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7 Financial Resolutions That Will Save You Thousands

Laura covers seven financial resolutions that could save you thousands and turbocharge your success. Even if you adopt just a few of them, you just may be in the best financial shape of your life this year.

By
Laura Adams, MBA,
December 28, 2016
Episode #433

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7 Financial Resolutions That Will Save You Thousands

No matter if you love or hate the idea of New Year’s Resolutions, they’re hard to avoid during the month of January. A part of me feels like you should already be doing what’s best for your finances, regardless of the time of year.

But I also believe that we shouldn’t overlook or downplay any opportunity to get motivated and improve our success. After all, if you take a resolution seriously and it turns into a permanent habit, it could completely transform your life.

In last week’s post, 6 Essential Habits of Financially Healthy People, I covered key behaviors that financially successful people have in common.

But how do you adopt new, healthy habits? Well, making a resolution, which is a firm decision to do (or not to do) something, can be the gateway to forming long-lasting habits. In turn, habits help you accomplish your goals, which are your ultimate desired results.

In other words, your resolutions are important because they can create habits, which are the building blocks of achieving goals.

In this post, I’ll cover 7 financial resolutions that could save you thousands and turbocharge your success. Even if you adopt just a few of them this year, they’ll move your personal finances in a position direction.

Free Resource: Laura's Recommended Tools—use them to earn more, save more, and accomplish more with your money!

7 Financial Resolutions That Will Save You Thousands

Resolution #1: Eat out less often.

Dining out at great restaurants is something my husband and I love to do. Even though we can afford it, we made a resolution to cook at home for 21 days in a row to start the year.

In general, eating at home is less expensive and it can be healthier. When you cook your own food, you know the exact ingredients in each dish and control your portion sizes. Plus, if you drink alcohol, an impressive wine menu or expensive signature cocktail list won’t tempt you—like it always does for me.

Make a resolution to bring healthy lunches to work every day, make fewer trips to overpriced coffee shops, and to eat out less often. You’ll be surprised how much money you can free up and save instead.

Here’s an example just for lunches: If you often go out and spend $15 for lunch, you could save $10 a day if your bag lunch cost $5 to create. Multiply $50 a week by 50 weeks in a year and you could easily save $2,500 over the next 12 months.

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