As the New Year approaches, many people start thinking about their financial wellness and set New Year's resolutions to improve their financial situation. However, making specific, realistic, and achievable financial resolutions is crucial for success. According to research, only 9% of people see their New Year’s resolutions through to the end, with 23% giving up in less than a week, and 43% throwing in the towel by the end of January. To avoid becoming a part of these statistics, it's essential to analyze past shortcomings and create a detailed plan to achieve financial goals.

One of the first steps in setting financial resolutions is to reflect on the previous year. Kyle Enright, president of lending at Achieve, advises individuals to "figure out why you didn’t achieve your 2023 resolutions." This introspection can provide valuable insights into what went wrong and what changes are needed to succeed in the upcoming year. Making any change is hard, and personal finance is no exception, as stated by Enright. Therefore, it's important to approach financial resolutions with a clear understanding of past challenges and a realistic plan for improvement.

Once the analysis is complete, it's time to set specific and achievable financial goals for the New Year. Whether it's paying off debt, saving for a big purchase, or investing for the future, having clear objectives is essential. These goals should be measurable and time-bound, such as saving a specific amount each month or paying off a certain debt by a set date. This level of detail will provide a roadmap for success and help individuals stay focused throughout the year.

In addition to setting goals, keeping track of income and expenses through budgeting is crucial for achieving financial resolutions. Budgeting allows individuals to understand where their money is going and identify areas where they can cut back or save more. There are numerous tools and apps available to help with budgeting, making it easier than ever to monitor finances and stay on track with financial goals.

Another important aspect of achieving financial wellness is seeking professional financial guidance. According to finance expert Josh Michaels, CEO and founder of Money4Loans, "Seeking advice from a financial advisor can provide a fresh perspective and renewed motivation." Financial advisors can offer personalized insights and strategies tailored to individual financial situations. While the average financial advisor charges $120-$300 per hour, the guidance and clarity they provide can be invaluable in achieving long-term financial success.

Finally, taking advantage of high-interest savings opportunities can significantly contribute to achieving financial resolutions. Some credit unions and online banks are currently offering savings deposit rates over 5%, with yields approaching 6% for CDs. By allocating savings to these higher-yield accounts, individuals can grow their savings more rapidly and make progress towards their financial goals.

In conclusion, setting and achieving New Year's resolutions related to financial wellness requires a combination of introspection, detailed planning, professional guidance, and strategic financial decisions. By analyzing past challenges, setting specific goals, budgeting effectively, seeking professional advice, and optimizing savings opportunities, individuals can increase their chances of achieving their financial resolutions in the upcoming year.