A Fresh Twist on Financial Resolutions

Written and provided by CBIZ

New Year’s resolutions are all about setting meaningful, ambitious goals — but let’s face it, they can be tough to maintain. Instead of following the same traditional approaches, try reimagining your financial resolutions with a fresh, more personalized perspective. Check out these ideas to breathe new life into your typical financial goals.

Instead of Saying… “Save more money,” try “Build a savings habit.”

• Basics: Start with the essentials like creating an emergency fund to cover three to six months of expenses or setting up automatic transfers to save for goals like a vacation, a home or college.

• Fresh Twist: Make saving fun with a 52-week savings challenge. Start small by saving $1 in the first week, $2 in the second week and so on until you reach $52 in the final week.

  By the end of the year, you’ll have saved $1,378! Customize the challenge to your goals and use it to build a consistent savings habit alongside your broader financial plan.

Instead of Saying…“Pay off debt,” try “Achieve paying myself first.”

• Basics: Identify areas where you can cut back and redirect the savings to debt repayment. Use strategies like the debt snowball (pay off smallest balances first) or the debt avalanche (prioritize debts with highest interest rates).

• Fresh Twist: Set mini goals to break up your journey, such as paying off 10%, 25% or 50% of your debt. Celebrate each milestone with small, budget-friendly rewards like a favorite dessert or a new book — something that feels like a treat but doesn’t derail your progress.

Instead of Saying…“Create a budget,” try “Organize my finances.”

• Basics: Develop a realistic budget and track spending using budgeting apps or spreadsheets. Try a method like the 50/30/20 rule (50% needs, 30% wants, 20% savings) to balance income and expenses.

• Fresh Twist: Add gamification to your budget. Use budgeting apps that offer challenges, virtual rewards or social features for friendly competition. Tracking your spending can become more interactive and fun when you see your progress visually or compete with friends to hit savings goals.

Instead of Saying…“Start investing,” try “Learn to build wealth.”

• Basics: Increasing contributions to your 401(k) or IRA or other retirement accounts. Explore investing in stocks, exchange-traded funds (ETFs) or mutual funds to grow wealth over time.

• Fresh Twist: Follow investment podcasts, blogs and social media for education and inspiration. Try hands-on investing with beginner-friendly platforms that allow for fractional shares or practice accounts. This approach helps you build confidence while building your portfolio.

With a fresh approach, you can transform your financial resolutions into achievable, rewarding goals that stick.