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Tracking Your Financial and Fitness Goals in 2024

As we step into the new year, many of us set resolutions to improve our health and finances. However, by mid-January, a significant number of these resolutions are already broken. According to research, nearly half of us give up on our resolutions within the first month. But what sets apart those who succeed?

The Importance of Tracking Your Progress

Accountability is crucial for keeping resolutions on track. Studies show that individuals who write down their goals and track their progress are twice as likely to achieve them. This is where the concept of SMART goals comes into play—goals that are Specific, Measurable, Achievable, Relevant, and Time-bound.

Monitoring Your Credit Score

When it comes to tracking data, many people are more diligent about their health metrics, such as steps taken and sleep patterns, than their financial metrics. A recent survey by Experian revealed that about two-thirds of respondents track their physical activity monthly or more frequently. However, less than half (48%) check their credit score at least monthly.

Interestingly, younger generations are more proactive in monitoring their credit scores. About 61% of those under age 45 check their credit score at least monthly, compared to 41% of Generation X and baby boomers.

Technological Advances in Tracking

Thanks to smartphones, tracking specific, achievable goals has become easier. However, financial tracking apps still lag behind fitness apps in effectiveness. While steps and calories are easily trackable, monitoring spending from multiple accounts can be more challenging. Yet, the demand for technological accountability in tracking both fitness and finance goals remains high.

Financial Resolutions for 2024

Even though tracking finances may not be as seamless as tracking fitness metrics, financial planners have been studying consumer savings behavior for years. Behavioral economics has positively impacted how much workers save for retirement by implementing automatic savings increases in many 401(k) plans.

Establishing a pattern of on-time payments is the best way to improve your credit scores. Experian Boost® allows users to add utility bills and other payments to their Experian credit report, potentially improving their FICO® Score by an average of 13 points.

Conclusion

While more people monitor their physical activity more frequently than their credit, it’s essential to keep an eye on both. Your credit score may not change as often as your step count, but regular monitoring can help you achieve your financial goals.

At O1ne Mortgage, we understand the importance of financial health. If you need assistance with your mortgage or have any questions, don’t hesitate to call us at 213-732-3074. We’re here to help you achieve your financial goals in 2024 and beyond.

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