Every year we seem to come up with a list of resolutions that we think might make our lives better. From earning more money to keeping a larger savings account, people seem to want to find more ways to transform their bank accounts. One simple way to create a list of resolutions that may actually help you gain some extra cash is to think twice about ways that can get you more money without constantly keeping your finances on your agenda. With this simple list of New Year’s Resolutions you make take the plunge into a new lifestyle while helping to keep your finances a bit healthier than previous years. You may even be surprised as to how many of your resolutions will already put you on the right track to saving money in the upcoming year.
1. Drop a Bad Habit
We all have bad habits, but what we might not realize is how our bad habits can ruin our finances. There are numerous habits that really drain us both physically and financially, but many people continue to carry on because they enjoy it. One such bad habit is smoking. The average smoker spends over $2,000 a year on cigarettes which can really push you over the edge if you’re not keeping up with a savings account. If you can manage to slow down your smoking or quit then you’ll easily be off to a better start next year. Another bad habit that most households have is drinking soda. Occasionally, it won’t harm your budget too much if you indulge in a soda, but making them a daily party of your family’s diet can really ruin your entire grocery bill. Try replacing your family’s beverages with water, tea and other inexpensive drinks and you’ll find you will save hundreds during the year. You may even find that they’ll help you lead a healthier lifestyle.
2. Start Exercising
One incredibly free way to save money is start an exercise regime. If you can work out a free way to get moving then you’re on your way to an amazing money saving adventure. Exercising actually helps you save money in a couple of different ways. For starters, when you begin to exercise your mind and body starts to feel fit so you can easily feel better about the way you look. With your confidence boosted you’ll be able to meet new people, work more efficiently and love yourself in the clothes you already own. With your new fit lifestyle you’ll also have to visit the doctor’s office a lot less, which means less co-pays and more money in your bank account. Once you get in the routine of working out more often you’ll easily begin to enjoy the time you’re moving instead of looking for idle pass times. It is important that you might want to avoid spending high premiums at gyms though, so try to find free ways to take on your new hobby of movement. Running, walking, and work out routines can easily be accomplished for free, so have fun exploring your options.
3. Volunteer Time
One way to really help with finances while helping keep a strong connection with your community is to volunteer your time. There’s a lot of different ways to volunteer so make sure you check out everything in your local area to find something you might enjoy doing. If you can volunteer at least once a week you might begin to feel better about yourself and your inner humanitarian. You might wonder how volunteering can save you money because you’re basically giving away your time for free. Well, when you volunteer you’re taking away from you free time so you don’t need money to help keep you entertained. As you spend your time volunteering you may begin to feel a love for helping out others, which could lead to more volunteer hours. This is a great way to keep yourself occupied, especially if your hobbies include any activity that involved spending money. Of course, at the end of the year you’ll get a great tax deduction for your time spent helping out, which can really help you end your fiscal year on a positive note.
4. Read More
We’re all guilty of saying we’re going to read more and then opting to check out the latest sitcom instead. Well, instead of spending your time glued to technology or spending money on other activities you could always pick up a book instead. Reading is one of the cheapest hobbies out there and it can open up your mind to so many different ideas, cultures and adventures. The best thing is you can have instant access to so many books without actually spending anything. There’s a lot of free access books online that allow you to download to your favorite mobile device so you can enjoy the fun wherever you go. You can also get access to a library card for absolutely nothing. Simply remember to return books on time and you’ll be set for an exciting adventures that cost nothing at all. If you’re a collector then you may want to consider buying used books. There’s so many online that you can actually buy for a mere penny, so don’t forget to keep your options open.
5. Learn to Save
A lot of people go into the New Year talking about saving and find out by the end of the year they had no savings at all. One easy way to counteract this problem is to get a bit creative while you learn to save more efficiently. There are a few ways to easily put back a couple of thousand dollars a year without you actually noticing the money is gone. One example is the money saving challenge. This challenge has you put back one dollar for every week of the year. So, the first week you will put back one dollar, whereas the second week you will put back two. The most you will ever have to put back is $52 and you will still see over $1k in your savings account when the year is over. You may also want to keep in mind the 1/3 rule when you put back money this year. This rule allows you to use 1/3 of any bonus you might get for past bills, which can help you catch up on your expenses. Another 1/3 is to put in your savings account so you will have a nest egg for the future. While the last 1/3 is used for the present for whatever you may need or want at the time.
6. Learn to Budget
We all claim to have a budget, but so many of use actually don’t stick to our own claims nor do we know how to create a proper budget for the household. This year you may want to meet with a financial adviser to help create the perfect budget for your family or take some classes to help you work out your budget. By creating a budget you’ll be able to work closer with your family’s needs so you won’t feel the need to splurge or stray from what the household can actually afford. Once you have the budget figured out you can easily practice sticking to it. This will help you stay away from window shopping and other impulsive buys that force you to lose out on money throughout the year. With less being spent you’ll actually be able to throw your extra money into a savings account to help with the future.
7. Ditch the Cards
The plastic generation is one of our major problems when it comes to spending. The fact that all of our money is connected to the bank via an easy to use card can really make buying things on the impulse a whole lot easier. For starters, a lot of our purchases include things that are actually very inexpensive. A couple of these purchases don’t really harm you, but when you’re making them all of the time your bank account is really going to take a major hit. Instead of using you ATM or credit card to buy things try pulling out your budget’s worth of money before going shopping. This will actually give you some tangible to look at before you actually hand it over to the sales clerk. With your money present you’ll have a lt more control over what you choose to buy so you won’t have to worry about as much about going overboard. Holding onto your cash will actually prevent you from making charges that go past your limit, no matter how cheap they are. This can ensure you don’t have any negative withdrawals or overdraft fees next time you check your account.
8. No Fast Food
You might not realize how much your fast food bill can really hit your savings account. Typically eating out cost as much as two to three family meals combined, so it usually isn’t wise to go out to eat a whole lot. If you do go out try to limit it to once or twice a month and you’ll already start to see a huge difference in the amount of money that’s in your bank account. If you can cut down on eating out entire you may save up to $100 a month on eating, which can really make a big difference by the end of the year. Of course, spending money isn’t the only issue involved with fast food. When you eat unhealthy foods then you tend to add to your risk for health problems. This can mean more trips to the doctor as well as major problems later in life that could cost you a lot of money out of pocket.
9. Drive Less
With gas prices as high as they are you may want to considering stepping away from the car as much as you possibly can. Driving today can really drain your budget if you’re not careful so make sure you only go out in the car when you absolutely have to. With driving out of the way you may find a whole lot of fun options that will get you where you need to go without forcing you to pay a whole lot. For instance, you may want to get a commuter bicycle which can help you get in better shape while also allowing you to get to work in a fairly quick fashion. You may also want to scour around your neighborhood to figure out routes that are easy for you to walk while doing your routine errands. Of course, another option is to work out a carpool for work and school which could have you driving only a day or two a week.
10. Reward Yourself
Despite this resolution sounding a little spoiled you may find that a reward every now and then will help prevent you from spending too much outside of the budget. Instead of keeping yourself from treats you should periodically offer yourself something within reasons. For instance, if you feel you’ve worked hard or have a means for celebration then take yourself out to a nice meal, or get a new blouse as a way to boost your confidence. This little way to giving yourself a few reminders that you’re doing good will actually help prevent you from going on massive spending sprees or straying from the budget to get what you want.
As the New Year brings new and exciting things for you remember that a resolution is a great way to help improve the way you live. With these resolutions you will find a great new way to find happiness with yourself and with the money you’ve managed to put away for a rainy day. As long as you can manage to stick to your goal you’ll feel next year roll in even greater.
