Top list of resolutions for 2024 is Fitness/Finance

For many Americans, the new year brings new year’s resolutions to the surface. It is a blank slate to achieve the goals and ambitions we want to achieve. It’s an opportunity to make yourself, or your current situation, just a little bit better than it was the year before.

According to a recent survey by Forbes Health, 80% of respondents said they were confident they could reach their resolution goals. Most (65%) plan to make two to three resolutions this year. 13.6% take the very ambitious path and choose four solutions, while only 2.5% take the path of least resistance and choose only one painful solution. Respondents are quick to admit that they are firm in their intentions but realistic about their outcomes. In fact, 44% said their resolution would only last her two to three months.

48% of those surveyed said improving their fitness is a top priority, making it their top resolution for 2024. This is likely fueled by the large amount of calories typically consumed during Thanksgiving, Christmas, and New Year’s holidays. According to the International Health and Racquet Sports Club Association, the number of new gym members in January increased by 50.6% compared to the other 11 months.

The second most popular New Year’s resolution for 2024 is improving your finances. In a Forbes Health survey, 38% believe improving their personal and household finances is a top priority.

In its annual Financial Resolution Survey, Fidelity Investments provided insight into how Americans expect to improve their finances this year. His 35% of respondents say their financial situation is worse than this time last year, but there is some optimism. Two-thirds believe their financial situation will improve in 2024.

According to Fidelity research, the number one financial solution (41%) is to save more money. Eight in 10 Americans plan to increase their emergency savings. As a general rule, you should have enough money in your emergency fund to cover three to six months of expenses. The U.S. Federal Reserve reports that the personal savings rate (the percentage of consumers’ disposable income that they save) is currently 4.1%. This is well below the 7.7% in February 2020, before the pandemic.

The second-ranked financial solution (38%) is to pay off debt. According to the New York Fed, total household debt reached a record high of $17.29 trillion at the end of the third quarter. This is an increase of 4.8% over the past 12 months. Household credit card debt has also increased by 16.6% over the past 12 months, reaching an all-time high of $1.8 trillion. Over the past two and a half years, household credit card debt has increased by 40.1%. Finally, the third (30%) financial solution is to spend less.

Of all the economic concerns expressed by respondents, the impact of inflation was cited as the top worry. One-third expect their cash holdings to decrease significantly due to rising costs of living due to rising prices. Yes, inflation has fallen from its June 2022 peak of 8.9%. But at 3.1%, it remains slightly above the Fed’s target rate of 2%. This also means that consumer prices rose an additional 3.1% on average over the past 12 months.

Since inflation started rising in March 2021, consumer prices have increased by a cumulative 16.8%. This means that for every $100 of goods and services you purchase in March 2021, the price of the same item will be $116.80. Because of rising prices, the average American household now spends about $10,000 more per year on the same goods and services they bought three years ago.

But whatever your New Year’s resolutions are, whether it’s to strengthen your finances, lose a few pounds, or conquer a lifelong ambition you’ve always had, I hope you all have a very happy and fruitful year in 2024. I hope it becomes.