Skip to main content
Advertiser Disclosure
We do receive compensation from some partners whose offers appear on this page. We have not reviewed all available products or offers. Compensation may impact the order in which offers appear on page, but our editorial opinions and ratings are not influenced by compensation.

The Ascent Logo The Ascent Logo - Blue circle with an A in it and the ascent a motley fool company to the right of that

  • Credit Cards
  • Banking
  • Brokerages
  • Loans
  • Mortgages
  • Knowledge
  • Latest Picks
  • Search Icon Click here to search

Credit Cards

Top Picks
  • Best of January 2021
  • Cash Back
  • Balance Transfer
  • Travel
  • 0% APR
  • Rewards
  • Bad Credit
Knowledge
  • Beginners Guide to Credit Cards
  • How to Rebuild Your Credit
  • Maximize Your Credit Card Rewards
  • Learn More About Credit Cards
Credit Card Tools
  • Compare Cards
Looking for a new credit card?

Explore the best credit cards in every category as of January 2021.

Get started!

Banking

Top Picks
  • Best Savings Accounts
  • Best Bank Accounts
  • Best Money Market Accounts
  • Best CDs
  • Best Checking Account Bonuses
Knowledge
  • Beginners Guide to Banking
  • Everything You Need to Know About Savings
  • Money Market Accounts Made Easy
  • Learn More About Banking
Looking for a place to park your cash?

Check out our top picks of the best online savings accounts for January 2021.

Get Started!

Brokerages

Top Picks
  • Best Brokers of January 2021
  • Best Online Brokers for Beginners
  • Best Options Brokers
  • Best IRA Accounts
  • Best Roth IRA Accounts
  • Best Robo Advisors
Knowledge
  • How to Open a Brokerage Account
  • Beginner's Guide to Brokerages
  • Learn More About Brokerage
Just getting started?

Explore our picks of the best brokerage accounts for beginners for January 2021.

Get Started!

Loans

Top Picks
  • Best Loans of January 2021
  • Best Personal Loans for Bad Credit
  • Best Loans for Debt Consolidation
  • Best Low-Interest Personal Loans
  • Best Personal Loans for Good Credit
  • Best Personal Loans for Fair Credit
Knowledge
  • Personal Loans Made Easy
  • Debt Consolidation Guide
  • How to Pay Off Debt
  • Learn More About Loans
Thinking about taking out a loan?

Before you apply for a personal loan, here's what you need to know.

Get Started!

Mortgages

Top Picks
  • Best Mortgage Lenders of January 2021
  • Best Mortgage Lenders for Poor Credit
  • Best Refinance Lenders
  • Best VA Mortgage Lenders
Knowledge
  • First Time Homebuyers Guide
  • Home Loans Made Easy
  • The Complete Guide to Refinancing
  • How to Get a Mortgage with Bad Credit
  • Learn More About Mortgages
Tools & Calculators
  • Mortgage Calculator
Compare Rates
  • Today's Mortgage Rates
  • Refinance Rates
  • 15-Year Mortgage Rates
  • 20-Year Mortgage Rates
  • 30-Year Mortgage Rates
  • Jumbo Mortgage Rates
  • VA Loan Rates
  • 5/1 ARM Rates
  • 7/1 ARM Rates
  • FHA Mortgage Rates

Knowledge

Knowledge Section
  • All Articles
  • Credit Card Articles
  • Banking Articles
  • Brokerage Articles
  • Personal Loan Articles
  • Mortgage Articles
  • Personal Finance Articles
Recent Articles
  • Biden's Unemployment Proposal Could Replace 86% of Lost Wages

    Personal Finance

    Biden's Unemployment Proposal Could Replace 86% of Lost Wages
  • U.S. Childcare Costs Are Crippling. Here's How Biden Plans to Help

    Personal Finance

    U.S. Childcare Costs Are Crippling. Here's How Biden Plans to Help
  • Stimulus Check Update: Biden Pushes for $1,400 Boost Not Just for the Jobless

    Personal Finance

    Stimulus Check Update: Biden Pushes for $1,400 Boost Not Just for the Jobless
  • Maxed Out Your Emergency Fund? 3 Other Places to Put Your Money

    Banks

    Maxed Out Your Emergency Fund? 3 Other Places to Put Your Money
  • The Ascent
  • Knowledge
  • Credit Cards

Start Setting Your New Year's Financial Resolutions Now

by Christy Bieber | Dec. 8, 2019

The Ascent is reader-supported: we may earn a commission from offers on this page. It’s how we make money. But our editorial integrity ensures our experts’ opinions aren’t influenced by compensation.

It's a busy time of year, but you won't regret taking the time to set some financial goals right now.

New Year's resolutions are often made on the first day of the year -- but all too frequently are forgotten by the middle of the month. The problem is, the excitement of a new beginning can quickly fade if you don't start forming lasting habits while you're still motivated. 

If you hope to make financial resolutions in 2020, you'll maximize your chances of success by making them early and developing a concrete plan of action. That way you can begin building new behaviors when you're still in the New Year's spirit. 

A hand writing in a notebook that says 2020 Plan with glasses and desk items scattered around.

Image source: Getty Images

Setting financial resolutions now just makes sense

It can take time to decide on the right financial goals -- and make a plan to achieve them. So if you want to start working on your money missions on New Year's Day, now is the time to sit down and think about what you hope to accomplish next year. 

Start by making a list of all of your potential financial desires, both long-term and short-term. This could include things like buying a house, paying off your credit cards, retiring early, saving up a vacation fund, shoring up your emergency fund, buying your next car in cash, or whatever else you dream of doing.

Then, decide which long-term and short-term goals are most important to you and narrow down your list. If you try to do too much, you're likely to be overwhelmed and end up doing nothing at all. Once you've got an idea of the goals that matter most, use these as the basis for your 2020 New Year's resolutions. 

But you don't want to just make a wish list -- you need to get specific. This means taking the time to figure out exactly how much money you'll need to accomplish each goal, what your timeline is, and how much you need to save each week or month to hit your target.

All of this takes time to figure out, so don't wait until Jan. 1 to go through the process -- sit down today and get started.  

Start forming new habits on the first of the year

Once you have a clear plan, it's time to translate this into a change in your habits. You can only be sure of success if you adjust your behavior to accomplish your resolutions. 

If you know you need to save $800 a month for one of your goals, for example, you'll want to look at your budget and figure out what you're going to do to save $28 per day or $200 per week. This could mean cutting out a restaurant dinner one day or driving for a ridesharing service for a few hours the next. 

Then, start your new habit on the first of the year and make a commitment to stick with it, no matter what, until the end of January. It typically takes around 30 days for a behavior to become a habit. So by starting when you're the most motivated on New Year's Day and making a one-month commitment, you'll be far more likely to hit those financial targets. 

Working on your resolutions now is worth the effort

Don't wait until Jan. 1 to decide what you want to do to have a better financial 2020. Set your goals now, establish a path to success, and be ready to put it into place come the first of the year. When you're able to stick with your plan the whole year through, you'll be glad you made that extra effort.

Our credit card expert uses the card we reveal below, and it could earn you $1,148 (seriously)

As long as you pay them off each month, credit cards are a no-brainer for savvy Americans. They protect against fraud far better than debit cards, help raise your credit score, and can put hundreds (or thousands!) of dollars in rewards back in your pocket each year.

But with so many cards out there, you need to choose wisely. This top-rated card offers the ability to pay 0% interest on purchases into 2022, has some of the most generous cash back rewards we’ve ever seen (up to 5%!), and somehow still sports a $0 annual fee.

That’s why our expert – who has reviewed hundreds of cards – signed up for this one personally. Click here to get free access to our expert’s top pick.

About the Author

Christy Bieber
Christy Bieber icon-button-linkedin-2x

Christy Bieber is a personal finance and legal writer with more than a decade of experience. Her work has been featured on major outlets including MSN Money, CNBC, and USA Today.

Share This Page
Blue Facebook Icon Share this website with Facebook
Blue Twitter Icon Share this website with Twitter
Blue LinkedIn Icon Share this website with LinkedIn
Blue Mail Icon Share this website by email

The Ascent is reader-supported: we may earn a commission from offers on this page. It’s how we make money. But our editorial integrity ensures our experts’ opinions aren’t influenced by compensation.

Related Articles

Credit cards on a desk image for Best Credit Cards for 2021

Best Credit Cards for 2021

Interest spelled out on a calculator image for Compare Credit Cards Side by Side

Compare Credit Cards Side by Side

Man holding cash image for How Do Cash Back Credit Cards Work?

How Do Cash Back Credit Cards Work?

Cyber security and computer screen image for How to Protect Yourself from Credit Card Fraud

How to Protect Yourself from Credit Card Fraud

Featured Articles

Best Credit Cards for 2021

Compare Credit Cards Side by Side

How Do Cash Back Credit Cards Work?

How to Protect Yourself from Credit Card Fraud


We’re firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers. The Ascent does not cover all offers on the market. Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team.

The Ascent Logo

The Ascent is a Motley Fool service that rates and reviews essential products for your everyday money matters.

btn_facebook-yellow btn_twitter-yellow btn_instagram-yellow

Copyright © 2018 - 2021 The Ascent. All rights reserved.

About The Ascent
About Us Contact Us Newsroom How We Make Money Editorial Integrity Ratings Methodology
Legal
Terms of Use Privacy Policy Accessibility Policy Terms and Conditions Copyright, Trademark and Patent Information
Learn
Credit Cards Banking Brokerage Loans Recent Articles

By submitting your email address, you consent to us sending you money tips along with products and services that we think might interest you. You can unsubscribe at any time. Please read our Privacy Statement and Terms & Conditions.

Back to The Motley Fool