Please ensure Javascript is enabled for purposes of website accessibility

Poorest Americans Dealt Biggest Blow Under Senate Republican Tax Package

10 hours ago

Trump Vowed to Dismantle MS-13. His Deal With Bukele Threatens That Effort.

14 hours ago

Ukraine Voices Concern as US Halts Some Missile Shipments

14 hours ago

Poll: Most Americans Say National Divide, Political Violence Threaten Democracy

15 hours ago

Paramount Settles With Trump Over ‘60 Minutes’ Interview for $16 Million

15 hours ago

Republicans Tee up House Vote on Trump Bill, Outcome Uncertain

15 hours ago

What’s Next for Sean ‘Diddy’ Combs After His Sex Trafficking Trial?

15 hours ago

Dalai Lama Says He Will Be Reincarnated, Trust Will Identify Successor

15 hours ago
Your Money: Focus on Monthly Tasks to Hit 2020 Goals
gvw_ap_news
By Associated Press
Published 6 years ago on
January 1, 2020

Share

A year is built one day at a time. It’s the busy Tuesdays when you never have a moment and the lazy Sundays when you can finally relax.
Focusing on small, cumulative actions can take you far, whether you want to train for a marathon, clean out your garage or start a hobby. This is especially true for money goals, for which daily habits can have big payoffs.
But while New Year’s money resolutions are common — with 84% of Americans setting money goals, according to a survey from NerdWallet conducted by The Harris Poll (1) in 2017 — so is abandoning them. More than 20% of those surveyed ditched their resolutions within two weeks, and over half failed to achieve some or all of their money goals.
You can beat the odds, though. To hit your big money goals in 2020, focus on months and days.

1. KNOW YOUR MONEY AND PICK YOUR GOAL

Do some initial research and get a detailed understanding of your cash flow, because you have a better chance of improving your finances when you know your starting point. The 50/30/20 budget, where half your income covers needs, 30% goes to wants and 20% goes to debt and savings, is an easy way to do that.
Use what you learn to decide on and write out your money resolution, getting as specific and realistic as you can. If you want to pay off your debt, for instance, list each account, its balance, monthly payment and interest rate.
“Whatever your goal is, it has to be trackable and quantitative,” says Levi Sanchez (2), founder of Seattle-based Millennial Wealth, a financial planning firm. “If you say you want to pay off your student loans this year, what does that really mean? How much will you pay each month?”

2. MAKE MONTHLY GOALS

Divide your goal into smaller tasks. List the actions you can take monthly and even weekly that will build up to you hitting your target by year-end.
“People treat resolutions like a sprint when really it’s a marathon,” says Lauren Anastasio, (3) a certified financial planner at SoFi, an online lender. “Anytime you have a goal in mind, break it down into as many mini-goals as you can. You feel more accomplished and you have more momentum when you’re checking things off a to-do list.”
To build an emergency fund of $1,000, for example, you’ll need to save a little over $80 each month. Or if you’re set on conquering credit card debt, divide your current balance by 12 to see the monthly payment needed to meet that goal, with adjustments for any accruing interest charges if necessary.

3. BUILD DAILY HABITS

Your daily money management is the groundwork for achieving goals. Build habits that make accomplishing your monthly money tasks easier.
To get better at sticking to your budget, for example, set aside time at the end of each day to review what you spent and how well you followed your budget. Automate savings or debt payments to the extent that you can.
“A lot of building good money habits comes down to knowing your needs versus wants and having a spending plan so you know what obligations you’re meeting,” says Paul Golden, managing director of communications at the nonprofit National Endowment for Financial Education. (4) “I’m a big fan of automating things so the habit is almost forced.”

4. GIVE YOURSELF A BREAK — AND A REWARD

Life happens. You might set a certain debt payment, then your car’s transmission blows — and drags your monthly budget down with it. Give yourself the flexibility to adjust the plan so you don’t just give up.
“One of the benefits of breaking the goal into mini-goals is that if you miss one piece, you don’t feel like you failed at the whole thing,” Anastasio says. “It’s always about how you frame the goals you set for yourself and giving yourself a clean slate at the beginning of each month.”
And reward yourself when you hit milestones, like choosing a robo-advisor to start investing with or having a month where you stick to your budget. Achieving money resolutions isn’t easy.
“I find people don’t celebrate the little things,” says Tania Brown (5), a Georgia-based certified financial planner. “A month where you didn’t rack up any new credit card debt is huge.”

DON'T MISS

What Are Fresno Real Estate Experts Predicting for 2025 and Beyond?

DON'T MISS

First California EV Mandates Hit Automakers This Year. Most Are Not Even Close

DON'T MISS

Madera County Deputy Injured, Wanted Felon Arrested After Violent Struggle

DON'T MISS

San Luis Obispo County Wildfire Burns More Than 3,000 Acres. No Containment Yet

DON'T MISS

Wired Wednesday: Why Is State Lawmaker Taking Aim at Rooftop Solar?

DON'T MISS

Two Visalia Men Sentenced in 2021 Motel Killing

DON'T MISS

Ex-Jan. 6 Defendant Gets Life in Prison for Plot to Kill FBI Agents

DON'T MISS

Del Monte Files for Bankruptcy. Gets Nearly $1B to Keep Producing Through Process

DON'T MISS

Who is Running for Fresno Area Offices in 2026? An Updated Look

DON'T MISS

CIA Review Finds Flaws but Does Not Dispute Finding Putin Sought to Sway 2016 Vote to Trump

DON'T MISS

Poorest Americans Dealt Biggest Blow Under Senate Republican Tax Package

DON'T MISS

Check Out Newest Downtown Mural. It’s a Spectacular Tribute to Fresno Artisans

UP NEXT

Poll: Most Americans Say National Divide, Political Violence Threaten Democracy

UP NEXT

Trump Pulls Back 150 Guard Troops From Federal Duties in California

UP NEXT

Suspect Identified in Ambush Shooting That Killed 2 Idaho Firefighters

UP NEXT

Suspect Identified in Ambush Shooting That Killed 2 Idaho Firefighters

UP NEXT

US Supreme Court Lets Parents Take Kids Out of Classes With LGBT Storybooks

UP NEXT

Bill Moyers, Broadcaster and LBJ’s White House Press Secretary, Dies at 91

UP NEXT

Tesla Executive, Elon Musk Confidant Leaves EV Maker, Bloomberg News Reports

UP NEXT

How a Birthday Boat Ride on Lake Tahoe Turned Tragic

UP NEXT

Cuomo Concedes to Mamdani in New York City Democratic Mayoral Contest

UP NEXT

Mamdani Holds Lead Over Cuomo in Democratic Primary for NYC Mayor

Madera County Deputy Injured, Wanted Felon Arrested After Violent Struggle

8 hours ago

San Luis Obispo County Wildfire Burns More Than 3,000 Acres. No Containment Yet

8 hours ago

Wired Wednesday: Why Is State Lawmaker Taking Aim at Rooftop Solar?

8 hours ago

Two Visalia Men Sentenced in 2021 Motel Killing

9 hours ago

Ex-Jan. 6 Defendant Gets Life in Prison for Plot to Kill FBI Agents

9 hours ago

Del Monte Files for Bankruptcy. Gets Nearly $1B to Keep Producing Through Process

10 hours ago

Who is Running for Fresno Area Offices in 2026? An Updated Look

10 hours ago

CIA Review Finds Flaws but Does Not Dispute Finding Putin Sought to Sway 2016 Vote to Trump

10 hours ago

Poorest Americans Dealt Biggest Blow Under Senate Republican Tax Package

10 hours ago

Check Out Newest Downtown Mural. It’s a Spectacular Tribute to Fresno Artisans

11 hours ago

House Republicans Say They Expect to Vote Tonight on Trump’s Tax-Cut Bill

WASHINGTON – Republicans in the House of Representatives on Wednesday struggled to pass President Donald Trump’s massive tax-cut...

7 hours ago

Speaker of the House Mike Johnson speaks to the press, as Republican lawmakers struggle to pass U.S. President Donald Trump's sweeping spending and tax bill, on Capitol Hill, in Washington, D.C., U.S., July 2, 2025. (Reuters/Annabelle Gordon)
7 hours ago

House Republicans Say They Expect to Vote Tonight on Trump’s Tax-Cut Bill

The Madre Fire in San Luis Obispo County has rapidly expanded to 8,396 acres with no containment, prompting evacuation orders and warnings near New Cuyama. (CalFire)
7 hours ago

San Luis Obispo’s Madre Fire Grows to 8,300 Acres, Prompts Evacuations

Andrew Biscay, 40, was arrested Friday, June 20, 2025, after deputies found him with a fake U.S. Marshal’s badge, homemade firearm, and law enforcement-style gear during a warrant arrest. (Madera County SO)
7 hours ago

SLO Deputies Fatally Shoot Man in Los Osos Weeks After US Marshal Impersonation Arrest

On Tuesday, July 1, 2025, a Madera County sheriff’s deputy was injured while trying to arrest a wanted felon, Felix Adrian Nucamendi Carrasco, 40, who later fled and was captured near Raymond Road. (Madera County SO)
8 hours ago

Madera County Deputy Injured, Wanted Felon Arrested After Violent Struggle

A wildfire dubbed the Madre Fire has burned over 3,300 acres near New Cuyama with 0% containment, officials said Wednesday, July 2, 2025. (CalFire)
8 hours ago

San Luis Obispo County Wildfire Burns More Than 3,000 Acres. No Containment Yet

8 hours ago

Wired Wednesday: Why Is State Lawmaker Taking Aim at Rooftop Solar?

Jose Luna (left), 33, and Ralph Grajeda, 45, both of Visalia, have been sentenced for their roles in the 2020 shotgun killing of Robert Soto at a local motel. (Tulare County DA)
9 hours ago

Two Visalia Men Sentenced in 2021 Motel Killing

A U.S. Justice Department logo or seal showing Justice Department headquarters, known as "Main Justice," is seen behind the podium in the Department's headquarters briefing room before a news conference with the Attorney General in Washington, January 24, 2023. (Reuters File)
9 hours ago

Ex-Jan. 6 Defendant Gets Life in Prison for Plot to Kill FBI Agents

Help continue the work that gets you the news that matters most.

Search

Send this to a friend