Smart Money Resolutions for the New Year

One of the most common resolutions featured on almost everyone’s list is to hit a gym or become physically fit. It is now time to tweak this resolution a little and to vow to become financially fit for the coming year. Sound financial health is equally important and goes a long way in making your future secure.

Often a few smart or creative money-saving moves either per week or even per day can amount to a significant savings at the end of the year.

Smart money resolutions

Often the smallest of savings goes a long way. For example, instead of eating out every weekend you can try to cut back. This means skipping takeout or dinner out and switching to healthy soups twice every week. If on average a single visit to a takeout restaurant or cafe amounts to $10, then each week you end up saving 20 dollars, which amounts to 1,040 dollars in a year of 52 weeks. Thus, you have added a significant amount into your savings account and at the same time made healthy choices as well.

Other such practical and innovative methods include:

  • Give up a gym membership and switch to cardiovascular exercises, such as walking, cycling, or hiking. And the best form of a full-body exercise is yoga. This dual-purpose exercise helps save hundreds of dollars spent on a gym membership and keeps you fit and active too.
  • Another money-saving tip is to pay insurance premiums annually. People have insurance policies for their houses, vehicles (including car and equipment), and for themselves and their families as well. If all these insurance premiums are paid upfront annually, they are subject to a discount.
  • Exercise a 30-day rule before going out to purchase that new pair of shoes or latest gadget that you have been lusting over. This means that you wait for 30 days instead of making impulse buys. And usually at the end of the month you might realize that you do not need that product at all.
  • This tip might sound downright cheap at first, but if you are a coffee addict, it’ll add up to a lot at the end of the year. Carrying your cup to a barista, such as Starbucks, saves you a few cents each time. But adding up at the end of the year, the amount could well be 100 dollars.
  • Maximize the usage of things that might otherwise seem insignificant, such as toothpastes, detergent, and shampoo. We often squirt out more paste or shampoo than necessary, eventually resulting in wastage. Being mindful and careful to maximize the usage of these things will prolong their use and in turn save money in the long run.

 

In conclusion

This New Year, try making resolutions to use your money more smartly and practically. This will lead to an improved financial condition and in turn improved mental and physical health. Isn’t that a dual advantage?