As 2016 comes to a close, you’re probably thinking about potential New Year’s resolutions. Many options for changing habits can be expensive and hard to see through to the end. A great way to make sure your resolution is a success is to cut expenses. All of us have items in our budget that we could learn to live without. Cutting one or more expenses is guaranteed to save money and is easier than going to the gym every day!
Why It’s Smart to Cut Expenses for New Years
Some very common resolutions are to get fit, eat healthy, or learn a new hobby. While these are all admirable goals, gym memberships, proper food, and decent equipment are all expensive. Alternatively, consumers can cut spending in certain areas to achieve similar results or save money that can be used to supplement the costs of these pricey ideas and avoid adding to consumer debt.
Easy Expense-Reducing Resolutions:
- Quit Smoking – Regardless of the health implications, smoking cigarettes is an unnecessary expense. Depending on your habit, quitting could save hundreds each month.
- Make Meals at Home – Making your own meals is cheaper and healthier than eating out. It’s like two resolutions in one! This includes packing lunches for work.
- Watch Less TV – Cable TV is expensive. Consider eliminating or even just reducing your package. You can still get access to movies and other entertainment through cheaper services. You could also use the extra time and money to start that new hobby or work on managing credit card debt.
- Lower Your Carbon Footprint – If possible, carpool or use public transportation to get to work. An even better option, if it’s safe to do so, is to ride a bike to work or around town. This would also fulfill a resolution to exercise more.
- Waste Less Energy – Turning off lights and appliances when not in use avoids wasting power. Plus, you’ll lower your monthly utility bill. Take it a step further by weatherizing your home so that heating and cooling is more efficient all year long.
All of these resolution ideas are not only less costly than the more common options, but they also fulfill additional lifestyle goals. Plus, seeing the extra money in your account each month serves to motivate you to stick with it.
If debt elimination is a financial goal or was on your resolution radar, then consider combining all of these ideas to cut expenses and really boost your efforts in 2017!