It is easy for anybody to come up with a financial New Year’s resolution to either get better at budgeting, to develop a habit of saving or paying off debt, however achieving them is a whole other story. Believe it or not, using science to back up can be one way of making sure you stick to the your goals. Below are some of the many scientific studies that can help not only to come up with better New Year’s financial resolutions, but also to be proud about keeping them when the year ends, as well.

Suggestion: Choose who you share your goals with.

Although sharing your goal or resolutions with others can help you be more likely to keep them, new studies found that who you tell is more important than telling anyone at all.  In the same study, researchers found that people showed greater goal commitment and performance when they told their goal to someone they believed had higher status than themselves.


In the working world where this translates to either a mentor or someone in a position higher than you. The recommendation is by telling someone who has excellent financial skills you’ve always admired.

Suggestion: Always predict and plan for setbacks

Setbacks will definitely come along the way, it is just a part of life, this includes with goal setting. Knowing how to predict these problems and how to handle them ahead of time can help when it comes to keeping goals. A study has shown “specific and challenging performance goals can have a range of negative effect when set inappropriately.”


To avoid this from happening, you need to set them appropriately by building in some setbacks for your goals. For example, cut back in other parts of your budget if you accidentally go over another, that way you won’t feel like “failing” and more likely to keep going with your goals.

Suggestion: Focus on both superordinate and subordinate goals

One study done in the U.S. have shown groups that focused on both higher and lower goals showed there is a higher number of effort pursuing those goals compared to groups that just focused on higher goals.


In terms of finance, it may be to save a certain amount in your retirement savings account over the year (higher), as well as cutting out one smaller item in your budget you can live without (lower).

Suggestion: Rephrase your resolution  

The way we set our new years resolution needs to be more optimistic instead of telling yourself for example to stop spending so much or avoid paying bank fees, change your goal in a more positive outlook may help you become more successful.


For example, instead of saying ‘I want to stop living paycheck to paycheck’, say “I’ll start to take note of where my money goes”.

Beginning of a New Year is the best time to revisit your financial goals. These suggestions are just a guide for you to keep to them, by using some of these, you can set resolutions for the upcoming months that you’re more likely to follow and achieve.

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