Merry Christmas and a happy new year! Yes, Christmas was almost three months ago, and we are entering the second week of March 2024, but it is still the new year. By now, “80 percent of people abandon their New Year’s resolution by Feb. 1,” according to a study done by Forbes reported by an article in the Houston Chronicle, Most People Abandon Their New Year’s Resolution, by Evan MacDonald. Not to worry, it’s never too soon or late to start a new resolution, even if it’s the same old resolution. You don’t want to be one of those people who fall off the New Year’s resolution wagon and believe they have to wait until there is another new year to start another resolution.

No one can deny the excitement of a new year, especially if you’re celebrating with friends or family. A friend may shout out their resolution, which compels you to think of one yourself. You sum up the previous year and think it would be nice to get in shape, learn to play an instrument, or become a better swimmer. Now it’s February 1st, the novelty has vanished, and you’re now part of the 80 percent.

The great news is, there is no rule on when you can start a new year’s resolution. This is your opportunity to start a new New Year’s resolution in March, and we have several for you to choose from. For this year you should prioritize your personal finances. Prioritizing your finances should be your resolution because it will impact all aspects of your life. Now, prioritizing your finances is broad, and people who make specific resolutions tend to be more successful. Also, don’t be too hard on yourself if you’re not consistent. There is nothing wrong with starting over multiple times. Here are seven money resolutions you can choose from this year.

1. BECOME A MILLIONAIRE
One of the resolutions you can consider making this year is a lofty and ambitious one, and that resolution is to become a millionaire. Jim Rohn, a motivational speaker, said in one of his speeches, “Set a goal to become a millionaire. For what it will make of you to achieve it.” This resolution is not to try to become a millionaire within the year but instead to make the decision to change your actions that will eventually lead you to become a millionaire. You must make the decision to not be passive in your financial life and just let the chips fall where they may. You must be financially conscious and aware. Your actions should be geared to figuring out what it will take to become a millionaire and then taking those actions. The pursuit of such a goal will transform you into a completely different person for the better.

2. CREATE AN EMERGENCY SAVINGS FUND
If deciding to become a millionaire is too lofty of a resolution, you can start by creating an emergency savings fund. If you haven’t created an emergency savings fund or the one you have is running low, the present is a good time to create one. Determine your monthly expenses, or you can reassess your monthly expenses to see if they are the same. The goal is to save three to six months of your monthly expenses in the possibility that you may lose your job. This money will provide you a cushion to help you replace your prior income or find a job that makes more. Also keep in mind the possibility of not being able to find a job that can match or exceed your prior employment due to the state of the job market. This will require you to make some hard adjustments to your lifestyle.

3. PAY DOWN DEBT
High debt and high-interest debt can be shackles to your financial life. If you decide to tackle your debt as a resolution, you will be giving yourself the gift of freedom. If you decide to cut back on your spending, pick up extra shifts, or get a second job to earn extra money, the first debt you should tackle is your credit card debt. The high interest rates on credit cards, along with numerous fees, make it difficult to get ahead, especially if you’re only making minimum payments. After you have taken care of your credit cards, you can make strides in taking care of personal loans, car loans, student loans, and mortgages. There is no rule that says you can not pay off your loans early if you have the extra money. This will give you the opportunity to invest and live a low-debt life.

4. TAKE A FINANCE CLASS AT YOUR LOCAL COMMUNITY COLLEGE
You may choose a resolution that involves increasing your knowledge of personal finance. Check with your local college or community college and explore the various topics on money that you can choose from. Topics on money that are offered at a college or community college are broad, but they all will broaden your knowledge and understanding of money. You can choose a topic that you are curious about and would like to gain knowledge on, or you can choose a topic that you are somewhat familiar with and would like to get a deeper understanding of. The goal is not to pursue a formal degree but to broaden your financial horizon. You want to avoid the possibility of getting overwhelmed, so one class is enough. Being in a classroom will expose you to like-minded people and will help improve your financial knowledge.

There are also online classes for those who are not able to attend the classroom. These classes are not free and will cost you on average $400 per class if you’re paying out of pocket. In the end it is worth it, but if it is above your affordability, explore free college courses online by reputable universities. You can also speak to the school and ask if you can sit in on lectures. You will not receive any credit, and you will be going at your own pace, but you will save on average $400 per class to get access to valuable information.

5. START LISTENING TO MONEY PODCASTS
If taking a college course is too much of a leap due to cost, time, or other demands, you can make a resolution to listen to a financial/money podcast, this year. You don’t have to commit to any one podcast but it would be more productive if you committed to listening consistently. A financial podcast episode can be anywhere from twenty to ninety minutes long. For those longer podcasts, you can break them up into smaller segments and listen to them through the week. Unless you find a podcast that you really like, try to maintain a schedule of at least four times per week for at least twenty to thirty minutes of listening time. If you choose to listen more than that by, all means go on ahead. The benefit of exploring a financial podcast as a resolution is that it is a fast, convenient way to explore a vast variety of financial topics. Also, it has low barriers of entry to receive the benefits of financial information.

6. TALK TO YOUR KIDS AND YOUR FAMILY ABOUT MONEY
Another resolution you can make this year is to talk to your family and kids about money. Talking to your family and children about money can be uncomfortable, but there is a great chance you are already doing it. We communicate with our family and children about money when we say things like “I can’t miss a day of work because the bills need to be paid,” “I wish I could win the lottery,” or when we tell a child “no, I can’t afford it” when they ask for a toy. We communicate about money when we fight with a spouse or a partner about money, or when one of us gets laid off, we shut down emotionally because we think our self-worth is aligned with our ability to earn. These are all ways we talk to our family about money. The problem with these methods is that they communicate fear, anxiety, an unhealthy perception of money, and further solidify the taboo attitude so many of us have about money.

When talking to your family about money, try to listen and understand where these views are coming from. There’s a great chance it is coming from childhood if it is an adult. Try to discuss and not argue. Money can be a very emotional topic, and many times when we share our strong opinions about money, those in our vicinity may feel attacked. Keep in mind that money is a tool and should be discussed as such. What makes doing so difficult is that many people view money as an extension and representative of themselves. You are not your money. Money is a tool, and having open discussion about it will have a healthy impact on you, your family, and your children.

7. OPEN AN INVESTMENT ACCOUNT AND START CONTRIBUTING TO IT.
You could open an investment account and start contributing to it as a New Year’s resolution. The amount you choose to contribute and invest will be determined by where you are in your financial life. Many brokerage accounts do not require a large amount to open or maintain. So even if you are not in the financial state to invest due to debt or other barriers, a small amount can get you in the practice of investing. Many make the mistake of believing that once they open a brokerage account and contribute money, their money is invested, but this is not true. An investment account is just that, an account. From the account, you choose to invest your money into whatever investment vehicle you choose, such as stocks, bonds, etc. The benefit of opening and contributing to a brokerage account is creating the habit of investing, which is a sure way to financial freedom.

8. VOLUNTEER YOUR TIME TO A CAUSE OF YOUR INTEREST
If you’re thinking, what does volunteering your time have to do with money resolution? Not to sound cliché, time is money. If you choose to volunteer your time as a resolution, you will have to evaluate your life to determine if you have enough time to consistently volunteer. If you do, that would mean your financial life is in order. The time that you are volunteering is the time that you could be using to earn. The opportunity cost of volunteering is the income that you forgo. If your financial life is in order, volunteering your time to a cause that you care about can be very rewarding. It also shows that you have a deep understanding of money, that it can be used as a means of exchange not only for tangible, materialistic things but also for intangible things like time and feeling fulfilled.

9. DONATE TO A CHARITY OF YOUR CHOICE
If you choose not to donate your time and energy as a resolution, you can always donate money. This is just as rewarding and fulfilling as donating your time, but before you do so, you must evaluate your finances to determine if you have the extra funds. If you’re able to donate to a charity of your choice, this will also indicate that your financial life is in good shape. After you have taken care of your needs and wants and made allowances to donate, this will indicate that you are managing your money well. The goal is not to make so much money that you’re able to donate, but the goal is to manage the money that you have by living within your means, making allowances to achieve all of your financial goals, which includes donating.

FINAL THOUGHT
March is the perfect time to start a new year’s resolution. All the glam, glitter, and excitement of January first should have faded away by now. Now is the time to get serious about your finances. The financial resolutions listed above are suggestions to give you an idea. You can mix and match or create your own. The goal is to take your finances seriously, pick a resolution, and, more importantly, stick to it. It is okay if you abandon a resolution for another. Try your best to not let perfection get in the way. Commit to showing up even in a small way, and the consistency will create a snowball effect that will lead to large rewards.