5 Financial New Year’s Resolutions to Help You Get a Fresh Start
New year, new beginnings! Whether you’re setting goals for the year ahead or getting a “second chance” at keeping your annual resolutions during Chinese New Year, January and February are the perfect time to get a fresh start.
Making resolutions can help you enhance all aspects of your personal well-being – including your financial wellness. Meeting your financial goals can boost your professional and personal life, in addition to improving your emotional and mental health.
Not sure where to begin? We’ve come up with five financial New Year’s resolutions that can help you start the year with a clean state and a healthier relationship with money.
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Create a budget that works for you
According to a survey by The Motley Fool, around two-thirds of people make financial New Year’s resolutions. One of the most common resolutions is saving more money, whether for a milestone like a wedding or new home or to save for a rainy day.
The first step to saving more money is creating a budget that fits your family’s needs. Start by calculating your net income and tracking your spending over the last several months. Then, use a budgeting app or a simple spreadsheet to divide a monthly budget in several categories, such as needs (like housing, food, and transportation), wants (going out to eat, entertainment, or gaming) and savings.
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Prepare for retirement
When it comes to retirement planning, it’s best to start as early as possible. You can start planning for your golden years now by putting money into a high-yield savings account to outpace inflation, diversifying your investments or making additional Mandatory Provident Fund (MPF) contributions.
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Ditch at least one “bad habit”
There’s nothing wrong with a guilty pleasure every once in a while – but a little bit of overspending can add up quickly. Choose one bad spending habit to forego this year, whether that means making your own coffee in the mornings instead of splurging on a latte, borrowing books from the library rather than buying new copies or making too many “impulse buys” at the supermarket.
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Get rid of unnecessary subscriptions
Did you know that Britons waste approximately £800m annually on unwanted subscriptions? One YouGov poll found that nearly half of respondents had accidentally signed up for a paid subscription they didn’t want or need. Make it a goal to go through your account statements and get rid of any subscriptions you no longer use – think of it as easy savings! Mobile apps like can help you out if you’re not sure what to look for.
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Invest in financial literacy
Knowledge is power. Infuse your new year with learning about the ins and outs of money – how to spend wisely, invest shrewdly and make more than ever. Sign up for an investment newsletter, read a how-to book about money management or listen to a podcast about how to pick up a lucrative side hustle.
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