5 Financial Resolutions Everyone Should Make

In this article: Money resolutions that can help ensure you end the year in a better financial position than you start if you can stick with them throughout the year.

by Andrea Norris-McKnight

Whether you’re a resolution-maker or a goal-setter, you should continually take steps to improve your financial situation. This involves periodically taking stock of your finances and setting and achieving financial goals.

Here are five New Year’s resolutions — or goals, if you prefer — that everyone should have to end the year in better financial shape than you begin.

1. Resolve to stay on top of your budget this year.

Getting behind on tracking your spending and managing your budget is easy — and common. Unfortunately, it isn’t until you get your budget caught up that you realize you’ve overspent on one or several budget categories.

This year, resolve to plan out your budget at the start of each month and refer to it before making discretionary purchases. Then, give it a quick review at the end of each month to identify areas that need improvement and make necessary adjustments for the new month.

2. Resolve to make your credit card balances decrease every single month.

The pandemic and inflation may have left you with a growing credit card balance. Or maybe you allowed your spending to go unchecked last year. So, you may not be able to pay off all of your credit card debt this year, but you can make sure you owe less when 2025 rolls around than you do now.

Either way, to keep your card balances from increasing, you’ll need to pay off a portion of your old balance, any newly accrued interest and any new charges you make each month. In other words, you’ll need to pay more than just the minimum payment if you hope to pay down your balances.

For some people, paying down credit cards will be tough. If you truly want to be successful with this goal, don’t use your credit cards until you get the balances paid down to a manageable amount. If you do continue using your cards, you’ll have to watch your spending closely to ensure you don’t charge more than you can pay when you get that monthly statement.

Either way, staying on top of your budget (Resolution #1) can help you succeed with this resolution.

3. Resolve to give careful consideration before making any purchase of $50 or more.

If you’re serious about paying down your credit card balances this year, this resolution can help you do it.

The concept is simple. Before making any major purchase, wait a couple of days. Use the time to think about ways you could get the benefit without spending the money. Do you really need the item? Could you borrow or rent rather than buy? If you must buy, can you buy used?

If the purchase is necessary, shop around and find the cheapest way to make it. Maybe a $100 purchase can ultimately be a $70 or $80 purchase.

4. Resolve to save a set amount every day, week or month.

If you’re not so great at putting money away into savings regularly, consider changing that this year. Even if you save some small amount, such as $1 a day or $5 a week, you’ll develop a savings habit. And it will add up faster than you might think. Increase the amount as your financial situation improves.

Put your money to work in a high-yield savings account while rates are still high and your savings will grow even faster.

Or consider investing that $1 a day. Let’s assume you earn 10% per year on your savings. That’s the long-term average for the stock market. At the end of 10 years, you’ll have nearly $5,000. After 20 years, you will have accumulated over $20,900. If you start at age 30 and keep it up until you’re 65, your measly $1 a day could grow to $99,000!

Related: How Saving $2.75 a Day Can Change Your Life

5. Resolve to learn one new money-saving tip each week this year and put it into practice.

There are literally thousands of ways to save money. You don’t have to look very hard or far to find good ideas, and many don’t take much time to implement. It’s simply a matter of making up your mind that saving money is important to you and you’re willing to put forth a little effort to accomplish your goal.

Consider subscribing to Dollar Stretcher Tips to have money-saving tips sent to your inbox each week.

Resolve To Stick to Your Resolutions

None of these resolutions are anything new. But they are things some of us lose sight of as the year progresses that can impede any financial goals we set.

If you can successfully stick with these resolutions, you might just end the year in much better shape than you entered it.

Isn’t that what resolutions are all about?

Get more help with your financial New Year’s resolutions:

• Be Debt-Free This Year
• Resolve to Stash More Cash This Year
• Easy Ways to Build an Emergency Fund on a Tight Budget
• A Proven Solution for Keeping Financial Resolutions

Reviewed December 2023

About the Author

Andrea Norris-McKnight took over as the editor of The Dollar Stretcher and After 50 Finances after working under the site founder and previous editor for almost 15 years. She has also written for Money.com, GOBankingRates.com, HavenLife.com and The Sacramento Bee.