New Year’s Resolve

Hello All,

As the start of the new year approaches, many of us are thinking about things we want to do differently. Of course the start of a new year is essentially a social construct. January 1st was chosen by Julius Caesar in 46 B.C. to honour the god Janus (after which January is named) and as part of his efforts to align the calendar with the seasons. The Julian calendar forms the basis for our modern Gregorian calendar (which mostly just corrects for leap year which had not been taken into account). Other cultures celebrate the New Year at various times during the year and are often not a fixed date but depend on lunar cycles and may be celebrated over a number of days.

That being said, the new year holds a specific significance as it symbolically heralds a new beginning. Psychologically, it allows us to put the past year, with its follies and foibles behind us, and focus on how we can improve.

Some of us have specific goals - gyms and weight loss plans are massive beneficiaries, while sales of alcohol/cigarettes tend to decrease. Other common goals might include decluttering (Marie Kondo is likely very popular in January), spending less, learning a new skill or simply striving to be a better person.

Others are more cynical and believe that any changes are bound to be short lived. Past failures to stick to resolutions can be deeply discouraging so it is simply better not to resolve to do anything.

Because new year’s day is a social construct, the desire for change is often based on superficial considerations i.e. something we don’t like about ourselves or our lives. However, real change often comes in the wake of more significant events that result in some form of suffering. This might be a breakup, an illness, a job loss, loss of a loved one etc. which usually do not coincide with the start of a new year.

That being said, I (perhaps naively) still believe that this is a great time to both contemplate what you would like to achieve in the coming year and also to reflect upon your wins and obstacles from the previous year. While self improvement is ideally an ongoing and consistent challenge, the symbolic importance of a new year gives weight to this process. It is also a time when most of us are on holiday and therefore have the bandwidth to engage in this exercise which ideally is done in a quiet place free from distraction. Your goals for 2023 can be anything you want them to be. The key, in my opinion, is that they are authentically yours and not because you feel like you have to measure up to someone or something else. For me, as long as I remember to be kind and fair to myself, this type of introspection can be deeply gratifying and allows me to see the potential for renewal. 

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Ronika Khanna

Ronika Khanna is a Chartered Professional Accountant (CPA), Chartered Financial Analyst (CFA), and the founder of Montreal Financial. Her previous experience includes roles at PwC and ING both in Montreal and Bermuda.

She started her business 15 years ago with a focus on accounting, finance and tax for small business owners, startups, freelancers, and the self-employed. As a small business owner herself, Ronika leverages her firsthand experience to offer practical advice and bring clarity to complex financial concepts.

She has been featured in media outlets such as CBC, the Toronto Star, and The Globe and Mail and has authored several books to help small businesses with their finances.

You can connect with her via her biweekly newsletter, Twitter, YouTube, and Linkedin.

She also offers consultations to small business owners and individuals who want personalized guidance.

https://www.montrealfinancial.ca/about
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