We’ve made it through the holiday celebrations and many of us have decided to start fresh when it comes to our finances. According to a new report by NerdWallet, 84% of people made money-related resolutions for 2018.
If you’re hoping to save money this year, you’re in good company: 60% of people listed saving money as their top goal. Paying down debt, sticking to a budget, and improving credit scores were other popular resolutions.
Millennials are the most ambitious when it comes to their financial resolutions, with 93% setting a money-related goal for 2018. Seventy-one percent of baby boomers reported to making a financial resolution, according to the NerdWallet report.
But, as anyone who’s resolved to hit the gym 3 days a week knows, making a resolution is different from actually keeping one. And sticking to your financial goals may be harder than you think. Of those who made financial resolutions in 2017, 21% abandoned their goals after just two weeks, while 74% held out for six months.
While it may seem daunting to reach your goals, people are feeling more confident when it comes to their finances. According to a study by Fidelity, 78% of people expect to be better off financially in 2018 than last year.
If you made a resolution and want to stick to it, experts recommend breaking up your larger goal into smaller, short-term goals. Make your resolutions clear and specific, and track your progress. And don’t get discouraged: having a setback shouldn’t mean failure. Pick yourself up, dust off those bank statements, and carry on!