The start of the New Year marks prime time for resolutions and goals for you and your family. From eating healthy to breaking bad habits, New Year’s resolutions present a great opportunity to manifest positive change. January is also a great time to take a look at your finances and determine how to save more and worry less.

Ready to set yourself up for financial success in 2019? Here are a few of our most popular resolutions to work on in the New Year.

Set Financial Goals for Your Family

Defining financial goals for the future year and beyond is a great way to not only set yourself up for success but also bond as a family. For older children, goal-setting can help you better understand what they care most about. For example, perhaps your teenager wants to set a major goal such as buying a car for his or her birthday. Include each family member’s individual goals in your overarching family goals, so that each person knows they have a voice in the discussion.

Your financial goals for the New Year shouldn’t just include what you hope to accomplish in the coming months. Rather, view each New Year as an opportunity to revisit and update your long-term financial goals. This could mean adjusting your retirement goals or assessing your progress on saving up for a new home.

Create a 12-Month Budget

Now that you’ve included everyone in the family brainstorm on financial goals, consider setting the resolution of putting together a budget to help you reach your goals. A budget calculator can help you create monthly, quarterly, and yearly budgets. You can review past credit card and bank statements to help determine where you are currently spending your money and if you want to continue with similar spending habits.

However, the most difficult part of any budget is committing to maintaining and updating it over the course of the year. After you’ve created your budget, set a date each month to take a look at it. Consistently overspending in one category might require you to adjust the budget or change some of your financial behaviors. You can also increase or decrease your financial goals depending on the progress you are making.

Give Back

New Year’s resolutions can help you, and others, too. Giving back – through both time and money –can have multiple positive effects on your wellbeing. Many studies have shown that giving to charity makes us feel happier and can even reduce stress.

No room in the budget to write a big check? Consider asking for charitable donations in lieu of gifts for your birthday this year.

You can even volunteer your own skills by participating in a service project with a local nonprofit. Or, support companies that are making a difference. Local organizations often have programs that give back to the local community.

Focus on the Future

With the whole year ahead of you, there’s no better time to check in on your long-term forecast. Retirement savings is a well-known need among adults, yet it goes overlooked too often. The most important aspect of retirement planning is to remember that every bit counts. It can be easy to get caught up in the idea that you don’t have enough money to make a difference in your retirement. Or, you might think that such a small amount is better spent on current expenses instead of future expenses.

Don’t forget that even a small amount can add up over time. The sooner contributions are made to a retirement fund, the more time that money has to earn value for the future. Even when you’re saving for current wants or needs, consider putting some money into your future.

Help Your Keiki Make Resolutions, Too!

As parents, it’s important to teach kids how to be financially responsible. This doesn’t have to be a major course in finance. One of the simplest ways to teach kids about money is to give them the chance to save for themselves. Setting up a savings account for your child can help them learn how their decisions affect their savings. A children’s savings account also teaches responsibility by allowing them to save as much or as little as they like from presents, small jobs, or allowance.

Additionally, taking the time to sit down with little ones and let them be a part of the family’s financial discussions can make a long lasting impression. If your kids are involved in the conversation, you can teach them about cutting expenses and saving for the future. Keeping your kids involved in the budgeting process can help them understand how you manage money.

Looking forward to the New Year brings much hope and excitement for good things to come. Setting New Year’s Resolutions can help make your dreams in 2019 and beyond. Here’s to a safe and prosperous 2019!