Keep your New Year resolutions focused on the money

Written by on January 18, 2022

Keep your New Year resolutions focused on the money

Keep your New Year resolutions focused on the money

I love reading New Year resolutions when it comes to money because they always feel so fresh with optimism, which is important in the midst of a pandemic!

From buying a home to ditching debt, new research from financial comparison site Canstar, reveals the most important financial resolution for Australians this year is to save more money, with more than a fifth (22%) planning to grow their bank balance in 2022.

This is likely to be an important goal for many in 2022 and could be assisted by the return of wages growth, particularly in the private sector, as reported in September quarter wages data by the Australian Bureau of Statistics (ABS).

Canstar’s latest Consumer Pulse Report found that in 2021 the median amount Australians managed to save outside of super or investments fell to $5,000, down $15,000 in 2020.

Interestingly if we look at what’s happening inside of our investments, Australians did save more.

Data published in the Australian newspaper found that households with mortgages are on average almost four years ahead on repayments with a record $50billion going into offset accounts over the past two years.

So how can we make 2022 into a year to save more in our bank accounts?

According to money expert Effie Zahos, who recently presented a Financy Masterclass, it’s not how much you earn that counts it’s how you spend it.

To help make savings a priority in 2022, consider the following.

1. Review your spending. Take a day out of your life to review your bank statements and identify any costs that can be reduced or subscriptions that can be scrapped.

2. Download one money app to help you save or spend in 2022. Try to make your savings automated even if this means setting up a bank feed direct debit to a new savings account.

3. Keep your savings amount realistic. It might be $10, $20, $100 a week. Make sure it is doable to you and stick with it.

4. Mindset. Think about the long game, and don’t let timing frustrations get the better of you because they can derail your progress.

5. Just chip away and don’t stop until you reach your goal!


Canstar’s finance expert, Steve Mickenbecker says despite declining bank balances, a surprising number of Australians actually don’t intend to set a money resolution in 2022.  “This suggests that after a difficult couple of years, both emotionally and financially, many of us are still taking things one day at a time.”

The second biggest New Year’s resolution is to buy a property to live in (21%).

This resolution follows a year of rapid property market growth, with national dwelling values climbing by 22.1%  and the average loan size increasing by $59,616 to $570,896 in October, up from $511,280 in January according to the ABS.

Rounding out the top three financial resolutions is to buy an investment property (10%), which comes as the latest ABS Lending Indicators data reveals new investor lending reached $9.73 billion in October –  the highest level seen since April 2015 when it hit $10.80 billion.

“Buying a property, either to live in or rent out, also hovered around the top of the resolutions list this year, confirming that not even sky high prices will dampen Australians’ obsession with property.”

“Investors drove the market to record highs during 2021, and if we see continued growth through the first half of 2022 as people are widely expecting, it would not surprise to see some reticence creeping into the second half. Expect to hear more talk abou overheated markets throughout the year.”

Other top ranking financial resolutions among Australians in 2022 include getting out of debt or paying off debt (7%), selling a home to downsize (4%) or selling a home to upsize (3%).

Other Canstar survey findings:

What will your main financial resolution be in 2022? Please select the option that best applies to you.

Save more money


Buy a property to live in


Buy an investment property


Get out of debt or pay down my debt


Sell my home and downsize to somewhere small


Sell my home and upsize to somewhere bigger


Pay off my credit card


Break a bad money habit


Sell an investment property/ies


Improve my financial literacy


Start investing (e.g in shares, ETFs, cryptocurrency etc)


Make a will


Consolidate my debts so they are easier to manage


Contribute more to my superannuation


Build an emergency fund


Pay off my car loan


Donate money to a charity






Pay it forward to someone in need


Check my credit score more often


Ask for a pay rise or get a higher paying job


Take on a side hustle


None of the above


Source:, January 2021. Survey of 2,124 Australians aged 18+. Commissioned by Canstar and conducted online via Qualtrics in August 2021. Question asked to those who intend to set a new year’s resolution. *Responses are tick all that apply so may not add up to 100.

Financy helps women become financially fearless and while we’re at it, we ensure that our members – individuals and organisations – are part of the solution to gender financial equality. Subscribe for FREE to our newsletter or dial things up a notch with a Financy Membership.

— to

The post Keep your New Year resolutions focused on the money appeared first on Correct Success.

Reader's opinions

Leave a Reply

Your email address will not be published.

Current track