Learn and Plan | 6 ways to make your financial resolutions stick
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6 tips to make good on your financial resolutions for the New Year

Jan 6, 2025, 4:54:45 PM | Reading Time: 4 minutes

Most of us make financial resolutions for the New Year, such as saving more or paying off debt or school loans. But following through on these promises can be a lot harder than making them. Oftentimes, our resolutions don’t even make it past the first couple of months. If you're looking to break the cycle, here are six ways to help maintain momentum and take your goals to the finish line.

Six ways to make your financial resolutions stick

Keep New Year’s financial resolutions realistic

To help set oneself up for success, it’s important not to overreach and shoot for extremely difficult goals. It’s unlikely to whip an entire financial life into shape in one year. For example, attempting to pay off all credit card debt in a short period might lead to disappointment. Instead, a more reasonable goal would be to pay off the lowest balance credit card. Once that goal is met, another can be set to pay down the next highest balance. This same methodology could be applied to other goals, like saving for a house, paying off school loans, or saving for retirement. Helpful tips include:

  •  Make resolutions manageable and realistic and prioritize them.
  •  Set specific, measurable goals, like save $200 each month to put toward target
  •  Select a few goals that can have a big impact on finances, such as setting up an emergency fund or opening a retirement account and committing to investing money into it regularly.
  •  Start with small adjustments to spending habits instead of making drastic cuts that could be hard to maintain.
  •  Acknowledge progress along the way. Meeting milestones, even small ones, can help keep you motivated.

Read up on financial tips, products, and services

To make sound financial moves, it’s a good idea to have a working knowledge of potential strategies, services, and financial products, and how they can help with money management. Start by following and reading finance features by reputable journalistic organizations.

  • Find out more about products by visiting sites like the Consumer Financial Protection Bureau (CFPB). Its “Consumer Resources” section offers guides on important financial decisions like planning for retirement and buying a house and provides answers to questions about credit cards, mortgages, and auto loans. 
  • Browse Midland National’s Learn and Plan for financial tips about money management, retirement planning, life insurance, annuities, and much more.

Outline how to prepare financially for the New Year ahead

Having financial goals in mind is great, but they can only be achieved with a strategy to implement them. For example, if saving money is on the agenda, it’s important to set a target amount, how much can be saved toward that goal each month, where the money will come from, and how to avoid spending it on other things.

Having a plan that addresses all these moving parts is a critical step to ensuring you have a quality financial goal and can help you stick to the program. Start by:

  •  Deciding what action steps are needed to reach each goal
  •  Creating a schedule for action steps
  •  Following through on each scheduled action step
  •  Being flexible and make adjustments if needed

Revise the budget to meet money goals in the New Year

When creating new goals, a budget should be adjusted to accommodate these additions. This means reviewing the budget to find ways to make room for the goal. Are there areas where spending can be reduced or cut back? What expenses can be sacrificed each month to help achieve the goal? The key is to create a budget that accommodates the new goal while ensuring the overall finances remain balanced and manageable.

Automate money management for controlled savings

When it comes to resolutions, there may be concerns about whether there is enough willpower to follow through with goals. One way to reduce this worry is by automating finances. Studies show that people who automate their savings tend to save more than those who don’t. A simple way to do this is by opening an online savings account and setting up automatic transfers each time a paycheck is received. Other automatic deductions, such as contributions to a 401(k) or savings for an emergency fund, can also be set up to help achieve financial goals.

Automating money management tasks helps make sticking to savings goals and contributing to a retirement account more seamless, since the money is automatically deducted each month. This way, you can build savings without having to actively think about it, and it becomes money that’s less likely to be missed.

Seek financial tips from trusted people

Sticking to resolutions can be challenging but sharing them with others can help make the process easier. Asking a friend or family member to help you stay accountable can provide valuable motivation and keep you on track. For those not comfortable discussing financial matters, such as debt, with close friends or family, connecting with others facing similar challenges can be helpful. Online personal finance groups offer a space to share goals and find support from people going through similar experiences.

Another person to consider adding to your supportive team is a financial professional. As a well-informed resource, they understand sticking to a goal, regardless of whether it’s a New Year’s resolution or not, can be difficult—especially if you don’t have a plan forward. If you’re interested in financially protecting your loved ones, for instance, they can discuss how life insurance could help. If you’re trying to create guaranteed income for retirement, annuities might be a great addition to your financial plan. By working together, you can pinpoint your goals, overcome challenges, and create a plan that is designed to turn your wish list into reality.


The term financial professional is not intended to imply engagement in an advisory business in which compensation is not related to sales. Financial professionals that are insurance licensed will be paid a commission on the sale of an insurance product.

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