How do you make a New Year's savings resolution you'll actually keep?
I'm Oslo, and every January I hear the same thing: “this year I'll save”. I love the intention, but it isn't a resolution yet. Let me show you how to turn it into a real one, with a name, a number and a date.
OsloYour buddy for sorting out your money.
Updated
Why “save more” is forgotten by February
“Save more” can't be measured. It doesn't say how much, what for or by when, so you never know whether you're on track or behind. And what isn't measured gets forgotten: February arrives, a big expense shows up and the resolution stays in the notebook from December 31.
A real resolution looks more like this: “December trip, fully paid”. It has something that excites you, a total and a date. And what gets measured can be followed, corrected and celebrated.
Step 1: give it a name
Pick a name that motivates you every time you read it: “trip”, “bike”, “emergency cushion”, “pay off the card”. The name is what reminds you why you're skipping the thing you don't need today.
Fewer resolutions beat more. One or two well kept beat five competing for the same money. If you have several, decide which comes first and park the others until you finish it.
Step 2: give it a number
How much do you need in total? Find out for real: price the bike, add up the whole trip, check the exact balance on the debt. A made-up number falls apart at the first surprise.
Next to the total, write down how much you already have. Even if it's little, starting from what you have feels different from starting at zero, and it lets you see progress from day one.
If the total feels huge, break it into stages: a first part by June and the rest by December. Every stage you complete is a small celebration and proof that you can do it, which is exactly what you need in March, when January's enthusiasm has faded.
Step 3: give it a date
A date turns a wish into a plan. With the total, what you have and the date, your weekly amount falls out: divide what's left by the weeks remaining. If you're 1,200 short with 48 weeks to go, that's 25 a week. If that number doesn't fit in your month, move the date or adjust the goal, but don't leave it without one.
In Oslo, once a goal has a date, the assistant tells you how much to set aside each week to get there on time (it comes with the Personal plan).
Step 4: check it every month
Not in December: every month. Pick a fixed day, such as payday, and look at two things: how much you have and how much you should have by now. That way you correct course early, while the gap is small, not at the end of the year when there's no way to catch up.
If you're behind, don't give up: raise the amount a little, move the date or cut one expense for a couple of months. A resolution that gets adjusted stays alive; one that gets abandoned starts from zero next January.
Frequently asked questions
What are good financial New Year's resolutions?
Ones you can measure. A few examples: build an emergency cushion with a set amount, pay off a specific debt by a certain date, save for a concrete trip or purchase, or track your spending every month of the year. Choose one or two, give them a number and a date, and check your progress every month.
How do I stick to a savings resolution all year?
Give it a name, a number and a date; work out how much to set aside each week or each paycheck, and move it on payday, before you spend. Every month, compare what you have with what you should have by then. If you fall behind, adjust the amount or the date instead of quitting. Consistency matters more than the amount.
How many savings goals should I have at the same time?
Just a few. With one or two it's easier to see progress and stay motivated; with many, the money gets spread so thin that none of them grows. If you have several, put them in order: many people start with an emergency cushion or their most expensive debt, then move on to the goal that excites them most.
This is financial education, not advice: Oslo doesn't recommend loans or investments. Decisions about your money are yours.
