New Year Resolutions That Will Save You Money Next Year

2020 has been a pretty rough year for everyone. Because of the stress this year has put on everyone’s minds, bodies, and wallets, it’s all the more reason to bring in 2021 with some New Year resolutions! And what better plans to resolve to than ones that will save you money.

New Year, New Financial Goals

Your New Year resolutions will be easier to stick to if you truly find need and meaning behind them. Think about your financial goals for the upcoming year and choose resolutions that will help you achieve them. Because it’s a lot easier to make New Year resolutions than it is to keep them, they have to be attainable. We’re sharing a few ideas for achievable New Year resolutions that will save you money next year.

1. Create a Budget

Creating a budget is the first step to financial gain. Create a spreadsheet of how much money comes in each month and how much goes out. We’re talking about everything here – income from every source, bills, groceries, gas, clothes, household items, etc. Once you have everything laid out in front of you, take a look at where your money is going. Are you spending more than you make? Are you spending a lot on things that you don’t need? Or do you actually have more money left over every month than you thought? Once you know how much you have and how much you can spend, you have all the info you need to start finding ways to save.

2. Try a 30-Day No Spend Challenge

The 30-day no spend challenge is a great way to really reset your behavior when it comes to unplanned purchases. If you find yourself blowing a lot of money on spur of the moment purchases, like the latest pair of shoes that just dropped in stores, the 30-day no spend challenge is for you! The concept is simple. Whenever you want to buy something you don’t need, you take 30 days to contemplate the purchase instead of doing it. If after the 30 days, you still really, really want to buy it, go ahead and make the splurge. But you’ll often find that the urge has passed, and that’s where the savings come in. You can read more about the 30-day no spend challenge on our past blog, here.

3. Learn New Skills

It’s kind of amazing how much money you can save when you learn to do things yourself. Commit to learning something new for a New Year resolution. This could be basic car maintenance like changing your own oil, replacing filters, topping off fluids, and flushing the radiator. Or if you’ve been wanting to make updates to your home and are considering hiring the pros to do them, consider if you can do them yourself. YouTube is full of instructional videos to guide you on home renovations, repairs, and updates. Of course, always be safe and smart about it – know when to call in the professionals.

4. Cancel Unwanted or Unused Subscriptions

These days the average household is paying for so many monthly subscriptions, it can be easy to overlook which ones you are actually using. If you made a budget laying out all of your monthly expenses (see #1 above), ask yourself which ones you can do without. Are you paying for a gym membership or Netflix account that you never use? Or maybe you’re paying for the most expensive cable plan when you barely watch most of the channels. Decide what you can cut to save some money next year.

5. Switch Service Providers

If you can’t negotiate a lower rate with your current service providers, it might be time to turn to their competitors. Even though many companies offer the same or similar services, prices can vary greatly. Start calling around to get price quotes on things like car insurance, phone providers, cable providers, and even life insurance.

6. Go Off-Brand

One place you may be spending more money than you realize is on brand-name products. If you’re a big brand shopper, think about sacrificing the name for some moola. Name brands always cost more than generic or off-brand items. This is true for everything from clothes and shoes to pantry items and other groceries to personal hygiene products. If you switch to generic, you’ll start to see a reduction in your shopping costs.

7. Learn More About Financial Growth

Dedicate 2021 to learning about growing your personal finances. Check out podcasts or books on improving your personal finances or becoming financially responsible.

Take Your New Year Resolutions Seriously to Really See the Savings

If you really want to save money next year, you have to take your resolutions seriously and buckle down to committing to them. It’s common for people to give up or let them slide as the year goes on, so keep your goals at the forefront of your mind to keep pushing you towards success. You might even want to write your reasons down so that you can be reminded every day.

Community Currency Exchange Association is all about helping you save money. Our services are fast, simple, and affordable.

Find your nearest Currency Exchange location for when you need financial services that help keep your New Year resolutions on track!

You might also be interested in our recent Financial Education blog on Spending vs. Saving.