A study on New Year resolutions and financial goals

Are you searching for some magic that will help you follow your budget and keep track of your savings?

14:52 07 January 2015

The secret to keep on top of your finances is to make and subsequently keep your New Year resolutions. A recent study declared that almost 51% of those who had made resolutions 12 months ago felt more satisfied about their finances. Conversely only 38% felt otherwise.

According to the survey, shockingly, many of the New Year’s resolutions made by people are meaningless. Surprisingly, only one person out of 10 people follow them for 12 months, and a majority do not stick to the resolutions for even 30 days. However, you might want to make your resolutions anyway. According to research, people who are determined to improve their financial habits at the beginning of the year have a great start than those who sit back and wait.

The aim to get better financially drives us towards our financial goals, changing the way we look at money and the manner in which we spend it. Yet, a motivating mantra helps- “I must save a certain percentage of my income” or “I will settle all my debts”.

The survey also said that only a small number of Britons have plans to make them. It is disheartening to know that the rate of individuals reflecting on financial resolutions for the New Year is on the decline.  Maybe, they might feel satisfied after experiencing two years of stable stock markets. In such periods when the market is good, people feel more secure and the need to adjust their financial behavior is low. With that in mind, respondents of surveys who are drafting monetary resolutions are making reasonable ones. For instance, they are likely to make long-term saving pledges this year than they had made at the close of 2014.

Knowledge is powerful and the more you understand your finances the more you will make effective resolutions. So, keep your eyes open, and do all you possibly can to make the most of wealth generating opportunities.