Approximately 1 in 3 resolution makers ditch their promise by the end of January! Here at Fairfax State Savings Bank we want to help you keep your New Year’s Financial Resolution. By using the simple S.M.A.R.T technique you’ll be saving in no time!

Specific: Saying, “I want to save money,” is like saying, “I want a puppy.” Saying it is not the same as achieving it. To work towards a financial goal you first need to determine the monetary target to which you are aiming towards. Determining that you want to save $5,000 towards an emergency fund by January of 2017, gives you a specific goal that goes beyond a hopeful vocalization.

Measurable: Bunkering down for a long-term goal is an awesome feeling. There is truly a rush when you finally achieve your forthcoming success! In order to achieve this success you need a map! How will you know when you’re close to your goal, or if you still have road ahead of you? Layout stepping stones as a path to your goal, baby steps to let you know where you stand with what you want to achieve. Know your financial accounts and their progress, checking them regularly along the way.

Attainable: Dream big, but not impossible. Each person has an individual set of finances, work experience, family life, and other variables. To every individual, a goal may mean something different. Set goals ideal for you and your life, asking questions to understand if something is within your range.

Realistic: Ensure that your goal fits within your lifestyle. If you want to pay your mortgage off five years early, but you have an auto loan, grocery bills, savings, and other financial obligations, perhaps paying off your mortgage 3 years early is a better fit instead.

Time-Bound: Is this something you want to complete today, tomorrow, or a year from now? By making a concrete deadline attached to your goal, you hold yourself more accountable to your intentions. When life throws you an obstacle it is much harder to deter from your path if you know exactly when you’re supposed to arrive.

When the going gets tough, the tough remember their S.M.A.R.T. techniques. Reach out to Fairfax State Savings Bank if there’s a financial goal we can help you take by the horns in 2016.