A new year often means new financial resolutions. But will you manage to stick to the ones you make? Looking back on 2024 can offer some clues about your odds of success in 2025.
Recently, Fidelity Investments polled more than 3,000 adults as part of its latest annual Financial Resolutions Study. Fidelity asked participants to list the main reasons they successfully kept their financial resolutions during 2024.
Following are the top answers they mentioned — plus one reason why many other folks failed to meet their goals.
2. Goals were realistic for the long term (tie)
Respondents who cited this as a reason they kept their financial resolutions: 27%
Trying to save $1 million before you retire is a realistic goal for almost anybody, given enough time and a lot of determination.
Deciding that you someday want to become richer than Elon Musk or Jeff Bezos is a bit more of a stretch.
When your goals are realistic, you are far more likely to stick with your plans and try to overcome the inevitable obstacles that will arise.
2. Making progress felt good (tie)
Respondents who cited this as a reason they kept their financial resolutions: 27%
Here is one of the most basic, yet often overlooked, truths about building wealth: It’s fun.
Yes, scrimping and saving can be hard. But there is deep satisfaction in seizing control of your finances and watching your nest egg grow.
For more tips on getting rich, read about the “13 Smart Habits of Millionaires You Should Adopt.”
1. Goal was clear and specific
Respondents who cited this as a reason they kept their financial resolutions: 28%
Deciding to “grow wealthier” during the year is nice. But being a little more specific — such as saying you want to save an extra $5,000 over the course of the year — turns a dream into a goal.
And remember, the process of reaching your goal doesn’t have to be miserable. Money Talks News founder Stacy Johnson offers some pointers in “9 Tips to Tackle Your Financial Goals and Still Have Fun.”
Why many Americans didn’t keep their resolutions
Unfortunately, not everyone managed to keep their 2024 financial resolutions. In fact, 39% of respondents to the Fidelity survey said inflation’s impact on their finances left them with less cash to devote to their money goals.
Overall, 30% describe their relationship to money as “stressful.” They are especially worried about:
- Their ability to pay monthly bills: 35%
- Having money left over to save for other goals after paying monthly bills: 36%
- Ability to pay down debt: 33%
- Having enough retirement savings to retire as planned: 32%
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