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As the New Year approaches, many Americans take part in the tradition of setting resolutions. According to Pew Research, around 30% of Americans commit to at least one resolution at the start of the year. Health, fitness, and diet resolutions are particularly popular, with 79% of participants focusing on these areas. However, financial resolutions are also significant, with over 60% of individuals aiming to improve their financial situation.
Despite the good intentions behind these resolutions, statistics show that about 13% of them are abandoned by the end of January. To avoid falling into this pattern, I sought advice from ChatGPT on how to maintain financial resolutions in the New Year.
Make Money Resolutions Specific
One of the primary recommendations from ChatGPT is to establish specific, behavioral goals when setting money resolutions. Instead of vague goals such as “save more money,” it’s better to determine a concrete amount to transfer to savings weekly. This approach ties in with the SMART goal-setting framework, which emphasizes specific, measurable, attainable, realistic, and timely objectives.
Start Small
Another strategy suggested by ChatGPT is to simplify the initial steps of your financial goals. By making the first step easy to accomplish, individuals are more likely to stick with their resolutions.
Make It Automatic
Automation is a powerful tool for achieving financial goals. Automating transfers to savings accounts can convert beneficial intentions into habitual actions. However, experts at PNC Bank caution against a “set it and forget it” mentality, recommending regular checks to ensure that goals are being met and contributions are adjusted as circumstances change.
Utilize ‘Temptation Building’
ChatGPT also highlights the importance of making financial tasks enjoyable through a technique known as “temptation building.” This approach involves pairing less appealing tasks, like budgeting, with enjoyable activities, such as enjoying a favorite beverage while reviewing finances. If the task feels pleasant, individuals are more likely to repeat it.
Get It Calendared
Incorporating your financial resolutions into your calendar is another effective tactic. Scheduling regular financial reviews or monthly budget check-ins helps solidify these tasks as part of your routine. Research indicates that it typically takes between two to five months to form a habit, so actively scheduling these activities fosters persistence.
Track Success
Lastly, tracking progress is essential for maintaining motivation. Whether through a savings thermometer, habit tracker, or financial application, monitoring your achievements allows you to visualize your journey toward your financial goals and reinforces the importance of your resolutions.
