In this PBS Newshour column, Rianka gives her advice on how to keep your financial New Year's resolutions.
There are three main categories of financial resolutions that people typically set in the new year. According to a study by Fidelity, 55 percent of people are looking to save more, 25 percent are looking to pay down debt and 18 percent of people are looking to spend less.
When we take a look at these three general goals, we’re able to see why people fail to stick to their resolutions.
We’re more likely to stick to our goals when they’re rooted in what we value. I know that sounds simple, but a surprising number of people don’t practice value-based goal setting when it comes to their finances. We make resolutions according to our values in every other aspect of our lives, doesn’t it make sense to do the same with our money?