At the start of every year, consumers make resolutions to improve the year to come. The University of Scranton's Journal of Clinical Psychology's 2012 research found that only 8% of people are successful in achieving their resolution. Whether they are looking to break bad habits or start new activities, according to a recent Bank of America study the majority of Americans (55 percent) typically abandon their New Year's resolutions 4 months into the year. If you take the time to prepare and make smaller changes leading up to the new year, you can set yourself up to stick to your 2014 resolutions throughout the year.
Whether you're resolving to lose weight or curb spending, the two most common resolutions, research shows that instead of rushing to change unwanted behavior, it is far better to understand what goes into it and learn what will be required to maintain it over the long run. The same approach can help consumers achieve their financial resolutions.
Renowned finance expert Farnoosh Torabi shares tips on why starting early and maintaining small changes going into the holidays leads to accomplishing your New Year's resolutions in January.