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For What It's Worth

By Philip Weaver
Wednesday, December 27, 2017

 Finances  NewYear  Resolutions

Resolutions


Can I jog your memory for a moment? Assuming you made one, do you remember what your New Year’s resolution was for 2017? My guess is that if you did make one you likely don’t remember it, and you’re not alone. Surveys indicate that around 80% of New Year’s resolutions fail by February and only around 8% of people actually achieve them. Quick math tells me that these annual resolutions have about a 92% failure rate! Perhaps we should consider a new name like New Year’s Irresolution!

One of the definitions of resolution is a firm decision to do or not to do something. I venture to guess that most of us proclaim a resolution in passing conversation or just because everyone else is doing it. We haven’t actually made a firm decision to do or not do something. For some, the resolution is well-intended, but falls by the wayside in the busyness of life.

In America, 72% of adults worry about money in general. About 50% say they are concerned or anxious about their financial well-being and 32% say money woes stand between them and a healthy lifestyle. In spite of these concerns, behavior surveys tell us that 5 in 6 Americans are impulse shoppers and only 32% maintain a monthly budget.

If any of the above categories apply to you, I’d like to challenge you to make a New Year’s resolution for 2018 to take or regain control of your personal finances and not allow them to control you. This won’t be easy and will likely require some tough decisions and personal sacrifices, neither of which will occur without a firm decision to do so.

A proven, solid framework for getting your finances in order is as follows: give some, save some, spend some. Due to necessity, at first a majority of your income may fall into the spend some category. However, with persistence and a firm commitment to your resolution, this time next year I feel certain that you’ll be able to not only remember your 2018 resolution, but also celebrate its success.

Happy New Year and prayers for you and yours to be blessed beyond measure in 2018.

Philip Weaver

Philip has been a part of the First National Bank family since 2009. He currently serves as Executive Vice President, Chief Credit Officer, and Compliance Officer. He has over 25 years of banking experience having held various credit and operational positions in community banks and a larger regional bank. Aside from banking, he considers his faith, marriage, and adult children to be his greatest investment opportunity.
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