The best part of New Year’s resolutions is the hopeful feeling we get when we make them. Sadly, most resolutions don’t stick... especially financial ones, especially during a pandemic that keeps throwing curveballs.

But even the hard resolutions, like saving money, are achievable — you just need the right tools.

Why do resolutions fail?

To start, most new year’s resolutions are vague: “This year I’m going to lose weight” or “this year I’m going to save money.” And, they’re actually stating what you’re not going to do: “I’m not going to gain” or “I’m not going to spend.” The result? Your willpower battles established habits.

That’s an unfair fight.

Why? Because it takes no added effort to keep doing what you’re already doing. And if saving money means not spending $50 on a new coat, it’s clear what’ll win in the long run. That’s why most resolutions fail — but it doesn’t mean they can’t succeed.

How to make resolutions stick

Experts point to two key strategies to making a resolution stick:

1. Be specific

Frame your goal positively, using realistic terms:

2. Create a system of accountability

Find someone or something to keep you on track. Set a recurring alarm for those Monday/Wednesday/Friday morning runs. And when it comes to savings, make it automatic. Experts agree that the way to become a person who saves money is to automate savings.

Why 2022 is the year to save

Let’s say saving is your goal. How do you save when every dollar you make goes toward rent, bills, groceries, etc., and the remainder seems too small to put into an account? The truth is: a small amount of savings makes a big difference.

• Any kind of financial padding can save you from taking on debt in an emergency. According to a report by the Urban Institute, “Families with a savings cushion as little as $250 to $749 are less likely to be evicted, miss a housing or utility payment, or receive public benefits after a job loss, health issue, or large income drop.”
• Saving, even a little bit, has been proven to reduce stress and provide a sense of ease that allows you to focus and make good decisions. (When you’re stressed about money, you just can’t think straight.)

Ultimately, a savings fund is considered the number one factor in long-term financial resilience. “The ability to save for the future is the foundation of financial health,” according to the Financial Health Network.

How to easily save with Even

The Even app is designed to be attuned to your needs. We make saving easy. With a tap on the ‘Save’ tab, you can:

1. Select a percentage of each paycheck (between 1-10%) to add to savings – automatically. Pause, withdraw or add money at any time. You’ll earn interest on any funds at a rate that’s at least 2x the national average.*
2. Set up to three savings goals. If you’re aiming for a vacation, a new car, and paying off a larger debt, opt to have money flow into each of these separate buckets.

Suddenly, you’re the kind of person who saves money!

• “I can save so easily with this app. I just choose to put 10% of my paycheck into a savings account and it’s like a whole other bank account,” says Even member Kiara. “I almost always forget it’s there. For someone who will easily spend their savings, this is perfect. I’ve never saved anything past $100 and now I have over $500!!!”
  
• “I had to pay car insurance and I was $30 short, says Even member Janet, “so I thought ‘I’ll use my Even savings.’

Let’s make 2022 the year of easy saving. We’ll be rewarding 50 members with $500 in free savings. Save with Even by January 31, 2022, and you’ll be entered to win.**

Even partners with leading employers to provide the tools employees need to manage their money all year long. Get paid early, manage your budget and, of course, save automatically.

Now that’s something to celebrate.

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*0.125% APY as of 11/15/21. Compare to the national rate. APY is variable and may change any time or after account opening. Demand Deposit Account issued by Cross River Bank, Member FDIC.

**No purchase necessary. Sweepstakes rules can be found at even.com/newyearscontest