It’s a New Year and for many of us, this means setting some resolutions – resolutions we all feel guilty about as we typically fail around week 2!
So after the year that was 2020, surely we are all a little wiser at adapting (or pivoting as they said in 2020) and with that in mind I suggest that 2021 is more about setting new intentions.
Intentions are a softer, more flexible way to set goals. They allow for adjustments and even failures, with intentions you can just pick yourself up and carry on again when you are ready.
So how do you set an intention?
It is just like setting a goal.
As an example, if you struggled a little financially when covid 19 first hit, you may want your intention to be more responsible with money this year – the underlying tone to this intention is that you will try and focus more on your financial position to improve it. This may include any number of things like building a savings buffer, repaying credit card debt or increasing your mortgage payments. You may target each one of these three areas individually or you may choose to focus on all three at once – the intention is to improve your financial position without the “pressure” to achieve it all.
In the past you may have set a new year’s resolution to save $10K, but promptly forgot that the car registration and school fees are due in February and therefore have to dive straight into your savings and before you know it, it feels like you have failed already and so you stop trying.
Intentions allow you to have lapses, but to be able to start again.
Another common new year’s resolution is to lose weight. So let’s try and reframe it – my intention is to focus on my health this year. Now this could include losing a few (covid/Christmas) kilos. It may also include taking up yoga, or meditation to assist with mental health. It might be that you want to cook more healthy meals or include a meat-free day. Whatever the underlying goal is, the intention to be more healthy is something you can do regularly but if you lapse a few times, it is ok to start up again when you can.
Give it a try and if you need help with your financial intentions, we are here to help.
While all care has been taken in the preparation of this material, no warranty is given in respect of the information provided and accordingly neither Tanya Carlson, GPS Wealth Ltd nor its related entities, employees or agents shall be liable on any ground whatsoever with respect to decisions or actions taken as a result of you acting upon such information