Ready To Try A One-Word Financial Goal?
It’s the start of a new year, and you’re probably thinking of making one or more resolutions about your finances. At Royal Credit Union, we’ve seen lots of different New Year’s money resolutions. People often resolve to start saving for a vacation, stop spending money on takeout, or stick to their budget.
But, as you may have guessed, a surprising number of New Year’s resolutions don’t actually get done. One statistic suggests that as many as half of all New Year’s resolutions fail by the end of January! So how can you set a goal and stick to it this year? We’re sharing a new idea called the one word concept as an alternative to traditional New Year’s resolutions.
What Is A One-Word Goal?
The one word concept seems too simple at first. Instead of complicated lists or goals, you choose one word that defines what you’re striving for. However, there’s a lot of meaning packed into that one word. Your word will provide purpose and passion to keep you going toward your goal all year long! This one word idea has proven to be very popular: books have been written about it, and it’s been adopted by people, schools, sports teams, and companies.
How To Get Started With One Word
Getting started with your one word can seem intimidating. But keep in mind that there’s no right or wrong word to choose, as long as it’s the best word to help you get to your goal. Just think of a word that has the most meaningful connection to what you’re working towards.
For example, if you’re saving for a new house, you might choose the word HOME. Every time you have an opportunity to do something that moves you closer to that HOME goal, take it. This could mean that you start saving money for a down payment, or choosing full-size kitchen appliances instead of compact versions since you plan to have more storage soon. It could also mean that you don’t buy any new furniture because you don’t know what type of décor your house will have some day. Maybe you also start searching home listings to see what types of homes are for sale in your area.
If you start to falter, the word HOME is also a vision of something bigger to keep you motivated – you can count on your HOME word to inspire you to think of someday having a place that’s all your own, or of having a place to share with your friends or family. By keeping the word HOME as your focus, it’s easier to stay committed and see the bigger picture and purpose behind what you’re doing with your finances.
Another great example of a one word financial goal might be INDEPENDENCE. Maybe you’re feeling held back by debts or confused about where your funds are going each month. By committing to INDEPENDENCE, you’re saying that you’re going to take control of your money instead of things being the other way around. You might start keeping track of all your spending to reach your INDEPENDENCE goal. Maybe you’ll also use Royal’s digital banking tools to check on your accounts more often, or start putting money into a rainy-day fund.
With INDEPENDENCE as your word, you might also choose to think big and be more deliberate with your money. You might tell yourself that you’re going to stop doing the little things that are holding you back financially so that you can dream big. That way, when you’re facing a challenge, you keep your focus on the bigger picture and avoid feeling negative because of what’s happening in the short term. For example, focusing on INDEPENDENCE could mean that you feel comfortable using a credit card to pay a bill, because you’re in control and you’re doing it with the a larger goal in mind.
Part of why one-word goals are so motivating is because they take a high level view of things. Using one word is a way to encompass everything you’re doing to get somewhere new. This can make it easier to keep your one word as the focus instead of a New Year’s resolution. The changes you make or the things you commit to keep doing can be as large or small as you want, but your one word can guide you every step of the way! If you’re ready for a fresh start, try setting a one-word goal and see if it helps you have your best year yet.