Study: Top financial resolutions for the New Year

money

SAN FRANCISCO (KRON) — About 45 percent of Americans make New Year’s resolutions each year, and many involve finances.

The list, compiled by WalletHub, is based on conversations with a panel of consumer and psychology experts.

Here is the top 5 on WalletHub’s list:

  1. Review & Reassess – This includes reviewing at least one of your major credit reports.
  2. Monitor Your Credit – Credit monitoring is like a surveillance system for your credit report.
  3. Make a Budget – Only about 40 percent of adults have a budget, survey data from the National Foundation for Credit Counseling said. The best way to budget is to gather all your bills from the past few months and then make a list of you recurring expenses in order of importance.
  4. Try the Island Approach – This is “a personal finance technique based on the theory of compartmentalization that encourages consumers to isolate different financial needs on different financial products – as if they are a chain of related islands.”
  5. Delegate to Automation – Don’t miss your due dates! Set up automatic payments from a checking account to avoid this.

For the full list, click here.

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