Need help sticking to your financial goals?

As we approach a new year and many make resolutions, you can bet that the gym will get more crowded… at least for a few weeks.  Bottom line – it’s easy to make a new year’s resolution, but much harder to achieve it. Whether your financial resolutions for 2012 are to spend less, save more, pay down debt or something entirely different, check out this alternative approach to traditional self-discipline that can help you achieve your objectives — stickK.com.

This free website was developed by Yale economists to help promote a healthier lifestyle by enabling you to create “Commitment Contracts.”

Their years of extensive economic and behavioral research showed that we all need help reaching our goals — whether it’s incentives or support from others — and that people who put stakes, such as money or their reputation, on the table are far more likely to actually reach a goal they’ve set.

Here’s how it works.

You simply go to stickK.com and:

• Set a goal — You select a date or period of time by which you contractually agree to accomplish your goal. Certain goals are one-shot commitments — you pace yourself as you wish until the deadline. Other goals are ongoing commitments — where you have to reach a target every week until the contract ends.
• Choose your stakes — You can opt to lay money on the line. If you choose to do so, you decide how much and, if you fail, where you want the money to go, for example to a charitable organization you support.
• Pick a referee — You can opt to designate someone to monitor your progress and confirm the truth of your reports to stickK.com. Although the honor system is always an option, you’re more likely to achieve success if you are accountable to someone, such as a friend or family member.
• Choose your supporters — These individuals can post encouraging messages in your Commitment Journal, where you post information on your progress.
• Make a plan – Individual goals make the most impact when part of an overall plan. Meet with your financial advisor to develop short-term targets that advance your long-term financial strategy.

Ante up — and good luck!

Scott Berman is a Financial Advisor and Managing Director at Berman & Associates, a financial advisory practice of Ameriprise Financial Services, Inc. Advisor is licensed/registered to do business with U.S. residents only in the states of CA, CT, DC, DE, FL, KY, MD,ME,MO, NC, NJ, NY, OH, PA, SC, TN, VA, WA, WV.

Ameriprise Financial and stickK.com are not affiliated.

 Brokerage, investment and financial advisory services are made available through Ameriprise Financial Services, Inc. Member FINRA and SIPC. Some products and services may not be available in all jurisdictions or to all clients.

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