Having financial freedom is a goal anyone can get behind, so creating financial resolutions for the new year is smart. If you can stick with them. But can a vow made in January really change your habits by December? Psychology says the answer depends on whether you have a fixed or growth mindset, terms coined by Stanford psychologist Caroline Dweck in her research on human behavior. Let’s break this down. Having a fixed mindset means that a person believes their personality and abilities are fixed traits that can’t change over time. Someone with a growth mindset believes those traits can change and sees failure as an opportunity to learn and improve. Our level of self-efficacy, or belief in our own ability to achieve a goal, also plays a role. Research has found that people with a growth mindset in regard to their own self-control and a high level of self-efficacy are more successful in sticking with their New Year’s resolutions and permanently changing their behavior.