The new year often feels like the perfect time to tackle long-standing goals, whether it’s adopting a healthier lifestyle or improving financial habits. However, many resolutions lose steam by February. So how can you ensure your financial resolutions stick this time?
According to The Week, research shows it’s possible. A study in The Journal of Clinical Psychology found that almost half of New Year’s resolution-makers were successful after six months, compared to just 4% of those who didn’t make resolutions.
Here are four actionable tips to help make your financial resolutions a success:
1. Make Your Goals Specific and Realistic
Vague goals like “get better with money” can feel overwhelming and lack direction. Instead, break them into specific, measurable steps. For instance, rather than aiming to “be financially comfortable,” focus on tangible targets, like paying off all non-mortgage debt or saving a specific amount for retirement.
When setting goals, ensure they are realistic and consider your lifestyle, income, and financial constraints like inflation. Unrealistic goals can lead to frustration and burnout. Instead, create achievable milestones that build confidence as you progress.
2. Find an Accountability Partner
Achieving financial goals doesn’t have to be a solo journey. Partnering with a trusted friend or family member can improve your chances of success. Schedule regular “money dates” to check in, share progress, brainstorm solutions, or even budget together.
Having someone to hold you accountable creates a support system that makes it easier to stay motivated and overcome challenges.
3. Leverage Technology to Stay on Track
Financial goals can feel more manageable with the right tools. Use budgeting apps and financial trackers to monitor spending, set savings goals, and automate tasks. For example, automatic monthly transfers to a savings account can help you consistently build your financial cushion without extra effort.
Technology can also help curb bad habits. If online shopping derails your budget, unsubscribe from promotional emails and disable push notifications for sales. Small tweaks can eliminate temptations and keep you focused on your goals.
4. Track and Celebrate Progress
Measuring your progress is key to maintaining momentum throughout the year. Keep track of your achievements, even if they fall short of perfection. For example, if your goal was to save $500 but you managed $150, celebrate the effort — it’s still a step forward.
Recognize and reward your milestones to keep motivation high. Celebrate small wins by treating yourself in budget-friendly ways, like a special meal or a night off from responsibilities.
By setting clear goals, leveraging tools and support, and celebrating progress, you can turn your financial resolutions into lasting habits. Start small, stay consistent, and watch your financial health improve over time.
Photo: yanishevskaanna
