Are you one of the over 50 percent of Americans who made a New Year’s resolution?

The new year seems to be a great time for a fresh start.

Many people use the turning of the calendar as a blank slate, tossing aside old habits and making goals to start new, healthier habits.

But, did you know that although more than half of us make resolutions, only about 10 percent maintain that resolution past the first few months? Yikes!

I have been a part of that 90 percent for more years than I care to admit.

Resolutions often take various forms, with goals like exercising more, losing weight, being happier, etc.

One resolution I have heard recently from many is to improve their financial well-being, which can be defined as “how much your financial situation and money choices provide you with security and freedom of choice” according to the Consumer Financial Protection Bureau.

If you have made a resolution similar to this, here are some quick tips to help you in 2019 with how to set goals that will put you in the 10 percent of Americans who actually hold to their resolutions.

Taking stock of your current financial situation is a good place to start.

Ask yourself these questions:

— Am I comfortable with my current financial situation?

— Do I stress over my finances?

— Do I find it difficult to pay all of my bills each month?

— Would I have enough saved to cover a major unexpected expense like car repairs, heating/air condition repairs, etc.?

— Were the holidays financially stressful?

If you find you need to make improvements to your financial health, set a goal and work toward it throughout the year.

Make sure your goal is SMART, which stands for Specific, Measurable, Attainable, Relevant and Time-bound.

This is a good formula for all goals, not just ones focusing on finances.

Basically, SMART goals are outlined in detail, provide a path forward, are realistic and will be accomplished in a certain time period.

For example, if you want to increase your savings by $1,200 by the end of the year, resolve to put $100 in your savings account each month.

If you want to make holiday spending less stressful in 2019, many banks also offer Christmas club accounts, which allow you to save for the holidays throughout the year.

With the holidays still fresh on your mind, it’s a good idea to add up your expenses from this year to give you a savings amount to shoot for next year.

Sometimes we might be a little ashamed of how much we spent over the holidays, but remember it is all information needed to make achievable goals for 2019.

It is better to save more than you need throughout the year than for Christmas to roll around and you realize you have underestimated what you actually spend.

If your goal is debt reduction, think about ways you can meet that goal.

Do you have debts that are close to being paid off you could go ahead and pay off to save on interest?

Maybe you want to pay extra on the debt each month to more quickly reach that goal.

You may be able to negotiate lower rates with your creditors to save on interest.

Your resolution could also be to limit the charges or not put any charges on your credit cards this year.

Develop a monthly budget. This is one of the most important aspects of financial well-being.

A budget will allow you to see on paper where your money actually goes each month. 

Spend January and February looking at your monthly bills and then sit down in March with the informationg from those months and develop a true budget of what comes in and goes out.

You may notice some areas of extra spending where you could save.

For example, did you notice you buy Starbucks three of five week days? See if you can reduce to just one time per week and you have saved anywhere from $6 to $12 depending on your coffee preference.

Make sure to include your financial resolution in the budget.

Encourage your children to start good financial habits. Talk to them about the importance of saving.

If they do not have a savings account, open one for them or set up a savings and spending jar.

We have mason jars in our house with a “savings” and “spending” label. Whenever my children get money, they take part of it and put in the spending jar and the rest in the savings jar.

Think about letting them have an allowance and decide how they should portion it out.

Be a role model by letting them see you save. And even better, they can help you be accountable.

You may want to drive through the soon-to-be-open Starbucks for a Pumpkin Spice Latte and your kiddos may say, “But Mom, didn’t you already get Starbucks this week?”

So keep on driving with an extra $6 in your pocket and maintain your status in the top 10 percent.

For more information on how to help set financial goals or budgets, contact the Clark County Extension office at 859-744-4682.

Shonda Johnston is the Clark County Extension agent for family and consumer sciences. She can be reached at 859-744-4682 or by email at shonda.johnston@uky.edu.