Reuters Money

‘Tis the season for resolutions. Have you already promised yourself not to overspend in 2011? To squirrel away more for your child’s education? Save for your vacation next year rather than charge it?

According to a recent survey from Fidelity Investments, more Americans than ever are considering financial resolutions for 2011, but how do you make them stick?

In order to keep those resolutions, we need to do away with a compromise mindset, says Jim Camp, author of No: The Only Negotiating System You Need for Work and Home.

“Our very first thoughts when trying to make an agreement is: ‘What can I give up here?’ ” Camp says. A person’s ability to say “no” to compromise will dramatically increase their opportunities for resolution success.

Think long-term
Sure, resolutions are an annual commitment, but how do they play into your larger financial picture? Whatever your resolutions for 2011 may be – they need to fit into your long-term aim, Camp says.

“We have to have a vision of where we’re going in the financial arena and how it fits. If we have that vision and that financial commitment doesn’t fit, we have to say ‘no’ to it,” he says.

Once your long-term goals are established, it’s important to determine your continuing tasks and responsibilities. Want to pay off your consumer debt? How does debt repayment factor into your monthly budget?  What actions are required, and how long will it take to realize your goal? Remember, a goal without a timeline is just a dream.

Plan ahead and write it down
Ever been to the grocery store on an empty stomach? Most likely you left with a gluttonous amount of food you hadn’t planned on buying, damaging to your waistline and your pocketbook. Plan ahead to stay on track.

Write down daily goals or objectives early in the day, or the night before, so a plan is in place should obstacles or temptations crop up. Have a shopping excursion planned with a friend? Make a shopping list and put a budget on paper to alleviate impulse buys.

“People don’t really go into budget building, and that’s a really terrible mistake. That’s a costly mistake,” Camp says, adding his system — called daily track –  teaches people how to set up actions and objectives in order to modify their behavior.

“I teach my clients how to plan for every single negotiation they’re going to enter into that day. Then we have a debriefing, so we find out where we fell short or where we made a mistake,” he says. “What eventually happens is (that) we’re building the kind of habit that will carry us down the road, and we can do that in all parts of our lives.”

Establishing a mission and purpose for your financial goals in 2011 will create barriers to distraction and enhance your decision making dramatically, Camp says.

“You’re creating laser-like focus on your responsibilities and where you’re going. It’s pretty hard when you have a plan in place to step outside of that and get distracted,” he says.

If you have a clear aim on what you’re meant to accomplish – even if it’s buying milk and bread – it’s a lot easier to stick to your resolutions.

Use your head, not your heart
“The one thing that we human beings are absolutely responsible for is the decisions we make,” Camp says.  Research shows the majority of decisions are first made emotionally, followed by an intellectual justification.

Determine whether that dress you’ve been eying is really something you need versus something you want. Your wallet will thank you.

Will 2011 be the year you hold yourself accountable? What will you do to ensure your financial resolutions are met?