Another jackpot surpasses $1 billion. Is this the new normal?

Remember this moment because it probably won't last: A U.S. lottery jackpot is projected to soar above $1 billion, and that's still a big deal.

Friday’s Mega Millions drawing is worth an estimated $1.22 billion, evoking headlines and likely luring more people to convenience stores with dreams of private spacewalks above the Earth.

It doesn't seem to matter that the nation's top 10 jackpots — not including this one — already have boasted 10-figure payouts. For many of us, something stirs inside when a number ticks one dollar above $999,999,999.

“The question lurking is, what happens when $1 billion becomes routine and people don’t care about it anymore?” said Jonathan D. Cohen, author of the 2022 book “For a Dollar and a Dream: State Lotteries in Modern America.”

“There's no easy round number after a billion,” Cohen said. "But also, how much money can one person possibly, possibly, possibly need?”

Meanwhile, Mega Millions' ticket prices will rise from $2 to $5 in April. The increase will be one of many changes that officials say will result in improved jackpot odds, more frequent giant prizes and even larger payouts.

Here's brief history of lotteries and why jackpots are growing:

Cohen notes in his book that lotteries have existed in one form or another for more than 4,000 years.

In Rome, emperors and nobles held drawings at dinner parties and awarded prizes that ranged from terra cotta vases to people who were enslaved. As early as the 1400s, lotteries were used in Europe to fund city defenses and other public works.

Sweepstakes were common in the American colonies, helping to pay for the revolution against Britain. Cohen noted in his book that Thomas Jefferson approved of lotteries, writing that they were a tax “laid on the willing only.”

Lotteries began to fall out of favor in the U.S. in the 1800s because of concerns over fraud, mismanagement and impacts on poor people. But starting in the 1960s, states began to legalize them to help address financial shortfalls without raising taxes.

“Lotteries were seen as budgetary miracles, the chance for states to make revenue appear seemingly out of thin air,” Cohen wrote.

When Mega Millions started in 1996, it was called “The Big Game” and involved only six states. It was meant to compete with Powerball, which then had 20 states and the District of Columbia.

The original payout for The Big Game started at $5 million. The value would be nearly twice that today accounting for inflation.

In 2024 dollars, the before-taxes prize could buy a rare copy of the U.S. Constitution or cover Michael Soroka's $9 million contract to pitch next season for the Washington Nationals.

By contrast, the pre-tax winnings from Friday’s Mega Millions prize could theoretically buy a Major League Baseball team. The Nationals would be too expensive. But Forbes recently valued the Miami Marlins at $1 billion.

A better comparison might be Taylor Swift's tour revenue at the end of 2023. Her Eras Tour became the first to earn more than $1 billion after selling more than 4 million tickets.

Swift, however, was expected to bring in a total of more than $2 billion when her tour finally wrapped up Dec. 8, according to concert trade publication Pollstar.

These days, Mega Millions and its lottery compatriot Powerball are sold in 45 states, as well as Washington, D.C., and the U.S. Virgin Islands. Powerball also is sold in Puerto Rico.

In October, Mega Millions said it hoped increased ticket revenue and less stratospheric odds would lead to more people winning, even as prizes grow extraordinarily high.

Games with massive payouts tend to be more popular despite the slimmer odds. Larger jackpots also attract more media attention, increase ticket sales and bring in new players, Cohen said.

Lottery officials have allowed the odds to become lower with a larger pool of numbers to pick from, Cohen said. And that has made games harder to win, leading to payouts rolling over into even larger prizes.

The first $1 billion jackpot was in 2016. Cohen said he expects the upward trajectory to continue.

Meanwhile, he warned against the tropes of the troubled or bankrupt lottery winner.

A well-known example is Andrew “Jack” Whittaker Jr. He won a record Powerball jackpot after buying a single ticket in 2002 but quickly fell victim to scandals, lawsuits and personal setbacks as he endured constant requests for money, leaving him unable to trust others.

Most winners don't turn out like him, Cohen said.

“Even if we deny it, we all sort of believe in the meritocracy — this belief that if you won your money through luck, then you probably didn’t actually deserve it,” Cohen said. And yet various studies have shown “lottery winners are happier, healthier and wealthier than the rest of us.”

A digital Mega Millions ticket is seen on a screen as a person makes their selections on a self-serve terminal inside a gas station ahead of Friday's Mega Millions drawing of $1.15 billion, Thursday, Dec. 26, 2024, in Baltimore. (AP Photo/Stephanie Scarbrough)

A person makes their lottery ticket selections on a self-serve terminal inside a gas station ahead of Friday's Mega Millions drawing of $1.15 billion, Thursday, Dec. 26, 2024, in Baltimore. (AP Photo/Stephanie Scarbrough)

A person retrieves a Mega Millions lottery ticket from a self-serve terminal ahead of Friday's Mega Millions drawing of $1.15 billion, Thursday, Dec. 26, 2024, in Baltimore. (AP Photo/Stephanie Scarbrough)

A person inserts cash into a self-serve terminal while holding their play slip ahead of Friday's Mega Millions drawing of $1.15 billion, Thursday, Dec. 26, 2024, in Baltimore. (AP Photo/Stephanie Scarbrough)

Rob holds up a Mega Millions ticket at Rossi's Deli in San Francisco, Thursday, Dec. 26, 2024. (AP Photo/Jeff Chiu)

A person fills out a Mega Millions play slip ahead of Friday's Mega Millions drawing of $1.15 billion, Thursday, Dec. 26, 2024, in Baltimore. (AP Photo/Stephanie Scarbrough)

Rob, right, buys a Mega Millions ticket at Rossi's Deli in San Francisco, Thursday, Dec. 26, 2024. (AP Photo/Jeff Chiu)

Rina Flores, middle, works behind the counter over a sign advertising the estimated $1.15 billion Mega Millions jackpot, bottom right, at Rossi's Deli in San Francisco, Thursday, Dec. 26, 2024. (AP Photo/Jeff Chiu)

A pedestrian walks behind a sign advertising the estimated $1.15 billion Mega Millions jackpot at Rossi's Deli in San Francisco, Thursday, Dec. 26, 2024. (AP Photo/Jeff Chiu)

Oscar Flores, left, works behind the counter next to a sign advertising the estimated $1.15 billion Mega Millions jackpot at Rossi's Deli in San Francisco, Thursday, Dec. 26, 2024. (AP Photo/Jeff Chiu)

A Mega Millions lottery ticket is displayed at a store on Thursday, Dec. 26, 2024, in Tigard, Ore. (AP Photo/Jenny Kane)

Fidel Lule buys a MegaMillion lottery ticket at Won Won Mini Mart in Chinatown Los Angeles, Thursday, Dec. 26, 2024. (AP Photo/Damian Dovarganes)

The option to play the $1.15 billion Mega Millions jackpot is seen on a self-serve terminal inside a gas station in Baltimore, Thursday, Dec. 26, 2024. (AP Photo/Stephanie Scarbrough)

NEW YORK (AP) — With the end of 2024 around the corner, you might be reflecting on financial goals for 2025.

Whether you're saving to move out of your parents' house or pay off student loan debt, financial resolutions can help you stay motivated, said Courtney Alev, consumer advocate for Credit Karma.

“Entering a new year doesn’t erase all our financial challenges from the prior year," Alev said. “But it can really help to bring a fresh-start mentality to how you’re managing your finances.”

If you’re planning to make financial resolutions for the new year, experts recommend that you start by evaluating the state of your finances in 2024. Then, set specific goals and make sure they're attainable for your lifestyle.

Here are some tips from experts:

Think about how you currently deal with finances — what's good, what's bad, and what can improve.

“Let this be the year you change your relationship with money,” said Ashley Lapato, personal finance educator for YNAB, a budgeting app.

If you feel like money is a chore, that there's shame surrounding the topic of money, or like you were born being “bad at money,” it's time to change that mentality, Lapato said.

To adjust your approach, Lapato recommends viewing money goals as an opportunity to imagine your desired lifestyle in the future. She recommends asking questions like, “What do my 30s look like? What do my 40s look like?” and using money as a means to get there.

Liz Young Thomas, head of SoFi Investment Strategy, added that it’s key you forgive yourself for past mistakes in order to move into the new year with motivation.

When setting your financial resolutions for 2025, it's important to establish the “why” of each, said Matt Watson, CEO of Origin, a financial tracking app.

“If you can attach the financial goal to a bigger life goal, it’s much more motivating and more likely you’ll continue on that path,” Watson said.

Whether you're saving to buy a house, pay off credit card debt or take a summer vacation, being clear about the goal can keep you motivated. Watson also recommends using a tool to help you keep track of your finances, such as an app, spreadsheet, or website.

“After three years of inflation, your pay increases are likely still playing catch up to your monthly expenses, leaving you wondering where all the money is going," said Greg McBride, chief financial analyst at Bankrate. "Make that monthly budget for 2025 and resolve to track your spending against it throughout the year."

McBride said that you may need to make adjustments during the year as certain expenses increase, which would require cutting back in other areas.

“Calibrate your spending with your income, and any month you spend less than budgeted, transfer the difference into your savings account, ideally a high-yield savings account,” he said.

“Interest rates aren’t likely to come down very fast, so you’re still going to have to put in the hard work of paying down debt, especially high-cost credit card debt, and do so with urgency,” McBride said.

Start by taking stock of how much debt you have now relative to the beginning of the year. Hopefully you’ve made steady progress on paying it down, but, if you’ve gone in the other direction, McBride encourages making a game plan. That includes looking into 0% balance transfer offers.

“You have more power over credit card interest rates than you think you do," said Matt Schulz, chief credit analyst at LendingTree. “Wielding that power is one of the best moves you can make in 2025.”

A 0% balance transfer credit card is “a good weapon” in the fight against high card APRs, or annual percentage rates, he said. A low-interest personal loan is an option as well.

You may simply be able to pick up the phone and ask for a lower interest rate. LendingTree found that a majority of people who did that in 2024 were successful, and the average reduction was more than 6 points.

When planning for your financial resolutions, it’s important to consider how you’re going to make your goals sustainable for your lifestyle, said Credit Karma's Alev.

“It really is a marathon, not a sprint,” Alev said.

Alev recommends setting realistic, practical goals to make it easier to stick with them. For example, instead of planning to save thousands of dollars by the end of the year, start by saving $20 a paycheck.

Even when your plans are achievable, there are times you'll get derailed. Maybe it’s an unexpected medical bill or an extraordinary life event. When these situations happen, Alev recommends trying not to feel defeated and working to get back on track without feeling guilty.

“You can't manage what you can't see, so set a New Year’s resolution to check your credit score monthly in 2025," said Rikard Bandebo, chief economist at VantageScore. “Be sure to pay more than the minimum on your credit accounts, as that's one of the best ways to boost your credit score.”

Bandebo also advises student loan borrowers to make all payments on time, as servicers will begin to report late payments starting in January, and missed payments will affect borrowers' credit scores.

Automated changes, like increasing workplace 401(k) plan contributions, setting up direct deposits from paychecks into dedicated savings accounts, and arranging for monthly transfers into an IRA and/or 529 college savings accounts all add up quickly, McBride said.

Your financial goals can encompass more than just managing your money better — they can also be about keeping your money safe from scams. A golden rule to protect yourself from scams is to “slow down,” said Johan Gerber, executive vice president of security solutions at Mastercard.

“You have to slow down and talk to other people if you’re not sure (whether or not) it’s scam,” said Gerber, who recommends building an accountability system with family to keep yourself and your loved ones secure.

Scammers use urgency to make people fall for their tricks, so taking your time to make any financial decision can keep you from losing money.

Your financial goals don’t always have to be rooted in a dollar amount — they can also be about well-being. Finances are deeply connected with our mental health, and, to take care of our money, we also need to take care of ourselves.

“I think that now more than any other year, your financial wellness should be a resolution," said Alejandra Rojas, personal finance expert and founder of The Money Mindset Hub, a mentoring platform for women entrepreneurs. "Your mental health with money should be a resolution.”

To focus on your financial wellness, you can set one or two goals focusing on your relationship with money. For example, you could find ways to address and resolve financial trauma, or you could set a goal to talk more openly with loved ones about money, Rojas said.

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The Associated Press receives support from Charles Schwab Foundation for educational and explanatory reporting to improve financial literacy. The independent foundation is separate from Charles Schwab and Co. Inc. The AP is solely responsible for its journalism.

FILE - The 2025 New Year's Eve numerals are displayed in Times Square, on Dec. 18, 2024, in New York. (AP Photo/Julia Demaree Nikhinson, File)