What Losing 30 Pounds Taught Me About Achieving Goals

January 04, 2018

Last week, I wrote about setting goals. Let’s face it. That’s the easy part. What about actually achieving them?

Losing 30 pounds last year

Two of the most common topics for New Year’s resolutions are weight loss and finances. At the beginning of last year, I set a goal to go from 222 pounds to 185 pounds and 8-10% body fat. I knew this would be a stretch goal but also doable because that’s what I was about 10 years ago. I haven’t quite hit my goal yet, but I have lost 30 pounds to get to 192 and 11% body fat. Here’s what I learned along the way and how it can apply to achieving financial goals:

1. Track your progress. Measuring my weight every day was probably the most important factor for me in staying motivated. If the number went down, I was encouraged to keep going. If the number went up, I was jolted back on track.

Find similar ways to measure your financial progress. It could be your debt or savings levels, credit score, retirement projections, or overall financial wellness. (Just realize that many of these financial metrics require a longer time interval to see progress than my daily weigh ins.)

I realize that weight isn’t the best metric for measuring fitness. (I also did more comprehensive full body composition tests at my gym every couple of weeks) However, it was the only one I could measure every day, which was important for my motivation. Something is often better than nothing. This bring me to…

2. Don’t make the perfect the enemy of the good. This can happen in several ways. If you’re like me, you may find yourself paralyzed into inaction by analysis paralysis of the “perfect” diet and exercise routine. When you inevitably fall off the horse, you may also feel discouraged to keep going. I had to accept that pursuing “perfection” is an ongoing process with many ups and downs and the key was to focus on doing the best I could at the time.

Your financial progress will likely be the same way. You will have unexpected expenses that will bust your budget. Your investments will decline from time to time. There will be moments when you make financial decisions you regret. Just stay focused on what you can do now to get back on track.

3. Get help. About halfway through the year, I hit a plateau and decided to join a boot camp style gym. I quickly discovered that my previous workouts weren’t as diverse and my form often needed correcting. I also found myself enjoying the workouts more and probably pushed myself harder than I would have on my own. As a result, I started making progress again.

A good financial planner can be like a personal trainer for your money. They can help you set reasonable goals and find the best way to accomplish them. At the very least, they can help hold you accountable for doing what you know you should do anyway.

Like hiring a personal trainer, a financial planner can be expensive. Many also sell overpriced financial products and services like the many dubious supplements and exercise gadgets out there. Fortunately, financial wellness is becoming as common an employee benefit as physical wellness programs. See if your workplace offers access to free financial education and guidance through an unbiased workplace financial wellness program.

4. Do what works for you. I read a lot about diet and exercise and talked to several friends about what they did. But in the end, everyone is different. Through trial and error (see #1 and #2 above), I had to find the right balance between doing the “right things” and what I could actually tolerate/stick with. For example, I try to be super strict with my diet during the day so I can be a bit looser (but still within reason) when I go out on evenings, weekends, holidays, and vacations.

Just like the best exercise or diet is the one you’ll actually do, the same is true for the best money management strategy. Experiment with different ways to manage your money and then make adjustments. (This is why measuring your progress is so important.) Some people keep detailed spreadsheets of their spending, some use apps like Mint, and some give themselves a fixed cash allowance. They’re all different paths to the same place.

Every day is a new day

Whether your resolution for 2018 is to pay off debt, save more or simply be more mindful of spending, I wish you much success. Be kind to yourself and remember that even if you fall away from your intentions, each day is a new day to start again.

Happy New Year!

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Why My 2018 Intention Is To ‘Always Be Me’

December 25, 2017

Note from the editor: As we round out 2017, many people will be setting goals and intentions for the year ahead. To help with that, our blog team will be sharing their take on goals throughout the week — we all have a different opinion! We hope you enjoy hearing how each of us approaches the idea of goal-setting and New Year’s resolutions. From Cynthia:

Every New Year, I set intentions for the coming 12 months. I’ve been doing this for more than half my life. When I first began doing this, I set personal guidelines, such as “use the power for good,” or “express my gratitude.” More recently, I’ve set annual themes for qualities I wanted to cultivate, such as patient or acceptance. This approach of setting intentions has always worked for me – there’s a magic power in writing down my goals.

Keeping it simple

This year I am simplifying. I’m not setting multiple intentions. For 2018, my primary goal is to, “always be Cynthia.”

Finding myself again

What does that mean, exactly? Aren’t I myself already? Well, sure I am, but lately I’ve been thinking that I’m no longer the most interesting version of myself. I spend a lot of time fulfilling external expectations – work, family, etc. That’s certainly no surprise from someone who’s an Obliger. Not to mention that balancing competing priorities is a challenge for working parents of school-age children everywhere. Flexibility and compromise are essential. I’ve been balancing competing external priorities, but I’ve lost track of some of myself in the process.

Here’s how I plan to return to what feels more “me.”

Focus on strengths

When I use my strengths at home and at work, I’m in the flow: I get more done with less effort, and have more fun doing it. Life’s too short to spend the majority of time doing things I don’t enjoy.

That’s why in 2018 I plan to make some changes in how I manage my money and investments:

  • I can get bamboozled by the pile of paper which arrives in my mailbox every day (see the story of my paper struggle.) How to be Cynthia? Don’t sweat the pile on my desk in my otherwise tidy office. After all, a messy desk can be sign of genius.
  • I’m considering moving my investments from a mostly active to a mostly passive investing approach. I may have the CFA® charter, but I don’t like to watch the market every day, so I am highly unlikely to beat market averages. Does this mean I will move my accounts from the full service brokerage firm where they are now? Maybe. I’ll keep you posted.
  • I like to put together detailed budget spreadsheet where every dollar has a specific job. My husband likes a shorter one, with broader categories, as he easily keeps track of our financial life in his head (he’s a math guy.) The solution? Discuss the summary together but keep a more detailed one for my own use. That way we can put together a spending plan that fits both our personalities.

Don’t wait for permission

I shouldn’t need permission to be Cynthia, so why do I sometimes wait for it? Is it all those years of Catholic school? Is it a generational thing (I’m a younger Boomer, part of Generation Credit)? Carl Richards calls the difference between things you’ve done and the things you’ve always wanted to do the Permission Gap.

What would I do if I gave myself permission? I’d certainly prioritize things that get me out of the house (feeling cooped up is a hazard of working at home): walking in nature, yoga classes, plays and concerts, dinner out with friends, language classes, etc. What does this mean for our finances?

  • I need to set aside more money for babysitting expenses. That should be relatively easy to do. I have wiggle room in our food budget, especially by cutting down on sushi or Chinese takeout orders. I can also try Kelley Long’s absolutely brilliant hack for saving on food expenses.
  • I have to budget more time for fun and exercise. This is such a hard one for me. Kids, husband and work always seem to come first. My colleague Doug Spencer (a fellow Obliger) holds himself accountable by prepaying/prescheduling his workouts at Orangetheory. My goal is to find a similar hack which works for me.
  • Where can I find more time to write? I keep a running list of blog ideas, LinkedIn posts and book topics just begging to be written. Where can I find writing time in a day crammed with responsibilities? What about the hour or so I spend reading 3-6 news outlets daily? While that habit made sense when I worked in politics, the world does not depend on me being up to the minute on current events. It’s time to give up this habit.

Expect to be challenged

Now that I’ve set my intention to always be Cynthia for 2018, I expect that the challenges to living that intention will increase in volume! For example, when I turned forty I decided that my theme for the year was “be patient.” Needless to say the year will filled with unexpected challenges to try my patience. I was given many chances to practice patience. I did, in fact, learn to be far more patient, but it was a hard year.

The upshot? By the time I had my first biological child at age 41, I was a patient person – a useful quality for parenting. Well, patient for someone who’s from NY, anyway. This year I don’t know what’s coming to challenge me, but embracing the challenges will help be me.

How will I stay accountable?

Author Gretchen Rubin, who writes about happiness and habits, recommends setting up outer accountability. She’s got some good ideas here, including creating an accountability group. I know some other time-stretched moms who might want to support each other in being ourselves. As I’ve written before about Rubin’s work, understanding your personality can change your life. One of the ways I’ll stay accountable to this intention is by writing about it, thus letting everyone know I’m working on this.

Don’t hesitate to hold my feet to the fire!

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How to Stop Hating New Year’s Resolutions

January 03, 2017

I was having a conversation with friends over my favorite dessert, which is basically anything chocolate. One of my friends mentioned New Year’s resolutions and like a symphony, I heard a range of moans and groans. I told them to consider re-framing their idea of success by focusing on consistently (not perfectly) making small changes instead of focusing only on the end goal. If they change their behavior and do it consistently, the natural byproduct is their goal.  I gave them the following as a starting point to consider.

Being Healthier:

1. Replace two drinks a day with water. If you cannot stand the tastelessness of water, throw in some fruit – strawberries, lemons, etc for extra taste.

2. Fill half of your plate at lunch or dinner with vegetables. A salad is a quick and easy solution. Just minimize the dressing to 2 tablespoons or less.

3. Consider having a “walking” meeting with a colleague. Commit to a 15-minute walk during lunch. If you travel a lot, you can use workout apps with various workout programs and even a coach to keep you motivated like Aaptiv or Fitstar.

Saving money

1. Start off with an amount you are confident you can save per pay period and adjust your payroll to have the funds automatically sent from your paycheck to a savings account. You can always increase the amount.

2. Consider using the “round-up-to-the-nearest-dollar” bank savings feature or have deposits (interest, ATM usage rebate) automatically deposited into your checking account.

3. Have a “no-spend day” when you choose where you are committed to not spending any money for the day.

Becoming Debt Free

1. Stop using your credit card. The easiest way to reduce the amount you owe is not to acquire any new debt.

2. Call your creditors and ask for an interest rate reduction. Research from CreditCards.com cited that 3 out of 4 people who ask for interest rate deductions actually get it.

3. As we head into tax season, consider earmarking part of your tax return to reduce your debt.

What are your goals? Starting off with the small changes can give you the quick wins to keep you motivated to reach them by the end of 2017. Then maybe you won’t groan the next time you hear about New Year’s resolutions!

 

 

How to Make 2017 the Year of Financial Security

December 28, 2016

According to Fidelity’s annual study on New Year’s resolutions, the number of Americans considering a financial resolution for 2017 increased significantly over last year. If you are one of those who are hoping that 2017 will be the Year of Financial Security, I suggest a quick review of 2016 as a starting point. Ask yourself four questions to get started:

1. How much did you save? Before you start on a mission to save more money next year, take a look at how you did over the past year. Are you better off this year than last? Could you have saved more money? Were your expectations of how much you could save realistic?

Don’t let a small balance in your savings account discourage you from continuing your efforts. Make saving automatic by scheduling a recurring transfer on payday so you never miss the money. If you don’t yet have 6 months of your expenses tucked away in a savings account, that’s a good goal to start with.

2. How is your 401(k) or IRA doing? If you haven’t checked on your retirement account lately, this is a good time to log in and check your asset allocation. If nothing else, you should make sure you’re re-balancing your investments to account for changes in the stock market.

But you should also make changes to your allocation as you approach retirement. Someone who only has 5 years until retirement will have a lot more of their assets invested in fixed income funds versus someone with 30 years to go. It’s also a good time to run a retirement calculator to see if you’re on track to retire when you want to.

3. Did you reduce debt? Raise your hand if your financial resolution includes reducing or eliminating debt. Extenuating circumstances aside, if your total amount of debt increased or stayed the same in 2016, then it’s time to take a look at how you are going to make that number go down for the coming year. The first step in eliminating credit card debt is to stop using credit cards, so start thinking now about how you will shift your spending to cash only while you tackle your debt. Then make a plan and stick with it.

4. Has your financial outlook changed? Perhaps 2016 was a year of change for you. Perhaps you got married, got a raise, switched careers, etc. As you prepare your plans for 2017, cover these questions to set you up for financial success in the coming year:

  • What are your greatest concerns? What keeps you up at night about your life and money? It might be something totally different from last year. This will affect your financial goals.
  • Is there specific financial guidance you need? Perhaps you received a promotion and have a lot more money to throw around so you finally need investing help or maybe now you’re caring for a relative. Does that affect your taxes? Consider seeking out a professional to help you with any big changes you’ve encountered. Your workplace financial wellness program is a great place to start.
  • Have your goals changed? Did you get married, have a baby, move to a new city, or decide to go back to grad school? All of these will affect your long-term goals. Hopefully, you’ve already examined how these changes affect your finances, but if not, now is the time to take a look and make any changes needed.
  • Do you need to revise your budget? If you did have any major life events in 2016 or if you’re setting a “stretch goal” for yourself for 2017, you probably need to revise your budget. Take a look at those expenditures that have become routine such as stops at Starbucks or taking Uber home from work and decide whether you need to reconsider those activities. For me, I have a renewed focus on my health after a rough 2016. I’m planning to spend more money on fitness activities like specialty classes and less money dining out.

Goal-setting for the New Year can be overwhelming. Make sure you give yourself some time and head space so that you are able to mindfully set goals that are realistic, achievable and motivational! Happy New Year!

 

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Want to Quit Your 2016 Budget? Don’t!

February 02, 2016

If you have read any of my prior blog posts, you probably know that I have a thing for chocolate. I even do a run called “Hot Chocolate” held  in January. I do the 15K, about 9 miles, with water and chocolate stops along the way. Once I am done, you are given hot chocolate and I gulp it down in about 30 seconds. Despite the sub-freezing temperatures, I enjoy the runs because they gives me and my friends uninterrupted girl time to catch up. Continue reading “Want to Quit Your 2016 Budget? Don’t!”

2016 New Year’s Resolution: Deal With Paper Daily

January 04, 2016

What’s my financial New Year’s Resolution for 2016?  It’s all about dealing with paper. Much of daily life really does come with an instruction book, helpfully printed in four languages. Plus it comes with legal disclosures, bills, prospectuses, receipts, health insurance notifications, magazines and professional journals. Continue reading “2016 New Year’s Resolution: Deal With Paper Daily”

Start 2016 Right With This Reflective Exercise

December 30, 2015

As I reflect on the past year, I have plenty of personal milestones to celebrate (getting married and starting my career at Financial Finesse top that list), a couple things to mourn (my family lost two of our beloved pets), and quite a few more things to keep working on (this WILL be the year that I get back into those designer jeans!). Spending some time performing a “year in review” can be therapeutic. Recognizing how far you’ve come, even if you’re not quite where you want to be yet, is important to keeping you on the path to your goals. Continue reading “Start 2016 Right With This Reflective Exercise”

Can You Really Save More Tomorrow?

January 26, 2015

We hear a lot in the news about concerns that Americans aren’t saving enough for retirement. It’s not surprising for news to lead to an increased concentration on saving for the future. On average, retirement planning may be the top financial planning priority but that doesn’t necessarily mean that everyone shares this sense of urgency. Continue reading “Can You Really Save More Tomorrow?”

My “NO” Year’s Resolutions!

December 31, 2014

This New Year’s Eve, millions of people across the country will make New Year’s resolutions about things they’d like to do in 2015.  I’m all in favor of this annual tradition but to mix things up a bit, I’m going to suggest a few things that you DON’T want to do in 2015—something I’m calling “No” Year’s resolutions: Continue reading “My “NO” Year’s Resolutions!”

Before the Ball Drops

December 30, 2014

New Year’s Eve is a time to reflect on the past and ponder your future, but many of us spend more time planning how we will be celebrating on the last night of the year instead of planning ahead on how to achieve our New Year’s resolutions.One of the most common resolutions is to improve financial well-being, either by saving more or paying down debt.  So before you head out tomorrow night, reflect on your financial past by taking the time to calculate your net worth so you know where you stand as we head into 2015. Continue reading “Before the Ball Drops”

Simple Ways to Save Money and Lose Weight at the Same Time

July 31, 2014

We’re a little past halfway through the year so now’s as good a time as any to check in on how those New Year’s Resolutions are going. If you’re like most people, there’s a good chance your resolutions involved losing weight, saving money, or both. Well, here are some simple ways to do both at the same time. Continue reading “Simple Ways to Save Money and Lose Weight at the Same Time”

Some Things to Think About In the New Year

January 10, 2014

As I was surfing the Internet during a snowstorm, I read an article about a plane that skidded off a runway. There was also a plane that landed on a highway in New York recently. Fortunately, there was no one seriously hurt in either incident but as someone who flies a lot for business, seeing these stories always gives me a moment of pause…as does thinking about the loss of friends along the way, at ages that were far too young. Continue reading “Some Things to Think About In the New Year”

7 Ways to Blow Your New Year’s Resolutions

January 06, 2014

Did you make any financial New Year’s resolutions this year?  According to Fidelity, approximately 54% of Americans planned on making one this year. Whether you avoid making New Year’s resolutions or embrace the challenge of making financial changes in the New Year, we all have financial goals that require some attention. Continue reading “7 Ways to Blow Your New Year’s Resolutions”

5 New Year’s Resolutions You May Not Have Thought Of

January 10, 2013

With 2013 officially upon us, it’s time to put on your thinking cap and create some quality resolutions. The national economy might be unstable, but you can still have a banner year. Strive to improve your finances as much as possible and you’ll be off to a good start. Continue reading “5 New Year’s Resolutions You May Not Have Thought Of”

How to Make 2013 a Financially Productive Year

January 03, 2013

If you’re like most people, New Year’s resolutions are usually a source of endless disappointment. We start the year with grand ideas that often melt away before the end of winter.  One of the biggest reasons for this is the tendency to try to do too many big changes at once, which causes us to burn out and get nothing done at all. That’s because we tend to overestimate what we can accomplish in the short run and underestimate what we can accomplish in the long run. To break things down, here are some ideas for each month to improve your financial situation in 2013: Continue reading “How to Make 2013 a Financially Productive Year”

Want to Live Healthier While Saving Time and Money in 2013?

January 02, 2013

If you’re like most people, chances are you have New Year’s resolutions that involve becoming healthier and/or saving money. What if I told you that there was something that could help you accomplish both goals, while also saving you time to fulfill your other New Year’s resolutions? It’s incredibly healthy, tasty, filling, and inexpensive.  Better yet, you don’t even need to cook it.  I’m talking about a green smoothie. Continue reading “Want to Live Healthier While Saving Time and Money in 2013?”

What Are Your Financial New Year’s Resolutions?

January 01, 2013

Happy New Year!   A typical tradition is to set New Year’s resolutions to improve our health, wealth, and happiness.  According to www.USA.gov, some of the most common financial resolutions include managing debt and saving money.  Share your own resolutions for 2013 by leaving a comment.