New Years Resolution’s for 2025 and Better/Worse Cities

Author(s): Scott Douglas Jacobsen

Publication (Outlet/Website): The Good Men Project

Publication Date (yyyy/mm/dd): 2025/01/17

Chip Lupo is an experienced personal finance writer currently contributing to WalletHub. With a background in journalism from Elon University, he has worked across various sectors, including finance, sports, politics, and religion. Chip has expertise in SEO best practices, content creation, editing, and proficiency in Microsoft and Adobe applications. His career spans over two decades, during which he has held roles as a compliance analyst, wire editor, and night city editor. Chip’s passion for media and communications drives his commitment to high-quality content. Lupo discusses WalletHub’s research on New Year’s resolutions and financial challenges for 2025. Americans prioritize saving money, with Seattle, San Francisco, and Scottsdale ranking as the best cities for achieving resolutions, while Gulfport, Newark, and Jackson rank lowest due to low incomes and high crime. Lupo emphasizes creating realistic budgets that account for inflation, using tools like apps or simple methods. They explore connections between financial and physical health, stress, and debt management. Other topics include financial literacy, credit unions, and identity theft, highlighting proactive steps like monitoring finances and teaching fundamental money management skills early.

Scott Douglas Jacobsen: Today, we are here again with the marvellous Chip Lupo. We are going to discuss one of the many topics researched by WalletHub. I appreciate their research because it is thorough and clean, employs reasonable metrics, provides interesting breakdowns, and offers clear answers—whether on a Zoom call or through submitted questions.

This is useful information for anyone who comes across it. When looking at New Year’s resolutions, the top financial resolution for Americans in 2025 was to save more money. Regarding the best and worst cities for keeping those New Year’s resolutions, the best were Seattle, Washington; San Francisco, California; and Scottsdale, Arizona. The worst cities were Gulfport, Mississippi; Newark, New Jersey; and Jackson, Mississippi.

Why were these cities ranked as the best and worst, particularly with Mississippi having two of the worst-ranked cities in the state?

Chip Lupo: Let’s start with the bottom cities. Gulfport, Mississippi; Newark, New Jersey; and Jackson, Mississippi were mentioned. If we expand the list, we find Detroit, Michigan; Memphis, Tennessee; and Shreveport, Louisiana.

This part of the country is predominantly in the Deep South, except Newark, New Jersey. Low incomes and high crime rates characterize these areas. Cities like Detroit and Newark fit this pattern. The bottom-ranked cities are mostly geographically concentrated in the Deep South.

The combination of low-income states and large metro areas with deteriorating inner cities—such as Memphis, Detroit, and Newark—contributes to these rankings. The data supports this. For example, if we look at metrics related to financial resolutions, the bottom three cities rank very low. At a glance, the highest ranking among these cities is 53rd for school and work resolutions.

However, these cities perform poorly when it comes to financial and health-related resolutions—the two most common New Year’s resolutions. Generally, the top New Year’s resolutions are health-related, including eating better, exercising more, and losing weight. Financial resolutions, such as budgeting better, spending less, or securing a better-paying job, are typically second.

Due to the economic challenges over the past four years, financial resolutions are gradually catching up to health-related resolutions in importance. It would not be surprising if they soon become equally prioritized.

That said, the bottom-ranked cities continue to perform poorly in both health and financial.

Now, let’s look at the top-ranked cities. The top three—Seattle, San Francisco, and Scottsdale—score highly for health resolutions. San Francisco ranks first overall in this category. These cities also perform well in financial resolutions, with Scottsdale, Arizona, ranking lowest among the three at 27th.

Jacobsen: Americans also face a significant debt problem. For various reasons, this issue was politically consequential during the last election. Credit card debt has been highlighted as a major factor. Was creating a realistic budget the number one financial resolution for Americans?

Lupo: Making a realistic budget and sticking to it are two different things. A related study found that only about one out of ten people we surveyed were making a realistic budget and sticking to it.

In a separate part of the survey, a percentage of people felt that keeping a budget was too complicated. However, keeping a budget can be as simple as using a method that my mother and my father-in-law still use: a pen, a pad, and a calculator. You write down your expenses and income and then do the math.

That said, there is plenty of technology available. WalletHub, for instance, has a budget app. If you resist using pen and paper or opening a spreadsheet, you can visit our website—or many other financial websites—that offer apps to do the work. You just key in the numbers, and it provides you with alerts, such as when you’re getting close to going over budget or when certain expenses are trending upward.

So, it’s easier said than done when it comes to keeping a budget realistically and sticking to it. One thing you can do to adjust for inflation—which does impact people’s budgets—is to plan for it. For example, when budgeting for something static, like utility bills that don’t fluctuate based on interest rates, you could average a year’s worth of utility bills.

I do this. I budget a set amount based on an average. Here in Columbia, South Carolina, we pay more in the summer months because of the heat, and we run the heater more during winter storms in January and February. However, utility costs level off in the cooler months, like spring and early fall. By averaging the costs, you balance out the higher expenses in extreme seasons.

That’s just one tip for budgeting. The key is to stick to it. Make sure your budget is realistic. Many people kid themselves, thinking, “Oh, I won’t spend X amount on food this year,” but chances are, they will. Be honest and account for those expenses. Don’t strip your budget so tightly that you risk your livelihood. Be realistic about how much you’re willing and able to spend.

Jacobsen: What about people’s earned income? Are there any resolutions around getting better work or upgrading their education to secure better-paying jobs? Do these goals come up in the resolutions as well?

Lupo: They do. When it comes to earned income, people need to evaluate their situation. Usually, at the top of the list is getting a better job or picking up a second part-time job to make ends meet.

Another factor to consider is location. If you live in an area with a very high cost of living, you might consider relocating to a more affordable area. However, with the current state of the housing market, this can take time. Relocation and career advancement are often long-term goals, but they’re definitely part of many people’s resolutions to improve their earned income.

Jacobsen: What about identity theft? Due to extensive digital tracking systems, that’s a significant problem, particularly in wealthier societies. However, scams also occur frequently via phone and online platforms. Certain vulnerabilities seem to arise in richer countries. What are the concerns around identity theft for people in the United States? How does it influence their New Year’s resolutions when it’s a common worry?

Lupo: It’s not just an issue in wealthy societies—it can happen to anyone, particularly older people, who seem to be prime targets for scammers.

If someone wanted to create a New Year’s resolution related to identity theft, it would involve practicing due diligence, such as regularly monitoring their bank accounts, credit card accounts, and credit reports. Most people only check these after something happens, but being proactive is key.

Start by regularly reviewing your credit reports, bank statements, and credit card statements. You could set up a weekly, biweekly, or monthly schedule, but the important thing is consistency. If something suspicious arises, you can report it immediately and take steps to address it.

Jacobsen: Why are people interested in joining credit unions, improving their financial literacy, or focusing on their physical health related to financial health? These concerns seem existential for many people.

Lupo: The connection between physical and financial health is significant. When debt is burdened, it often leads to stress, which affects sleep, eating habits, and overall well-being. The two are interconnected.

The key consideration regarding credit unions is membership. Membership requirements vary. Sometimes, it’s as simple as living in a specific country, while others may be tied to military service or employment. Credit unions often provide better rates than traditional banks, especially on car loans, mortgages, and personal loans, making them an appealing choice for people serious about improving their financial situation.

Financial literacy, meanwhile, is becoming a growing topic of concern in the United States. We recently surveyed about back-to-school shopping and found that 95% of parents believe financial literacy should be taught in public schools. While I agree, it should begin at home and be reinforced in schools.

Teaching children about finances at an early age—such as with a mock checking account—can help them develop the skills to manage their money effectively. In school, an elective course called consumer economics taught skills like writing checks, balancing chequebooks, and understanding simple interests.

Learning these fundamentals is similar to learning a sport or a musical instrument: you start with the basics. When people are well-grounded in these fundamentals, they are better equipped to handle their financial lives in the long term.

Jacobsen: Yeah, this is a big issue. It has also been politically consequential for Canadians. For those unfamiliar, inflation refers to the general increase in the costs of goods and services.

How does inflation factor into 2025? This issue is also politically and socially significant for Americans.

Lupo: Right. This ties back to creating a realistic budget and sticking to it. When listing your expenses, don’t assume that costs in January 2025 will remain the same in December 2025.

Plan with the assumption that the costs of everything in your budget will increase. The challenge is predicting how much they’ll increase—or, in some cases, decrease. A common example in the U.S. is fuel prices, which fluctuate significantly from the beginning to the end of the year.

When accounting for inflation, set your budget realistically, assuming a gradual cost increase. As we discussed earlier, averaging out utility bills is a good strategy. Similarly, keep track of inflation monthly and adjust your budget as needed.

It’s important to allow for flexibility. Don’t make your budget so rigid that there’s no room to adapt. You need some wiggle room to handle inflation effectively. If certain expenses decrease, treat that surplus as an opportunity—for instance, reinvesting it to pay off high-interest debt, such as a mortgage or credit card bills.

Jacobsen: I think that’s it for today, Chip. Thank you very much for your time.

Lupo: Fantastic. All right, Scott. Thank you.

Jacobsen: Thank you as well.

Lupo: Take care.

Jacobsen: You too.

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