Be the 1 in 3 to keep a financial resolution with these 10 goals - KFVS12 News & Weather Cape Girardeau, Carbondale, Poplar Bluff

Be the 1 in 3 to keep a financial resolution with these 10 goals

(Source: Pixabay) (Source: Pixabay)
(KFVS) -

'Tis the season for New Year's resolutions.

WalletHub reports 67 percent of Americans make a goal at the beginning of the year, but only 8 percent are actually successful in achieving it.

That doesn't bode well for hopes of improving your money management.

This year, WalletHub says about 33 percent of people will make a financial resolution.

Good news: there are some realistic goals you can set to make 2017 a great year for your wallet.

Here are the top 10 financial resolutions according to WalletHub:

  1. Thoroughly review your credit report and sign up for credit monitoring.
  2. Pay bills right after receiving your paycheck.
  3. Repay 20 percent of your credit card debt
  4. Use different credit cards for everyday purchases and another for debt
  5. Add one month's pay to your emergency fund
  6. Improve your credit score by 20 points
  7. Get an A in WalletLiteracy
  8. Focus on your physical health
  9. Make a realistic budget and stick to it
  10. Look for a better job 

CLICK HERE for a closer look at what to consider when making your financial resolution.

Kristina Bauer, an assistant professor of Psychology at Illinois Institute of Technology suggests setting goals that are specific, measurable, attainable, realistic and time bound.

The key is thinking about what you want and balancing it with a plan to get what you want, according to Kentaro Fujita, an associate professor of Psychology at The Ohio State University.

But realize there will be setbacks.

"It takes commitment, and they should be ready to invest the psychological and material resources necessary to make that happen," Fujita said. "If they aren't willing to make that commitment, then the goal is probably not worth pursuing."

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