Your 2026 Financial Resolutions

As we usher in a new year, it’s an ideal time to take stock of your financial picture and make thoughtful adjustments for the year ahead. Regardless of where you are in your career or life, evolving economic conditions and personal priorities call for a proactive approach to money management.

According to a recent Fidelity study, nearly two-thirds of survey respondents (64%) are considering a financial resolution for 2026—up from 56% in 2025—highlighting a growing awareness of the importance of financial planning at every age. Below are some steps you can take to accomplish your goals in 2026.

Review Your Budget:

The cornerstone of financial success is a well-crafted budget. Start by tracking your income and expenses, understanding your spending habits, and identifying areas where you can cut back. Utilize budgeting apps or spreadsheets to make the process more intuitive and manageable. A clear budget will help you allocate funds for essentials, savings, and discretionary spending.

Maximize Your Retirement Contributions:

Whether retirement is decades away or just around the corner, contributing as much as possible to retirement accounts can have a meaningful impact on long-term security. Increasing contributions when feasible, especially when employer matching is available, can help strengthen your retirement outlook and take advantage of tax benefits.

Take full advantage of tax-deferred retirement accounts like 401(k)s and IRAs. For 2026, the contribution limits are:

• 401(k): $24,500 (with a $7,500 catch-up contribution if you’re age 50+).
• Traditional and Roth IRAs: $7,500 (or $8,600 for those 50+).
  • The IRA catch‑up contribution limit for those 50+ was amended under the SECURE 2.0 Act to include an annual cost‑of‑living adjustment, which increased the amount to $1,100, up from $1,000 for 2025.

Contributions to a traditional IRA may be tax-deductible, depending on your income and whether you’re covered by an employer-sponsored plan. Read more about 2026 401(K) contribution changes here.

Establish an Emergency Fund:

Life is unpredictable, and having a financial safety net can make all the difference during unexpected circumstances. Aim to save three to six months' worth of living expenses in an easily accessible account. This emergency fund will provide a buffer in case of job loss, medical emergencies, or other unforeseen events, allowing you to navigate challenges without compromising your financial stability. Read more about being financially prepared for emergencies here.

Set Realistic Financial Goals:

Define short-term and long-term financial goals that align with your aspirations. Whether it's saving for a down payment on a home, starting a business, or funding your travels, having clear goals will give your financial journey purpose and direction. Break these goals into manageable steps, and celebrate your achievements along the way.

Tax-Advantaged Vehicles:

For those in their younger years with ample time to reach their financial goals, initiating the allocation of savings towards tax-advantaged investments or accounts may be a great idea. This strategy enables the compounding of interest and facilitates tax-deferred growth. Notable tax-advantaged vehicles include retirement accounts such as a 401(k), an IRA or Roth IRA, and a 529 plan. Learn more about how you can be tax savvy in the New Year here.

Diversify Your Portfolio:

Tax-efficient strategies can benefit investors at any age. Depending on your circumstances, contributing to accounts such as a 401(k), Traditional or Roth IRA, or a 529 education plan may support long-term growth while offering potential tax advantages. These vehicles can help your savings work harder over time through tax-deferred or tax-free growth.

By taking a thoughtful approach to your finances, reinforcing healthy habits, and staying informed, you can build greater confidence and resilience in 2026, no matter where you are on your financial journey. Small, consistent steps today can lead to meaningful progress tomorrow.

Contact an Oppenheimer Financial Professional here to learn more ways to save for your future.