With the new year approaching, your resolutions for 2027 are likely at the top of your mind. Besides hitting the gym, learning Mandarin, and getting your Crumble cookie habit in line, consider making a financial resolution part of your goals for the new year.
Financial New Year’s resolutions don’t have to be complicated or impossible to attain. Whether it’s saving up for a new car, restocking your emergency fund, or finally paying off your student loans, here are 6 money goals worth setting this year.
Why Set Financial Resolutions?
Among Americans who made a New Year’s resolution in 2024, 61% set at least one about money, according to the Pew Research Center. In Fidelity’s 2026 resolutions study, 64% of Americans said they were considering a financial resolution, up eight points in a year. Making money resolutions can give you an actionable goal to work toward throughout 2027 and help you make steady progress over a long period of time.
Even if you feel you’re in a good place with your finances, a resolution gives you something to work toward. According to Bankrate, 74% of Americans had a financial regret in 2025. The most common were not saving for retirement early enough (22%) and taking on too much credit card debt (15%).
Having a money resolution for the new year can help you avoid these regrets and improve your financial well-being for the new year and beyond.
Here are the top financial goals for 2027, and how you can make them happen.
Top 6 Financial Resolutions for 2027
1. Make a Budget
Budgeting is one of the key factors for financial success. Knowing how much money you’re bringing in, how much you’re spending, and where it’s going will guide you for your other goals, help you save more money, and help you take control of your long-term financial planning.
When building out your budget, start by logging all your income, expenses, savings, investments, and debts. From there, you can see how much you’re bringing in each month and how much you’re spending, and track your net worth.
Next, pick a budget style that fits how you spend. At Monarch, we see two types of budgets that work best for almost everyone: flex budgeting and category budgeting.
Flex budgeting sets aside money for your fixed and non-monthly costs, so you only track one flex number for everything else. Category budgeting gives each spending category its own budget, and you can categorize your spending in as much detail as you like. Our guide to flex vs. category budgeting can help you choose.
Using a financial platform like Monarch will give you a more accurate picture of your budget than trying to track expenses manually. Monarch logs your transactions and categorizes them in real time while tracking them against your savings and investment accounts, giving you a real-time picture of your cash flow. It also allows you to set alerts for spending and personalize your budgeting structure.
From there, keep on top of your spending plan by cutting unnecessary expenses, being mindful of your limits, and checking in on your savings goals.
2. Build Your Emergency Fund
An emergency fund is a safety net for when you face an unexpected expense or loss of income.
According to Bankrate’s 2026 Emergency Savings Report, just 47% of Americans have enough cash on hand to cover a $1,000 emergency expense. Having an emergency fund can keep you from relying on personal loans or credit card debt when times get tough, saving you hundreds on interest and late fees.
Start with a baseline: one month of take-home pay or $2,500, whichever is higher. Then build toward a full fund sized to your household, in months of essential expenses (housing, utilities, insurance, groceries, transportation, minimum debt payments), adding months for each risk you carry: depending on earned income, self-employment, dependents, a home, pets, or thin health coverage. Most working households land between three and seven months; the emergency fund guide walks through the math.
Once you’ve figured out how much you need to save, set a financial goal for yourself and establish how much you want to save each month or pay period. You can set up an automatic deposit directly from your paycheck into a separate savings account, which can take some of the headache out of having to transfer money from your primary account.
On that note, it’s important to keep your emergency fund in a quickly accessible form as opposed to stocks or bonds. A high-yield savings account can help you keep your money available while giving you a decent interest rate on your savings.
3. Get Your Retirement on Track
According to Northwestern Mutual, 54% of Gen Xers (born 1965–1980) think they won’t be financially prepared for retirement. If that sounds familiar, saving for retirement deserves a spot near the top of your list.
Fidelity suggests saving 1x your salary by 30, 3x by 40, 6x by 50, and 8x by 60. Missing out on saving early on can cost you thousands or even millions in lost potential interest. Retirement savings by age covers the benchmarks and what to do if you’re behind.
If you’re falling behind, you’ll want to up your contributions. Monarch’s guidance: capture your full employer match first (up to 6% of income), then, once your full emergency fund is in place and any debt above 7% is gone, raise contributions to 10% of income and keep nudging toward 15%. For 2026, the IRS set the 401(k) contribution limit at $24,500 and the IRA limit at $7,500. [UPDATE before publish: replace with the 2027 limits once the IRS announces them in November.]
If you’re 50 or older, catch-up contributions let you put in up to $32,500 total in a 401(k), and up to $35,750 if you’re 60–63. Your investment firm may offer individual counseling from experts who can best advise you on how to catch up.
If you’re self-employed or lack a workplace plan, use a traditional or Roth IRA (yearly limit $7,500 in 2026), a SEP IRA, or a solo 401(k). You can make contributions for the tax year up to April 15 of the following year for IRA contributions.
4. Pay Off High-Interest Debt
According to Experian, the average credit card balance was $6,659 as of March 2026. Credit card accounts that paid interest averaged a 22.36% rate in August 2026, according to the Federal Reserve. Consumer debt can quickly rack up interest and bog down your credit score, making it an especially high priority if you want to achieve financial freedom and increase your disposable income.
Monarch’s order is to refinance or pay off anything above 25% APR first, then everything above 7%. Within that, there are a couple of ways you can effectively tackle your debt repayment.
- The snowball method involves aggressively focusing extra payments onto your lowest-balance debt, and, once it’s paid off, rolling those payments into the next-lowest debt, continuing until all your debts are paid off.
- The avalanche method works similarly, but instead focuses payments on the highest-interest debts first.
Use a debt payoff calculator to see which method will save you the most interest; the snowball vs. avalanche guide shows both on the same debts. Once you pick a method, set it up as a pay down goal in Monarch. Your planned payments sit in your monthly budget, and you can see whether you’re on track, ahead, or at risk.
If you get any extra cash throughout the year from bonuses, gifts, or otherwise, put it toward your debt repayment and pay off your debt faster.
5. Improve Your Credit Score
Your credit score plays an important role in your financial life, acting as the key to loan approvals, lower interest rates, credit card approvals, and even better car insurance options. The better your credit score, the more options you have.
Your credit score falls into one of five ranges: Exceptional (800–850), Very Good (740–799), Good (670–739), Fair (580–669), and Poor (300–579). FICO builds your score from several different factors, including the average age of your debt accounts, your revolving credit balance, recent inquiries, and your repayment history.
To get a look at what’s going into your score, you can check your credit report from Equifax, Experian, and TransUnion for free every week at annualcreditreport.com, a program the FTC confirms is permanent. Your credit report shows your payment history, balances, and the other factors used to calculate your score. You should also request your score (which is separate from your report) on a quarterly basis from FICO and VantageScore.
Once you have that information, there are a few things you can do to boost your credit score in the long term. For a step-by-step version, try our 30–90 day credit plan.
- Make payments on your loans and debt balances on time. According to myFICO, payment history makes up about 35% of your FICO score. Stay on top of your payments using automatic payments set to at least the minimum, and setting reminders for your payments.
- Keep your credit card balance to under 30% of the limit. The closer you get to the limit on your credit card, the more it drags down your score.
- Report your utility bill and rent payments. Some credit reporting companies allow you to add your utility company payments to your credit history for a positive boost, as long as you’ve paid them on time.
- Avoid applying for new loans or credit cards. Too many new inquiries close together will lower your credit score.
- Dispute false claims on your credit report. If you see any inaccurate claims on your report, you can submit a dispute to the credit reporting company. If the entry is wrong, the company will either correct it or remove it from the report.
6. Save Up for a Big-Ticket Purchase
Whether it’s saving up for a house or funding your next vacation, it’s good financial planning to have a savings goal in mind throughout the year.
When deciding what and how to save for your purchase, it’s a good idea to use the SMART strategy. SMART stands for Specific, Measurable, Attainable, Relevant, and Time-bound, which will give you a solid framework for your savings goal.
Here’s an example of a SMART financial goal.
Goal | Example |
Specific | I want to save for a down payment on a house |
Measurable | For a 20% down payment on a $300,000 home, I’ll need $60,000 |
Attainable | |
Relevant | A house will give my family a place to live and help me build equity, making it a good investment |
Time-bound | I plan to have enough of a down payment in four years |
In Monarch, you can set up a save up goal for this example with a $60,000 target amount, a target date four years out, and a $1,250 planned monthly contribution. Monarch adds that contribution to your budget and shows whether you’re on track, ahead, or at risk. Setting a goal this way lets you watch your savings grow and motivate yourself with your progress.
How to Stick to Your Financial Resolutions for 2027
In a one-year study published in PLOS ONE, 55% of respondents said they kept their resolutions. People with approach goals (“start saving $200 a month”) did better than people with avoidance goals (“stop eating out”) at a rate of 58.9% vs. 47.1%.
Staying with your financial goals takes dedication and persistence. Here are a few tips to help you stick to your goals.
- Focus on one or two goals at a time. Trying to save for an emergency fund, max out your retirement, and pay down debt all at once will spread you too thin. Instead, choose a couple, such as establishing a budget and emergency fund, and focus on them.
- Frame it as something to start, not stop. An approach goal gives you a clear action to repeat each month.
- Keep track of your journey. Using a planner or logging your goal on a regular basis will help you form habits and keep you accountable. Financial apps like Monarch can also help you log your journey on your goals and let you see your progress over time.
- Get yourself through the month of January. If you can make it to February, you’ll have the habit and momentum to keep you going.
- Celebrate your wins. Saving up, spending wisely, and sticking to your goals isn’t always easy. When you hit one of your goals, be sure to celebrate your win and share it with your loved ones. It will help you reinforce your dedication and make everything you’re going through worth it in the long run.
Make 2027 Your Financial Turning Point
Whether you’re saving up for a big expense or trying to get your emergency fund going, making 2027 a financial success doesn’t have to be complicated.
By focusing on one goal at a time, prioritizing your financial benchmarks, and using tools like Monarch to track your spending, savings, and goals all in one place, you can tackle your financial resolutions for the new year head-on and reach your goals in 2027.
FAQs
What Are Good Financial Resolutions for 2027?
Six strong financial resolutions for 2027 are making a budget, building your emergency fund, getting your retirement on track, paying off high-interest debt, improving your credit score, and saving up for a big-ticket purchase. Start with the one or two that matter most to you right now.
How Much Should I Keep in an Emergency Fund?
Start with a baseline of one month of take-home pay or $2,500, whichever is higher, then build toward a full fund sized to your household’s risks in months of essential expenses (most working households land between three and seven). A high-yield savings account keeps that money easy to reach while it earns interest.
How Do I Make a Financial Resolution Stick?
Pick one or two goals and frame each as something to start, like saving $200 a month, rather than something to stop. Then track your progress monthly in a planner or an app like Monarch, and celebrate each win.
What Are Some Realistic Financial Resolutions?
Pick ones you can finish, not ones you can only start. Three that fit most people: get a $2,500 cash cushion in place by March; set up one automatic transfer (to the emergency fund, the 401(k), or the highest-rate card); and do a 15-minute money check-in on the first of every month. Each is specific, has a date, and doesn’t depend on willpower after the first week.
Is Putting $2,000 a Month in Savings Good?
It’s excellent if it’s coming out of a take-home income where it still leaves room for essentials and some fun; $2,000 is 20% of a $10,000 monthly take-home and 40% of a $5,000 one. The better question is where it’s going. In Monarch’s order: baseline cushion,, debt above 25%, employer match, debt above 7%, full emergency fund, then retirement at 10% of income and goals like a house. $2,000 a month moves through that list fast.
What Is the 70/20/10 Rule?
A simpler cousin of 50/30/20: 70% of take-home pay for all spending, 20% to savings and investing, and 10% to debt payoff or giving. It’s a reasonable starting split if you don’t want categories. The one adjustment Monarch would make is sequencing: while you’re carrying debt above 7%, the 10% and most of the 20% should go to that debt first.
