If you’re like most Americans, there’s a good chance that one of your New Year’s Resolutions was focused on making better financial decisions, spending less, or saving more. It’s only a few weeks into the New Year, but if you’ve already hit a snag or given up altogether on your New Year’s Resolutions, you’re not alone.
Capital One is on a quest to help people reach their goals and gain financial confidence this year. To help ease some of the financial anxiety that so many are feeling, Capital One’s Money Coaches recently partnered with author, speaker, and researcher James Clear to develop a series of digestible and actionable tips to help people get started on the path to financial confidence.
Repetition can be a form of change.
Building a better financial life doesn't require radical change. Just take a step you've already taken, but do it more frequently. If you've saved $100 before, do it again. If you've passed on dinner at an expensive restaurant to cook a meal at home, do it again. When you already know that you’re capable of accomplishing a tiny goal, it’s much harder to talk yourself out of it, and you’ll feel rewarded as you start to see all your small steps add up over time.
Don’t lose sight of your long-term goal.
The challenge with long-term goals is that it can be easy to lose focus, especially when there’s temptation to spend money on the things you want in the short-term. If you’re finding it difficult to save towards what you really value, try this: Keep a picture of your long-term goal on your phone (your dream house, a new car, your ideal vacation spot). When you feel the urge to spend on something frivolous, pull out your phone and look at that picture. Regularly reminding yourself of your goal will help you keep it a priority.
You don't have to make things off limits if you're mindful of your choices.
Good spending is a product of self-awareness. You’re allowed to treat yourself and buy the things that you want; just make sure you’re considering what the tradeoffs might be, and whether this purchase honors your values and priorities. If frivolous spending is an issue for you, try waiting 24 hours before making the purchase to determine if you really value the item or if it was just an impulse. You might be surprised at how you feel about the item the next day.
Remember that every purchase comes with a tradeoff.
When you say yes to spending on one thing, consider what are you saying no to. Buying an expensive new pair of shoes might feel gratifying in the moment, but by making that purchase are you saying no to something you value more, like paying off credit card debt or putting that money towards your dream vacation? Before giving in to an impulse purchase, stop and ask yourself what you might be giving up, and make sure your spending aligns with your values.
Trust yourself. You're smart enough. You're worthy. You can do this.
Paying attention to your money habits and making a few small adjustments is all it takes to get started on your journey towards financial confidence. Remember that making positive changes doesn’t have to be overwhelming if you take it one #TinyTriumph at a time. Go ahead, you’ve got this.
From January through March, Capital One is celebrating your Tiny Triumphs by sharing new tips on the @CapitalOneCafe Twitter handle and Capital One Café Facebook page to encourage people to stay motivated and focused on their goals, one tiny step at a time. For more details, stop by your local Capital One Café to speak with an Ambassador or Capital One Money Coach about how to get involved, identify your goals, and join the social community.
Capital One also invites you to join us on Tuesday, March 20th from 6:00-7:00 pm ET for a discussion with Capital One Lead Money Coach Megan Lathrop and micro-habits expert and author James Clear about how anyone can achieve their big financial goals by shifting their mindset and approaching them one small step at a time.
The event will be live streamed via FORA.tv. Q&A will be hosted via the chat functionality on FORA.tv beginning at 6:00pm EST/3:00pm PST. Participants are encouraged to submit their inquiries. Registration to FORA.tv will be required to submit a question.
- When: Tuesday, March 20th
- TIME: 6:00-7:00pm EST/3:00-4:00pm PST
- LOCATION: Capital One Café, 799 Boylston St, Boston, MA 02116
- LIVESTREAM LINK: capxtalk.fora.tv
- SOCIAL MEDIA: #CapXTalk #TinyTriumphs