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Only the most useful, relevant, and practical entries on finance and money.
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Industry conversations we think you should know
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Knowledge you can use
How to set financial intentions for 2022
With just a few days left to the end of 2021, you’re probably going to get asked; ‘what’s your new year’s resolution?’ a lot in 2022. Now, a lot of us dread that question as it can cause anxiety in the new year. You shouldn’t put pressure on yourself to create resolutions, instead, you can set intentions for 2022.
You’re probably wondering, ‘what’s the difference?’ Resolutions focus on the desired outcome while intentions focus on the little actions you plan to take to reach your desired outcome.
If a digital marketer, Tony has the resolution to secure a job at a Fortune 500 company, his intentions should be to improve his skills by taking two digital marketing courses in a month, updating his CV, and then applying for roles at the Fortune 500 company.
You can set intentions for every area of your life like relationships, career, health, and so on. Let’s talk about how you can set intentions for your financial life.
- Identify your ‘why’: If you plan to improve your finances in 2022, write down why it needs some improvement in a journal that you can look at whenever you need the encouragement to keep going. You can also create a money mantra that you speak into your life every day.
- List down your goals: In order to improve your finances, you need to have set goals to achieve them. Your goals can look like this: ‘I want to start budgeting’ or ‘I want to create an emergency fund’.
You’ll need to set Specific, Measurable, Achievable, Relevant, and Time-bound goals to achieve them. You can decide to save 600,000 naira to build your emergency fund by the end of 12 months.
- Break down those goals: Your goals become your intentions by breaking them down into smaller parts.
In order to achieve your SMART goal of building out your emergency fund, your intention would be this: “I intend to save 600,000 naira every month for the next 12 months in order to have a safety net for unexpected situations.”
- Get yourself an accountability partner: Your accountability partner should be on a similar journey as you. You can both rely on each other to stick to your intentions to achieve your set goals for the year. Support yourselves in the best ways possible.
- Go on money dates with yourself: This is a good way to check on yourself and the progress you’re making to achieving your intentions. You can do this daily, weekly, or monthly.
- Be realistic: So you don’t get overwhelmed by the intentions you’ve set, make sure they are realistic and achievable. If you get overwhelmed by your intentions, you can choose to review them or take a break so you have more energy to keep going.
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This interesting conversation with Marsai Martin and a financial expert on how to stay out of the financial red zone.
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