It’s the most wonderful time of the year! We’re getting close to Christmas, and if you haven’t finished your shopping, there’s still time, but not much left! As we look forward into January, we look forward to another new year, and an opportunity to start some fresh new practices and develop new perspectives on our finances. Whether you’re just trying to get out of credit card debt or want to pay down a loan, we’d love to be an asset on your journey! We can help provide assistance and feedback on how you might be able to benefit from joining our credit union and benefiting from our products!
Today, we’d like to provide readers with a few ideas to help them get out of debt and bad habits in 2026 and start anew! Here are 7 financial New Year’s Resolutions to help you get out of debt this year!
1. 30 Days of Tracking
One of the best first steps you can take is simply tracking your purchases and expenses. For 1 month, 30 days straight. We often don’t see the expenditures and subscriptions that come out of our accounts, and debt can often come from “invisible spending.” You could reveal a few hundred dollars that are being wasted, and use that to pay debt, but not unless you look, watch, and track every expense!
2. Cut One Recurring Expense
Another great step you can take is simply removing (1) thing from your expenses. This is simple, easy, and may involve sacrifice, but ultimately will help your financial bottom line. Think about things like the gym, streaming services, apps, phone plans, and even potentially explore your insurance situation. You may be able to shop around for a better rate.
3. Stick to a Plan
There are countless strategies to pay down debt, but two of the most common choices are the avalanche or snowball methods. The snowball method pays smaller balances first and can help build motivation. The avalanche method pays the highest interest first and can save you money in the long run. Your initial goal should just be to pick a strategy and stick to it!
4. Commit to Using Found Money to Pay Debt
When we come across “found” money, or money we didn’t initially plan on having, it can be exciting and tempting to splurge and enjoy. Well, if you have debt, you could commit January 1st to ensuring any found money you find in 2026, you will use to pay down debt. This could be a bonus at work, side hustle money, tax refunds, lottery winnings, gifts from family, etc. The sooner you get out of debt, the sooner you can start splurging freely!
5. Commit to a Monthly Sit Down with Yourself
Go through your annual calendar and schedule just (1) monthly meeting with yourself, each month throughout 2026, where you can sit down for 20 minutes and review your finances. This allows you to set time aside to stay vigilant and monitor your finances. You should look over progress, adjustments, wins, and balances. This allows you to ensure you book time with yourself to make sure you’re never feeling behind in 2026! Progress over perfection!
6. Find Some Extra Income
Another resolution could be just to add 1 new stream of income. This could be a side gig, side hustle, or second job entirely. Don’t burn yourself out, but adding even $250 a month could significantly help knock your debt down. Maybe you can work overtime at your current job. Maybe you can pick up a few more hours, or find a weekend gig. There are 1099 ridesharing and food delivery jobs that many find to be fruitful, though it can take a toll on your vehicle. Just set a goal to make a few extra dollars a month! It’s a start!
7. Commit to No New Debt
The easiest thing you can do to lower your total debt is just not create new debt. There may be things that occur in 2026 beyond your control, but this isn’t what we mean. Controlling the things you CAN control in 2026 means not adding to balances and not opening new lines of debt. Managing your time and money better can start with just slowing down spending, and if you follow through on the above goals, it can certainly help you avoid relying on credit cards or loans to cover your expenses.
There you have it! 7 financial New Year’s resolutions that can help you feel a little more confident about your finances in 2026! If you have any interest in speaking with someone regarding a personal loan or credit card to help consolidate debt, give TVFCU a call at (585) 343-5627 or stop at our Batavia branch at 10 Jefferson Square to speak with someone today!
