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If there is one lesson we can learn from 2018, it’s that anything can happen.So with this in mind, how can we set our goals and plan our resolutions for 2019?

To make New Year’s Resolutions
easier to keep, make small attainable
goals instead of big ones.

In a nutshell, 2018 has essentially proven that just about anything can happen to anyone, anywhere. The question is, how do we put that into perspective when we look ahead to 2019?

To get you into the right frame of mind, here are some things you can consider when putting together your New Year’s Resolutions for the coming year.

Starting small is the way to go

New Year’s Resolutions have the tendency to fall by the wayside for one reason or another as the year progresses. To make them easier to keep, make small goals instead of big, unattainable ones.

For instance, if you want to ‘run a marathon’ by the end of the year, you can try jogging an extra 10 minutes each week before working your way up to an actual marathon. For those looking to ‘eat healthier’, try having a low-carb meal once a week instead of making a sudden switch to salads and cold-pressed juices.

What if you set your eyes on a dream getaway or a new vacation home? Or perhaps you’re looking to plan for a retirement fund to sustain your golden years?

Setting the roadmap

One way would be to set SMART goals – resolutions that are Specific, Measurable, Attainable, Realistic, and Time- sensitive.

Once you’ve specified what your goal is, the next step would be to gauge the amount you’d need to turn that resolution into reality. How many destinations can you include in your round-the-world trip? How much would you need to have set aside for the down payment for that new vacation home? Here’s where you’ll be able to estimate just how attainable and realistic this resolution is before deciding whether you should keep, rework it into something more attainable, or drop it in favour of something else that’s more feasible.

Next, focus on the ‘how’. When it comes to resolutions that involve your finances, it’s always important to plan how you can meet your goals without breaking the bank.

Fortunately, instruments such as savings accounts and fixed deposits exist to help you with exactly these kinds of plans. It would not be a bad idea to set aside as little as 15% of your monthly salary – as it compounds with interest, it will only be a matter of time before you start enjoying significant returns.

Once your money grows to a predetermined level, you can then start looking at other investment options like RHB’s award-winning Unit Trust funds which can be a great starting point to your personal wealth management journey. Of course, if you’re the sort who’s always thinking of others…

You can plan for your loved ones

If personal New Year’s Resolutions are meant to be benchmarks for you to challenge yourself, family resolutions on the other hand can be a great way to strengthen bonds and help parents teach kids about goals and how to achieve them.

On top of that, you could also fit in some pointers for the kids on how to start saving up for a particular treat that they might be dreaming of – like going to the amusement park, or to their favourite artist’s concert - to encourage them to participate in their own way as part of a family-wide resolution. Why not open an RHB Junior Savings account for each of them, so it’s easier to track? It might be exciting for them to see how their small savings start to grow – you can even turn it into a mini competition to see who saves up the most, the fastest!

While we’ve mostly been talking about setting resolutions for your personal life, different rules apply to the business world. Mainly, you’ll have to…

Think big to grow big

Unlike a personal fitness goal or savings plan that would only impact yourself, as a business owner, your New Year’s Resolutions for the business will also impact those relying on you, in this case your employees. You’d have to think beyond yourself and consider the implications of not meeting those resolutions which would affect them as well.

Many business owners tend to place more focus on the month-to-month operational obligations rather than the plans for the future. Whilst operating efficiently is important, so is growth. So why not devote a few hours of your work week and a manageable level of your revenue into leveraging on your strengths and looking out for new opportunities the year can bring? For growth to take place, look at more capital investment. Then perhaps some of your investments that you have been nurturing in your personal accounts can provide the necessary boost.

By using the New Year as an opportunity to evaluate the past year and to come up with new goals for the coming 12 months, business owners can get the best of both worlds by keeping the business running at optimum levels, whilst preparing for bigger and better prospects. And if you’re really serious about taking it a step further, business owners can explore RHB’s SME e-Solution, an all-in-one solution that can optimise productivity and power your business performance.

All in all

Whether you’re setting New Year’s Resolutions for yourself, your family, or your business, the key lies in getting it right from the very start. Speak to your Relationship Manager to start planning for 2019 today, because it’s never too early to plan for the future.