It’s been said that the average person gives up on their New Year’s resolutions right around the second week of January, which is right about now. In fact, only about 8 percent of resolutions are completely followed through. There are a lot of reasons to stick to your New Year’s resolutions—after all, just think of why you made them to begin with. Do you really want to end up hating yourself because you gave up so soon, only to make the same resolutions again next year? Of course you don’t. But if you need some extra motivation, consider the financial benefits of keeping your New Year’s resolutions. Some of the most common New Year’s resolutions won’t only help to improve your wellbeing, but they can save you money as well. Here’s how:
Common New Year’s resolution: Exercise more and/or weight loss
How you can save money: Some people make the promise to themselves to exercise more purely for health reasons, and others pair a new workout regime with changes to their diet in order to lose weight. Think about all the health benefits that weight loss and exercise can offer: reduced stress, decreased chance of developing heart disease, and so on. Because exercise can help to strengthen the immune system, it can also mean fewer minor illnesses as well. Not only will you look and feel great by sticking to this resolution, but by doing what you can to become the healthiest you, it can mean fewer trips to the doctor and fewer medical expenses.
Common New Year’s resolution: Stop smoking
How you can save money: Just like with a weight loss resolution, putting an end to your smoking habit can mean better health and fewer medical expenses. But have you really stopped to think just how much money you’re spending on cigarettes? While it can vary based on brand and state you’re purchasing them in, a pack of cigarettes costs about $5.50 on average. If you smoke just one pack a day, that’s over two grand you’re spending on something that’s harmful for your body. If you smoke more than that, well, yeah…you get the picture.
Common New Year’s resolution: Get more organized
How you can save money: Is your home always cluttered? If so, you may be one of the many people who have made the resolution to get more organized. It can take a little work to initially get organized and keep things maintained, but if you find yourself slacking, keep at it. Being organized makes your life so much more efficient. It saves you time, and time is money. How many times have you misplaced important papers and documents as a result of being disorganized? Think of all the money you can save throughout the year by implementing and maintaining an effective organization system. You can easily find receipts for items you might need to return, not miss out on great coupons before they expire, and never misplace one of your monthly bills again. It can also mean selling unwanted items around your home that might be cluttering your space. This makes it easier for you to organize things, and also gives you the opportunity to make some extra cash.
Common New Year’s resolution: Get out of debt
How you can save money: You paid off one small balance and figured this whole “getting out of debt” thing isn’t really for you, and you’ll just go back to making minimum payments. Whether you gave up before you even started or you feel you simply can’t “afford” to get out of debt, really think about how much money you’ll save in the long run. If you have a lot of high interest credit card debt, for example, remember that your smaller payments are mostly going toward interest and not towards your principal balance. Over the years, this can really add up. Do you really want to spend thousands of dollars for merchandise that was actually priced much lower? Even if it means making certain sacrifices (such as cutting down on or just eliminating cable television, and using that money towards your bills), you’ll thank yourself later.