MONEY: A very good reason to stick to your resolutions!

Let’s face it saying you just saying “I want to be thinner” is not a resolution that will ever likely materialise in reality. If you are going to go through the trouble of making resolutions then you need a specific goal and a way to measure your progress to that goal.

Almost all of us, even if it was just a passing thought, likely thought about money at the beginning of this year. Even if you don’t think you make resolutions there is no doubt that on Jan 1st there are stirrings of something new and we all think we’ll take the new year to make ourselves better in some respects. More often than not some of those thoughts / resolutions / whatever you want to call them involve money.

Money can be a great motivator and cutting away certain vices is certainly a good way to save some of that money. How much do you spend on your vices? Do you grab takeaway multiples times a week, smoke cigarettes, drink too much wine, the list goes on and on and on. You don’t have to give them all up at once but you can cut down one at a time and rack up the savings as you go along.

Work out how much you will save…

Of course you could have a rough guess at how much giving something up or changing habits could save but then every calculation from then on would be rough and you will likely lose motivation. I think writing it down and tracking it on your fridge, in a spreadsheet on your computer’s desktop or a notebook on your bedside table are all good ideas. It needs to be in plain site and in the front of your mind.

You can quickly get a good solid estimate of how much you could save by giving up common vices via Thomas Cook’s New Year’s Resolutions Calculator tool.

Thomas Cook New Year's Resolution Calculator-174502

Working with your daily / weekly usage you can work out a saving and create some kind of chart / table that will give you bite sized goals and of course that big number at the end of the month / end of months and end of the year. Savings really do add up even if it’s a dollar here and there.

A lot of bloggers will tell you to concentrate on bigger gains and that saving a few daily dollars on coffee isn’t worth your while. I tend to disagree as the savings can be large enough to do something good with such as pay down debt, or even go on holiday as Thomas Cook’s calculator suggests.

However there is another side to it. Achieving your goals carries other positive factors and creates a better stronger you. As Matt Cutts said in his excellent Ted Talk (you can watch it below) if you set yourself mini challenges and stick to them you become a better person.

Money is a means to an end but it also may be a means to completing your resolutions too.

Good luck.

5 thoughts on “MONEY: A very good reason to stick to your resolutions!”

  1. Every penny counts, saving those few dollars on coffee over the year will make a huge difference and will allow you to invest into more projects and make more money. Also once people start cutting cigarette and alcohol out of their lives and notice the financial gain that is probably more motivating than living a healthier lifestyle.
    Fred@Finance Blogger recently posted..10 Easy Ways to Save moneyMy Profile

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