Have you ever started the year strong with New Year’s resolutions, only to flip-flop a few weeks later? Yup. You’re not alone.
MONEY falls into the Top 3 most common New Year resolutions (following health + self improvement) – and it’s one of the “most failed” too! But, guess what? There’s a way to break this cycle of broken promises.
Today, we show you how to set up your 2023 money goals, and give you a checklist of what to look out for to help you stay on track.
So, if you’ve dreaded financial resolutions, or struggled with how to budget money things – keep reading. You’re in for a New Year’s treat!
PS. For the record: “on track” to us = you can make more money, clear debt, and reach your full financial potential. That’s why we’re here!
👀: 6min read
(PS. For the record: “on track” to us = you can make more money, clear debt, and reach your full financial potential in 2023. That’s why we’re here!)
Before we start, we want to emphasize: You Are Not Alone.
Most people suck at keeping their New Year promises.
And there’s enough studies out there to prove it:
Ok, only 8% from 70%??? That is NOT a good statistic.
How can you rise above that 8% success rate?
You need a realistic New Year’s resolution plan.
There are many variables that determine the success of keeping and achieving New Year’s resolutions (age, demographic, place of residence, gender, etc.). But, they all have a handful of things in common.
So, we compiled the big takeaways from our research, plus a good ol’ dose of personal experience from the Penny Finance team – and created an easy, 5-step action plan just for you.
Say your goal is, “I will save more this year.”
Okay, great! Now dive into the details:
If you want to save money, that’s a great start. But you need more than that to determine how to get where you want to be. A better version of “I’ll save more” can be:
“By the end of this year I will save $1,000 to build my emergency savings.”
Once you have your New Year’s resolution, think: How am I going to accomplish this goal?
Start big, get small.
If your goal is to save $1k in 1 year, break it down to tiny, bite-sized pieces.
“I will set aside $83 per month to reach my $1k goal by the end of the year.”
If saving $83/month doesn’t feel doable for you right now, adjust your goal.
How much can you save? It’s okay if your numbers need to be lower. What matters is that you take action. Keep it real. Those baby steps add up.
Be radically honest with yourself:
Maybe this means setting up a reminder or auto-transfer to move the money auto-magically.
Or creating a savings account that you’re not gonna touch, no-matter-what.
Make it as easy and effortless as possible for you to take action.
Having a digital financial advisor like Penny is especially helpful, because she helps you stay on track. She’s like your personal trainer, for money moves. ;)
Old habits are hard to break because they’re literally hard-wired into your mind and body. If you forgot to transfer money that month (or for several months), don’t beat yourself up. Set up that auto-transfer, or add reminders to your calendar.
Take a deep breath. And try again.
Trust that in time, you’ll build new money habits – and a hefty sum with it.
Here’s a list to help you make 2023 your best money-making year yet!
Not familiar with our mini-budget method? Here’s a crash course.
Don’t try to budget out every line item. Most never stick with it, because traditional budgeting doesn’t make sense. Know your big numbers. Play within them.
Your credit score is another great way to gauge your financial health. You can get a free copy of your credit report at USA.gov (everyone can get this 1x/yr!) OR by logging into your actual credit card site.
Our goal is to empower all women to embrace the fierce financial girl-boss within.
We’re here so you can reach full financial freedom, with your own wallet, on your own terms.
Are you ready to make real money moves in 2023?
Join the Penny Finance community today for only $10/month.
Penny Finance may earn an affiliate commission if you purchase a partner product or service.take me to penny