Budgeting is top New Year's resolution

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Overhauling your diet, committing to more exercise or perhaps giving up an unhealthy vice... common New Years resolutions have been topped by sorting out our finances as the top priority for 2012.

Almost half (49%) vowed to cut back on excess spending and manage their money better in the year ahead, according to a study by price comparison site Go Compare. Great intentions, but how many of us will stick to this commitment?

More than 26 million Brits will be making New Year's resolutions this year, and the bleak economic outlook has pushed a complete financial overhaul ahead of "losing weight" and "getting fit" as the most popular way to improve our well-being.

Health concerns have been top priority for the Go Compare survey in previous years, yet these have slipped for 2012 with just 46% of people resolving to get fitter this year, 45% vowing to lose weight, and a third planning to eat more healthily.
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A separate survey, by the financial website rplan found that it is women, and those in their 30s that are most likely to start 2012 with new financial goals. Again the most common money plans were to cut back on spending, and to save more each month.

Andy Creak, the managing director at rplan.co.uk said: "The last year has presented most adults with a near-impossible juggling act, many trying to make cut backs on a shrinking disposable income, whilst also trying to put money away to support the needs of family members."

He added that 2012 will undoubtedly be another tough year, but by starting the New Year with plans for positive action, people should have more control over their finances.

Other popular resolutions include stopping smoking (14%), spend more time with friends and family (14%), looking for a new job (12%) and reducing the amount of alcohol drunk (10%).
J
ohn Miles, Gocompare.com's business development director, added: "Traditionally New Year is a time to reflect on the changes we want, or need, to make in our lives. Perhaps unsurprisingly, sorting out finances and reducing outgoings top the list. And unlike some of the health and lifestyle resolutions, there are several easy, practical steps people can take to make a real change to their finances in 2012."

Unfortunately, despite starting the year with the best of intentions to improve our lives, the study found evidence suggests that most of these plans will have failed within six months; while four out of 10 people have broken these resolutions by the end of January.
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