According to the 2016 Regrets and Resolutions study conducted by Student Loan Hero, two-thirds of respondents claimed that their 2016 New Year's resolution was money related. We hear it all the time, H.E.N.R.Y.s™ want to get their [financial] sh*t together. Getting ahead with their financial life remains a major priority and for a good reason. We say it all the time, as a generation, we don't like to compromise and if we plan properly, we can have it all.
The #1 Financial Resolution for 2017
"When it comes to goal-setting for 2017, respondents chose “pay off debt” more than any other financial resolution (30 percent). This was the most popular financial resolution in 2015 as well (35 percent). ”Build an emergency fund” was the second-most popular financial resolution for this year (18 percent)."
Top Financial Regret for 2016
Almost one-third said that not saving enough was their biggest regret of 2016. Apparently, the same was true for 2015. Right behind not saving enough was not paying down more debt.
Other financial regrets below:
Making and sticking to your resolution, no matter what it is, isn't easy. Life has a tendency to take over and as January fades into the distance, we tend to shed some of our early-year ambition in favor of the path of least resistance. Look, we get it, we are creatures of habit and unless we implement a reliable system for change, it can be really hard to find success.
How To Win At Your Money Resolution In 2017
Before we dive into our top tip for keeping your money resolution, let's talk about why we can't seem to achieve the goals that we so optimistically set at the start of a new year. When it comes down to it, studies show that it's because we are vague, a little too lofty and although it doesn't seem it at the time, we set goals with only half our heart. So let's start with that - when you pick a resolution, try to envision what it will be like once you achieve it and don't bite off more than you can chew. Secondly, make it measurable...are you going to pay off one credit card or all of them? So you want to save more... how much more? $1,000? 10,000? Trying to make extra payments on your student loans? How many extra payments 1? 2? Start small. It's much more motivating to meet your resolution sooner than expected and create a new one mid-year than to fall short and feel guilty when December rolls around.
Here it is, the number one way to make sure that you meet and maybe even exceed your financial resolution is...AUTOMATION! Once you decide on your goal, automate it. Figure out what you need to do to make it happen and then find a way to automate it so that whatever needs to happen will happen without you having to do anything. This is seems simple and it is. Give it a try and let us know how it works for you in the comments below.
How Stash Can Help
Financial goals are something we take very seriously at Stash, so if you're super committed to getting your financial sh*t together in 2017, then you're going to want to bite to bullet and get yourself a Stash Plan™. Learn more here. We can help you prioritize.