Start the year with small, smart moves that boost your confidence
A new year is a fresh opportunity to check in with your finances and set goals that matter to you. Even if holiday bills are still on your mind, a few intentional changes can help you feel more in control and on track for the months ahead.
Here are eight practical habits you can start today to make your financial life easier and more rewarding.
1. Set clear goals
Instead of vague resolutions like “save more” or “pay off debt,” choose specific goals you can track. For example, set a monthly savings target or decide on a set amount to put toward a loan each month. Clear goals make it easier to see your progress and stay motivated.
If your budget feels tight, start small. Review what you earn and spend each month, then set a goal that feels doable. As the famous proverb says, “A penny saved is a penny earned.” Even small steps add up over time.
2. Balance debt repayment and savings
Paying off high-interest debt quickly is essential, but it’s also wise to build a financial cushion. Setting aside money for an emergency fund while paying down debt can protect you from unexpected expenses and keep you from needing to borrow again later.
Think of it as building two forms of security at once: freedom from debt and the comfort of knowing you have savings if you need them.
3. Don’t go it alone
Money can feel like a private topic. But discussing your goals with someone you trust can make a significant difference. Whether it’s a friend, family member, financial advisor, or money group, having someone to check in with is helpful. The buddy system can help you stay accountable, celebrate wins, and remain positive when challenges come up.
4. Use tools that support your goals
Managing money is simpler when you have the right tools in place. Budgeting apps can help you track spending, find areas to cut back, and keep your plans organized. You can also use M&T Money Smart™, which gives you a clear view of all your M&T and non-M&T accounts in one place.
If you’re looking to grow your savings, consider exploring options like certificates of deposit (CDs) or savings accounts tailored to your goals. And don’t forget to use planning resources, like M&T Bank’s Savings Calculator Library , to help you map out your short- and long-term plans.
5. Make saving automatic
Waiting until the end of the month to save “what’s left” can make it harder to reach your goals. Instead, set up automatic transfers from your checking to your savings account right after payday. This way, saving becomes a built-in habit, and you’re paying yourself first without having to think about it.
If you haven’t yet, why not download the M&T Mobile Banking app It makes scheduling transfers, M&T loan payments, and depositing checks easy.
6. Think of a setback as a way to refocus and prioritize
Everyone faces bumps in the road - an unexpected car expense, for example, or a month when you overspend. What matters most is how you respond. Take a moment to reassess, adjust your plan if needed, and keep moving forward. Each challenge is a chance to learn what works best for you.
7. Take the (small) wins too
Big goals, such as saving for a house, can take time, so find ways to acknowledge your progress. Break larger goals into smaller milestones and enjoy reaching each one.
One way to celebrate progress is to create a “milestone board.” This visual reminder helps you track the goals you’ve met, and you can use sticky notes or a chart to do so. A few other free ways to celebrate financial wins:
· Share your progress with a friend or family member who supports you (see #3)
· Document the milestone in a journal or with a photo so you can look back later
· Enjoy a no-cost experience like a hike, beach day, or free local event
· Host a movie or game night at home using what you already have
· Pay it forward by encouraging someone else working toward their own goal
Celebrating doesn’t have to cost anything. The goal is to acknowledge your effort and keep your momentum going.
8. Review and refresh your plan regularly
Life changes, and so should your financial plan. Make a habit of checking in on your budget, savings, and goals at least a few times a year. This gives you the chance to decide what’s working, spot areas that need attention, and adjust so your plan still supports your priorities.
Regular reviews can keep your finances aligned with your current needs and help you stay on track toward your bigger goals.
We’ve got this
Building stronger money habits is a journey, and every step counts. With the right tools, a clear plan, and a bit of support, you can make this your year to feel more confident about your finances. No matter what time of year you start!
At M&T, we’re here to help. Explore our Financial Education Center for easy-to-use tools, helpful resources, and guidance tailored to your goals.
For educational purposes only. Always consult a qualified professional about your personal situation.