PFA Updates

Jan 02, 2025

According to a Pew Research Center survey, 30% of Americans reported making at least one resolution for the year at the beginning of 2024, with half of this group making more than one.1

What types of resolutions do people make? In 2023, the most popular ones included improving physical health (20%) and saving more money (20%). Others were exercising more (19%), eating healthier (18%), being happy (17%), and losing weight (17%). Career-related resolutions were the least popular, with only 9% resolving to pursue a career goal and 7% resolving to get a new job.2

As the new year begins, we know that many are thinking about ways to set meaningful goals and create lasting change. When it comes to personal finance, a fresh perspective can make all the difference. We thought you might find these strategies helpful as you start the year with renewed focus and purpose.

Three Strategies for Goal-Setting in 2025:

1. The "12 Mini-Resolutions" Approach
Instead of setting one overwhelming goal, consider breaking down your financial objectives into monthly tasks. For example, January might focus on reviewing retirement contributions, while February could be dedicated to updating beneficiaries.2

2. The "Reverse Resolution" Method
Instead of focusing on what to start doing, the reverse resolution method encourages you to identify habits or behaviors you want to stop. For example, you might resolve to stop making impulse purchases or to cease procrastinating on certain financial decisions.3

3. A Risk Management Focus
Risk management is an often overlooked but critical area for financial resolutions. Consider reviewing your insurance coverage every year. Additionally, you may want to explore options for dealing with extended care, which can play a role in a comprehensive financial strategy, especially as you approach retirement age.4

Looking Forward
Whether you're interested in implementing mini-resolutions, building new financial habits, or exploring new tools to enhance your financial management, we’re here to support you in evaluating these strategies and aligning them with your long-term goals.5

Wishing you and your families a healthy and happy New Year!

1. Pew Research, January 29, 2024

2. Discover Happy Habits, June 1, 2024

3. U.S. Bank, January 10, 2024

4. How to Build New Habits by Taking Advantage of Old Ones, October 19, 2024

5. SeniorLiving.org, June 25, 2024