Think About Habits When Setting New Year Resolutions
As the New Year begins, how are you feeling about your resolutions? If you’ve already sensed them slipping, you’re not alone—and it’s not your fault. Maybe it’s time to ditch resolutions altogether.
Whether you want to get into better shape, end a bad habit, learn a new skill, pursue mastery of your favorite hobby, or spend less and save more, resolutions almost always end up unresolved. According to this study, only about 25% of people remain committed to their resolutions after just 30 days. Even worse, less than 10% accomplish their goals. Some refer to January 19th as “Quitter’s Day.” Why? Most people give up on their New Year’s goals by that date.
This year, let’s shift the focus from resolutions to habits that stick. Let’s review four reasons that approach could lead to better results.
1. Habits are specific.
Hmm. Did you say you want to “be healthier” in 2025?
Well, sorry. You can’t.
In fact, no one can! “Be healthier” is the kind of well-meaning resolution that folks tend to abandon because it’s not SMART enough: Specific, Measurable, Actionable, Relevant, and Time-bound.
Challenging a resolution with questions can lead you to a SMART goal and the habits that will help you achieve it.
So, how are you going to get healthier?
By exercising more.
How? By walking.
When? Every day.
When? Every morning before work.
For how long? 30 minutes.
Where? In my neighborhood.
With some planning, your unobtainable “get healthy” resolution has become a plan to walk for 30 minutes every morning in your neighborhood that will help you achieve your original goal.
2. Start small to build momentum and create new habits.
Another reason we fail to achieve our resolutions is we make them too hard to achieve. In the first example, I suggested exercising every day. That’s hard to do. When you miss a day or two, it becomes much easier to give up.
When you start a new habit, you are at “ground zero.” Can you go from walking sporadically to walking every day for 30 minutes at the drop of a hat? Probably not. Instead, try committing to walking for 30 minutes three times a week to start. That’s much easier to achieve. Achieving a goal can lead to a feeling of accomplishment. If you like how that makes you feel, you may increase the frequency naturally.
For many years, I struggled to exercise regularly. Before I launched Apprise, I worked from home on Fridays. I would start every Friday with exercise. I liked how that made me feel. I added the weekend days. After starting Apprise, I no longer had to commute to an office, leaving me with more morning time. Now, I exercise at the start of almost every day. It provides both physical and mental benefits.
However, if I started by saying I wanted to exercise daily, I wouldn’t have had the same success. I tried that in the past. After missing a few days in a row, it became too easy to “fall off the wagon.” I achieved my desired end goal by starting slowly and building on my success.
3. Habits create consistency.
Big goals like “get healthy” or “save more money” can feel overwhelming. You also can’t just pencil them into your weekly calendar. But habits provide the framework for consistent progress toward these goals.
For example, building a habit of walking every morning can lead to a healthier lifestyle. Similarly, establishing financial habits can help you achieve your long-term goals, such as buying a home or retiring comfortably.
A great first step is creating a monthly budget. If you don’t have one, start small by listing your essentials—like your mortgage and utilities—along with room for fun, such as dining out or family activities.”
Next, “Pay Yourself First” by setting up automatic contributions to your savings, investment, and retirement accounts each time you get paid. Identify specific goals, like saving for a vacation or a down payment, and create separate, automated savings plans for those, too.
Over time, your savings and investments will grow, steadily bringing you closer to your financial goals. Initially, the effect of building these habits seems small, but their long-term impact can be transformative.
Similarly, you might build on your exercise routine by moving next to a healthy pre-planned meal, writing your daily to-do list, and taking a moment for silent reflection before you head out the door. Building habits in this way exemplifies how the best habits can snowball into other habits. This practice can help us keep making progress, little by little, every single day, in many areas of our lives.
4. Habits can change negative behaviors.
While we often think of habits as a way to build positive actions, they’re equally powerful for breaking free from negative patterns. Small, deliberate changes to your routine can help you avoid the triggers that hold you back.
For instance, if you tend to snack too much while watching TV, cleaning the kitchen and turning off the lights before sitting down can make a big difference.
If you easily find sales emails or social media ads tempting, try unsubscribing or unfollowing accounts to reduce the impulse to spend.
Instead of letting bad weather keep you from exercising, find an exercise routine on a YouTube channel. You can follow that if it’s too rainy for a walk.
If you want to reduce screen time, keep magazines and newspapers on your nightstand.
Our Life Planning tools can help you dive deeper. They can also help you uncover the underlying motivations or challenges that might be shaping your habits. Understanding these root causes and what’s most important to you can create a more personalized and effective strategy for lasting change. For example, if your nighttime snacking stems from stress or a lack of fulfilling activities, Life Planning can help you explore ways to prioritize self-care or find hobbies that bring joy. Similarly, suppose impulse spending reflects a desire for immediate gratification. In that case, our tools can help you align your financial habits with longer-term goals, like saving for a dream vacation or building a robust retirement fund.
By identifying what you want to change and why, you can create intentional habits that move you closer to living a life you love. Whether it’s improving your health, relationships, or finances, we’re here to guide you every step of the way. Let’s schedule a meeting to discuss your goals for 2025 and the financial habits that can help you achieve them.
Closing Thought
If you’re facing a new beginning—whether it’s divorce, loss of a loved one, an empty nest, or retirement—our Life Planning process can guide you toward a more fulfilling future. Take the first step toward a brighter 2025. Schedule a call today, and let’s work together to make this your most fulfilling year yet.
This Week’s Favorite Reads
This week’s favorite reads include articles discussing renting vs. owning in retirement, a blueprint for aging, a must-have when hiring contractors for home renovations, five regrets of the dying, and some suggestions to make your estate plan easier for your heirs.
Here are the links to this week’s articles, as well as a brief description of each and why you should check it out:
1. How Parents Can Help Their Boomerang Child—Without Derailing Their Own Retirement.
The rising trend of boomerang children—adult kids returning home due to high housing costs, inflation, and student debt—can strain parents’ finances. It can also put their retirement savings at risk. Many parents deprioritize their financial goals, with 37% finding it more challenging to save for retirement. Parents should set clear boundaries to balance supporting their children and safeguarding their financial future. They should establish a timeline and set financial expectations. Perhaps your child can share the cost of rent and utilities. (Some suggest you collect rent to help teach them financial responsibility. If you can afford it, you can give this money to them when they move out. This way, you help them start saving. Encouraging children to take responsibility through budgeting, managing debt, and saving can help them achieve independence. Parents should also prioritize their retirement by reviewing expenses and maximizing contributions to 401(k)s and IRAs, including catch-up contributions for those over 50. While helping children is commendable, ensuring financial stability in retirement is essential for long-term peace of mind.
2. 7 Hidden Traps of Retirement.
We look forward to retirement and think of it as easy. However, retirement can present unexpected challenges that may impact your well-being. This article shares seven potential pitfalls to be aware of:
- Loss of Identity: Transitioning from a career can diminish your sense of purpose.
- Lack of Structure: Time management may become more difficult without a daily routine.
- Social Isolation: Leaving the workplace can reduce social interactions, leading to loneliness.
- Spending Too Much, Too Soon: Early overspending can jeopardize long-term financial security.
- Neglecting Health: Without proactive health management, physical well-being may decline.
- Marital Strain: Increased time at home can introduce new relationship dynamics.
- Lack of Challenge: Mental stimulation may decrease without engaging in meaningful activities.
To navigate these challenges, consider establishing new routines, engaging in social activities, managing finances prudently, prioritizing health, fostering relationships, and seeking meaningful pursuits to maintain a fulfilling retirement.
3. Inheritance, Simplified: How Assets Are Passed Down.
Understanding how assets get transferred upon death is crucial for effective state planning. Assets can pass in various ways:
- Wills
- Trusts
- Beneficiary Designations
- Joint Ownership
Without a will—intestate—state laws determine asset distribution, which may not align with personal wishes. Additionally, certain assets may be subject to estate or inheritance taxes, depending on their value and jurisdiction. Regularly updating estate plans ensures assets are distributed according to one’s intentions, minimizing legal hurdles for heirs.
When experiencing life’s transitions, updating estate plans takes on even greater importance. Naming beneficiaries is essential. It allows assets to transfer without probate, lowering costs. But if you don’t change the beneficiaries of your financial accounts after a transition like a divorce, your ex can still inherit your assets. Another bad outcome would be if someone you no longer have a connection with inherits something like your retirement account.
4. 5 Phrases the Most Mentally Strong People Use to Spark Happiness in Hard Times.
Some people are better than others at handling things that can make us feel down. Mentally strong individuals use specific phrases to foster happiness during challenging times.
- “It’s not what I lost, it’s what I still have.”
- “There’s no such thing as a perfect path.”
- “Let it be.”
- “Big picture, small step.”
- “I am stronger than this challenge.”
Incorporating these phrases into daily self-talk can enhance resilience and promote a positive outlook during tough times.
5. Does It Make Sense to File Early for Social Security and Invest in the Market?
Christine Benz’s book How to Retire explores critical retirement decisions. This excerpt from the book discusses a question some clients have asked. What’s that? “Should I file for Social Security early and invest the proceeds?” Benz and Social Security expert Mary Beth Franklin discuss the risks and rewards of this strategy. Some believe they can out-earn delayed benefits by claiming early. They invest the proceeds from early claims in the stock market. Earning high market returns is challenging. Franklin highlights how unpredictable market returns can be. Compare that unpredictability to the guaranteed 8% annual increase from delaying Social Security. She emphasizes the value of inflation-adjusted lifetime income, especially for those without pensions. Breakeven analysis, life expectancy, and marital status represent crucial considerations when determining the optimal claiming strategy. Franklin advises basing decisions on current laws and individual needs. We often worry too much about possible program changes. In the end, thoughtful, personalized retirement planning adds more value.
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If you would like to speak with us about financial topics, including facing new beginnings, managing your investments, creating your life plan, or saving for retirement, please complete our contact form or schedule a call or a virtual meeting via Zoom. We will be in touch.
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For firm disclosures, see here: https://apprisewealth.com/disclosures/
Phil Weiss founded Apprise Wealth Management. He started his financial services career in 1987 working as a tax professional for Deloitte & Touche. For the past 25+ years, he has worked extensively in the areas of financial planning and investment management. Phil is both a CFA charterholder and a CPA.
Located just north of Baltimore, Apprise works with clients face-to-face locally and can also work virtually regardless of location.
