SOUTHFIELD, Mich. (WXYZ) — New Year's resolutions have the opportunity to help you soar literally.
And, financially.
Surveys show many people are making money resolutions after a year of high inflation.
7 Action News reporter Kim Russell asked local money coach Paula Christine, "Can you tell when you sit down with someone whether they are likely to be successful or not?"
"I can listen to what they are saying and say it is not going to happen unless you change who you are," said Paula Christine, money coach with paulachristine.com.
She says when she is talking about who you are she is talking about your mindset.
"What is your money mindset. Are you a spender? Are you a saver? Are you an investor?" said Christine.
"When I was growing up we didn’t have a lot of money, so I lived with a scarcity mindset. So I was always, when I was an adult thinking I was never going to get ahead. Until I got rid of that."
"Everyone has to deal with money. Everyone has to," said Dr. Sally Palaian, a licensed psychologist and author.
Licensed psychologist and author of 'Spent: Break the Buying Obsession and Discover Your True Worth,' Dr. Palaian works to help people deal with money from an emotional angle at her office in Bingham Farms.
She says the first step to a healthy relationship with money is knowing why you spend.
"Do they know or do you have to work with them on that?" Kim Russell asked Dr. Palaian.
"I have to work with them on that. Most people don’t know. It is an unconscious behavior," Dr. Palaian replied.
Once you know why you spend, you can address that need in other ways and increase the odds you can stick to a budget.
"I think of a budget as being a magic carpet. If we stay in certain lines it can take us amazing places," Dr. Palaian said.
These experts gave us the gift of three money tips that are both practical and unique. They include the following:
- Break the money goal down to give yourself more wins and stay on track
- For example, if you want to save $10,000 in 2023, experts suggest having a monthly goal of saving between $800 and $900 a month.
- For example, if you want to save $10,000 in 2023, experts suggest having a monthly goal of saving between $800 and $900 a month.
- Have an accountability partner
- Maybe a friend or professional who will help you prioritize your goals.
- Maybe a friend or professional who will help you prioritize your goals.
- Practice mindfulness when spending
- What are you seeking by spending or saving? Is it to connect with others? Is it freedom? Use those motivations to succeed.
"It's about hitting a target where our money is going to what we believe in and value. As opposed to our money going to some other reason," said Dr. Palaian.
"You want to get behind the feelings and emotions behind that goal because that is what ties you to the goal," said Christine.
To a prosperous New Year.
