Personal Finance

Majority of Americans Have Money-Minded New Year’s Resolutions

With 2020 coming to an end, people around the world are now looking to what changes they’ll strive to make starting on January 1st. According to a recent survey conducted by OnePoll and commissioned by Slickdeals discovered that 73% of Americans have New Year’s Resolutions for 2021 that involve matters of money. What’s more, respondents said they wanted to sock away an average of $327 per month during the new year. That includes 22% of those surveyed who plan to put $500 or more per month away in savings come 2021.

Topping the list of financial resolutions overall was “get out of debt,” with 38% of those surveyed planning to tackle that goal. This was followed by a three-way tie — “remove unnecessary bills,” “seek out more deals and coupons,” and “spend money more wisely — which were each on the to-do list for one-third of respondents. Rounding out the top five with 30% was “use a savings app.”

Commenting on these findings, Slickdeals’ Senior Personal Finance Editor Ryan Tronier notes, “A new year provides a clean slate for people to assess their financial situation and make the modifications needed to put them on track. Simple changes such as cutting unnecessary subscriptions or looking for more deals and discounts when shopping can quickly add up to big savings.” Naturally, Tronier went on to share how Slickdeals can support those goals, stating, “We ran this survey because at Slickdeals, we believe that every shopping experience can be a winning one for your wallet. Our community of savvy shoppers helps one another discover the best products at the best prices.”

Of course, these resolutions come after what has been a challenging year all-round, with several of these issues impacting many peoples’ finances. In fact, 53% of those surveyed said that their money issues in 2020 were a direct result of the pandemic. More specifically, 23% said they’d either been laid off or furloughed during this year, while 34% experienced some other loss of income. On the other end of the equation, 49% reported having increased bills in 2020 while 42% faced medical expenses that also impacted their finances.

While Slickdeals’ survey may be a bit self-serving, there’s no question that many Americans are surely hoping to improve their finances throughout 2021. This can include small cost-savings measures such as savvier shopping but, ultimately, larger goals such as paying off credit card debt can be more impactful — which is why it’s nice to see this resolution at the top of the list. That said, it’s always important to have a plan in place to help keep you on track, which is why those looking to improve their money matters should be sure to write down specifics, track their progress, and perhaps recruit a loved one to help hold them accountable. With those elements in place, hopefully you’ll be able to accomplish your money goals for 2021 and beyond.