Top 10 financial resolutions

I’ve gathered the top 10 financial resolutions you can make to help you achieve your financial goals this year. Consider this my gift to you: a few pointers to guide you when the dreaded resolution conversations come up!

1. The Crystal Ball

Figure out what you want this year and set a clear financial goal. Do you want to create a realistic budget? Pay down debt? Reduce overall spending? Revaluate your retirement planning? Build an emergency fund? Pick the goal that fits your life and make it crystal clear.

2. Budget Balancing Act

Budgeting isn’t exactly fun, but it is effective! To start, assess your current financial situation. It’s a great idea to track your spending for a while to help you do an accurate assessment. When you have a clear picture of your income and expenses, find a budgeting system that works for you. Whether it’s an app, website, or an old-fashioned book, you need a system that you’ll stick with to track your spending and keep you honest.

3. The Jar Jam

Using labeled jars of cash is a great visual and physical reminder of your spending habits. It is easy to mindlessly overspend on a debit card. Try setting up jars of cash labeled with your different expenses (e.g. groceries, gas/bus, etc.). Fill them up according to your monthly budget. Then only spend what you have in the jar.

4. Save the Change

Have you ever counted the change in your change jar? It can seriously add up! Whether you save the change you would have spent at a coffee shop by making coffee at home, or simply save the change you receive from that coffee purchase, you can make this habit your own. Many financial institutions offer ‘round up’ accounts where you set it up once and it will automatically round up at every purchase and set that money aside for you in a savings account.

5. The 52 Week Challenge

Saving money can be a challenge, but the 52 week challenge aims to help you succeed. The premise is simple: save money each week of the year. Save what you can, or follow the plan of saving $1 in week one, $2 in week two, all the way up to saving $52 in the last week of the year. If you can follow that plan you’ll save $1,378 over the year! You can set up a PAC for this plan or simply fill a jar with the money every Monday.

6. The Latte Factor

Every day thousands of people file into their local coffee shops to fuel their morning. Instead of spending $2 to $6 on coffee, throw the change in a jar and make the coffee at home. At the end of the year, you can invest the money and use your former coffee shop habit to earn more money! I know this may seem like too much for many of you though. I get it — when you stumble out of bed you are cranky and enjoy your morning habit of grabbing a coffee. What about a frugal week every month? Go one week without spending extra money. Can you handle making your own coffee for one week? There are plenty of alternatives to suit every life! Bank the savings and celebrate.

7. Don’t Touch the Tax (Return)

Often we view our tax returns as income. Instead of spending it on a luxury purchase, try something different this year: invest it. Try putting your tax return into a TFSA contract. If you have a large sum in your TFSA contract already, invest that money in an RRSP and use your tax return to rebuild your TFSA. You could also put the tax return in an RRSP.

8. Find a Common Goal

If you have a partner it can be tricky to stay on the same page – with finances, parenting, and the proper ratio of bed covers to pillows. This year, have an honest discussion with your partner about your financial goals. Talk to your financial advisor together. Set up joint accounts or regular PAC programs to meet your goals. Finances don’t have to tear relationships apart. This resolution can make them stronger.

9. Back to Basics

Meet with your financial advisor and go over your accounts, portfolio, and plans. Assess areas of improvement to help you meet your goals. There is no time like the present to ask questions and learn more about your finances and how you can use different products and strategies to improve your situation and reach your dreams. It is always a great time to share this information with the kids in your life too. Help them learn responsibility and reduce the stigma around money that can get us into trouble.

10. Progress Makes Perfect

Check in regularly to celebrate yourself on your progress. Reassess areas of your financial plan that you’re struggling to implement. Revise your budget if your life changes. A financial plan only works when you stick to it, so find simple things that work and make them habits that become part of your everyday life. It’s best to keep it simple. The easier the resolution, the easier it will be to keep. Make it a habit and you’ll see positive results.


Adam Rempel is a Financial Advisor with PenFinancial Credit Union, Fonthill Branch. A proud Brock University and Leadership Niagara graduate, Adam is happy to be working at a truly local credit union that helps grow the lives of over 20,000 Niagara residents and allows him to give back and support Niagara communities by delivering financial literacy programming. You can often catch Adam riding through Short Hills Park or taking in a live show in downtown St. Catharines. Check out Adam’s financial blog at

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