Back

Tips for Goal Setting In 2023

The start of a new year is such an exciting time! It’s a clean slate, a new beginning and an opportunity to make a change. You have a fresh set of 365 days to achieve your goals.

*** This has been prepared and issued by United Loan Solutions Pty Ltd, ABN 83 611 343 572, ACL 486303 trading as Gedda Money. It contains general advice and does not take into account the investment objectives, financial situation or needs of any particular individual. You should consider if the advice is appropriate to your own circumstances before acting on it.

If you make a mistake or go off course, don’t see it as a failure. Instead, see it as a way to improve your approach.

The start of a new year is such an exciting time! It’s a clean slate, a new beginning and an opportunity to make a change. You have a fresh set of 365 days to achieve your goals.

Not everyone’s new year resolutions are successful and based on the previous few years, it’s easy to feel like the odds are stacked against you. Don’t worry – we’ve done some research for you to get started in creating your new year goals.

Step 1. Choose your goals carefully.

The first step for successful goal setting is to choose your goal very carefully. When deciding on your goal, it may be helpful to:

Reflect on the previous year to find things that you want to improve;

  • Take your time to consider your options and choose the one that’s right for you;
  • Consider “the why” of your goal. Are you doing it for you or are you trying to please or impress someone else?
  • Consider the SMART goal framework

Not sure how to make your goals SMART? Let’s break it down.

Specific – Avoid being too vague with your goals. Instead, narrow it down to exactly what you want to achieve. For example, you may want to pay off your car loan by the end of the year.

Measurable – If you can’t measure your goal, you won’t know whether you’re achieving it. Instead of aiming to “read more books” we suggest to read 2 books per month or spend 20 minutes reading each day.

Achievable – While the start of a new year is the perfect time to dream big, your goals still need to be grounded in reality. If you go too big too fast, you’re setting yourself for failure.

Relevant – Your goal has to be something that you really care about. If your goal isn’t relevant to you, once you encounter an obstacle, it’s very likely that you’ll give up.

Time-bound – To make progress towards your goal, consider a start and an end date. This is so you can pace yourself. Otherwise, you could have a burst of motivation at the beginning of the year which will eventually fizzle out.

Step 2. Plan it out

Choosing a goal on a whim and hoping for the best may be a recipe for failure. The most important step of new year goal setting is to prepare a plan.

Are you trying to break a bad habit?

If your goal is to break a bad habit, consider the cue-routine-reward method.

First, you need to identify the cue. So, for example, if you’re trying to increase your fitness, your cue might be feeling stressed. Your routine for feeling stressed may be to eat in front of the TV. The reward may be feeling comfortable and relaxed on your couch.
To break the habit, you could figure out what the cue is and swap the routine with something that gives you a similar reward. For example, you could take a quick walk or go for a bike ride outside and then relax on the couch after your workout. This gives you the same end result of relaxing, but without the immobile activity in front of the TV.

You could use this method for other habits you’re trying to break like online shopping, using social media or drinking alcohol.

Are you trying to start a good habit?

The median time it takes to start a new habit is 66 days. If your new year goal is to add a good habit into your routine, patience is key! Whether you want to drink more water, start running in the morning or get into journaling, you’ll need to find a way to fit it into your lifestyle.

Be prepared for roadblocks
Think your new year goal is going to be smooth sailing? We hate to break it to you but making a major change in your life may come with some challenges. Try to think of all the potential problems that could arise and make a plan to avoid them.
For example, your goal may be to regularly go to the gym. The roadblock may be that as soon as you get home you feel exhausted, sit down on the couch, and end up spending the night watching TV. To avoid this, you could go to the gym in the mornings or straight after work so that you can’t change your mind once you get home.

Step 3. Be accountable & kind

If you really want to succeed with your new year goals, you could ideally have another person to hold you accountable. This could simply be telling your friends and family about your goal. You could join an in-person or online community for mutual support.

Want to raise the stakes? You could give your friend or family member $100 with an agreement that you only get it back if you reach your goal. This could give you a pretty strong extrinsic motivator.

Another very important factor for success could be to give yourself grace. If you go into it with an all-or-nothing approach, missing one day could cause you to give up completely. Instead, be kind to yourself. If you make a mistake or go off course, don’t see it as a failure. Instead, see it as a way to improve your approach. If you even achieve half of your original goal, it’s still better than not achieving anything at all.

What’s your 2023 goal?
If your 2023 goal is to pay off your Gedda Money loan early or increase your repayments, get in touch with our team. An added bonus to paying off your loan early could mean saving money on interest. That may end up being extra money in your pocket!

If you want ideas on reducing your expenses, check out our new blogs:

Explore our products

Vehicle Loan

Nulla Lorem mollit cupidatat irure. Laborum magna nulla duis ullamco cillum dolor. Nulla Lorem mollit cupidatat irure.

Personal Loan

Nulla Lorem mollit cupidatat irure. Laborum magna nulla duis ullamco cillum dolor. Nulla Lorem mollit cupidatat irure.

Let’s keep in touch

To be the first to receive updates, subscribe to our newsletter of follow us on social media.