Creating Financial New Year Resolutions You’ll Keep

The new year is an ideal time to assess your money habits and set new goals for financial success. However, the reality of New Year’s resolutions is that breaking them has become as much of a yearly tradition as making them in the first place. One study found that 62% of people who set resolutions end up breaking them after just one month. 

That’s not to say sticking to financial goals is impossible. Actually, those who adopt specific goal-setting strategies see far more success in the long-term. In this blog post, we’ll outline a few key strategies for your financial planning in 2024. 

Determining Your Financial Goals 

Before developing how you’ll achieve your New Year’s resolutions, assess your current situation and decide what your goals are. Are you aiming to save for retirement? Adopt better spending habits? Consider your current lifestyle and financial condition carefully when determining what changes you need to make in the next 12 months. The best, most actionable goals come from a need for change. 

If you aren’t sure where to start on choosing a financial goal, here are some to get the ball rolling: 

• Establish and stick to a budget 
• Pay off credit card debt 
• Cut down living expenses 
• Start or add to an emergency fund 
• Automate saving accounts 
• Create a will 
• Minimize impulse buying 
• Negotiate a raise 
• Start an investment portfolio 
• Save for retirement, house ownership, or an education 

How to Follow Through on Your Financial Resolutions

Intentional goal-setting puts you on the right track for financial success, but how do you ensure you stick with them? 

Set Realistic Goals 

Avoid setting lofty, broad goals like “be more financially responsible”. A better approach is to be both specific and realistic with your goal-setting. Set specific markers for success, such as planning to reduce spending by a predetermined percentage each month. It’s also important that your goals are realistic. For instance, the goal of paying off debt in a year is admirable, but it may not be realistic depending on your finances. 

Hold Yourself Accountable 

Tackling goals on your own isn’t easy. That’s where having someone to keep you accountable can help, whether it’s another household member or a friend. If you share finances with someone else, holding regular meetings together assessing your progress is a great way to hold yourself accountable. If you live alone, consider joining a personal finance club with others pursuing similar goals. 

Celebrate Milestones 

While being diligent and disciplined is important when pursuing goals, so is recognizing that hard work. Throughout the year, recognizing your achievements will help keep you motivated as you plan for the future. Celebrate the small victories along the way, whether by congratulating yourself or doing an activity you enjoy as a reward. 

Adjust Your Mindset

As we’ve mentioned, being realistic is a crucial part of setting and achieving goals, especially financial ones. Out of all the different types of resolutions to set, financial goals are some of the toughest to keep. With that in mind, be prepared for setbacks. Life can be unpredictable, resulting in an unexpected expense or change that affects your plans. Don’t be afraid of set-backs and potential mistakes. These are normal parts of pursuing any type of goal. 

Plan for the New Year With Casey State Bank 

Wherever 2024 takes you, we’re here to help as your financial partner. Contact Casey State Bank today to learn more on securing your financial future!