3 Cost Effective New Year’s Resolutions

December 28, 2011 by smsadmin · 1 Comment
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New Year’s Eve is just around the corner, and for many that leaves them trying to come up with a list of resolutions that are bound to make them better individuals in the new year. While opting to be more honest or go green may be admirable choices that will definitely make you a better person, they aren’t necessarily going to save you any money. Instead of picking a New Year’s resolution solely because you can, do something great for yourself and pick one that will help you keep more money in the bank. A few include:

Weight Loss

Sure, you will have to pay for a gym membership and actually go grocery shopping, but choosing to lose weight can save you money both in the short term and long term. Those who are overweight often opt to eat out rather than at home or in the office. While eating out on occasion is fine, choosing to do so once or twice a day, every day can easily rack up a $50-$75 tab a week, or a $200 to $300 bill monthly which is more than enough to pay for your monthly gym membership and groceries.

Carrying extra weight around your mid-section is also hard on your health. By choosing to lose that weight, you can potentially avoid related health conditions which can have astronomically high health bills.

Getting Out of Debt

While getting out of debt is a no brainer for most concerned about finances, few who choose it as a New Year’s resolution actually consider how much money they will save in the long run if they actually get out of debt. Not only will you free up additional funds if you pay those credit cards off, but you will also avoid paying high interest which can so much as double the amount that you actually owe on a card.

Having a lower debt to income ratio will also save you money in other aspects as well. You will be more likely to qualify for better installment loan rates, such as those for a car or home, which can save you thousands over the life of the loan. So stop worrying about calling up a bankruptcy lawyer, and take control of your spending instead this New Years.

Giving Up Vices

Cigarettes often get a bad wrap for being an expensive habit, but they aren’t the only offender. Regular drinking can also lead to high bar tabs and expensive trips to the local liquor store. By opting to quit drinking or smoking, you are not only saving yourself the costs of the vices themselves, but also the cost of the medical bills they will be sure to cause if you continue to smoke and/ or drink heavily.

While the above are excellent New Years Resolutions which can definitely keep your bank account in the black, they aren’t the only ones that are good for your wallet. Choosing to find a better job or to live on less, as well as multiple others, are good choices too which can increase your savings account at the end of each month. So when you choose your New Year’s resolutions this year, take the time to consider not only how they will make you a better person, but how they will increase your net worth as well.

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