Might a New Year resolution give finances a fresh start?

New Year traditionally symbolizes a new beginning, a chance to turn over a new leaf and wipe the slate clean.  It can be an opportunity to draw a line under previous years when it comes to finances too. Deciding to make a fresh start on a special date or occasion can help us make changes by boosting motivation, for example.

In 2016, money matters 

Findings from the ING International Survey on Christmas and New Year 2016 suggest New Year remains a popular time-based landmark for making changes to personal finances.
Fully 71% of people in Europe who planned New Year resolutions for 2016 said they’ll make a resolution to improve their money situation.
Saving more and debt reduction were two of the most favored ways to improve.

Making changes worldwide

In Luxembourg, 81% of people planning New Year resolutions say they’ll set a money goal. In the Netherlands, 82% indicate they’ll make a resolution around finance. In Australia (71%) and the US (78%), finance resolutions are also popular.

Eyes on the prize

However, just 52% of people in Europe say they kept money-related resolutions set in the previous year. A tip could be to choose a financial goal that is easy to achieve – paired with a reward for achieving it.

Time to make savings? 

Saving more was the most popular goal for people in Luxembourg (43%) when given a range of four  2016 New Year  resolutions. Why not consider moving a certain sum into savings accounts each pay day? You could even create a direct debit for this, this way you won’t forget.

Rein in the spending 

Second most popular goal for Luxembourg was to better master their spending (32% and  27% in Europe). Stop and think before taking  money decisions . Is this something you really need to buy or you just like? If you think it is something you need, can’t you wait a little time and safe for this first? Is there an option of borrowing instead of buying? 

How to change your life 

In the ING research,  only 5% of the nearly 15,000 surveyed across 15 countries prioritized other key New Year goals that can affect finances – such as opening a business, getting a job, or buying a home. Maybe there should be more of us taking the long term perspective. Remember the saying, a penny saved is a penny earned. We are many to face financial finances, but if you know where you are going you are a step closer for getting there.

New Year, new beginning? 

Last year nearly half of people (44%) in Europe planned to begin the year by setting themselves a specific financial goal. All of us should be doing so, a ”fresh start” can help willpower. Go for it, you can make your dreams come true!

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