As we usher in a new year, it's time to reflect on the past and set goals for the future. According to a recent survey, most people this year are focused on their physical and mental well-being, but what about financial health? 

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38% of people have set a goal to improve their finances in 2024, and for those millions of Americans, now’s the time to make some solid financial resolutions for the new year ahead. After all, at Cheese, we believe there's no time like the present to get your finances in order and start building a brighter future. 

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To help guide you towards that bright financial future, we’ve created a quick guide full of the four best financial resolutions for the new year to help you increase your financial health, reduce debt, and start saving for the future.

The Importance of Financial Resolutions for the New Year

A new year inspires feelings of fresh starts and new beginnings, making it the perfect time to set financial resolutions that will improve your financial health. Whether paying off debt, saving for a down payment on a house, or investing in your retirement, setting financial goals is crucial for achieving financial success.

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According to a survey conducted by the CFP Board, only 35% of American adults have a written financial plan. Of that 35%, 46% have a specific plan in place for retirement savings, and only 25% have a plan for paying off debt. This is a staggering statistic, as setting specific and measurable goals increases your chances of success. 

Plus, achieving your goals will give you a sense of accomplishment and motivate you to continue your financial journey. So…don't wait until the new year to start planning. Start now and set yourself up for financial success in 2024!

Health and Wellness Resolutions

New Year’s resolutions don’t always have to be financially focused. While financial goals are undoubtedly essential, we should not forget about our health and wellness goals. As the saying goes, "health is wealth," and setting these resolutions can benefit our physical and mental health.

Regular Exercise Routine

We all know that regular exercise has numerous health benefits, including maintaining a healthy weight, improving cardiovascular health, and reducing the risk of chronic diseases. But did you know that regular exercise can also boost your mood and reduce anxiety and stress levels? 

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If you want to lead a healthier life in 2024 and beyond, consider setting a goal to exercise regularly in the new year. It doesn't have to be anything intense — start small, like a daily walk, and work your way up from there.

Healthy Eating Habits

We are what we eat, and a healthy diet can significantly impact our overall health. Eating plenty of fruits and vegetables, whole grains, and lean proteins can boost our energy levels, improve our immune system, and reduce the risk of chronic diseases. 

So, as you begin following a regular exercise routine, also make it a goal to incorporate more healthy foods into your diet and try to cut out processed and unhealthy foods as much as possible. Sure, you’ll feel the effects in your body, but your mind will be clearer and sharper.

Personal Growth and Development Resolutions

Want to know how to grow not just financially but also in your skills and abilities? Set personal growth and development resolutions. Doing so will prepare you for any challenges that come your way — in 2024 and beyond.

Learning a New Skill or Hobby

Whether learning a new language, improving your cooking skills, or writing a blog, learning a new skill or hobby is a great way to invest in yourself. 

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While great for your personal development, pursuing a hobby also helps to alleviate stress and keeps you mentally stimulated and engaged. Plus, it’s a great way to connect with like-minded people, and who knows, you might even end up turning your passion into a business — talk about true financial freedom. 

Reading More Books

Boost your brain power by reading more books in 2024. It’s an excellent way to enhance your knowledge and widen your perspectives. Reading improves cognitive function, enhances empathy, and reduces stress levels. 

To make this a real resolution, set a specific goal to read a set number of books over the course of the year or month. Don’t wanna lug around heavy books or can’t focus for long periods? Opt for audiobooks or e-books that are accessible, convenient, and affordable. 

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Financial Resolutions

Setting achievable goals and taking steps towards financial stability is key to achieving a worry-free and successful financial future. Whether you want to learn how to budget and save money, pay off debt, save for a rainy day, or simply improve your credit score, setting resolutions will help you stay focused and motivated throughout the year.

Budgeting and Saving Money

Budgeting is a critical skill that can help you save more money, reduce debt, and achieve your financial goals. Creating a budget will give you an overview of your income and expenses and ensure you aren't overspending. 

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To start, you can use various budgeting apps to help you track your expenses automatically. Once you know how much you're spending, it's time to work on cutting back. Start by identifying areas where you can reduce expenses, such as dining out, entertainment, or subscriptions. 

Then, work on increasing your income in simple ways, such as starting a side hustle or negotiating a raise at work.

Paying Off Debt

If you’ve ever experienced it, you’ll know that debt can be a major source of stress and anxiety, but paying it off is essential to achieving long-term financial security. 

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Start by prioritizing your debts based on interest rates and focusing on paying off the highest-interest debt first. You can also consider consolidating your debts into one manageable monthly payment. This can lower interest rates, consolidate payments, and simplify your finances.

Build Credit Score

Your credit score is a critical component of your financial health. A good credit score can help you secure loans, lower interest rates, and give you peace of mind. 

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To improve your credit score, you need to ensure you’re making payments on time, keeping balances low, and maintaining a diverse mix of credit types. If you have trouble improving your score, consider talking to a credit counselor or using a credit monitoring app to help track your progress.

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Credit builder loans and other credit building tools are another great way to improve your credit score if traditional methods haven’t worked for you. But we’ll get to that in just a second…

Mental Health Resolutions

When setting resolutions for the new year, we tend to focus solely on our physical health and financial goals. However, it's important to remember that mental health is crucial to our overall well-being and financial success. 

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Setting mental health resolutions can help you stay grounded, reduce stress, and achieve your financial goals without facing major burnout.

Practicing Mindfulness and Meditation 

Taking the time to practice mindfulness and meditation can help you better manage stress and anxiety, which can often lead to harmful financial behaviors like overspending, impulse buying, and avoidance of financial responsibilities. 

Mindfulness allows you to build emotional resilience, which is key to staying on track with your financial goals. By focusing on the present moment through mindfulness exercises or your preferred meditation method, you can reduce stress and make better decisions about managing your finances.

Stress Management

Stress can affect your sleep patterns, mood, and decision-making abilities — all of which can hinder your financial success. By taking time to reduce stress through exercise, meditation, or counseling, you can better manage your finances and stay on track toward your goals.

Achieve Your Financial Goals with Cheese

Ultimately, making financial resolutions for the new year is a great way to start 2024 off on the right foot. With the help of Cheese, achieving your goals of building credit and establishing savings has become easier than ever before. 

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Through our Credit Builder program, you can effortlessly improve your credit score by making monthly payments, all while saving money and planning for emergencies. With flexible repayment plans and no hidden fees, Cheese Credit Builder offers a smart and cost-effective way to improve your credit score.

Start the new year off right by making one of these four financial resolutions and taking the first step toward financial security. Sign up for Cheese now to get started.