It’s been 2019 for more than a month — so why are we writing about New Year’s resolutions in February?

Did you know that only 8% of people actually stick to their New Year’s resolutions — and 80% of resolutions fail by the second week of February?

If you are in this boat, it’s not too late. You can still meet your goals, or even create new ones if you didn’t set any in January. But the key is to make smarter resolutions that will last through the whole year.

Financial resolutions are great goals to set. Little, daily actions can add up to big successes in the long run. Here are 10 New Year’s (or any time of year) resolution ideas you might consider for 2019 — and ways to stick with them:

1.Create a budget and update it monthly.

Why it works: By reviewing your budget monthly, you will see how your goals are progressing. You’ll also be able to see where you need to tweak and plan for the month ahead.

Make it stick: Set aside a day each month for your review — like the 1^st of the month. Create a calendar reminder on your phone.

2.Track your expenses.

Why it works: You’ll be raising awareness about how you spend your money. Just by tracking alone, you’ll be able to see patterns crop up.

Make it stick: Download an app that connects to your bank account to make the tracking automatic. Plus, some apps allow you to sync your budget, so you can see when you’ve gone over a category.

3.Set up automatic withdrawals into a savings account.

Why it works: You only have to act once, and you’ll have your resolution completed! This can be a great way to put money aside for a rainy day or for a specific savings goal.

Make it stick: Every time you have “found money” or get bonus money, add it to your savings account.

4.Set up an RRSP or (if you already have one) make your contributions automatic.

Why it works: Similar to the savings account, this is a one-and-done resolution. Once you have your RRSP set up, figure out how much you can put in and then make it automatic. The benefits of an RRSP are numerous and starting to save early can set you up for success in the long run thanks to compound interest.

Make it stick: Have a garage sale (or online garage sale through a marketplace site) and add all the revenue to your RRSP.

5.Pay off debt every day.

Why it works: Author Jeff Olson calls this “the slight edge” — the small, consistent actions that you take every day. What you do every day is often more effective than what you do once in a while.

Make it stick: Rather than focusing on the total sum of your debt, break it down into manageable chunks and resolve to pay off each chunk in little payments every day (you can even set this up to be taken from your bank account automatically). Just putting $5 per day towards your debt will add up to $150 in a 30-day month and it will hurt a lot less to see it go in $5 increments than a $150 lump sum.

6.Pay more than the minimum balance on your credit cards.

Why it works: Some people think that the minimum payment is all they have to pay, but unfortunately this isn’t always the case. Paying only the minimum doesn’t mean you have good credit. Instead, resolve to pay your credit card bills in full every month and not to charge more than you can afford to pay.

Make it stick: Consider putting a cap on your credit card accounts or signing up for a secured credit card that acts like a debit card but reports to your credit agency.

7.Plan for your taxes.

Why it works: While income taxes aren’t due until the end of April, you can start getting organized now. Sort your receipts and other important documents so you won’t have to scramble at tax time.

Make it stick: Pick up a cheap accordion file and label each section as a different category that you claim on your income tax. Keep this file by the front door and drop receipts, paystubs, etc. in as soon as you get home.

8.Pack your lunch.

Why it works: If you are buying lunch out every day, those costs can really add up. If your lunch costs $8, five days a week, that would work out to $2,000 extra per year assuming that you work 50 weeks and keep to your budget every day.

Make it stick: Cook extra dinner the night before and take the leftovers for your lunch. This will avoid the before-work scramble and save you money.

9.Set up a grocery delivery service.

Why it works: We have all had that experience where we’ve gone to the grocery store with a list of only a couple items and come out with an entire cart’s worth of food. Eliminate this by looking into online grocery shopping in your area. Many Canadian grocers are offering it now and the delivery fees are often minimal, or even waived if you spend over a certain amount.

Make it stick: Do your online grocery shopping right after dinner when you’re not hungry. If you do continue going to the store, eat a snack before you shop. Studies show we buy more when we’re hungry!

10.Make an appointment with a debt counsellor.

Why it works: Debt counsellors are experts at making a plan to deal with high-interest debt — the kind of debt that ends up costing you more in the long run. If you’ve been resolving to get a handle on your debt for years with no forward action, take the step to ask for help.

Make it stick: Tell a trusted friend you made this appointment. Research shows that people are more likely to follow through with something if they have told others they are doing it.

At DebtCare Canada, we’re here to support all of your financial resolutions. We’ll help you make a budget, track your expenses, plan for savings goals, and deal with debt.

Contact us today to get started. Call 1-888-890-0888 or visit www.debtcare.ca.