Remember when 2014 was new? I'd rather not think about it, but more than half the year is behind us already and we're moving into fall fairly quickly. For me, that's a good time to start thinking about whether I'm reaching my goals for the year and what I need to do to correct my course.
I would like to be in a position to tackle a “single resolution” every year like J.D. Roth did in his Year of Fitness in 2010. I like the fact that, when you eliminate distractions and focus your energy, it reduces your stress level. That makes a lot of sense, but I don't fit the criteria J.D. mentioned where “nothing else mattered.”
In my situation, there are a number of things that really matter to me, so I decided to concentrate on a small set of goals at the beginning of the year and prioritize them. (I don't call my goals “resolutions” either.)
I'm excited about the progress I've made on my highest priorities so far; but if I want to finish strong, I need to make sure I'm on track with those goals and then reassess to see if I can devote time and energy to meet some of the other goals on my list. Here's what I think I should do to reset the sails:
- Revise my map
My biggest priority for 2014 (and beyond) is to stay healthy through exercise. So my husband and I set out to ride our bicycles nearly every day. But I had to scale it back for a few weeks in February and March because of an injury to my foot, so I've only logged 1,658 miles in 84 rides so far this year. With 16 more weeks left in the year, I could actually log another 1,920 miles if I dedicate myself to 20 miles a day, six times a week. I've done three rides this week already, so I need to revise my map again to do a little better. - Redouble my effort
I've actually been resting on my laurels a bit. But 1,658 miles is a lot of miles, and sometimes I do slack off. And another thing is I love my jam-packed days, but not getting enough sleep can easily derail me from getting out for my ride in the morning. So if I'm going to reach six rides a week, I'll have to manage my time better and redouble my effort. I want to make a budget for my time so that I can reallocate it between what I have to do and what I want to do. I also want to think about the little habits that I've let creep into my life that distract me from my goal. - Rekindle my passion
I need to remember why I'm doing this. Whether I have to remind myself how I felt when I hurt my foot or think more about how great I feel after a 20-mile ride, I need to find some way to reconnect with the fact that I can't reach my other goals if I don't have my health. I have to say that I absolutely love riding my bike now, but that wasn't always the case. I'm just very persistent! But because of that persistence, I have built confidence just like J.D.'s fitness trainer explained:
“'Honing [sic] in on one challenge and overcoming it can give you a tremendous feeling of success,' Limbaugh writes. This can help boost your belief that you can overcome other obstacles.'”
It's great to be able to eliminate distractions and devote yourself to a single, all-encompassing goal like fitness. But again, fitness is just my highest priority this year. I also set out to increase my savings, spend time with family, take some online courses, and organize my home office. Out of these four, I'm only two for two, so I'm going to rethink each of my other goals as well. It's embarrassing to admit that I haven't moved my savings to an online account yet! So I'm going to do my research (like we always encourage you to do) to help us increase our savings. Beyond that, I'm going to start planning the holidays and work harder to organize my home office so I'm all set for tax season next year.
Are you thinking about how the year is going and what you need to do to reach your goals? Do you plan to make some corrections to your course? What's on your list?
I also do yearly goals….2014 was the year of tying up loose ends. I’m doing pretty good. Finished a two year degree in a year. Now to paint that bedroom, make the curtains, and refinish a coffee table. I have about four months left and I think I can do it.
I have already have 2015 goal, going to work on health. Particularly more sleep and more excersize.
Congrats on the degree there!
I’ll be continuing on in 2015 with my exercise/more sleep goals too. Hopefully by then it’ll be second nature like it is for Debi!
That’s impressive finishing a degree in half the time. Congrats! I’m in the same boat as you with health though… Desk jobs aren’t great for the waistline!
Jay
As my chiropractor said today… “Sitting is the new smoking”
Goals are important, but so is finishing what we start. Good reminder post.
I met my goal last year to pay off a rental house and I’m well on my way to paying off the second of three (likely by Feb of 2015).
Large goals like paying off $177,650 in mortgage debt in 42 months can seem quite overwhelming at times, but if we plot a careful course and stick to the smaller incremental goals (like the 10 yard stretches that ultimately lead to the touchdowns), we will get there.
Giving up midway or failing to realize goals will set a very bad precedent in one’s life and will lead to many future regrets.
My two cents…
$177,650 in 42 months — this is impressive. But you brought it all down to where the rubber meets the road: “… if we plot a careful course and stick to the smaller incremental goals (like the 10 yard stretches that ultimately lead to the touchdowns), we will get there.”
That’s precisely what I hope to get across. Reaching our goals comes down to the incremental decisions we make; so we have to keep at it, and then come up for air and reassess, correct our course, and then get back to it again.
Do you have two more cents for how to press on when the going gets tough? ïŠ Thanks for your comment!
Congratulations on making a commitment to being fit. My husband and I made fitness a priority 4 years ago and now it’s not something that we even think about. It’s just something that we do. I’ve not felt this strong and healthy in many years. The mental health bonus of reduced stress levels after exercise has really been an added benefit. There’s nothing like an endorphin buzz to keep your energy level up. Keep it up!
How long did it take you to get to where it was just something you normally do?
It’s really nice to do it together, and really striking how much better you feel afterward. I agree!
Yes! Thanks for your comment today — it spurred me on!
After about 9 months I started noticing that if I missed going to the gym for a few days I’d miss it and look forward to the next time I could get there. I think a lot of it depends on the specific gym. At ours the vibe is very upbeat and non-competitive. Everyone encourages you to just have your best workout, not what they feel is the best for you. There’s always help too, if you have a question about what should I be doing if I want this result, etc.
Twice you said “revise my map” but you never explained what it means.
Ha — I suppose I could be clearer there!
I just mean that every so often I have to re-calibrate or correct my course. The injury in February was an example of that, where I had to stop for a couple weeks as I saw the doctor and then convalesced. And then I had to experiment with the amount of riding I could do to keep from re-injuring the foot. It took more than a month after that to get back up to speed and being able to ride a full 20 miles. To reach the goal, I may decide to take longer rides on the weekend so that I get in something like 150 miles each week instead of 120.
I’m doing okay! My budget is in check and my savings in order. I just need to maybe save a bit more. Always good to check in.
Having your finances in order is a great accomplishment and feeling. I’m sure you’ll keep progressing from there! You should be proud!
It’s crazy how quickly 2014 is flying by. I feel like I haven’t been doing too well in the goals department. Our main goal right now is to watch our spending a little more closely so that we can save more for our next home.
Well, that’s an exciting goal! Fall’s a great time to start getting your plans in place so that you can start the new year running.
(And if next year goes as quickly as this one has, we’re all going to need new running shoes!)
We had really big financial goals this year. We had dreamed 5 years ago of paying off the $160k law school loans within 5 years. We also wanted to pay off two car loans. So my husband found a better job in another state a couple months ago, we sold our house and paid off all the loans with the profits! Next step is to start investing, which I suppose could be our 2015 financial goal. We are still pinching ourselves that there are no more loans.
Whoa! Way to keep at it — and do it smartly! Next stop financial independence for you 😉 Congrats on the new job and your success!
We’ll keep working on getting more great investing articles for you to read… 🙂
I’m meeting my goals but as usual these are faster accomplished on paper than in reality where there are always unexpected obstacles. Must practice patience and have contingency plans (“prepare to be wrong” say the Heath brothers).
Here’s an example; my summer garden fell through this year– we had seedlings going indoor, etc. Brought a backhoe to dig a trench, but we dug it too deep (3ft). Needed to buy a lot of topsoil to fill the trench, and this required a trailer. Went to get the trailer but someone had put an old car on top of it (which still needs selling to the recyclers). Meanwhile, I injured my wrist digging post holes, which made it slow to build a frame for the shade cloth. Then we realized the trench was in the wrong place anyway and we should build the garden elsewhere. Ha ha ha ha ha. Measure twice, cut once. See you next year!
On the other hand, my alfalfa field was fenced and tilled and planted on schedule, and is now waiting for the rain. But that’s something I can’t control. Come on, rain!!!
ps- maybe i should go and dig some ditches to direct the rain better when it falls. that i can do… but alfalfa doesn’t like wet feet. if it gets mucky it could be bad. decisions…
I can only imagine, El Nerdo. This is what they call a labor of love! What were you intending to plant in the summer garden this year?
Kudos on the alfalfa — Come on rain!!!  me too!
El Nerdo, I almost forgot to add my saying to the Heath brothers’ reference: “Assuming something is the quickest way for me to find out I’m wrong!” haha — sometimes I assume things just to figure out what’s wrong so I can get to the right part faster!
Hi Linda,
I had seedlings going for kale, lettuce and basil (all died). I had other plants in mind I mentioned to Kristin when she posted a gardening article earlier this year.
I’ve forgotten the whole list now but my guideline was to get plants that are worth the money (e.g. bell peppers) instead of stuff I can get cheap (e.g. carrots).
Alfalfa was easier because it grows well in this region and can be planted in late summer, whereas an intensive garden requires purchased topsoil + garden soil (black gold) OR megatons of soil amendments, and then it had to be done early. Too much too soon for this. But the other one okay.
Next year!
I’m totally new to the idea of gardening now that I’m moving from an apartment to a house, but I started reading Square Foot Gardening and it’s pretty interesting. Have any other PF peeps tried this method? Hoping to build my first square next month.
I prefer to focus on one large goal per year; that way I don’t get sidetracked or overwhelmed. I had a finances year, a fitness year, a finish-school-sane-year, and so on. This year set out to be a creative year and has gone very well. However, an expensive sick dog and some creeping weight gain suggest that fitness and finances will need another pass in the coming months.
I like how when you only tackle one goal in a year, you get to name the year. “The Finish-School-Sane Year”! hahaha I like The Creative Year. What did you create? I call the era that I’m in now “The-Education-of-Linda Era” where I get to delve into any subject I want to learn and try to master it to my satisfaction.
Sorry to hear that your puppy took ill there. Hope all is getting better!
I make new goals every year. But the best goals I’ve ever made were with changes in habits rather than aiming for specific targets or achievements. So, for example, I don’t plan on losing 10 pounds as a goal. Instead, my goal this year was to eat better – more fruits, grains, nuts, etc. and less processed or fast food in my diet.
I used to eat Bagels, Toast, Doughnuts, McDonalds, etc. for breakfast. Now I eat lots of fresh fruit and a little granola. I used to eat big lunches with subs and chips. Now I eat humus, dipping veggies, and nuts. I never feel hungry. I play golf (walking) a couple of days a week. And I’ve managed to loose 15 lbs. of unneeded weight around my mid section.
My advice – work on curbing your bad habits and you’ll be happier with yourself and the results. This applies to food, sleeping, alcohol, spending, etc. Anything you want to change for the better.
Hmm, I’m trying to decide if this would work for me. I kind of like having a specific target so that I can see my progress and get excited about it, but I can see how it would be best to attack some goals from a macro standpoint simply because they’re harder to break out into components, like I want to learn to be a better communicator.
What do you think about how giving yourself permission to do, or not do, something plays into reaching goals? Would that be any different for the two methods?
I like this approach. I’ve never been able to make goal-setting work for me. When I choose a specific target I set myself up for failure because I make the target too ambitious. Like having an absurdly high savings rate when I don’t have an income that can come anywhere near to supporting it. Then I feel like a loser for not meeting the goal.
I am incapable of setting realistic goals so I focus on overall trends instead. I record my net worth every month in a spreadsheet. Hopefully it’s always bigger this month than it was last month. If not, I review my spending in Quicken to see if I had any surprise expenses. Sometimes it drops due to an expected bill like car insurance, or a car repair, or my Roth has lost money–that was the case last month. Will this strategy guarantee that I’ll never need to eat Fancy Feast in retirement? I have no idea. But I know that my habits are good so there’s not much more I can do.
Keep up the good work. Perseverance always pays off for me. Remember the tortoise and the hare. Be the tortoise!
2014 was the first year I have stuck to a new year’s resolution – pay off my student loans by the end of the year! After receiving my first raise and some stock from my in-laws, crunching the numbers revealed that with a few sacrifices, it was a completely attainable goal! We’re considering reaching that goal early this month by selling the stock and using a little of our savings, which will bounce right back next month because we will be DEBT FREE!!! The thought brings me so much joy! I probably wouldn’t be paying off the loans this quickly if it weren’t for setting the goal in January. THE ROAD TO WEALTH IS PAVED IN GOALS, RIGHT??
The first step is daring to believe. Congratulations, CJ. I’m so happy for you!
I think this blog would be a lot more enjoyable if the writers would stop treating JD Roth like some sort of religious idol. Nearly every article quotes JD, or uses JD as some kind of example, or reveres him like a celebrity or deity. It’s great that he started this blog, but he didn’t exactly “get rich slowly” and his nouveau-riche story isn’t really relevant to the rest of us anymore. It feels like this blog is just The Cult of JD sometimes and it is much less enjoyable to read because of that.
I agree. I came to this site in apparently the post-JD era. I’ve read some of his old stuff and honestly, he comes across as smug. I don’t mean any offense, but I really have trouble relating to his writings.
Getting rich quickly by selling a blog, then divorcing my wife and traveling the world to attend frugality meet-ups does not sound like something I relate to.
I wanted to thank you (and Anna) for your comments too! I hear you, and your thoughts keep me thinking about how GRS moves forward now that J.D. isn’t writing for the site as often. We’re glad you’re here, too, and appreciate the perspective you voice. That’s one of the best things about the site is the variety of points of view. Thanks again! ïŠ
Ha — I also came to the site more recently and, you know, I can understand how that comes across!
But when I refer to an idea or another post that J.D. or someone else wrote, as I did for this post today, it’s more my shorthand means of getting the idea across without having to write it all myself! (And, plus, anyone could simply search the site and find the same idea in one of his posts.) So for today’s post, I simply built upon the thought he penned long ago and want to give him credit for that. But you know what? You’re planting a seed in my head. I also linked out to an article that Lisa Aberle wrote. Let’s give Lisa Aberle some love!
That having been said, there are a lot of people who truly respect J.D. for what he did and appreciate him for having helped them. I don’t think there’s anything wrong with acknowledging that, and I doubt that J.D. would hold himself up as a deity although he definitely has some celebrity.
Is it wrong for him to enjoy the stature? I don’t know, but along with that ability to enjoy celebrity to any degree likely comes with it the pain of being a more public figure whose every move can be held up to ridicule as well as it can be idolized.
Whoa, this is getting way to deep! Anyway, my point is that J.D. is a person and it’s not up to me to judge. I just try to treat him kindly knowing that we all fall short sometimes and sometimes it’s best to just be kind when that happens and think about the good things they have done too.
I would like to actually read a article which gives practical solutions more than being motivational. Not to demean this article in any case
cheers
Focus on few goals at a time is definitely the best way to focus one’s energy appropriately
I break my goals down into short-term (this year or next), medium-term (next 3-5 years), and long-term (5-10+ years). This helps me make sure I’m meeting my immediate goals as well as planning for the future. There are also ongoing goals that I want to maintain, like exercise, career growth, and healthy eating. Here’s what my goals list looks like:
Short-term goals for 2014:
1. Fully fund a Roth IRA: check!
2. Get a promotion: check!
3. Replace 25-yr old vehicle with newer used vehicle: check! Paid cash from the savings fund I started 3 years ago specifically for this purpose. This goal will now move down to the “long-term goals” list, since we’ll need to replace the car in 10-15 years. Might as well start saving $50/month now instead of $500/month later.
Medium-term goals:
1. Start a family in 2016: actively saving for anticipated medical and child care expenses, lost wages, and baby Stuff. Currently 45% to goal.
2. Australia vacation next summer: started saving last year, currently 65% to goal.
3. Kitchen remodel: just started saving, currently 20% to goal. Found money/bonuses will go here.
Long-term goals:
1. Pay off mortgage in next 8-10 years: currently on track to pay off 30-year mortgage in 17 years total, but would like to be debt-free even earlier. This will require some more doubling down on our part.
Wow! This is truly awesome. I’m taking notes! ïŠ I especially like how you role the goals over once they’ve been achieved. You’ve definitely got this down, and I thought my 1,658 miles was such a much! hahaha Way to go, Kat!
The title and first sentence of this post was captivating! It is difficult for me to gauge our progress because I cannot remember if I even made any goals at the start of the year. This is problematic for two reasons, either I did not keep my goals at the forefront of my mind by actively plotting a course toward attaining the goal or I did not review goals enough to internalize them.
I think I would have enjoyed this article more if it delved into ‘personal finance’. I am really thirsty for content in this area. Most posts here lack substance and specificity. No seems willing to share personal details or stories.
To give examples:
(1) “I want to save more.” (That’s great! How much more? What percentage of your income? What are you saving for? How do you feel more empowered when you have savings?)
(2) “I paid off all my debt. I did it my way, and you need to do it your way. “(YIPPIE. Wait a minute buster, what was your way? How do I know if your way will work for me? How much did you make gross? How much did you earn net? How did you track your progress? What motivated you to want to be debt free? How has your life changed now that you are debt free? What defines your financial journey now since there are no more bills? What practical habits did you change to pay off your debt? Did you stop eating out? Did you stop going out with friends)
(3) “I love and crave balance. I have made a conscious decision not to pay off my student loans at an aggressive pace” (Ummmm, okay but isn’t this site about personal finance — are you moving at A-N-Y discernible pace? What are your goals? How do you manage your finances as a married couple if your spouse is not in agreement with your goals, if you are responsible for servicing your own debt from just your pool of income? How much did you pay in loans this month as compared to last month? How much did the principal move downward with just minimal payments?)
(4) I live in my car so I can pay off debt. (WHOA you blew my mind with that one. At what rate are you paying off your debt now? How much would rent be? When do you intend on transitioning back to living in an apartment? Is the social isolation taking an immeasurable toll? People cannot come visit. Do you have PO Box so you can receive mail)
As a GRS reader for many years, I found JD’s writing compelling because it was personal. It painted vivid pictures, the post involved living breathing multi-dimensional beings, ie., family and friends. He discussed his fears and how he was raised and how that shaped his attitude toward money. He was vulnerable and transparent.
JD is gone and resurfaces occasionally. That is fine. Best of luck and providence in his current life’s journey. I am incredibly proud of his success. He created something of lasting value and leveraged that in the market. However, if I could name a void in this post-JD GRS — it is the lack of personality in the posts. Kristin Wong and Donna Freedman are notable and cherished exceptions. Quoting a study and having three bullet points does not a blog post make.
I use a separate online piggy bank to help reach my goals it withdraws from your account based on frequency you set it to, it earns 1.00 APY if interested I can email you the referral link, ( We earn $10 a referral up to $1,000 ) so if seriously interested email me at [email protected] , the incentive is you get more for your money by using a retail card when you redeem your goal or you can just get your original amount plus the 1.00 APY once you reach your goals your choice
I still remember being free of debts for the first time and being petrified. I was so afraid that I would do something stupid with the extra money I suddenly had that I decide to pay three months of rent up front. This solved the “problem” for one month when I had even more money left over as I had no rent to pay. I took out all money and gave it all to my very frugal wife who at that moment was studying abroad. This repeated itself for 6 months and than I started investing in the stockmarket. Which I still do pasionately!
Yes! It is SO important to do a check-in with yourself to make sure you’re on track. Or if you have completed the goal(s) you set out to do, that you have come up with some new ones. I don’t listen to the naysayers who point out that it’s great to be gung-ho about something but it doesn’t usually last….that is precisely why you need to get back the fire again; it’s normal for there to be a natural waning and as long as you have no disillusionment about that, you will be prepared for when it happens.
Good luck finishing out the fitness goals. I honestly haven’t been on a bike in nearly 20 years so color me impressed. I think I should include at least one fitness goal each year as I’m not as active as I once was (nor even much then). I think I’ll start light, like yoga.
I’m more like JD in that I like picking one major goal (or at least one that sticks out much further than several smaller goals), usually around my birthday, but I also like to add other ones throughout the year, seasonally. Right now it’s more important than ever because I am only earning so much at the moment so I don’t have the funds to spread things around. My main goal is earning more income (without compromising my new low-stress life-style) and for me that means being in the position to buy a rental property in spring of 2016…the deadline keeps getting pushed back, but I am determined to make this one stick as I’m going back to school in 2017 come hell or high water.
Since the portion of my income that the banks would even consider counting, will be too low for the range I want to buy in, I will need a DP above 20% likely, so every single cent I save this year (that doesn’t go to various pop-up needs like car or home repairs), is going towards that. I know real estate is not reliable, and mutual funds/ futures are a better bet (actually I don’t really know that), and blah blah blah…but property is what I know, and what I love, and it’s been so good to me so far.
Goals I’ve reached this year (many of them years in the planning):
1) Quit my full-time job
2) Visited with family overseas
3) Got a new job doing something completely different than anything I have ever done (next goal is to turn this into a permanent position since currently it’s seasonal)
2015 goals:
1) Pay off $12,000 of debt (which is all of it minus the mortgage). Most of this is 0% interest, but there is a $1200 cash advance I had to take out while overseas that I need to take care of within the next couple months. I’m still too scared to spend any of my savings.
2) Find another source of income that is enjoyable even if I don’t earn much and that I can do on my own time. This could be writing (Hub?), and or art (Etsy?). Even if I just earn a couple hundred in a month, I’ll consider that goal met.
3) Having a fitness schedule which includes a regular sleeping schedule. My circadian rhythm has been out of wack for the the last year.
Goal setting is a struggle for me right now. In January I decided that a really wanted to focus on relationships with friends and family. That’s a pretty nebulous area, since it’s harder to quantify. In February my husband and I decided to get divorced. So a lot of my goals and things I want to do seem stuck on hold – I’ll do X when he moves out, or I’ll be able to save up for Y when the divorce is final. Yet at the same time, I can’t be stuck in the waiting game, I need to move forward. So I just find setting goals difficult. Right now I just want to make it out of 2014 in one piece.
I accomplished some big goals this year so far. Paid off my student loan (graduated last year); paid for a new-to-me car. Biggest goal is that I am about to close on a house and I have begun putting more money into emergency fund, ira, and the car fund after meeting the other goals. Still to be achieved goals for 2014: $5000 in car fund; max out my IRA contributions. I think they are doable if my house does not turn out to be a money pit. I don’t think it will be because I have had an inspector, two contractors, and a heating contractor go over it pretty carefully, but you never know! Currently adding about $1000 to $1200 to savings/retirement. May take a second job for a while to increase that rate (just while I get comfortable with the new house expenses).