A better new year’s resolution

The research shows that most people don’t achieve their new year’s resolutions. The reason for this are varied including; vague resolutions, lack of commitment, no clear action plans, lack of resources, lack of persistence, lack of focus, etc.

A better new year’s resolution should be specific, measurable, achievable, relevant and time bound. One should also adopt an overall theme for the year. This should be complimented with a daily affirmation or mantra. A daily action plan should be developed to ensure you achieve your goals. Review your action plan on a daily, weekly, and monthly basis to check on your progress.

Here is an example I have used in prior years.

Theme: “Become DEBT FREE”

Affirmation: “I am so happy and grateful now that money comes to me from multiple sources in increasing quantities on a continuous basis.”

Resolution: “I will pay of Ushs 15m in outstanding debt by 31st December 2021”

Action Plan: 

  • Review all my outstanding loans in Jan 2021
  • Create a repayment strategy and tracker in Jan 2021
  • Pay off credit card debt of 1m by Feb 2021
  • Cancel credit card end of Feb
  • Cancel Netflix and Amazon subscription in January 2021 and use amount saved of 90,000 per month to pay off credit card
  • Renegotiate loan repayment with SACCO in January 2021
  • Use money saved from credit card to increase payment on SACCO loan in March 2021
  • Create a standing order in Jan 2021 to increase repayment of SACCO loan by 100k per month
  • I will not get any new loan in 2021
  • Open up a unit trust account in March 2021
  • Start saving 50k per month on the unit trust account after paying off the credit card debt in March
  • Use bonus from work of Ushs 3m to pay off part of bank loan in June 2021
  • Sale off a piece of idle land for 6m and offset loan from bank in April to June 2021
  • Pay off SACCO loan of ushs 7m by August 2021
  • Pay off bank loan of ushs 7m by 31st December 2021
  • Review my expenses and identify savings of 100k per month to be saved in the unit trust account starting March 2021.

With such a detailed written resolution focusing only on one goal I was able to get out of debt in less than two years. And so can you!

May you make and achieve better resolutions in 2021.

Happy New Year!

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