Let's face it, most New Year's resolutions are pointless. Only one in 10 people keep them up for a 12 months or more. You know, the old 'I'm going to give up chocolate' pledge that falls flat by February, or the 'I'm going to join the gym' notion that never really gets off the ground. But what is your NY resolution is to save more money?
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As the countdown begins and 2017 is about to make its appearance, committing yourself to a brighter financial future may be the best end of the year decision you'll ever make.
Why would this work over other resolutions? Well, according to research, those who vow to improve their relationship with money at the start of the year prosper at a faster rate than those who don't. In fact, a study by Fidelity Investments shows that 51% of people who decided to improve their finances feel better about their money now.
Also, 42% find it easier to diminish debt and save more for retirement than ideas such as losing weight or giving up smoking. Among those who made a financial resolution in 2014, 29% reached their goal, and 73% got at least half way there. Pretty encouraging stuff.
The science behind these results is unclear, but the fact of the matter is: making a financial New Year's resolution is not only a more productive way to make promises to yourself, but it's also likely to make the most positive impact on your life.
Whether you're looking to invest in the stock market, save for a property, or accumulate capital for your budding startup venture, you're going to need to straighten out your finances and put a decent amount of money in the pot, so why not start now?
And to get you in the mood for saving money, here's a pearl of wisdom from one of history's most prolific characters:
Your net worth to the world is usually determined by what remains after your bad habits are subtracted from your good ones. - Benjamin Franklin