New Year’s Personal Finance Resolutions for 2026
- Lang Faylor Chomo
- 3 days ago
- 3 min read
As we step into 2026, many of us are thinking about fresh starts, healthier habits, and long-term goals. One of the most impactful areas to improve is your personal finances. Whether you want to save more, reduce debt, or plan for retirement, setting clear financial resolutions can make this your most successful year yet.
Here are practical, achievable New Year’s personal finance resolutions to help you build security and peace of mind — along with tips from the tax and accounting professionals at Lang Faylor Chomo.
Create (or Revisit) Your Budget
A budget isn’t restrictive — it’s empowering.
Why it matters:
A clear budget shows exactly where your money goes each month and helps you make intentional decisions.
Action steps:
List all income sources
Track expenses (fixed and variable)
Allocate savings goals
Review monthly and adjust as needed
Reduce High-Interest Debt
High interest on credit cards, personal loans, or payday loans can slow your financial progress.
Resolution goal:
Pay more than the minimum on high-interest debt.
Strategies to try:
Debt Snowball: Pay smallest balances first for quick wins
Debt Avalanche: Tackle highest interest rates first and save on interest
Consider a balance transfer to lower interest (if it makes sense)
Build (or Boost) Your Emergency Fund
Unexpected expenses happen — from car repairs to medical bills.
Resolution goal:
Save 3–6 months’ worth of essential expenses in a separate account.
Steps to get started:
Start with a small, achievable goal (like $500)
Set up automatic transfers
Gradually increase until you reach your target
Max Out Retirement Contributions
Your future self will thank you.
Why it matters:
Contributing to your 401(k), IRA, or other retirement accounts not only helps your future finances — it often lowers your tax bill today.
Resolution ideas:
Contribute enough to get your employer’s full match
Increase your contribution by 1–2% this year
Review retirement goals annually
Plan for Taxes All Year Round
Tax season feels less stressful when you’re prepared.
Resolutions to consider:
Organize receipts and documents monthly
Understand deductions and credits you may qualify for
Review tax withholdings to avoid surprises
Consult a professional before major financial changes
Trim Unnecessary Subscriptions & Spending
Small recurring costs can quietly drain your budget.
Action steps:
List all subscriptions (streaming, apps, memberships)
Cancel those you no longer use
Negotiate lower rates where possible
Set (and Track) Financial Goals
Don’t just resolve — commit.
Examples of strong goals:
“Save $5,000 for a down payment by December”
“Increase emergency fund to 6 months’ expenses”
“Pay off $2,000 in credit card debt”
Make them SMART:
Specific
Measurable
Achievable
Relevant
Time-bound
Educate Yourself About Money
Financial literacy is one of the best investments you can make.
Resolution ideas:
Read a personal finance book
Listen to money-focused podcasts
Attend a financial workshop or webinar
Work with a trusted advisor
Review Your Insurance Coverage
Life changes — your insurance should too.
Areas to reassess:
Health insurance
Life insurance
Disability insurance
Homeowners/renters insurance
Auto insurance
Check Your Credit Report
A healthy credit score unlocks better loan rates and financial opportunities.
Action steps:
Request your free annual credit reports from all three bureaus
Look for errors or fraudulent activity
Dispute inaccuracies promptly
New Year’s resolutions aren’t just about change — they’re about purposeful progress. Whether you’re strengthening your emergency fund, preparing for retirement, or organizing your taxes, this is the year to take your finances to the next level.
At Lang Faylor Chomo, CPA, we’re here to help you:
Plan smart tax strategies
Organize your financial life
Make confident decisions for 2026 and beyond
Contact us today to set up a financial review and make this your strongest year yet.
