After resolutions about getting in shape and losing weight, resolutions aimed at improving finances are often among the most popular made by people every year. And this year is no different. The top three financial resolutions being made by people across the United States in 2022 are:

  • Saving more money
  • Paying down debt
  • Spending less money

Forty-one percent of those who participated in a survey said that paying down debt was an objective for them this year, putting it slightly behind saving more money as the most important financial resolution.

The start of the year is a great time for people to get the financial side of their lives in order, and many choose to use their income tax returns as a windfall to pay down old debts.

For those who feel like any of these goals are too overwhelming and look insurmountable, the most popular reason why people were able to stick to their financial resolutions last year was because they enjoyed the feeling that they felt as they made progress toward their goals and they were motivated by passion to meet their goals. The key to both of those reasons is having a goal.

In order to be most effective, goals have to be measurable and attainable. Simply saying that you want to pay down your debt or have less debt is not specific enough. Giving yourself something specific that you want to accomplish helps you visualize it and makes it more achievable.

THE UPSIDE OF MAKING RESOLUTIONS

Helping make financial resolutions is also a way that consumers can feel more optimistic about their futures. People who made financial resolutions at the start of 2021 are in better financial shape and more financially secure than those who did not make resolutions. More than 70% of people who made resolutions last year were able to stick with them, compared with 58% in 2020.

Generally speaking, people were more likely to make some resolution in 2022, compared with 2021, so even if you haven’t yet, there is still time. And if paying down debt is one of the resolutions on your list, contact us today to see how we can help you accomplish that goal. Our specialists are experts at finding solutions to help people get their financial lives back on track. And, even though the new year has already started, it’s never too late to make a resolution and it’s never too late to contact us.

Learn more about our approach and what makes us different by reaching out to us at info@pacificcreditservices.com.