Have you already broken your New Year's financial resolutions? Here are some tips to help you stick to them.

• To attain your financial objectives, start by tracking your income and expenses.
• Break down a broad goal into small, well-defined tasks.
• "The more you're passionate about your own objective, the more you'll devour and comprehend," an expert advises.

This is the time of year for making — and breaking — resolutions.

This year, two-thirds of American adults are resolving to improve their finances due to high inflation, rising interest rates, and economic uncertainty. The most common resolutions include saving more money (41%), paying down debt (38%), and spending less money (30%), according to a survey by Fidelity.

It is estimated that many individuals abandon their New Year's resolutions within a short period of time, typically within weeks or even days.

To achieve your money resolutions for 2024, whether you're starting fresh or getting back on track, consider these tips.

Set well-defined, achievable goals

Experts suggest that goals to save more money, reduce debt, and limit spending are common but too general to be successful.

Michael Liersch, head of advice and planning at Wells Fargo Wealth and Investment Management, stated that many individuals desire to improve their physical fitness and financial well-being at the beginning of the new year, but achieving these goals does not happen overnight.

Before graduation, more than half of U.S. students will take a personal finance class. Employers can force out small 401(k) accounts once a worker leaves a job. Expert predictions for interest rates in 2024 include mortgages, auto loans, and credit cards.

He says it works best to commit to small, well-defined tasks.

Instead of focusing on reducing expenses, consider being more mindful of your spending, advised Liersch, who holds a Ph.D. in behavioral science.

Begin by questioning: "Do the things you spend money on truly bring you happiness?"

To achieve your larger objective, break it down into smaller steps and make them enjoyable.

"The more invested you are in achieving your own goal, the more motivated you'll be to read and learn," advised Pam Krueger, founder of Wealthramp, a fee-only advisor matching service.

Set a weekly appointment to ‘visit’ your money

To attain your financial objectives, start by tracking your income and expenses.

Numerous individuals are unaware of the number of accounts they possess, which may encompass checking and savings accounts, workplace retirement accounts, college savings accounts, and investment accounts, in addition to accounts for mortgage or home equity loans, auto loans, and credit cards.

Schedule a weekly appointment with your money to review your accounts, assess your spending and savings, and achieve your short- and long-term goals.

According to Rachael Olson, director of product strategy for Discover Personal Loans, understanding the situation first is crucial to determining one's needs. Without a clear comprehension of the situation, it is challenging to begin taking action.

Save in a high-yield savings account

Determine how much money you can save each week for an emergency fund or a future purchase. While saving a small amount weekly may seem insignificant, it can accumulate over time.

Some banks offer high interest rates on savings accounts, with some reaching 5% or more. If you open a high-yield savings account and consistently add $20 a week, you can save over $1,000 in a year without withdrawing any money.

Earning money on both the principal and interest earned is possible with compound interest, as long as the funds remain in the account.

Use debt as a tool, not a burden

To achieve your goal of owning a home or earning a college degree, you may have to take on debt. However, it's important to use debt wisely and not assume that it's inherently good or bad.

Ensure your debt load is manageable by knowing what you owe. Are you confident you can make the set payments on a "buy now, pay later" program? Be sure to read the fine print to understand the potential penalties.

The annual percentage rate on credit cards is significantly higher than on a buy now, pay later plan, increasing from under 15% to over 20% in just one month, reaching a new record high.

To eliminate high-interest debt, consider transferring credit card balances to a new card that offers 0% interest for an extended period. Determine the amount you'll need to pay on that card, which may be more than the minimum balance, to pay it off before the interest rate increases to a higher rate, potentially above 20%.

Another option for consolidating debt is to take out a personal loan, which had an average rate of 11.5% last month, significantly lower than the average credit card rate, according to Bankrate.

Play the long game

Achieving financial goals, such as reducing debt or saving for a house, often requires patience and time.

Liersch of Wells Fargo stated that achieving a goal can take a long time, sometimes up to 20 years, for many human beings. To accomplish this goal, one must persevere and motivate themselves to keep going.

Financial freedom can be achieved through Money 101, an 8-week online course that is delivered weekly to your email inbox.