Your Top Money Saving New Years Resolutions
Now December has ended many people are making resolutions for the new year.
Some plan to lose weight, others want to begin or improve an exercise program, and others wish to embark on new careers. With outstanding U.K. personal debt standing at £1.421 trillion as of late October 2015, saving money is one resolution that many people will have in common.
If you are among those determined to save next year, learn which changes will keep money in your pocket.
Breaking The Habits
Several popular habits are money-wasters that are harmful to health. Smoking is a health hazard to all who encounter it and quitting can save a person up to £2,555 annually. Yoga, meditation, and reading are three nicotine-free ways to reduce stress.
- Improving the diet and exercise routine, other popular resolutions, can also reduce the urge to smoke. Find free and creative ways to occupy the mind, break this potentially deadly habit, and keep more money in the bank.
- A morning cup of coffee may not seem like an excessive expense. However, giving it up could save an impressive £767 annually. The psychoactive drug caffeine is highly addictive and has strong withdrawal side effects.
- It is not the only substance that gets the brain going so consider replacing it with healthier, lower-cost alternatives like ginseng, ginkgo biloba, or a tall glass of ice-cold water and vitamin B12. For a mid-day pickup, stretch to metabolize oxygen in the blood and enjoy a healthy apple that stimulates energy production.
- Many people indulge in a weekly takeaway meal, some as a reward and some because they are too tired to cook. Eliminating just one takeaway meal per week can keep £1,050 more in the bank account during 2016.
- Purchase healthy food from the market, prepare meals in advance for the entire week, and refrigerate or freeze them. After a long day at work, simply reheat a meal and enjoy it with a small salad or vegetable.
- Sweets are another indulgence that nearly everyone can do without in order to save money. Eliminating a daily chocolate bar from the diet may save £365 each year, money that can be better spent elsewhere.
- Replace chocolate and candy with healthy snacks like apples, oranges, granola bars, or trail mix. These keep energy levels high without adding pounds to the waistline. Use the money saved to create an emergency fund or make extra payments on a loan or credit card bill.
- Shopping on impulse may be fun but when done monthly, it can waste £600 or more each year. Plan shopping trips by purchasing only needed items. Compare store sales to find the lowest price for each item on the shopping list.
- Use coupons and when shopping online, look for free shipping and bulk order discounts. Exercising some shopping restraint will prevent interest charges on existing credit card balances from getting out of control.
Exercising Without The Expense
A healthy lifestyle includes exercise but this does not require a gym membership. Many people join the gym with the best of intentions but their memberships go unused. Eliminating the expense up front can save £600 a year. Substitute walking, running, or biking outdoors or in the home for a costly gym membership.
People willing to go to extremes can save even more money in 2016. Cycling or walking to the office could save up to £1,840 a year. Selling the family car and participating in a car club can save as much as £3,500 annually.
Growing vegetables and fruit rather than purchasing them at the market could equate to £500 in savings. Making savings the top resolution for 2016 should make this new year a better one.