6 Tips For Sticking To Your 2021 Money Goals

Whether it’s exercising more or kicking a bad habit, sticking to our New Year’s resolutions can be difficult, and research shows we generally don’t last too long.

By mid-January (specifically Jan. 19), most people have given up on their New Year’s resolutions, according to historical data insights from Strava, the social fitness app. The platform even has a name for it, dubbed “Quitter’s Day.”

And when it comes to money, we’re not much different.

“This ‘resolution fatigue’ is a real thing, but there are ways to keep making progress even when you start to feel worn out,” Emily Shallal, senior director of customer strategy and innovation at Ally Bank, tells CNBC Select.

To help make it easier for you to see your financial resolutions through, Shallal shares actionable money moves you can make now and for the rest of the year.

Check out her six tips below.

1. Automate your finances

Ally Bank Online Savings Account

On Ally Bank’s secure site

  • Annual Percentage Yield (APY)

  • Minimum balance

  • Monthly fee

    No monthly maintenance fee

  • Maximum transactions

    Up to 6 free withdrawals or transfers per statement cycle *The 6/statement cycle withdrawal limit is waived during the coronavirus outbreak under Regulation D

  • Excessive transactions fee

  • Overdraft fees

  • Offer checking account?

  • Offer ATM card?

    Yes, if have an Ally checking account

2. Give your budget a ‘glow up’

The best free budgeting app to help you manage your money

If you need help tracking your cash flow, the Mint budgeting app is a fan favorite amongst many consumers. It offers bill payment reminders, customized alerts for warnings and a credit monitoring service — all for free. Learn more about the app here.

3. Consolidate your savings

4. Try a ‘savings spree’ for one month

The “savings spree” that Shallal recommends trying for a month requires that you save a dollar amount that matches the calendar date.

You would start by saving $1 on the first of the month, $2 on the second and so on. In an average month, she notes that you can end up with nearly $500 saved in total by the end of the month.

5. Match your savings to your spending for one week

Another savings technique that Shallal suggests involves you saving as much as you spend for one week (or more).

Each time you spend a dollar, you put a dollar into your savings. The idea is to match everything you spend, but you can also tailor it to stick to a specified limit, “like putting a max of $5 into savings per purchase,” she says.

6. Increase your annual retirement contribution by 1%

Editorial Note: Opinions, analyses, reviews or recommendations expressed in this article are those of the CNBC Select editorial staff’s alone, and have not been reviewed, approved or otherwise endorsed by any third party.

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