ROCHESTER, N.Y. — Improving personal finances is a top New Year’s resolution, second only to getting in shape. However, many people have already given up by the end of January. According to a Columbia University study, only 25% of people stay committed to their resolutions after January.
A recent Fidelity survey reveals that 64% of people aim to improve their financial situation this year, up from 56% last year. Leana Devinney from Fidelity explains why more people are focusing on their finances now.
Deanna Dewberry, News10NBC: “Why do you think more people are thinking about their finances now than last year?”
Leanna Devinney, Fidelity: “A big reason for the increase is quite frankly we saw that studies show that more than half of Americans are feeling overwhelmed by their personal finances, and nearly one third responded that they have a stressful relationship with money.”
Inflation is a significant factor in this financial stress. December’s inflation numbers show that meat and poultry prices rose almost 4%. Prices for five out of six major grocery items increased, making financial wellness more crucial than ever.
To make financial resolutions a reality, setting specific, realistic goals with a clear plan is essential. Fidelity offers a free online workshop to help create a budget as well as a host of other tools. and there are other free tools available like Goodbudget, SoFi Relay, and Rocket Money.
Leanna Devinney stresses the importance of having a plan.
Leanna Devinney: “So if it is I want to pay down debt this amount per month over this period of time… Having that clear plan defined really helps the day-to-day decisions get easier.”
Here’s Deanna’s Do List for Financial Fixes: Create a budget, Remember the rule of 50-30-20. Fifty percent of your take home wages should go toward your needs, 30 percent toward your wants, and 20 percent toward saving and paying down debt.
Consumer Alert: Sticking to financial resolutions WHEC.com.
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