Turn Resolutions into Results: Ohio Department of Commerce Shares Tips for Financial Wellness in the New Year

COLUMBUS, Ohio - As Ohioans finalize their goals and resolutions for 2026, many of which likely are related to finances, the Ohio Department of Commerce Divisions of Financial Institutions and Securities are sharing tips and resources that individuals can use to help ensure they start the year on solid financial ground.

A recent survey by WalletHub found that one out of four (26%) Americans plan to make finance-related New Year's resolutions, making it the second most common category after health goals. In addition to this being the season of resolutions, January is also Financial Wellness Month.

Whether you're dreaming of paying down debt, building savings, or planning for retirement, now is the perfect time to start working toward making those goals a reality.

"The start of a new year is a great time to take stock of your current financial situation and the goals you have for the year ahead, and then work toward making those goals a reality," said Kevin Allard, Superintendent of the Division of Financial Institutions. "Whether it's creating a budget, building an emergency fund, or saving for retirement, small steps taken now can lead to big results later."

"The new year is the perfect time to explore new ways to strengthen your financial wellness," said Ohio Securities Commissioner Andrea Seidt. "Whether that means starting an investment plan, learning more about your options, or simply committing to better habits, success begins with preparation. Understanding the risks is important, but with the right planning and guidance, achieving your financial goals is absolutely possible."

Financial resolutions are among the most popular each January, and for good reason: recent data shows the average consumer debt balance in Ohio tops $70,000. That's why the new year is the perfect opportunity to get back on track and build financial confidence.

Whether you are looking at establishing a new budget or want to speak with a financial adviser about your investing goals, the Ohio Department of Commerce offers these tips to help you stick to your financial goals:

Tips for Financial Wellness

• Create a budget: Track income and expenses to identify overspending and find savings opportunities.
• Build an emergency fund: Start small and work toward saving three to six months' worth of living expenses.
• Review your insurance coverage: Check life, auto, and homeowners policies to ensure proper coverage and competitive rates.
• Protect your credit: Pay bills on time, limit new credit accounts, and consider available reputable tools to improve your score.
• Stay informed and protect your investments: Verify that any investment professional or firm is licensed through the Ohio Division of Securities at com.ohio.gov/securities.

Financial Resolutions to Consider in the New Year

• Pay down high-interest debt: Explore consolidation options, work with a credit counselor, or use DIY strategies like the debt snowball or avalanche methods. The debt snowball method is when you list all of your debts from smallest to largest, then pay the minimum on all debts except the smallest one. Any extra money is then put toward the smallest debt until it is paid off. Once that debt is gone, roll its payment into the next smallest debt. Meanwhile the avalanche approach is when you list your debts form highest interest rate to lowest, and you then pay the minimum on all debts except the one with the highest interest rate. You then put any extra money toward paying off the debt with the highest interest rate first. Once it's paid off, move to the next highest interest rate.
• Boost retirement savings: Take advantage of employer matches, open or contribute to IRAs, and aim to save 10-15% of your income annually.
• Use windfalls wisely: Direct tax refunds toward savings or retirement accounts and avoid "get rich" schemes and other online scams that drain wealth. There are no shortcuts when it comes to responsible investing.
• Focus on professional development: Update your resume, attend networking events, and pursue certifications to strengthen job security.
• Seek financial advice from a licensed professional: A certified financial advisor or credit counselor can help you plan for long-term success.

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About the Divisions of Securities and Financial Institutions
The Divisions of Securities and Financial Institutions are part of the Ohio Department of Commerce. The department is Ohio's chief regulatory agency, focused on promoting prosperity and protecting what matters most to Ohioans. We ensure businesses follow the laws that help them create jobs and keep Ohioans safe. To learn more about what we do, visit our website at com.ohio.gov.