and attack the next-smallest debt. These small wins will fuel your motivation and keep you snowballing towards debt freedom.

3. Budget: Your Money, Your Rules**

Craft a budget. Every dollar needs a job. Track your income and expenses (be honest!). Use free budgeting tools to simplify things. Aim for a zero-based budget: your income minus expenses equals zero. Any leftover money goes straight to your debt snowball.

4. Expense Reduction: Tighten the Belt (Temporarily)

Review your budget. Where can you cut back? Eating out? Entertainment? Unused subscriptions? Every little bit counts. It's temporary sacrifice for long-term freedom. Find free or low-cost ways to have fun.

5. Bill Reduction: Squeeze Every Penny

Look for ways to lower your monthly bills. Can you negotiate with providers? Reduce data plans? Explore generic brands? Small savings add up. Remember, freed-up money goes to your debt.

6. Extra Income: Turn Hustle into Freedom

Increase your income. Explore side hustles: freelance gigs, online marketplaces, part-time jobs. Every extra dollar goes towards your debt snowball, accelerating your escape velocity. 

**Remember:**

* **Stay Motivated:** It's a marathon, not a sprint. Celebrate milestones, big and small. You've got this!

* **Avoid New Debt:** Don't fall back into old habits. Stick to your budget and resist the urge to swipe.

With focus and discipline, you can conquer credit card debt. It's your money, take back control!