WalletHub.com asked a panel of experts to explain the challenges in keeping resolutions and provide tips on overcoming them.

David Dunning - Professor of Psychology at University of Michigan

What tips do you have for people to improve their financial habits in the New Year?
Read an economics for beginners book, or subscribe to a personal finance magazine and then read it. Write down a few financial goals you'd like to hit (if you can't think of any, write down save for retirement), and then read up on how to hit that goal. Be sure to read several sources and pay attention to where they agree.

Why do so many people fail to keep their new year’s resolutions? What can they do to increase their odds of success?
They make a resolution, but fail to come up with a plan for actually carrying out that resolution. If you commit to going to the gym, commit to a few specifics as well. What days or nights will you go to the gym? What do you want to develop, stamina, heart health or strength? Is there is book or advisor who can suggest how to get to that goal? Remember, a goal without a plan is merely a wish.

What age-appropriate resolutions can help kids build skills and habits that’ll serve them well into adulthood?
Health and social skills are things people will carry on with well into their adult life. Pick a sport or activity for health, with some goals or measurements to use to see improvements. Join a group working on some sort of project; make friends and learn how to work with other people.


Read more about keeping your New Year's Resolutions and from more experts at WalletHub.com.