Nearly 45% of all Americans set some form of New Year’s resolution each year, with a full 70% focused on finances, according to a 2024 Pew Research Center survey, along with findings from the Motley Fool. As we near the New Year, now could be the perfect time for you to set some financial goals for 2026 and beyond.
- Revise Your Budget (and cut spending): You might already have a solid budget, but now is the perfect time to review how much you spend versus how much you make. First, review every expense and look for ways to trim your spending. Can you eliminate some streaming services? Could you cut back to a massage every other month? Or, how about using coupons and online money-saving incentives at the grocery store? Finding ways to cut your budget means you’ll have more to save toward your future.
- Take Control of Your Credit: Good credit can save you a lot of money. To boost your score in the coming year, start paying off high-interest debts and limiting any new, unnecessary loans. If possible, try paying off your credit card bills every month and set up automatic payments.
- Make a Will: A shocking low number of Americans actually have a will. According to a 2024 study on wills and estate planning from Caring.com, only 32% have completed one. Writing a will now can help ensure your last wishes are carried out, including financial decisions. A solid, well-planned will, along with medical and financial directives, could bring you peace of mind and your family long-term financial stability.
- Prepare for Emergencies: A recent CNBC report found that one-third of all Americans have no emergency savings. To start or build your emergency savings for 2026, start by saving 5%-10% of every paycheck into a designated savings account. As soon as you have at least three or even six months’ worth of your monthly income in the account, your emergency savings account will be ready for many of life’s unexpected expenses.
- Review Your Insurance: Whether it’s life insurance, auto insurance, or homeowner’s insurance, the end of the year is the best time to review your policies. Call each provider and ask about possible discounts and ways to save money.
Boost Your Financial Wellness
More Financial Wellness Matters blogs on topics ranging from financial self-care to protecting your financial health are coming soon. Twice a month, we’ll dig a bit deeper into the relationship between financial health and overall well-being, shedding light on the behaviors and beliefs that drive money relationships. With simple tips and proven insights, we hope to enhance your financial well-being and help you live a healthier, happier life.