“Be always at war with your vices, at peace with your neighbors, and let each New Year find you a better man.” -Benjamin Franklin.
The first of the year brings both the promise of new beginnings and the burden of self-improvement. Fueled by the nostalgia of the holidays and armed with a year’s worth of regrets, some 45% of Americans decide to make New Year’s resolutions each January, according to research from the University of Scranton.
We all certainly have our fair share of vices, especially as they relate to money. So it’s unsurprising that financially-themed resolutions are among the most popular made each new year. But the fact that less than 10% of resolution-makers achieve their goals is not a good sign for hopes of improved money management.
Don’t be discouraged, though. WalletHub has your back. Below, you will find a list of the top 10 financial resolutions to make in 2018, along with some helpful tips for making sure they happen. Now, we know it's no longer January, however, making changes in your financial life can happen at any point in the year. Seeing that we are all working on taxes and potentially receiving income tax refund checks, this is the best time to kick-start your year of financial freedom.
There is a clear connection between physical, emotional and financial health. For starters, the average person spends about $4,612 on health care each year. Money is also our biggest sources of stress, according to the American Psychological Association. And people who get regular exercise tend to have better credit scores.This underscores the importance of getting your financial house in order as well as exercising regularly and engaging in other healthy practices aimed at reducing health care costs. It won’t be easy, but this is one resolution that will certainly pay dividends in multiple areas of your life.“If you begin to make small healthy changes to your diet, increase exercise in small increments, and practice yoga and meditation, you will feel better,” says Deborah Bauer, a distinguished senior instructor of finance at the University of Oregon. “Feeling better will lead to wiser financial decisions that focus on the long term.”