7 Financial resolutions for parents in 2024

You blink your eyes, and it's another new year. You want this year to be different, though, so what can you do to accomplish that? You could start by creating some financial resolutions and make it a family affair! New Year's offers a great opportunity to do this!

What are financial resolutions?

We've all heard of New Year's resolutions, and many of us have set them in the past. New Year's financial resolutions are the same thing, but they're focused on your finances. A financial resolution is like a goal. It helps you improve an aspect of your personal finances. It might be a goal to improve your credit score, or maybe you want to start living within your means. You can set one or more resolutions, but each should have a specific purpose for improving your financial health. 

7 Financial goals to get parents started in the new year

A new year is always an excellent time to set goals to improve your life. Here are some ideas about the goals you can set in the new year. 

1. Build a solid emergency fund

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One of the best financial tips you'll ever learn is to build an emergency fund. As the name implies, this is a fund with money you use for emergencies. You can determine how much money to place in the fund, and you can start small. This year you might decide to start an emergency fund. If you already have one, you might set a resolution to reach a specific monetary goal. 

2. Create a S.M.A.R.T budget for family success

Good financial goals help you improve your financial situation, so setting a budget is a good idea if you don't have one yet. There are all kinds of different budgets you can choose from, including a S.M.A.R.T. budget. This method of budgeting uses the following principles for managing money:

• Specific: Be precise instead of using generalities

• Measurable: Include ways to measure the goals and expenditures

• Attainable: Be realistic when creating your budget

• Relevant: Create it around your personal values and financial priorities 

• Time-bound: Add dates for your goals and budget

Living with a budget will help you meet your personal financial goals faster. A budget is also helpful for saving more money if that's your resolution.

3. Supercharge your savings with S.M.A.R.T. goals

A S.M.A.R.T budget uses the principles listed above, but you can also use these principles for other purposes. For example, apply them to saving more money. Set a specific amount you want to save monthly or throughout the year. Make sure it's an amount you can realistically achieve, and start saving. Imagine how much more you'd save if you set goals and took the appropriate steps to follow through with your plan. 

You can save money for all kinds of purposes, including for fun! Set aside a specific amount each month for outings, day trips, or family vacations. After all, having fun with your family is a vital part of life.

4. Explore investment opportunities

Another area you might need some money resolutions with is investing. Investing can help you build your emergency fund faster. Some types of life insurance plans are also investment opportunities, such as permanent life insurance. It costs money but can protect your family if something happens to you or your partner.

Talking to a financial advisor might be another goal to set. A financial advisor can help you decide what investment opportunities to use to meet your unique goals. 

5. Teach your kids money skills

Want your kids and teens to be financially literate? It’s possible! Just be intentional about teaching them money skills. Here are some ways you can do this:

• Set money resolutions with your kids

• Get the Greenlight app and give them a debit card with parental controls¹

• Teach them about credit reports and scores so they can start out right

Include your kids in your family’s finances by hosting monthly financial family meetings. Teach them about proper credit card management, credit scores, and savings goals. Set goals as a family. This habit can have a major impact on how your kids manage money when they grow up.

6. Invest for your retirement

As a new year begins, you might also think about building your retirement savings. Saving for retirement takes decades. If you start now, you'll have more time to build your nest. What are some ways to add more money to your investment accounts? Your financial advisor can give you some ideas for reducing your taxes while boosting your savings. 

7. Talk to your partner about your finances

Do you feel like you and your partner need to communicate more about your finances? Many couples feel this way, but the only way you'll do it is by setting goals. Talk to your partner about having weekly or monthly discussions about your financial matters. Then, follow through with the meetings. 

Use this time to talk about:

• Your budget

• Ways to boost your monthly income

• Options for cutting expenses

• Measuring your goals and setting new ones

Talking about your finances provides open communication and can be very helpful. 

Discover how to future-proof your finances

A new year is a new chance. Why not use it to create some realistic financial New Year's resolutions? Use these ideas to get started setting financial goals. Tune into the Greenlight® Learning Center to learn more tips about setting goals. To help your kids learn improved ways to manage money, sign them up for a Greenlight debit card, which offers up to 5% cash back to savings² and more!

¹Greenlight is a financial technology company, not a bank. The Greenlight app facilitates banking services through Community Federal Savings Bank (CFSB), Member FDIC.

²Greenlight + Invest families can earn monthly rewards of 1% per annum, Greenlight Core and Greenlight Select families can earn 2% per annum, Greenlight Max families can earn 3% per annum, and Greenlight Infinity families can earn 5% per annum on an average daily savings balance of up to $5,000 per family. Only Greenlight Max and Infinity families can earn 1% cash back on spending monthly. To qualify, the Primary Account must be in Good Standing and have a verified ACH funding account. See Greenlight Terms of Service for details. Subject to change at any time.