Tuesday, January 17, 2012

Don't Give Up Yet! Why Sticking to Resolutions Can Save You Money

This is a guest post written by Sam Peters, who frequently blogs about topics relating to money and personal finance.

The holidays are rarely nice to any of our budgets. I personally dread the holidays only because I feel like I won't be able to pay down as much of my debt as I would like due to gift buying, holiday cooking, and additional travel expenses. Then once New Year's has passed, I find myself scrambling to set a budget to determine how quickly I can get my finances back on track.
However, living on ramen isn't the only way to get yourself back on the right financial foot come the new year. By simply sticking to those New Year's resolutions, you can save yourself a substantial amount of cash both short term and long term. A few of the most money saving new year's resolutions that you should think twice about before giving up on include:

Dropping Weight and Getting in Shape

If you are looking to save yourself a substantial bit of money both short term and long term, losing weight is the way to do it. You will immediately notice a difference in your monthly budget as you will save on eating out in both restaurants and drive-thrus - common places to be avoided by dieting individuals - and you will also save yourself money over the long haul as you will prevent yourself from having to pay higher insurance premiums and high medical bills from health conditions associated with being overweight.

Giving Up Addictions

While you may not consider yourself an addict, if you just “have to have” that cup of coffee each and every morning from your favorite coffee shop, there is a good chance that you are a coffee addict. Whether you are addicted to caffeine, cigarettes, or just frequent that after work happy hour, by giving up these vices, you can save up to $200 a month. All three of the aforementioned also negatively impact your health, especially smoking, and by giving them up now you can avoid high medical bills often associated with the health conditions that arise from abusing any of them.

Living on Less

Choosing to live on less in the New Year obviously has its financial perks, but like losing weight or giving up any vices, living on less is often very difficult because it requires a complete lifestyle change. The reason why most of us get ourselves into high debt is because we overindulge and neglect our budgets for years, and going from living in a nice roomy apartment with a great view of the Chicago skyline to a cramped studio with most of our possessions either sold or tucked away in area Chicago self storage facilities isn't always an easy transition. However, if you stick to living without the excess – including those shopping sprees you feel as though you deserve sometimes – you can quickly reduce your debt.

Getting out of debt isn't always easy, but you don't always have to take extreme measures to make it happen. Sometimes, following a simple tradition can help you get there while also making you feel better about yourself both physically and mentally.

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