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On Thursday 23 January at the Etisalat Academy, Consultant Salah Al-Halyan will present the "The Art of Personal Finance" as part of the Etisalat Academy's Business & Technology Breakfast series.

On Thursday 23 January at the Etisalat Academy, Consultant Salah Al-Halyan will present the "The Art of Personal Finance" as part of the Etisalat Academy's Business & Technology Breakfast series. | Baizat | Scoop.it
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New Year's Resolutions: Tips from science to make them stick - San Jose Mercury News

New Year's Resolutions: Tips from science to make them stick - San Jose Mercury News | Baizat | Scoop.it
New Year's Resolutions: Tips from science to make them stick San Jose Mercury News When it comes to New Year's resolutions, achieving success using such good old-fashioned methods as will power, the buddy system or just plain white-knuckling it is...
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Baizat-Planning for 2014 – Making New Year Resolutions

Baizat-Planning for 2014 – Making New Year Resolutions | Baizat | Scoop.it
Baizat Finance's insight:
 When looking ahead to the upcoming year, many of us will want to make changes that improve our life. Whether we want to clear our debts, start saving a percentage of our monthly wage, or stop smoking, these are all examples of New Year Resolutions.

 

Although your resolution may not be directly related to money matters, there will be an element of finance involved in any resolution you make.

 

In this article, we will look to assist you in selecting your New Year Resolutions and then following through with a plan and dedication.

What is the resolution for me? 

As individuals, each of us has our own unique set of needs and wants. Take a look at your life and think of something that could really improve things. Maybe it could be something that makes you happier, healthier or more secure? Perhaps it could benefit you as an individual, your family or your community?

 

Below are some examples of common New Year Resolutions we can make:

 

Money

Save for a specific target (eg a car, house or starting a business)Start saving instead of spending (eg a percentage of salary each month)Pay off a debt (eg money you owe to a friend, a loan, or credit card)

Health

 

Stop SmokingEat HealthierExercise more

Pleasure & Education

 

Pick up a new hobbyLearn a new subjectSpend more time with your children

 

Of course, there are countless New Year Resolutions you can make that will suit your individual requirements; take your time and think of the one that is most important to you. Once you have selected your goal, you need to begin planning it.

 

Planning and following through

In order to achieve your resolutions, it is vitally important to first plan, and then dedicate yourself to making the changes in your life that you desire. There is no satisfaction or success to be gained from simply stating you have a new target, you need to plan for it and follow through.

 

Some tips include:

 

Be realistic – Don’t set Resolutions that you will never realistically achieve; many of us would like to own a yacht, but that doesn’t mean we can save for one in a year!

 

Create a wall chart – Make sure you follow your regular new task, keep a chart somewhere that you see every day, perhaps on the refrigerator, at work or in your bedroom. Many modern mobile phones allow for reminders and tasks, so you can set up regular alerts that may also help you. For example, if you are saving 10% of your wage every month, mark on your chart when you deposit it into your saving account. If you do not mark it, the empty space will be noticeable and you will feel the urge to carry it out!

 

Get your friends and family involved – Tell your loved ones about your goals so they can motivate you and keep you going through the harder days. You could even get someone to fill your chart for you. Involving those close to you will also help with your discipline as you will want to prove to them that you can do it!

 

Set "mini goals” – On your wall chart, note down "mini goals” and achievements for your journey. For example if you are saving for a car, set a goal when you reach 25% of your target. This way, the road ahead will not feel so long and you can focus on reaching each "mini-goal”.

 

Celebrate milestone achievements – When you reach a "mini goal” and every notable target, be sure to celebrate with your family and loved ones. Perhaps go for a special meal or an affordable weekend break. It may be a long road, but every step you make, no matter how small, is an achievement that you should be proud of.

 

 

Overcoming hurdles 

There will be times of doubt and desires to go back to your old habits; perhaps you may even break your resolution. It is important not to beat yourself up about it—remember we make resolutions to help ourselves and improve our lives, you should be proud that you are trying to make things better and keep striving to make the change.

 

As humans, we find it difficult to break our habits and change. Even if the resolution has been broken or a "mini-goal” is not achieved when expected, it doesn’t mean you have failed completely or the entire Resolution is over; instead think of it as a learning experience and do your best to overcome the hurdle.

 

If you find yourself still struggling, have a look at why it is not working. Perhaps your targets are unrealistic or you need to make a change to your plan?

 

For example, you may have planned to save 10% of your monthly salary but never have enough left at the end of the month, so you only manage 5%. By sitting down and looking at the issue, you might notice that your goal was unrealistic due to bills and costs, or that you could put the 10% away as soon as you are paid, instead of waiting until the end of the month.

 

New Year Resolutions are just the beginning

When your work has finally paid off (perhaps you reached your goal or made that difference you desired), you should be very proud. Not only will your life have improved, but your self-discipline, your abilities of planning, and your focus in achieving goals will be greatly enhanced. You may also have influenced some friends and family along the way!

 

Once you have successfully finished, don’t stop with just one resolution. You have proved yourself and realized your abilities; now you can start to make more realistic goals and follow them through successfully. You will be amazed what you are capable of.

From all of us at Baizat, we wish you the very best of luck and success with your Resolutions in 2014—and remember:

"Every journey begins with a single step”.
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