10 Sep 2020 • 5mins • Yolt

8 New Year resolutions that will make you better with your money


It’s that time of year again. With a new year ahead, the future is full of possibilities. Whether you’re aiming to reach a fitness goal or want to kick a bad habit, New Year resolutions are the perfect opportunity to start making those changes you’ve been thinking about all year.

Change is hard, especially when it comes to building new, lasting habits. But with a little motivation, anything is possible. And what better motivation is there than smashing your goals - and saving a bit of money while you’re at it? So, for that extra dash of inspiration we’ve come up with a handy list of resolutions that could make you better with your money...

1. Get active

"Get more exercise" appears in your newsfeed every single New Year. But this resolution really packs a punch, going a long way towards a healthy heart (and wallet). A lot of people worry that committing to a fitness routine has to cost a fortune, but it all depends on how you approach it. Try walking or running to work- along with the health benefits, think of what you could save on commuter fares. If you’re aiming to amp up your cardio, think about whether a gym membership is really the right option for you. Between activation fees and monthly contracts, gym memberships aren't cheap, and you can get just as good a workout – and a more scenic one, too – by hitting the trails outdoors.

2. Ditch the habit

From coffee to chocolate, we all have our guilty pleasures. But before you know it, your budget can quickly go from black to red. So, if you’re kicking a craving, consider cheaper alternatives or ditch your daily dose altogether. Whether that’s bringing in healthy snacks to work, or replacing that coffee shop fix with a keep cup and your own homebrew, your wallet will be thankful, too!

3. Go green

From reusable water bottles to keep-cups for your morning coffee, there are loads of ways to ditch the plastic. So, if you’re trying to stick to a more sustainable way of living, it could be well worth investing in a reusable cup or bottle. And if you’re bringing in your own drink, that's less cash spent popping to the shop for your caffeine fix. If you can’t resist your favourite coffee shop, keep an eye out for discounts – lots of cafés now offer a green discount for bringing in your own cup. So, give a boost to those budgets, all with a clear conscience.

4. Spend time with the people who matter most

They say time is money, and in today’s hectic world it’s never been more true. Topping many resolution lists is spending more time with the people who matter, from family to friends. It's easier said than done, but fighting FOMO for social events that matter less to you can really free up time for those occasions that matter. By ditching all the extra nights out, you can save a lot, too.

Surround yourself with loved ones that matter, and if you’ve got any money goals, share them with your nearest and dearest. Top science dogs say that vocalising your goals can help get you there faster, and plus, it’s always great having a buddy to support you.

5. Start cooking

Learning any new skill is always a nice way to kick off the year, and learning to cook comes with the added bonus of boosting your budgets. You don’t need to be Michelin-starred by May, but learning to master some favourite recipes could mean you’re less tempted for that take-away. Even better, plan your meals for the week, then hit the shops. Your Groceries budget may need to be stretched, but if you’re taking food into work - less eating into your Lunch budgets.

Top tip for that grocery shop: Make sure you make a list – and stick to it.

6. Get organised

With hectic schedules, staying neat and tidy can feel overwhelming, but taking the time to get organised can also bring you peace of mind - and more out of life, too. This applies to all kinds of things in life, whether you’re cleaning out your winter wardrobe or sorting your budgets for the year ahead. By making time to stay on top of things every day, things don't snowball and you don't wave to waste time worrying or frantically getting things back in order. We’re a big fan of budgeting early, so if you’re organising a big trip or saving for something smaller – get organised early and you could save in the long run.

7. Practise mindfulness

Taking some time out just for you is really important. After all, the New Year isn't just about looking forward, but looking back and reflecting on how far you've come. Just 10 "me time" minutes a day could reduce stress and help focus your mind.

This is a great habit to get into for your money, too. Taking some time to really think about your past goals, and what’s important to you in the future, could help you cut back on spontaneous spending, and support successful saving. So, make sure you factor in some time each week just for you, your mind, and your money. Check in with yourself and your goals regularly and make those dreams va reality. Read more on money mindfulness.

8. Master your money

We couldn't leave a money resolution out of this blog. From current accounts, to credit cards, from pensions to investments, it can be hard to stay on top of your money. Checking in with Yolt regularly, to know where you’re at, could be the first small step to big changes. After all, knowledge is power. Here's how you can use Yolt this year to smash your money resolutions.