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New Year, New Goals: Develop a Plan

January 2022

Barbara O’Neill, Ph.D., CFP®
Distinguished Professor and Extension Financial Management Specialist Emeritus
Rutgers Cooperative Extension

At the start of a new year, many people resolve to make changes in their lives: lose weight, get organized, save money, spend more time with family, quit smoking, get more exercise, and do better in general. While we often call these plans "resolutions," they are essentially goals.

Setting goals is a lot like planning your next vacation. In order to develop both an action plan and a travel itinerary, you must know your starting point and destination and the time frame and cost of the "journey."

Below are ten tips to achieve your goals in 2022:

In summary, think SMART goals when you are thinking about making changes in your life. Research indicates that people who take the time to set goals and plan ahead are more successful financially.

Remember, people don't plan to fail, they fail to plan--and set goals with specific action plans.