SoFi Blog

Remember back on December 31, when you vowed this would be your year to get financially fit? How’s that working out for you, now that it’s mid-year?

If you’re like many Americans, it might not be going so great. Turns out, many folks forget or give up on their New Year’s resolutions by January 17 —and by spring, those good intentions are a tiny speck in the rearview mirror of life.

But that doesn’t mean you can’t get back on track. Financial resolutions are among the most popular each new year because we really do want to feel more secure about the future. The problem is, we tend to go too broad.

We say we’ll “save money” or “get rid of debt” or “stop spending so much.” But according to fans of the goal-setting acronym SMART (specific, measurable, achievable, relevant, and time-bound), those resolutions aren’t the most effective.

So let’s talk specifics. Here are six tips that can help you do a reset and give your old financial resolutions new meaning.

When you first got to college, becoming an RA may not have been on the top of your to-do list. You probably imagined yourself heading out to fun parties with your friends on a Saturday night, not doing rounds in the dorm.

Now that you’re a full-time college student, the idea of becoming a resident advisor seems slightly more appealing. Sure, you’d have to deal with some negatives, but the job does come with its perks. Before you jump into life as an RA, it’s a good idea to think through some of the benefits and downsides to determine if it’s the right decision for you. Here are a few common starting points.

What do you call it when someone buys a house and is responsibly paying off their mortgage every month? You could call it “adulting.” But what if there was a way to be even more responsible and pay less? Or what if there was a way to take advantage of all that value in your new home? That would truly be adulting. Well it’s possible there could be a way—through a mortgage refinance.

When you refinance your mortgage, you’re essentially paying off your existing loan and taking out a new loan at new terms. Generally, there are two types of refinances – No Cash Out Refinance: to get a lower interest rate or a different repayment period, or Cash Out Refinance: to take advantage of the equity in their home. If you refinance with a lower interest rate or term, it could save you thousands.

For example, using an online amortization calculator, if you pay on a $300,000 mortgage loan at a 5% fixed interest rate over 30 years, you’ll end up paying $279,767. With a 4% interest rate, you’d pay only $215,608 in total interest over the life of the loan.

Bad habits are hard to break, but good habits might be even harder to develop. And that’s especially true when it comes to personal finances. Growing your financial confidence takes time, like learning to care for a whole garden, not just a window succulent. But if you can develop good money habits now, you might thank yourself later.

For money-saving habits to take hold, you can work to develop good practices with your finances early on, and remain as consistent as possible in order to help avoid not-so-hot money habits down the road.

Establishing small, healthy habits now is a smart way to get your money organized. If you are able to incorporate at least some of these tips, you may be able to gain more confidence in your financial life.

Our 20s can be such a wonderful time to learn about ourselves, bond with friends, and earn our first “real” paychecks. That said, our 20s do not come and go without their fair set of challenges. If you’re like most 20-somethings, you have plenty of mistakes under your belt—financial and otherwise.

And though it may not always seem so, that’s a good thing. Luckily, mistakes and missteps are often followed by learning and expansion.

Early in adulthood, trial and error is usually the name of the game when putting together a financial education. And while that’s great as an introduction to learning about money, there comes a time when everyone must be proactive with their money. Your mid to late 20s might be a great time for this.

While it is possible to create some guidelines on what to achieve by 30, keep in mind that everyone’s goals are going to be a little bit different because everyone’s personal financial situation is different.

For example, someone who has student loans will likely have financial goals that are different from someone who doesn’t. Therefore, you could pull from this list what makes sense for you, and amend as needed. (And none of this should be considered financial advice.)

Here are eight financial goals you might reach for before you turn 30.