7 Tips for Making Financial Resolutions Last

Every year promises a fresh start — and many people mark the milestone by making resolutions. In fact, about one-third of Americans report that they set at least one goal for the new year, with that figure climbing to nearly half of adults 29 and younger, according to a Pew Research Center Survey.

Saving more, budgeting, and other finance-related goals are some of the most common resolutions. However, while making the resolution is the first step, sticking to it is a different story. Existing money habits, new financial obstacles, and general life often hinder achieving financial goals.

But what about this year was different? Consider the following recommendations to help your financial resolutions become reality:

1. Make your financial goals more specific and measurable.

One of the most common resolution missteps is setting vague or generic goals. For example, say your goal this year is to "save more money." Without details, it's challenging to know when you've achieved your objective or if you've done enough. Instead, create a specific goal so that you can measure your progress toward it. You may want to save $5,000 in an emergency fund. Knowing that, you can create a plan that tackles this goal in smaller steps — you'll want to save at least $400 each month. The details are important; getting specific is critical to achieving your goals.

2. Limit your financial priorities to one or two.

There's something about the start of a new year that makes everything seem possible — but trying to tackle all your financial goals at once can lead to overwhelm. To increase your chances of success, identify your priorities and devote your attention to them. For instance, trying to get out of debt, starting an emergency savings account, and saving for a house down payment in the same year could be a lot to manage. Focus first on the debt and commit to accomplishing that goal. Then, once you succeed, you can move on to the emergency savings and, eventually, the house.

3. Incorporate an accountability aspect.

Accountability is a key differentiator between achieving goals and letting them fall by the wayside. Fortunately, there are multiple ways to incorporate accountability into your financial resolutions. For example, consider establishing periodic check-ins with a financial advisor or trusted friend or partner who knows about your goals and supports your financial journey. You can break your goal down into smaller milestones and reward yourself as you pass them en route to the bigger goal. Working together with someone also helps; ask a friend or relative if they have any financial goals, check in with each other, and celebrate your wins together.

4. Take advantage of financial apps.

Many financial apps address common money challenges and provide resources that make sticking with your resolutions much easier. First up: Mobile banking apps. These apps enable you to track and manage your accounts and deposit checks. The Old National Bank mobile app also offers budgeting features that allow you to set goals, monitor spending, identify trends, set alerts, and more. Other financial apps can supercharge your savings, enable investing, and help you track and improve your credit score. Download the apps that match your objectives, and let the technology accelerate your progress.

5. Automate your savings.

You've likely heard of personal finance saying, "Pay yourself first." Automated savings tools ensure that happens — without you having to lift a finger. Old National Bank savings accounts and digital banking features enable you to automatically transfer specific amounts from your checking account to your savings account on the day of your choice. By paying yourself first, you also regularly place your discretionary funds into savings so you're less tempted to use them for other purposes. The automation helps you develop a savings habit and ensures you're making progress toward your goal.

6. Learn more about personal finance.

Devoting a little time to educating yourself about money matters can go a long way toward improving your financial stability. The good news is you can tap multiple free resources to learn more about budgeting, saving, investing, and money management. For example, you can subscribe to Insights.  Here you'll be provided financial education materials that included videos, articles, and saving calculators to help maximize your savings efforts. You can also get a free financial review.   To get started, find a location near you. 

7. Revisit and adjust your resolutions accordingly.

Life happens — even when you're doing everything possible to achieve your financial resolutions. You may have an unexpected expense or job change that limits your progress. Conversely, you could also wind up with a windfall that changes the nature of your goals altogether. Either way, revisit your goals monthly or quarterly and assess whether they still apply and if your plan for achieving them remains feasible. Adjust your expectations and goals as needed so that you can continue to move forward in a way that works with your circumstances.

Resolutions at the ready

Creating resolutions is an exciting way to put yourself on the path toward financial stability and your future dreams.

Incorporating the above tips can help you see your goals through. That way, come 2026, you can celebrate your wins and develop a new set of potential resolutions.

Interested in learning more about personal finance? We are here to help. Find a location near you and meet with a banker.