New Year's Resolutions to Set Retirees Up for a Successful 2022

Every year, Americans set lofty goals for themselves, and every year they come up short -- real short.

A full 81% of people bail on their New Year's resolutions before January ends, says a Scranton University landmark study. Managing money better is often one of those resolutions, according to online financial comparison platform Finder.

People want to improve their finances, says Steve Azoury, a chartered financial consultant in Troy, Mich. "Setting resolutions gives you a game plan for how to do better." Your resolution should be specific, measurable and achievable, he says. "Saying you'll cut your spending in half is just not realistic. But freeing up $300 a month by spending less eating out and on alcohol? That might be doable."

All financial resolutions start with getting a handle on where your money is going. That's how you see where cash can be freed up for your other goals, says Daniel Milan, managing partner of Cornerstone Financial Services in Southfield, Mich. Identify all your expenses from bank and credit card statements and then ask yourself this: Was each one something you really needed, or could you give one or more up next year?

If it's an essential service, like a phone plan, gym membership or insurance, shop around for a better deal or try to negotiate a lower rate "There are loyalty and renewal discounts, but a lot of people are too shy to ask for them," says Azoury.

One way to sabotage your financial resolutions is to not plan ahead for any big expenses, such as a cruise or a remodeled kitchen. Consider how you will handle this extra spending. If you are borrowing the money, factor in how those repayments will affect your current spending and perhaps require cuts in other areas.

Your exact resolutions will depend on you, but if you're looking for ideas, the experts we interviewed suggested zeroing in on these five key areas.