About those Resolutions: Advice & Encouragement

New Year’s resolutions are very common this time every year, but often, by February, they have been tossed out.

In this Headlines and Fine Print episode, President & CEO Dion Williams urges you to keep your financial resolutions on track.

Financial planning is not an event. It’s a process.  

January 1st is an excellent time to start, but it’s not the only option available.

The start of the year often feels like a fresh beginning, motivating us to explore new opportunities. Mistakes occur just as life unfolds. However, that doesn’t mean you must wait until next year to regain your direction.

When it comes to finances, you can start any time by making changes and forming good habits.

“Whatever it is in your finances that you want or need to address, there is day one to that process,” Dion says. “There may be several do-overs before you get it right, but that is what we here at PACU are for. From certified financial counselors to wealth management, we can meet you at any stage of your financial journey.”

Focus on habits more than external factors.

The economic headlines often focus on interest rates and stock market performance. However, Dion believes that it is more advantageous to contribute to your savings consistently over time and benefit from compound interest rather than attempting to navigate the highs and lows of the market.

“Today’s interest rates and whether the stock market’s up or down is just noise compared to the benefits of forming the habit of regular savings and contributions to long-term financial goals,” Dion shares.

How do I form the habit?

Receiving tax refunds at the beginning of the year offers an excellent opportunity to save money or replenish your emergency fund. Furthermore, many employers provide annual pay increases early in the year, either as merit raises or cost-of-living adjustments.

“If you receive a 3% increase and are not contributing to your retirement plan, you can direct that 3% as your contribution,” Dion explains. “You can also increase your contribution by that amount if you are already participating but want to increase your contributions within the allowable limits.”

Sometimes, a specific event can provide the financial flexibility needed to begin your plan. For example, a tax refund or a pay increase might be the catalyst that sets you on the path to developing strong financial habits.

While your financial resolutions are commendable, success is not measured or achieved in January alone.

“If you encounter an obstacle, persevere and keep going,” Dion says. “No matter how many tries it takes, the habits that get you to your destination represent the bigger picture. It’s a marathon, not a sprint. And PACU will be there with you every step of the way.”

Want help keeping your 2025 financial resolutions or more information about our financial counseling services? Visit www.pacu.com.

All Headlines and Fine Print episodes are available to watch and listen to on YouTube and Spotify.