How to Make Financial New Year’s Resolutions That Stick
Marketplace's Samantha Fields talked with Rianka about taking stock in the New Year
New Year’s, that time when we all, en masse, pledge to do something — or everything — better from now on: eat healthy, exercise, save more money.
That last one is a common resolution, as are financial resolutions in general. Nearly 99 million Americans are likely to make at least one financial resolution for 2020, according to a recent survey by WalletHub, with men most likely to focus on saving, and women most likely to focus on paying down debt.
“Before the end of the year, it’s just a great opportunity to take stock,” said Rianka Dorsainvil, a certified financial planner in the D.C. area. “Almost everyone, whether it’s family members or clients, there’s always some sort of financial resolution.”
Which keeps financial planners, like her and Ben Martinek, pretty busy this time of year. “You’re hearing from prospective clients much more than other times of the year,” said Martinek, who runs Bona Fide Finance, a boutique investment management firm in Bismarck, North Dakota. “Folks are reaching out and, kind of like diet and weight loss, are wanting to make a new commitment about some change in their life.”
That might be saving for a down payment or for a family vacation, or paying off credit card debt or student loans. Often there’s a catalyst, some recent or impending life change that gets people thinking about getting their financial lives organized.