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Only 9% of Americans Have This New Year’s Resolution — but You Probably Should

A person working at a desk at home and waving on a video call.

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It’s definitely worth putting on your list.

Key points

  • There are certain financial resolutions that tend to be popular ones.
  • This less-common pledge could do a lot for your finances, not to mention your outlook on a whole.
  • Finding a higher-paying job (or adding to your income in another way, such as by getting a side hustle) is a great way to improve your life.

Some people just aren’t fans of New Year’s resolutions. And it’s easy to see why. Once you put down your goals in writing, you might start to feel like a failure if you fall behind on them.

On the flipside, mapping out those goals could bolster your commitment to them. And that could really change your financial picture for the better.

A recent survey by Principal found that many Americans have big financial goals in mind for 2023. And some of the most popular things Americans are resolving to do are cut back on spending, boost savings, and pay off credit card debt.

By contrast, only 9% of Americans are resolving to look for a higher-paying job in the new year. But that’s a task worth adding to your list.

Higher wages could go a long way

Many people have spent the past year and change struggling financially due to inflation. And unfortunately, living costs aren’t expected to drop dramatically in the next few months.

That’s why now’s a really good time to go after a higher-paying job. The more money you earn, the easier it will be to keep up with your expenses.

A higher salary could also be your ticket to meeting some of the goals you’re mapping out for 2023. Let’s say one of your resolutions is to finally complete your emergency fund. Earning more money at work could help make that happen.

Similarly, you may have the goal of beginning to fund a retirement nest egg. A higher-paying job could make it possible to steadily contribute money to an IRA account.

How to bump up your pay

If you’re eager to see your income rise in 2023, you’ll need to have a good sense of what your job skills are worth. That will put you in a better position to ask for the salary you deserve.

Sites like Glassdoor are a good source for salary data. But also, talk to headhunters and people in your industry to gain insight on what workers with comparable skill sets are making.

At the same time, it could make sense to build some new skills so you’re in a better position to command a higher salary. If there’s a course or certification you can add to your resume, it could really help. And if that doesn’t apply to you, simply make an effort to learn something new that’s relevant to your line of work. It could result in a nice promotion — either at your current employer or at a new one.

Growing your income could make 2023 a less financially stressful year. And it could also make it a more successful one for you. So don’t hesitate to seek out a higher-paying job. And if you find that to be difficult, remember that you always have the option to boost your income with a side hustle. It’s not the same thing as locking in a higher salary at your main job, but it could help you achieve a similar outcome.

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