ABILENE, Texas — It’s now 2026, and many people are setting resolutions, not just for their health, but for their wallets.
As the calendar flips to a new year, it seems like many people are taking a closer look at their finances, whether that means saving more, paying down debt, or planning for the future.
“It’s a time where we all think about things that we can do differently,” said Jody Jones, an associate professor of finance at Abilene Christian University. “It’s a time that we want to make changes. It’s a time where we reflect on the things that we’ve done in the past, and it’s really important to remember you can’t change the past.”
As the calendar flips to a new year, it seems like many people are taking a closer look at their finances, whether that means saving more, paying down debt, or planning for the future. (Sinclair)
Just like setting fitness goals in January, financial experts said starting with a plan can help people stay focused and avoid feeling overwhelmed.
“The first thing you need to do is figure out where you are,” Jones said. “If you have a flat tire, or if you have to buy a hot water heater like I may have to do today, you can do that without making a sacrifice that you’re not prepared for.”
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That plan often starts with identifying goals, not just long-term ones like retirement, but short- and medium-term priorities, too.
“Setting goals is really important because if you don’t keep yourself accountable, you’ll never meet them,” Jones said. “The first thing that anyone should do is set aside money for an emergency and then start planning for the future. The key to that is to be patient. When you’re a in a mess, it’s going to take a while to get out of.”
Another key piece of financial stability is being prepared for the unexpected. (Sinclair)
Once those goals are in place, the next step is understanding where your money is actually going.
“Budgeting is really personal,” Jones said. “One of the most personal things I could ask you is where your money comes from and what you spent it on. It’s really hard for us to ask for help and be transparent in that. You might want to find an accountability partner. Like I said, it’s really, really, really personal, but it’s someone who can help you make wise decisions.”
KTXS asked, “For people who feel behind on retirement savings, what advice would you give them right now to ensure that they stay ahead of schedule?”
“The biggest advice I can give for retirees is to be patient, you know, even if you’re 55, it’s not too late to start,” Jones said. “If you don’t know where to start, contact a financial advisor that you trust.”
That plan often starts with identifying goals, not just long-term ones like retirement, but short- and medium-term priorities, too. (Sinclair)
Another key piece of financial stability is being prepared for the unexpected.
“An emergency fund is really important because without one, you’re going to make decisions you wish you didn’t have to make,” Jones said. “How much you have in there is really personal. My suggestion is $2000 or $3000 a year. That’s a ton of money. Let’s start with $200 or $300. Like I said, if you have to buy a tire, because eventually it’s going to get cold and you’re going to hit a curb, then at least you can do that.