Your First Quarter Financial Plan: Sticking to It

posted 1/27/2014 in General

We’ve hit the time of January where New Year’s resolutions start taking a nose dive.  According to a study done about resolutions by University of Scranton published in the Journal of Clinical Psychology, only 64 percent of resolution makers are still maintaining their goal(s) at the end of the month. Beyond that, they start falling off the bandwagon. 
Lincoln Savings Bank wants to help you stay on track with your financial resolutions and your First Quarter Financial Plan. Here’s a collection of motivational quotes and tips to help you stick to your financial plan:
“My rule is to never spend in a way I can’t explain to my parents without apology or embarrassment” - a quote from David Cheriton, an early investor in Google now worth about $1.3 billion. If your gut tells you something is too expensive or that you’re wasting money, you probably are.
More control equals less stress- the more in control you are of your money, the less stress it causes you. By budgeting and knowing where your money is going you worry less about it. In short, stick to your financial plan for less stress in your life!
“It’s not going to be easy, but it’s going to be worth it.” Bad financial habits are hard to break because money is personal. By eliminating emotion from financial decisions you can make better choices.
Use a budgeting program or app- if you’re getting tired of physically writing out your budget every month, you can use a program/app like LSB’s Budget Plus, a free Personal Financial Management (PFM) tool available in our online banking system. You can track all your spending and accounts, even if they aren’t with LSB, categorize expenses, and see where your money goes each month.
Studies say it takes doing something 40 times to make it a habit. If you’ve been making smart financial decisions that are in line with your financial plan since the start of January, you’re just over half way there. Stick to it, as next month we’ll be discussing topics to take your financial plan to the next level!
Lincoln Savings Bank, member FDIC 
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