Charleston to Host Dine With a Doc Event

In the quest to achieve New Year’s resolutions, accountability is proving to be the key factor in success. Studies have shown that individuals who write down their goals and establish a method to track their progress are twice as likely to reach their desired outcomes. While big businesses have long utilized the SMART goals framework to help employees achieve specific, measurable, achievable, relevant, and time-bound objectives, the average consumer may find tracking their financial goals to be a daunting task.

However, recent technological advancements, particularly the widespread use of smartphones, are empowering individuals to measure and track their financial goals more effectively in 2024. While fitness apps have been successful in tracking steps and calories, financial tracking apps still have room for improvement when it comes to monitoring spending from multiple accounts for daily expenses like morning coffee or other impromptu purchases.

Despite the challenges, there is a growing demand for technological solutions to help individuals track their fitness and financial goals. A survey conducted by Forbes in November 2023 revealed that while improving finances is a popular resolution, it still falls behind improving fitness in terms of priority for the new year.

Financial planners and economists have long studied consumer savings behavior, with automatic savings increases in retirement plans being a prime example of how behavioral economics can positively impact savings habits. Establishing a pattern of on-time payments is also crucial for improving credit scores.

While monitoring physical activity may be more frequent than checking credit scores for many consumers, the importance of tracking financial goals cannot be understated. As technology continues to evolve, individuals have more tools at their disposal to stay accountable and on track towards achieving their financial aspirations.