Financial Resolutions for the New Year

A new year offers a new start. It is a hopeful time where we can look into the future and imagine that anything is possible. As teenagers, there are things we may want to improve on or goals we want to set for ourselves, like getting better grades, making the varsity tennis team, or learning how to play one of our favorite songs on the guitar. These are all great goals, but at our age we should also start setting goals related to earning money, saving and investing.

Maybe you have never had a job and your goal is to start working part time two days per week after school or on the weekend. Maybe you already have a part time job and you want to add a few days of work each month to increase your income. Maybe you want to save more from every paycheck, or open your first custodial brokerage account so you can start investing some of your money. Just to help you brainstorm how to make the next year a good one, finanically speaking, below is a short list of goals to consider:

• Apply for a job, get hired, and start working a part time (This could also be babysitting several times per month, doing extra chores around the house, or working at a retail store one or two nights per week, like I do)

• Set a savings goal for the year (For example, by the end of the year I will save at least $1,000!)

• Set an amount from each paycheck you will save, and stick to it (For example, I will save at least 20% of every paycheck)

• Commit to opening a bank account and a custodial brokerage account (with a parent's help) if you don't already have them

• Buy your first stock, or mutual fund, or ETF

Think ahead to the end of 2026 and imagine what you want to have accomplished and figure out what you have to do to get there. Write your goals on a sticky note and put it on your wall, or write them in the notes of your phone. Just make sure you put them somewhere that forces you to read them often. It's also important that you don't get down on yourself if you don't achieve all your goals. For example, maybe instead of saving $1,000 by the end of the year you only saved $300. That's still great! As long as you've made progress towards your goals, just setting those goals has had a positive impact on your life.

Happy New Year! May 2026 be filled with lots of love and joy, and some earnings and savings, too!