Don’t Delay: Two-Thirds of Americans Plan to Make a Financial Resolution for the New Year

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Don’t wait to make your financial resolutions for 2024. Find out how to make your money goals more manageable and why you should get planning now. 

As we near the end of the year, you likely have the holiday season and friends and family on your mind. In addition to planning holiday gatherings, now is an excellent time to prepare for next year before the busy last few days of 2023 arrive. That may mean setting resolutions. Two-thirds of Americans are planning to make financial resolutions for the year ahead. If you’ve been thinking of establishing financial goals for 2024, now is the time to prepare.

Consider your finances when making New Year’s resolutions

It’s no secret that now is when many people start to ponder what resolutions they will make for the coming year. In addition to fitness and health goals, financial resolutions are popular goals for Americans. It’s never too late to improve your personal finances.

If you’re considering making a financial resolution for 2024, you’re not alone. Recent data from The Ascent’s 2024 Financial New Year’s Resolution study shows that 67% of Americans plan on making a financial resolution for the new year.

Based on our findings, millennials were the most committed to setting a financial resolution for the new year, and a whopping 82% of those surveyed said they planned to make a financial resolution. Meanwhile, more than half (51%) of baby boomers had no intention of making a financial resolution for 2024.

You may wonder what type of financial goals are the most popular. Paying off debt is at the top of the list. A little over one-fifth (22%) of survey respondents plan to focus on paying off debt. The next most popular financial goal for 2024 is saving up for a significant financial milestone — 16% of study respondents will be saving up for milestone purchases like a home, car, or a wedding ceremony/reception.

Other popular financial resolutions include:

Saving for a purchase (like a new TV or cellphone, or for a vacation)Increasing incomeSaving for retirementReducing spendingBuilding an emergency fund

These ideas may inspire you if you’re still unsure what financial resolutions you want to make.

Do this to make your goal more manageable

Regardless of what financial resolution you set for yourself, it’s essential to set yourself up for success before making changes. Many people struggle with changing their financial habits because the goal feels so overwhelming that they never get started or they give up early.

You can make your financial resolution more manageable by breaking it up into smaller goals.

For example, if you plan to save $12,000 in 2024, that can feel overwhelming. But breaking that goal up into smaller monthly goals can feel more achievable. Setting aside $1,000 each month feels less scary and still gets you to your yearly goal.

You can also use financial apps to stay motivated and monitor your progress. If you want to reduce your spending and save more, budgeting apps may be helpful. For those wanting to reduce or eliminate their debt in 2024, consider using one of the best debt payoff apps. Leaning on technology like this can make it easier to achieve your finance goals.

Don’t wait to set goals for 2024

While it may feel like January is far away, 2024 will be here before you know it. Setting a financial goal now can be a great strategy. You’ll have more time to consider an ideal resolution based on your current financial situation and short- and long-term goals. So, what are you waiting for? What financial resolution will you be tackling next year? You can do it — I believe in you.

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The Ascent does not cover all offers on the market. Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team.The Motley Fool has a disclosure policy.

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