Financial Empowerment for People of Color Financial empowerment can be a challenging topic–especially with an…
It’s a new year and we all know what that means—overcrowded gyms, empty produce aisles, and plenty of plans to build up savings or pay down debt. But, the truth is, New Year’s resolutions are notorious for failing. In fact, studies show that 80% of people let their ambitious resolutions fall by the wayside before the second week of February.
There are plenty of reasons why resolutions fail, but this year, we’re focusing on what we can do to help others reach these goals. Here are few foolproof tips to keep your participants on track:
Encourage your participants to start small, really small. Whether this is contributing $10 a week to an emergency fund or setting a budget for dining out, research tells us that starting with tiny goals and repeating them frequently is the most successful way to turn a goal into a habit.
Suggest An Accountability Partner
Reaching a goal can be much easier when you’re part of a team. A few good examples of teaming up with your participant are: working together to create a step-by-step path to reach their goals, suggesting that they ask a friend to be their financial ‘buddy’ to support each other, checking in on their progress along the way, and reminding them of why they set their goals in the first place. Encourage them to post a photo of their financial goal someplace where they’ll see it every day.
Are your participants making progress on their goals? Celebrate! Send them words of praise and encouragement!
Automate The Process With Technology
Financial wellness technology makes tracking money goals for participants easier than ever. It also makes keeping track of your participants easier than ever as well. With features like account aggregation, budgeting, and ToDos, you can virtually follow your participant’s progress and know exactly when to reach out with words of encouragement or congrats.
If you have any questions or need would like to learn more about financial wellness, contact us. Happy 2019!