New Year Financial Resolution for 2020

Yaay!!! So it’s 2020 and the “New Year Resolution” everywhere continues.

Have you thought of financial resolution? Like, a friend made a resolution to become a billionaire before next year. To me, this is just mere fantasy. I’m not saying it’s unrealistic but this friend doesn’t even earn up to ₦100,000 per month.

Well, I’m not a fan of New Year Resolution because it’s practicability is not 100%. But I do something yearly which is remarkable: I set goals to crush in every facet of my life, including my finances.

You need to create a clear roadmap by defining your financial goals. The goal this year is “Ultimate financial freedom.” This is a long-term goal too, you know.

On your path to financial breakthrough, you have to have a plan. You need to state succinctly how much money you have available for spending. You need to state clearly how you want to earn, save or invest in order to effectively and efficiently manage your finances.

You need to be upfront and honest with yourself. Ask yourself the following questions:

  1. How much do I have in my coffer?
  2. How much do I want to be earning?
  3. What is my worth?
  4. Are there bills I have to pay?
  5. What are my financial obligations like?
  6. How much is my total revenue and expenditure?
  7. What is/are my source(s) of income?
  8. Got I any alternative?
  9. Where do I want to invest my money?
  10. How much am I investing in myself?

After answering those questions, the next step is writing down your financial goals. This is our regular SMART rule but with spice. Your financial goals should have these essentials:

Penned Down

If you don’t have it written down, in your goal board, it may never be achieved. The first step in achieving a goal is having it penned down. Revisit, update and review your goals from time to time.

Meanwhile, your financial goals should be written in present tense, like you’ve already achieved them. For instance, I earn (so so so amount) at the end of the month/year. This makes them easier for your subconscious mind to absorb, attract and execute accordingly.


This is about knowing exactly how much you want to be earning, when and at what interval? That is, what exactly do you want to achieve and when?
Realistic– this is about ensuring your goals are attainable. It’s no rocket science, unrealistic goals cannot be achieved. They can lead to frustration and disappointment. You need to save yourself of the headache that comes with that by setting only realistic financial goals.


Each of your financial goals should have a specific timeframe attached to it. Also, your goals should be fixed within deadlines. You need to separate your short-term goals from long-term goals too. Short-term goals are those to be achieved within a short period of time while long-term goals are those to be achieved over a span of years.

Formulate an Action Plan

This is the biggie, yeah yeah. This is about formulating your how. How do you intend to earn this money? The answer may be to engage in more side hustles, to take on extra gigs, launching a new business venture, save more or invest more. Whatever it is, ensure you have a blueprint.


Be intentional about your financial life in 2020. You’re on your way. If you fail to plan, you’re planning to fail. “Success is a goal and all else is commentary…”, said Brian Tracy. So what are your financial goals for 2020?

Don’t forget to drop your comment, with love!

Make Money As a Freelance Writer in Nigeria

By Wakilat Zakariyau

Wakilat Zakariyau (DaintyZawak) is a leader, pro bead maker, avid reader, growing philantropist, media enthusiast, budding journalist, dreamer, believer and achiever. She is the founder and national convener of DaintyZawak Initiative, a non-profit, non-governmental philanthropic organization that focuses on kids and teenagers. She is also the CEO of Zawak Beads, a beading brand.

4 thought on “New Year Financial Resolution for 2020”

Leave a Reply

Your email address will not be published. Required fields are marked *