Money Experts Share 7 Finance Resolutions That Paid Off the Most
Written by
Cindy Lamothe
Edited by
Heather Taylor
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Setting financial resolutions at the beginning of the year is one of the savviest money moves you can make. There are so many ways to go about it, but at the same time, it can be hard knowing what will be the best for long-term success.
For that reason, it’s a genius idea to take our cues from professionals. Below, money experts share their finance resolutions that paid off the most.
Prioritize Spending and Saving/Investing Over Impulsive Spending
“One of the most impactful financial resolutions I made was to prioritize saving and investing over impulsive spending,” said Kevin Shahnazari, founder and CEO of FinlyWealth. By committing to a consistent savings plan, he not only built an emergency fund, but also created opportunities for wealth growth through investments.
“This resolution transformed my financial landscape, allowing me to focus on long-term goals rather than short-term gratification.”
Automate Savings
A personal example of the above resolution’s effectiveness was Shahnazari’s decision to automate his savings. “By setting up automatic transfers to my savings and investment accounts each month, I removed the temptation to spend that money elsewhere,” he said.
Shahnazari noted that this simple yet powerful strategy has resulted in significant growth in his savings and investments over time, showcasing the importance of discipline in financial management.
Continuously Self-Educate on Personal Finance
Additionally, Shahnazari resolved to continuously educate himself about personal finance: “By dedicating time to reading books, attending workshops and engaging with financial communities, I gained invaluable knowledge that informed my decisions.”
He continued, “This commitment to learning has proven beneficial, enabling me to make smarter choices regarding investments and budgeting.”
Overall, Shahnazari said setting financial resolutions focused on saving, investing and continuous education has profoundly impacted his finances. “As I often remind others, financial success is not about how much you earn but how wisely you manage what you have,” he concluded.
Budget Around Entertainment
Thomas Maluck, Certified Financial Education Instructor and owner of Financial Flock, said one of his most impactful resolutions had to do with budgeting and entertainment. He said he made a point of going back through his credit card statements and tracking how much his bookworm habit was adding up.
“I used to be pretty indulgent about purchasing reading material, from ebooks to comics to used book sales,” he said. “Turns out, a quick purchase each week was costing me over $1,000 per year.”
He knew quitting completely wasn’t a wise solution, so he looked for low-cost alternatives. “My local library offers an amazing collection, in addition to their Libby and Hoopla apps,” Maluck noted. “I also found a low-cost subscription to GlobalComix, a multi-publisher app that was running a Black Friday sale. Being honest with myself over a planned indulgence instead of multiple random expenses has saved me plenty ever since. Retail therapy doesn’t have to break the bank!”
Strive for Financial Education Alongside Long-Term Goals
“I decided to build long-term wealth instead of chasing quick financial outcomes by making long-term wealth goals my key money resolution,” said Bhavin Swadas, finance expert and owner of Mine My Deal. “Before this year, I saved randomly without developing specific plans for retirement or future investments.”
At the start of this year, he decided to establish a defined retirement plan through regular contributions to his 401(k) and the creation of an IRA. “The outcome of my investment portfolio improvement tools has brought me financial comfort, because I am building a solid future base of financial security,” Swadas said.
He noted that the proven power of having small consistent investment habits results in powerful long-term financial growth, which helps people achieve greater financial goals.
Cut Unnecessary Expenses with Better Deals
According to Swadas, finding different approaches to saving money daily became another resolution that delivered results. “[Wholehearted dedication] to Mine My Deal ownership established early that smart purchases matter,” he said. “But this year, I aimed to find deals actively both for work expenses and personal spending.”
He established saving 20% of his monthly expenses through combined service optimization alongside discounted service terms and existing promotional offerings. “My decision brought about significant cost savings, which I used to increasing my savings and investing funds,” Swadas noted, pointing out that passive deal investigation surrounding insurance and utility costs (along with smart shopping practices) also made a noticeable impact on his finances.
Build and Strengthening Emergency Savings
Emergency savings developed into an effective third financial goal after making it a top priority, according to Swadas. “Understanding the value of emergency savings was nothing new for me, but putting this necessity first granted me instant benefits,” he explained
He noted that consistent income allocation resulted in both financial security and protected me from unexpected costs. For Swadas, an emergency fund functioned as a valuable protection against unexpected costs so he could concentrate on developing other financial domains.
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