New Year’s resolutions often focus on goals that are meaningful yet challenging, which can make them hard to stick with. Instead of relying on the same traditional approaches, try reimagining your financial resolutions with a more personalized and creative perspective. Here are some ideas to breathe new life into common financial goals.
Instead of Saying…
“Save More Money,” Try “Build a Savings Habit”
Basics: Start with the essentials – create an emergency fund covering 3-6 months of expenses. Set up automatic transfers to save for specific 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 fit your goals and use it to build a consistent savings habit alongside your broader financial plan.
“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 such as 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 does not derail your progress.
“Create a Budget,” Try “Organize My Finances”
Basics:Develop a realistic budget and track spending using budgeting apps or spreadsheets. Try a method such as 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.
“Start Investing,” Try “Learn to Build Wealth”
Basics:Begin by increasing contributions to your 401(k) or IRA or other retirement accounts. Explore investing in stocks, 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 which allow for fractional shares or practice accounts. This interactive 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.
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Investment advisory services provided through CBIZ Investment Advisory Services, LLC, a registered investment adviser and a wholly owned subsidiary of CBIZ, Inc.
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