Before you start setting up various financial New Year resolution goals, one quick exercise you should probably do is to focus on prioritizing your financial weakness that cost you the most money. Whether it’s lack of will power in spending, inability to comparison shop properly, impulsive financial decisions, risky stock purchases — we all probably have made a number of blunders that has cost us more money than we’d care to admit.
The reason why I believe it’s important to focus on the weakness or mistakes that cost you the most money, is simply because the return on time investment will have a more meaningful financial impact. Unfortunately, whether or not it’ll be easy for you to fix or improve that particular financial weakness will be another story.
But take heart, although baby steps are a perfectly legitimate way in bettering yourself, there really isn’t anything wrong with trying to tackle a big problem and failing — after all, none of us are perfect. Maybe you tried to cut your monthly lavish spa treatment but was only able to stick to the gun for 2 months. So what? That two month’s worth of savings is decisively better than never taking the initiative to save.