How to Get Back on Track with Your New Year’s Financial Resolutions


Are you following through with those financial resolutions you promised yourself on December 31st?

It’s easy to drift off course, especially if you have some holiday debt left over. Your financial resolutions may be the last thought in your mind. However, sticking to these resolutions may be able to benefit you while you are trying to get rid of that holiday debt, they may even help reduce it! It is important not to stress, you still have a whole year to get back on track.

Here are some ways to get started.

Write down your financial resolutions (if you haven’t already)

Get out a pen and paper and jot down all of your financial resolutions into a list. Go over which ones you think you can tackle first and consider putting a term on each. You might also want to add mini goals (if you haven’t already) for each resolution. For example, if you want to put more money into a savings account every month, then you might need to boost your cash flow in order to have that extra money. You might need to focus on your mini goals before you can achieve your financial resolutions.

Don’t look at your list as one big financial resolution. Break them up into chunks. It is important to understand you can’t tackle each financial resolution in 3 months, it’s going to take some time. Don’t worry you have a whole eleven months to reach your goals.

Get motivated

Look for something that will help you get motivated and stay on track; this might even be something that isn’t financially-related. For example, you might find yourself more motivated to cut back on expenses if you live a healthier lifestyle and focus on exercising more. Think about what can help you achieve a positive mind. If you start living a positive life and focusing on your goals, then this may help you get out of your slump and get back on track with your financial resolutions.

Tell someone about your list

You might be inclined to reach your financial goals and resolutions if you tell a friend, spouse or family member about your list. It will also help keep you motivated if the person you told frequently asks you about it. You might even get them to join you!

Adjust your goals

If the reason you are falling behind on your financial resolutions is because you believe they may be a little too difficult, then you might want to reevaluate and tweak some of your mini goals. If your financial resolution is to save $3,000 and you don’t know where you will get the extra money from, then consider picking up an extra job on the weekends or cutting back on some of your expenses. This might mean canceling your cable subscription and sticking with Netflix or canceling your gym membership and working out at home.

It is also important to note that when your life changes, your goals may change too. Maybe you have experienced a loss of a job or have a minor cut on your income. Your goals and finances should run on parallel tracks at all times. If you are interested in reading more about how to plan your goals with your finances, then consider picking up a copy of Life & Debt. If you don’t reevaluate your goals each time you have a minor change in your life, then you may not only fall more behind on your financial resolutions, but you might also fall into a little debt. Don’t make this mistake. Stay on top of your goals!

Don’t stress if you are a month into the year and you haven’t taken a look at your financial resolutions. You still have another eleven months to get back on track. Remember to stay motivated and focus on your goals. You will be very pleased with yourself each time you can cross a goal off your list.


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