This post may contain affiliate links. Read my full disclosure here

Setting New Year’s goals of financial management is a great way to usher in the new year.

With the holidays behind us and it’s time to look forward to the new year. Many people use this time to make New Year’s goals or resolutions. Some of the more common New Year’s resolutions include weight loss, health/fitness, or happiness.

Unfortunately, no matter what your New Years’ resolution might be, there is an issue with a majority of New Year’s resolutions. They fail.

Sign up for my emails now for FREE access to the Resource Library. It’s PACKED full of Financial Templates, Printables, Meal Plans, Tips, & More!

* indicates required

Statistics state that 80% of the people that make New Year’s resolutions will fail. [Source] Many of those failures happen within the first few months! With staggering statistics like this, it’s hard to imagine why people bother in the first place.

But there’s a psychology and good reason behind it. Making a goal and working to achieve a goal are both two great things that can do a lot for your self-esteem, brain, and development as a person.

popular new year goals or resolutions - colorful sticky notes on a blackboard

Why Most New Years Resolutions Fail

The answer to this whole section can be summarized in three words “they’re too vague.”

A New Year’s resolution to lose weight is vague and doesn’t give you enough details.

  • What does it look like?
  • How will you know when you got there?
  • What can you do to achieve it?
  • What’s the reward for getting there?

A New Years’ resolution for financial stability is a great one, but it should be more in-depth and give more details. For instance, what does it look like? You could want to get caught up on late bills, not add new debt, pay off old debt, or build savings.

By being specific with your goals, you’re making it easier to see them. When you can see the end of the tunnel, you’re much more likely to walk towards it.

Financial Management Goals to Have for The New Years

Some prime examples of financial goals that you could attempt to tackle this year are:

Write Out Your Monthly Budgets

Making a budget is difficult to do for many people, but honestly, the hardest part is sitting down and getting it over with the first few times.

Once you have a better understanding of where your money is coming and going, your budget won’t change much, and your job of updating it monthly becomes a task that only takes a few minutes a month.

Helpful Related Posts:

Composite image of clock counting down to midnight

Track Your Spending

You can write a budget, re-write a budget, and still find that your bank account comes up short. This is a difficult truth for many, myself included sometimes. Tracking your spending can really help you to master and control your money.

Get a receipt every time you shop in person, and write down all online purchases. At the end of the month, crunch a few numbers and see how your actual spending compares to your monthly budget. Do you need to make adjustments?

By being able to track your money, you can know exactly how to budget in a way that works for you. You may also find hidden money and expenses that you can trim to put more green in your pocket and less in the hands of another CEO.

Helpful Related Posts:

Stick to Your Budget

The hardest part of budgeting, sticking to it. It is so easy to write down numbers, but actually sticking to the paper is an entirely different challenge.

Setting a New Year’s goal of sticking to your budget is a very challenging one. You may find that you need to find additional money here and there or pinch a few pennies to help stay in the budget during the month.

Gas, groceries, electricity, and water all fluctuate in usage and costs during the year. What works one month may not work in another. Plan ahead, so it’s easier to manage your money during these fluctuations.

Helpful Related Posts:

Christmas holiday eve; Christmas decoration and vinyage clock

Payoff Debts

This is a fantastic goal to have no matter how large or small your debts may be. To even go so far as to make a dent in your payments is a huge milestone.

If you have a credit card costing you a few bucks per month, pay more than the minimum payments and try to clear the card so that the debt is done and over with. The same idea goes for other debts as well.

Look for ways to save money and then use that extra monthly funding to apply towards your debts. Once you have them cleared, you’ll feel great and have more money to spend every month because your budget won’t be as tight.

Helpful Related Posts:

Don’t Add New Debt

For many people at the end of the month, there is more money going out than coming in. This means that they end every month in debt. I’ve been there back when we were unemployed, and it was AWFUL! It takes a lot of hard work and determination to get up and out of this spot in your life, but it is well worth all of the efforts.

It took us about 1.5 years to get up and to stop this vicious cycle as a result, but the place that we are at now is significantly better! In fact, We’re pretty much back to where we were before all of this began, but with less debt.

Helpful Related Posts:

Save Enough Money to Build an Emergency Fund

Saving money and building an emergency fund is such a great blessing for the unexpected life occurrences. I recommend having enough money to cover your deductibles. We personally keep a $1000 emergency fund because it’s enough to cover the upfront costs of almost anything.

Having an Emergency Fund is what saved us from pulling out a credit card when my daughter was admitted to the hospital for 4 days the week before Thanksgiving with a double kidney infection. Before we knew it, we had spent about $400 on gas and food for us just so we could be there for her. That doesn’t include the two days of work my husband missed, either.

Emergencies happen all of the time, from government shutdowns to recessions, job loss, illness, car accidents, and bounced checks. There is no way to know when they will happen, but being prepared just in case is a huge asset and a worthy New Years’ goal.

Helpful Related Posts: 

Composite image of new years resolutions on january calendar

Advance Your Career Opportunities

If you aren’t happy with your current job or would like more money in your pocket at the end of every month, sometimes the answer isn’t as simple as “save money.” Sometimes, a job change is needed.

If you need to take a class, course, or do a little training in order to qualify for a pay raise or another job, do it. The only thing holding you back is you. Just make sure that you do it in a way that doesn’t add to your debt.

Other small things that you can do would include taking up a side hustle to help improve your income. This could help you to pay down debt and bills until your current wage is more comfortable.

Helpful Related Posts:

These were all much more involved Financial Management Resolution Ideas, but you get the point. If you’re looking for some easier ideas to help get our foot in the door to the right financial path, then here are some simpler New Years goals to look at.

  • Pay Your Bills On Time
  • Live Below Your Means
  • Pay Down the Credit Card Debt (even if it’s adding a simple $5-$10 per month to the minimum payments).
People Celebrating New Years

The Over-All Take Away of This Article:

To make a resolution that will work, you need to be specific. You need to it be something that you can see, manage, and follow along with. A pot at the end of a rainbow or a light at the end of a tunnel can keep you motivated enough to keep walking.

The trick to succeed and follow-through is to give yourself incentives and rewards along the way. After meeting a goal, treat yourself to something small but nice enough to feel nice and help keep you motivated.

For example, if you hardly ever eat out, after paying off debt (if that was your goal), save up a little money and go out to your favorite place. If you really want that new pair of leggings or your favorite coffee from Starbucks, then do it as long as you can afford it in cash.

These rewards keep you sane, lift your spirits, and help you to feel human again after crunching numbers and buckling down so hard.

By doing these two simple things, you can succeed at your New Years’ financial management goals.

Sign up for my emails now for FREE access to the Resource Library. It’s PACKED full of Financial Templates, Printables, Meal Plans, Tips, & More!

* indicates required

If you found this post helpful, share it!

How to set financial new years resolutions. How to make a goal that actually works, and why so many fail. Make 2020 your best year yet with these tips, tricks and suggestions for money management goals you need to help live your better life. #personalfinance #newyyears #newyearresolutions #moneymanagement #payoffdebt #makemoney #goals
Make 2020 the year you turn your life around with these new years resolutions you can achieve. Click through to find out what you can do to set goals worth setting and how to keep yourself motivated during the year. #personalfinance #newyyears #newyearresolutions #moneymanagement #payoffdebt #makemoney #goals
Do you find yourself sick of being in debt? Using these new year goals you can set achievable new years resolutions that can help you to get out of deb and stay motivated. #personalfinance #newyyears #newyearresolutions #moneymanagement #payoffdebt #makemoney #goals
Spread the love