Money resolutions you'll actually keep

5 money resolutions (you’ll actually keep)

Dreaming up New Year’s resolutions is one thing, but we all know sticking to them is the hard part. Research even shows 43% of people expect to give up their New Years Resolutions by February. If you’ve got money on your mind in 2021, here are 5 money resolutions simple enough to actually keep. 

Put together a basic budget 

The thought of budgeting might sound scarier than New Year’s Eve with the in-laws. But think of it as a chance to sit down (glass of wine optional) and flick through your banking app. Note down your income and categorise your spending (eg. groceries, entertainment, bills, petrol, rent, personal loans). This should give you a clear picture of your finances and where you might want to improve. If you share your finances with a significant other, it’s key to sit down together so you’re all on board. 

De-clutter and sell up 

Short on money but loaded with stuff? Swap clutter for cash by selling up on Trademe or local buy-and-sell Facebook pages. De-clutter expert Marie Kondo suggests an all-in approach. Tackle belongings by category, pulling out all items in a pile before deciding which ‘spark joy’. Now that you’re no longer living under a mound of un-used stuff, take the same minimalist approach to your purchasing choices in 2021. 

Save on food bills 

Food, glorious food. We need it to survive, obviously. Which is probably why it’s so easy to excuse spending money on it. Changing your food habits can help you save cash, get organised, and eat healthy. Buy what’s in season, meal plan, grow your own and cook in bulk. You can also have a window shop online for specials and plan meals around the best deals. Check out: Eat like a king on a shoestring budget

Check your credit score

What’s your number? Your credit score is a crucial factor in determining a personal loan interest rate (or whether you’re approved at all). You can check yours for free at www.creditsimple.co.nz 

Use automatic payments 

Setting an automatic payment to savings on pay day means you can’t forget, and you’ll be saving without noticing. If you’re setting a budget for other categories (eg. bills and disposable income), you can do the same to really keep you on track. 

Tips to successful money resolutions 

Share your goals 

Setting shared money resolutions with a partner means you’ll be twice as motivated. If you’re going solo with your goal, simply letting people know makes you more likely to succeed. 

Keep goals SMART

S – specific 
M – measureable 
A – attainable 
R – relevant 
T – time-bound 

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