It’s that time of year again — the fresh start everyone’s been waiting for! Before you join your friends and family in hitting “post” on that “New Year, New Me” status, take a minute to consider what you really want to change up this year.

When we think about New Year’s resolutions, usually diet and exercise come to mind - but what about your financial health? Wouldn’t you like to make 2023 the year you take charge of your money?

Here are four powerful resolutions to help you meet your financial goals in the new year… and beyond.

Financial Resolution 1: Get into the Budgeting Groove

With all the budgeting apps available today, there’s no excuse for not having a budget. A budget helps you keep track of money in and money out so you don’t overspend. How much are you earning? Spending? Saving? Once you’ve figured that out, you can start adjusting the numbers to get to your ideal budget.

Not sure where those numbers should be? Financial experts often recommend following the 50/30/20 budget guideline: allocate 50% of your monthly income for things you need, 30% for things you want, and 20% for building your savings and paying down debt.

Figure 1: 50/30/20 Financial Guideline

chart 1

Accessible version of this graphic is below.

Financial Resolution 2: Save Something Every Month

When it comes to saving money, consistency is key. Resolve to stash a little cash away every week or month and watch your money build. Here are two great ways to go about it:

  • Try the 52-week savings challenge - Put $1 into your savings the first week, $2 the second week, $3 the third week — you get the idea. By the time you reach week 52, you’ll be depositing $52 and will have saved up $1,378!
  • Pay yourself first – Choose an amount and set up automatic payments from your electronic paycheck to your savings account(s). When you don’t see that money in your checking account, you won’t be tempted to spend it.

Financial Resolution 3: Take the No-Spend Challenge 

Pick one month when you’ll spend absolutely nothing on wants. Nada. Zip. Zilch. Instead, deposit the money you would have spent into your savings account to give your balance an immediate boost. (Bonus: less clutter! Doesn’t that feel good?)

Financial Resolution 4: Review and Reflect

It’s tempting to skip this step – but it’s important. Schedule time each week or month to check in on your finances and ask yourself:

  • Are you on track to meet your savings goals?
  • Are you paying your bills on time?
  • Did you anticipate any extra financial obligations coming up? 

If not, don’t give up. Adjust, try again, and pat yourself on the back for the progress you’ve made managing your money and building your wealth.



Figure 1: 50/30/20 Financial Guideline

50% Needs: rent/mortgage, utilities, groceries, transportation, etc.

30% Wants: dining out, entertainment, shopping, travel, etc.

20% Savings & Debt Repayment: emergency savings, long-/short-term savings, retirement, student loans, credit card debt, etc.