In this blog article, we explore seven financial resolutions you can actually keep in 2024 to set yourself on a path to a more prosperous and fulfilling future.
The New Year often provides an opportunity to wipe the slate clean and start anew—especially when it comes to personal finances. As the clock strikes midnight, many people resolve to break old habits, create new ones, and generally transform their current financial trajectory.
Unfortunately, these resolutions tend to be short-lived, and we eventually revert to our old ways. In fact, a recent Forbes Health/One Poll survey revealed that the average New Year’s resolution lasts just 3.74 months, with nearly a third of respondents giving up on their goals within the first two months of the year.
Rather than making ambitious promises that come with expiration dates, what if you could weave small yet inspiring changes into the very fabric of your everyday financial life?
Here are seven financial resolutions you can actually keep in 2024 (and beyond):
#1: Conduct Periodic “Life Audits”
Financial resolutions aren’t just about arbitrarily setting goals for the year ahead. To make them truly meaningful, they need to resonate with your values and the vision you have for your life.
Conducting a “Life Audit” can be an empowering and strategic move that sets a tone of intentionality and purpose for the coming year. It allows you to take inventory of your current financial position and habits and assess how well they align with your long-term goals.
With the insights you gain from a life audit, you can make more informed decisions about your future spending, saving, and investments. By committing to monthly or quarterly reviews of your financial situation, you can adjust course as necessary, ensuring you stay on track toward your financial objectives.
#2: Invest in Relationships
The adage ‘your network is your net worth’ rings true, as strong relationships can be a significant asset to your financial health. As you set financial resolutions for the new year, consider making a commitment to invest time and genuine effort into nurturing your professional and personal networks.
Building professional relationships can translate into better business prospects, career advancements, and a stronger negotiating position—all of which can increase your income and financial status. Meanwhile, research shows that maintaining strong social connections can boost your longevity and contribute to overall health and well-being, improving your quality of life.
This year, look for opportunities to expand and strengthen your professional network and personal relationships. The connections you make have the potential to yield substantial dividends, both tangible and intangible, well into the future.
#3: Embrace a Minimalist Lifestyle
If you’re looking to gain more control over your financial life, consider embracing a minimalist lifestyle as one of your financial resolutions. In this context, minimalism goes beyond decluttering—it’s about intentional living.
This means that every financial decision you make, be it spending, saving, or investing, has a clear purpose that aligns with your personal values and long-term goals. In addition to potentially lowering your expenses and boosting your nest egg, such an approach can go a long way toward reducing financial stress.
Ultimately, adopting a minimalist mindset means stripping away the non-essentials, allowing you to focus on what matters. It’s not about having less but rather cultivating a sense of abundance from what you already have, paving the way for a truly rich life.
#4: Tackle Difficult Conversations about Money
Initiating difficult conversations about money with loved ones is a pivotal resolution that has the potential to transform your financial future.
Money, often a taboo subject, is intricately tied to our values, experiences, and emotions, making discussions around it particularly sensitive. However, these conversations can be crucial for securing your family’s financial future and preserving your hard-earned wealth for generations to come.
For example, openly discussing topics such as long-term care and estate planning paves the way for strategic planning and collaborative decision-making. It can also prevent misunderstandings and conflicts that often stem from assumptions or lack of information.
Furthermore, these conversations are an opportunity for education and mutual growth. By bringing financial matters to the forefront, you and your loved ones can share knowledge, experiences, and expectations, creating a solid foundation from which to build a stable and prosperous future.
#5: Commit to Lifelong Learning
One of the most valuable financial resolutions you can make at any age is to commit to lifelong learning. Indeed, financial literacy is the cornerstone of independence and empowerment, granting you the knowledge and skills to navigate the complexities of personal financial management.
Financial know-how can also help you avoid many of the pitfalls that tend to derail financial stability, such as accumulating high-interest debt or falling victim to fraudulent schemes. This commitment to ongoing financial education helps ensure that the decisions you make align with the life you envision for yourself, paving the way for long-term financial success.
#6: Shape Your Legacy
Finally, crafting a legacy is about creating a lasting impact that transcends material wealth and resonates with your core values. As you make your financial resolutions for the new year, consider how each one contributes to the mark you wish to leave on the world.
Whether it’s providing for your family, contributing to societal change, or supporting causes that reflect your beliefs, each financial action helps shape the impact you’ll have on future generations. Ultimately, you define your legacy not just by the wealth you accumulate, but by the ideals you exemplify and the change you inspire.
#7: Partner with Benchmark Wealth Management to Maximize Your Results
When considering which financial resolutions to adopt, remember that the journey is as vital as the destination. As you move forward, be sure to monitor your progress, celebrate your successes, and view any setbacks as opportunities to learn and refine your approach.
In addition, keep in mind that you don’t need to navigate the fine points of your financial resolutions alone. A fiduciary financial planner like Benchmark Wealth Management can help you develop a holistic financial plan that reflects your core values and long-term goals, ensuring that your financial resolutions continue to serve you as your life and financial circumstances evolve. To begin your financial journey and take control of your future, please contact us.
About Rick
Richard W. Stout III is managing director of Benchmark Wealth Management, LLC, with 25 years of experience in the financial industry. He specializes in financial planning and asset management for individuals, families, and institutions seeking to build and monitor durable and sustainable plans for their financial futures. Rick is a Certified Financial Planner™ professional and holds the Accredited Investment Fiduciary® (AIF®) designation. He obtained his MBA from Rensselaer Polytechnic Institute and his BA in Economics and Anthropology from the University of Connecticut. Rick has earned a Master of Science degree in Personal Financial Planning from the College for Financial Planning. He has extensive background experience in lending, credit review and analysis, and real estate and partnership management. Learn more about Rick by connecting with him on LinkedIn.
About Thomas
Thomas J. Britt is managing director of Benchmark Wealth Management, LLC, with 23 years of experience in the financial industry. He specializes in executive financial planning, retirement planning, investing, as well as the management of trusts and endowments. Thomas is a CERTIFIED FINANCIAL PLANNER™ professional. He holds the Master Planner Advanced StudiesSM, MPAS®, Certified Investment Management Analyst® (CIMA®), and Chartered Retirement Planning Counselor℠, CRPC® designations. Thomas earned a Bachelor of Science in Finance from the University of New Haven, an MBA in financial technology from Rensselaer Polytechnic Institute, and a Master of Science in Personal Financial Planning from the College for Financial Planning. He is also a proud veteran of the United States Navy Submarine Force. Learn more about Tom by connecting with him on LinkedIn.
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