New Year's Resolutions you can actually keep

Updated
woman hand writing new year's resolutions for 2013 on the blackboard
woman hand writing new year's resolutions for 2013 on the blackboard



Each year we make hugely over-optimistic New Year's Resolutions: we decide to completely give up luxuries like coffee and takeaways; save money by cycling to work in all weathers; and pledge to never again buy anything we don't desperately need. It's hardly surprising that by the end of January we're depressed by frugality and have given up entirely on our plans.

But this doesn't mean that New Year's Resolutions can never work: it just means that we're doing it wrong. This year, you can make five vital financial resolutions that are easier to keep. And because you can stick with them to the end of the year, they'll have you far more money too.

1. Cut down

Instead of cutting out all of the luxuries, why not cut down? You don't need to decide in advance what you're going to give up, but you can set yourself a limit. If you tell yourself you can spend a specific budget on luxuries each month, you can choose to spend it on a few coffees, a couple of takeaways, or a night out. It'll help you prioritise, and give up the things you appreciate less, so you can still enjoy your favourite things.

2. Give up things you don't value

These are easy to give up, because you aren't enjoying them anyway. This includes everything from gym memberships you don't use, to pointless extra minutes on your phone contract. Go through your bills and direct debits, check what you are paying for, and track down the extras you don't need.
%VIRTUAL-ArticleSidebar-bills-guide%
3. Shop better

This approach of cutting costs without sacrifice should extend to the weekly shop too. Consider what you can stick to before making your resolutions. At the very least, commit to making a shopping list and checking the cupboards before you go shopping - so you don't buy things and end up throwing them out.

Another easy promise to make is to try out cheaper own-brands at the supermarket. If you try a few every week, and stick with the ones you like, you can easily save more than £100 over the course of the year without really trying. If you have a bit more time, put that shopping list into mysupermarket before you go, and check where you can save the most money by shopping.

4. Give your time

One of the most valuable commitments you can make is to spend two hours a month sorting out your finances. This gives you time to set up a budget, shop around for utilities, switch savings accounts - and all the other little jobs you never normally get around to. If you stick with this resolution, you could save hundreds of pounds during the year.

This is one of those things that's easy to let slide during the year, so establish a routine with a built-in reward when you've finished, so you are less likely to keep putting it off.

5. Budget

Make your first monthly job to set up a budget. At the very least this will open your eyes to exactly what you are spending on every area of your life, and whether you are living within your means. At best, it can help you identify where you can cut back, so you can free up some money each month for important things like paying down debt or setting up a savings account.

You'll notice that all of these resolutions are not about the end goal; they are about getting you to that goal. They give you a road map to achieve your ambitions rather than imposing impossible rules.

Put together these resolutions will help you save £1,000 a year or more. You can then put this money towards the sorts of things that might have been on your resolutions list in the past - like paying off a debt or starting a pension. So by the end of 2016 you can proudly say you've stuck to a handful of easy resolutions that changed your finances forever.


How to Finally Stick With Your New Years Resolutions
How to Finally Stick With Your New Years Resolutions



Advertisement