Money

Tricks to help you stick to your New Year’s Money Resolution

Published on January 4, 2017 12:18 am, by

What’s your New Year’s Resolution? Did you know that the most common resolutions revolve around health, fitness, weight and money?

We all know that motivation, consistency, and getting back on the wagon after falling off are key to success. So is goal setting, being realistic and celebrating success.

Understanding your weak spots can help you avoid temptation. As with health and fitness, the common savings goal has many enemies.

Here are some of the things that send us off track, along with tricks (or strategies) to help you stay strong.

Things to avoid:

  • Going shopping without a list
  • Going out for a meal without setting a spending limit
  • Going out drinking without setting a spending limit
  • Shopping spontaneously for gifts
  • Shopping just for fun
  • Reading through the 50 emails you get a day from retailers whose number 1 goal is to get you to buy something
  • Buying now paying later – think credit card
  • Buying now paying later – think AfterPay

Tricks to staying strong

  • Make a plan, set a budget and keep checking that you are sticking to it
  • Set up email rules to send retailers emails to a separate folder
  • When you’re going out with mates tell them you’re on a budget and when it’s gone, leave
  • Convert what you’re about to buy to hours worked, is it still worth it?
  • Consider what else you could do with that money, is it still worth it?
  • Plan activities for your free time so you don’t unintentionally end up at the shopping mall
  • Share your goals, and get support sticking to them

And finally, don’t forget to use MoneyBrilliant to understand your spending, and target the spots you can spend less and save more!

Related Articles –
Taking control of your post-Christmas spending hangover
The top 10 ways we saved money in 2016
Hello 2017: New Year, New Budget

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Jen is an experienced banking professional who loves wine, coffee, finding a bargain and of course her three beautiful children. Since Jen's first budget led her to buy a home at 20, Jen has passionately helped others to make better decisions with their money.

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