Wondering how to stick to your financial resolutions in the New Year? The key is to focus on small, achievable goals that deliver meaningful results. Start in January with these six simple steps. Each one is easy to do and will help you build steady financial momentum for the rest of the year.
1. Track Your Spending for One Month
Monitoring every dollar for an entire year can feel overwhelming, so commit to tracking your spending for the 31 days in January. Even just one month of careful monitoring can reveal insights into your expenses and show where small adjustments can improve your overall financial habits.
Helpful Resource:
Read Tracking Your Joint Expenses from Excite’s financial education partner, Banzai!
Take It a Step Further:
Continue tracking for three months to uncover patterns and hidden spending habits.
2. Automate Your Savings
Since manually moving money into your savings account is easy to forget or put off, remove the extra step. In January, set up automatic transfers from each paycheck; even small amounts add up over time. Sending money directly into savings is one of the easiest ways to save.
Helpful Resource:
Use Direct Deposit to route part of every paycheck straight to one of Excite’s Savings Accounts. You can also use Online Banking to set up a recurring automatic deposit to your savings a day after your paycheck posts to your checking account.
Take It a Step Further:
Avoid late fees by automating your monthly bills with Excite’s Bill Pay service.
3. Begin to Build Your Emergency Fund
Saving three to six months of expenses can feel out of reach. Instead, start the year by making the first deposit toward a $1,000 starter emergency fund. Even a modest cushion can protect you from unexpected costs—like car repairs or medical co-pays—so a minor setback won’t derail your budget.
Helpful Resource:
Use Excite’s Emergency Fund Calculator to set a realistic target and timeline.
Take It a Step Further:
Once you’ve saved $1,000, begin working toward three months of living expenses.
4. Review Your Subscriptions
Instead of tackling a full budget overhaul, begin with something simple. January is an ideal time to review your subscriptions—streaming services, apps, memberships, meal kits, and anything else that auto-renews. Canceling the ones you no longer use frees up cash with almost no effort.
Helpful Resource:
Use your E-Statements to spot recurring charges you may have forgotten about.
Take It a Step Further:
Evaluate one additional spending category each month, like dining out or online shopping.
5. Try a “No-Spend Day” Each Week
A full “No-Spend January” isn’t realistic for most people, but one no-spend day every week is a manageable way to cut back. Choose a regular day to skip non-essential purchases, such as takeout and impulse buys. It’s a practical reset to help you make decisions more intentionally.
Helpful Resource:
Put the money you save into an Extra Savings or Holiday Savings account.
Take It a Step Further:
For extra savings, add a weekend to your no-spend schedule each month.
6. Check Your Credit Report
Because long-term debt reduction can feel overwhelming, start with a simple January task: review your credit report. Checking it now—and then regularly each month—helps you spot issues early, such as reporting errors, suspicious activity, or outdated accounts, so you can address problems before they impact your financial health.
Helpful Resource:
Sign up with SavvyMoney for free, ongoing access to your credit report and personalized credit insights.
Take It a Step Further:
Use SavvyMoney to set your credit score goal, track your progress, and get tips to help you improve it.
Start Small and Dream Big
As you approach your New Year’s financial resolutions, remember that simple steps taken in January can kickstart your new financial future. Excite Credit Union is here to support you with the tools and guidance you need. Check out our Next Generation Digital Banking—faster navigation, personalized dashboards, and a seamless look across all your devices. It’s built to help you reach your goals, one step at a time.
