To celebrate the new year, Money Girl host Laura Adams joins a panel of Quick and Dirty Tips experts to discuss New Year's Resolutions and your financial goals for 2022.

12 minute read

Hey everyone. And thanks for joining me this week. My name is Laura Adams and I’m a personal finance expert. Who’s been hosting the money girl podcast since 2008. I’m also the author of several books, including my most recent title, which was a number one M Amazon new release called money smart solopreneur, a personal finance system for freelancers entrepreneurs and side hustlers. If you are building a business or want to earn more income with a side hustle, I hope you’ll grab a copy of the paperback ebook or audiobook today. And if you’re on the socials, be sure to connect with me on [email protected] is my personal site where you can use my contact page and learn more about my work books and money courses. Today, we have a very special episode put together for you. This is special for the last week of the year. Can you believe we are already at the end of 2021? You’re going to hear from several quick and dirty tips, podcast hosts, including me about ways to jumpstart the new year. So no matter if you’re ready to improve your financial or your physical health, the health and wealth, that’s always a big topic at the beginning of the year. You don’t wanna miss this episode. I hope you enjoy it and have a fabulous holiday in new year. I’ll talk to you again with a regular episode, the first week of 2022.

Hi, I’m Rachel Cook host of QD T’s modern mentor podcast, a weekly show, delivering actionable advice for anyone and striving to define and achieve workplace success on their own terms. This week, I’m excited to bring you a special episode dedicated to helping you set and achieve your most meaningful new year’s resolutions. If you are striving to achieve better physical or financial health, then you are gonna love hearing from this panel of Q D T expert host joining me for today’s panel discussion on new year’s resolutions. We have Jonathan Sue host of the get fit guy podcast, Monica RH, eel host of the nutrition diva podcast, and Laura Adams host of the money girl podcast. Okay. Let’s dive into some fresh expert advice on how to make this season of resolution setting a victory for you to all of our panelists today, going into new year’s resolution season. How do you recommend people go about setting realistic goals?

Hi, I’m Jonathan Sue and I’m the host of the get fit guy podcast. I was a gym rat for most of my life and every year for over 25 years, I witnessed a huge influx of new people at the gym, right during the first week of January and every year without fail the crowd always then back down to pre-new year’s resolution levels. Well before February people wanna set big goals for the new year and that’s understandable, but the lesson I learned is the importance of setting smaller goals that are achievable. You had to crawl before you could walk and you had to walk before you could run. My recommendation is to set goals big enough to be challenging yet small enough that they’re still achievable. Even during a bad week, you can always adjust them up. If you find yourself consistently exceeding your goals,

This is Monica rele hosted the nutrition diva podcast. You know, I’ve observed that people tend to have kind of a goal setting personality that influences what types of goals they set and how they go about pursuing them. And I really think that being aware of your goal setting tendencies can help you avoid the common pitfalls that are associated with that. For example, some people are really fearless about going after really ambitious goals, which is great, but these folks also sometimes have a tendency to be sort of all or nothing. If they fall a little bit short of their rich goal, they’re likely to give up entirely rather than accept that imperfect progress is still real progress. And so for those folks, if you fall into that tendency, I suggest being prepared for the inevitable slipups and, and to be more flexible about your definition of success, don’t let perfect be the end, me of good now others.

And this is my own tendency tend to get a little bogged down in the planning and the research phase. They set a great goal, but then they can’t decide exactly which system or which app would be best and the fear that they might choose wrong or that there might be a better option out there. So to times keeps them from taking that first step. And so for these folks, it’s important to recognize when you’re getting stuck in analysis paralysis and to move ahead, even when you don’t have everything perfectly mapped out, because you’re gonna learn as you go. I actually put together a little quiz that people can take to identify their goals, setting personality, and then get some tips on how to work with it. And you’ll find it at change academy, podcast.com/personality.

Hey everyone, I’m Laura Adams host of the money girl podcast setting. Great money goals comes down to knowing where your finances stand today, where you want them to be in the future and how to bridge the gap over time. For instance, if you don’t have an emergency fund, but you know that having a few months worth of living expenses on hand, let’s say $6,000 would make you feel more secure. That’s an excellent goal. Then you make a plan to bridge the gap from having $0 dollars. Now to $6,000, maybe you believe that you could reach that goal by saving $2,000 per year for the next three years. So breaking it down further means that you would need to save about $40 per week. That’s a very specific goal that you can even put on autopilot by setting up a recurring bank transfer from your checking to a savings account, or you can ask your employer to split out $40 from your weekly paycheck and direct deposit it into your savings account. The more automat your financial goals, the more likely you are to achieve them.

Notice any themes in the responses. These hosts just offered. What stood out for me is whether it’s nutrition, fitness, or finance, you’re chasing the wisdom seems to be understand your starting place set goals that are meaningful, but realistic and give yourself the grace to lip up and still keep ongoing. Okay. How about a fitness specific question next, Jonathan, a lot of people go into the new year with a goal to exercise more for an absolute beginner. What are the three to five exercises you recommend? They start with

For an absolute beginner? My advice is to keep things simple by focusing on keeping workouts short and on exercises that can be done at home without any special equipment. Because the biggest challenge for most people, not just beginners, is staying consistent with exercise. If you can keep exercise sessions to around 30 minutes on most days of the week to start off with, it’ll be easier to be con insistent with exercise long enough to experience real changes. Early experiences of success for a beginner is important because it puts you on a virtuous cycle in which success boosts motivation and confidence, which leads to more success. Additionally, if working out doesn’t require going to the gym or any special pieces of equipment, there’s less wiggle room to talk yourself out of exercise because you can pretty much do it anytime, anywhere. So by keeping your workouts short and simple, you’ll be more consistent, which will lead to better results.

In terms of specific exercises to perform. I would recommend a combination of aerobic resistance and stretching exercises. The following five exercises performed in the order provided every other day for three or four days a week is a great start. Be sure to check out the, get fit guy podcast for instructions on how to perform these exercises. One front plank, three sets for 30 to 60 seconds with a 32nd rest between each set is a great way to strengthen the core and warm up the body for more intense exercise, two stationary lenses, three sets of 15 to 20 repetitions with a 32nd rest. After you’ve worked, both legs is one of the best exercises to strengthen the large muscles of the hips and legs. Three floor press three sets of 32 60 seconds with a 32nd rest between each set will strengthen the upper back and help improve posture. Four, a 15 to 20 minute walk at a brisk or vigorous pace will improve your aerobic endurance. Five hamstring stretch. Two sets of 60 seconds on each leg will improve the flexibility of the muscles on the back of the thigh. That tend to be stiff in people who aren’t very active. Give this routine a try and I promise you’ll notice improvements in two weeks. If you need to up the difficulty of the first three exercises, we a backpack filled with the canned goods for additional resistance

As someone who began my own fitness journey years ago as a new year’s resolution in the gym. I remember how intimidating it felt to be figuring out all these moves and machines in such a crowded public space. I love how this beginner’s routine can be done anywhere. So if you’re not ready to hit the gym, great news is you don’t have to. You can work out the whole body from home. Okay? Monica let’s talk nutrition for a minute. As companies make big promises to customers about how they can help with weight loss, what should people be aware of?

Two things come to mind for this one first, if there were one message that I, I could get across to folks about weight loss, it’s that you don’t wanna lose weight faster than you can lose body fat. And for most of us, this is gonna be around two to 3% of your total body weight per month. And if you’re losing weight a lot faster than that, then you’re probably losing too much lean muscle tissue. And that is not what you, you want to be losing. The problem is that most weight loss programs are set up to have you losing weight much, much faster than that. And I think that’s one of the big factors that drives the yo-yo dieting cycle. So common where people lose weight and then gain it back. I know we’re all in a hurry to just lose the weight as quickly as possible, but losing weight too quickly is really hard on your body.

And when you lose weight quickly, it makes it much more difficult to maintain the weight that you lose. So I really encourage people who are setting weight loss schools, this January to resist the lure of fast weight loss. It is so worth it to lose weight more slowly in exchange for losing it permanently. And it’s also a lot easier because you’re not working against your body’s homeostatic mechanisms. And the other thing that I’d like to suggest as people are shopping around for weight loss programs or approaches, is to be aware of wolves in sheeps, clothing, mindfulness, and habit change really popular themes right now. And there are some programs out there that are making a big deal in their marketing about the psychology of habit change and understanding our behavior and mindfulness and all of that. But underneath that veneer is a restrictive, low calorie, quick weight loss program, just like all the others. So if you are attracted to those types of promises and I agree, they do sound great. Just do your research, look for some reviews and just make sure that that program really is what it claims to be.

Okay. So pace yourself, educate yourself and be honest about not just what you can do, but what you can sustain over time. Nutrition is a lifelong journey. So be sure that you

Can enjoy the ride. Okay, Laura, shall we move on money? A lot of people take January to reassess their financial goals. What are the top thing you recommend people pay attention to, in addition to setting specific money goals, don’t forget to look at the big picture of your financial life. For instance, is your net worth going up or down? If you only create one money goal next year, make sure you know the answer to that fundamental question. Here’s how you do it. Create a simple document called a personal financial statement or PFS. You can create this on paper or using a computer spreadsheet like Excel or a Google sheet. The purpose of creating your PFS is to centralize everything that you own and everything that you in one place, this is a bird’s eye view of your entire financial life. So you can easily see what you need to change.

So to create your PFS first, make a list of all your assets and their current values. So these could be cash accounts, investments, real estate vehicles, then list out your liabilities like a mortgage car loan student loan or credit card debt. And the outstanding balances. When you add up your total assets and subtract your total liabilities, the resulting number, whether it’s positive or negative is your net worth figuring your net worth. Isn’t difficult. It just takes a little time to gather up your information in an accurately recorded all in one place. So for example, if you own $150,000 in total assets, and you’ve got 125,000 in total debts, your net worth is $25,000. I recommend that you update your PPFs every year so that you stay focused on increas your net worth over time by either increasing your assets, shrinking your liabilities, or both having a higher net worth from year to year shows that you’re getting healthier, at least in a financial sense. But if your net worth is declining over time, you probably have too much debt that needs to be addressed soon, sooner, rather than later,

When it comes to personal finance, it can sometimes feel like there are too many moving pieces to track. I love this simple approach to pulling it all together in a single place and focusing on the big picture rather than just the day to day transactions. Okay. Next question, to all the hosts, what are some goals you would most recommend to someone this year?

Although exercising and getting in shape is a popular goal. It’s even more important during the pandemic mental health issues have increased during the pandemic and exercise has been shown to be an effective way to prevent and relieve depression studies also show that moderate intensity aerobic exercise can strengthen the immune system and be protective against COVID 19. So I would say definitely have a goal to exercise more. If you know, you’re not getting a minimum of 30 minutes a day of moderate intensity exercise, five days a week.

I’m concerned with the reports that alcohol consumption has increased quite dramatically during the COVID 19 pandemic. And it’s easy to see how the stress of the last year or two and being cooped up at home with less to do might have made it easy to start drinking a lot more, but of course, drinking more than a pretty modest, uh, amount of alcohol is associated with a lot of adverse health outcomes, including negative effects on mental health. And none of us need that right now. And the longer that continues, that pattern continues, the more those risks increase. So even though I know we’d all hoped that the pandemic would be further in the rear view mirror by now, I still think this new year’s would be a great opportunity to commit or to recommit to low risk drinking. For example, I’ve decided to participate this year in dry, which is a 30 day break from drinking starting January 1st. It’s totally free. It’s run by a non-profit organization called moderation management. If you wanna join me, you can get more [email protected] or just send me an email and I’ll send you some info about it. I met [email protected]

In a recent money girl podcast, number 702 called seven steps to achieve your financial goals faster. I recommend 10 financial goals that you should set if you’re not sure what they should be, and I’ll run through eight of them here. Number one, build a cash reserve. That’s so important. So you can handle unexpected financial emergencies. Number two, max out your employer’s 401k match to get the benefit of money in your retirement plan at work. Number three, increase contributions to your retirement account. So you build more security for the future. For instance, if you put 3% of your salary in an account this year make a goal to contribute 4% next year, number four, max out your health savings account or HSA to cut the cost of healthcare. If you have an HSA eligible health plan, this type of account allows you to pay for a variety of medical expenses on an entirely tax free basis.

Number five, increase your income so you can save an invest more and pay off debt faster. Number six, pay off your high interest debt. That’s important. So you reduce your interest expense as much as possible. If you need a step by step guide to create a debt reduction plan, check out my best selling online class called get out of debt fast, a proven plan to stay debt free forever. You can learn more by checking it [email protected] Number seven, purchase insurance to fill any coverage gaps that you may have. That could be a health plan term, life insurance, or even a long term disability policy and number eight, save for your next vacation. So you can pay for it in cash instead of credit. If you choose one or two of these short or long term goals and make a resolution to tackle them this year, your financial life will leap frog and your very happy future self will. Thank you.

I’m hearing each of you in your own lane, really advocating for self-care, whether it’s protecting your mind, your body or your financial ability to plan for the future. This feels like the most absolutely appropriate way to close the books on 2021 and step into 22, ready to tackle the world. Thank you so much. Once again, to Jonathan Sue Monica rele and Laura Adams, you can find all of their podcasts, get fit, guy, nutrition, diva, and money girl on apple podcasts, Spotify, or wherever you listen to podcasts. And of course you can find modern my mentor hanging out in all those same places until then. Thanks so much for listening and have a successful year end. This has been a quick and dirty tips podcast. Audio engineered by Dan fire bend with script editing by Adam Cecil. Our operations and editorial manager is Michelle Margulis. Our assistant manager is Emily Miller and our mark getting a publicity assistant is Davina Tomlin.

This week, Money Girl has something special to share. Instead of a regular episode, we’re celebrating the New Year with a panel of QDT expert hosts on the subject of New Year’s resolutions.

You’ll hear from:

  • me, Laura Adams, host of Money Girl
  • Monica Reinagel, host of Nutrition Diva
  • Dr. Jonathan Su, host of Get-Fit Guy
  • with Rachel Cooke, host of Modern Mentor, moderating

This episode covers everything from how to set realistic goals in 2022, what you need to be aware of when it comes to financial goals, and some of the goals we think you should set next year.

This article by Laura Adams originally appeared on Quick and Dirty Tips.

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About the Author

Laura Adams, Quick and Dirty Tips

Laura Adams, Quick and Dirty Tips

Laura Adams is an award-winning author of multiple books, including Money Girl’s Smart Moves to Grow Rich. Her newest title, Debt-Free Blueprint: How to Get Out of Debt and Build a Financial Life You Love, is an Amazon No. 1 New Release. Laura’s been the writer and host of the popular Money Girl Podcast, a top weekly audio show in Apple Podcasts, since 2008. She’s a frequent source for the national media and has been featured on most major news outlets including NBC, CBS, ABC FOX, Bloomberg, NPR, The New York Times, The Wall Street Journal, The Washington Post, Money, Time, Kiplinger’s, USA Today, U.S News, Huffington Post, Marketplace, Forbes, Fortune, Consumer Reports, MSN, and many other radio, print, and online publications. Millions of readers and listeners benefit from her practical financial advice. Her mission is to empower consumers to live richer lives through her podcasting, speaking, spokesperson, teaching, and advocacy work. Laura received an MBA from the University of Florida. Visit LauraDAdams.com to learn more and connect with her.

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