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30/12/2019

New year, new you: the real cost of new years resolutions

30/12/2019

New year, new you: the real cost of new years resolutions

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We’ve all been there; waiting to ring in the new year thinking about all the resolutions you’re going to make to become a whole new you.

But as we make big promises that we intend to keep throughout 2020, do you really know how much those resolutions actually cost you?

It’s well known that to make your resolutions work, you need to have the motivation to do so. However, for a lot of them, you’ll also need to dip into your wallet or purse – which means if you don’t plan for the cost, you’ll only be setting yourself up to fail.

As such, we thought we’d list some of the most popular New Year’s resolutions, break down how much they cost you and if they really are worth the money.

Losing weight/getting fit

This is one of the most popular resolutions of all time. Gym memberships have been reported to spike by about 40% between December and January each year according to Gold’s gym statistics.

The average gym membership will cost you around £40 per month, which works out at about £480 for the year. This can be well worth the money if you stick to your guns, but more often than not people fall off this bandwagon after a few weeks.

As such, we suggest doing it the old-fashioned way by simply exercising at home, going for a run and cutting out all the junk food that’s bad for you. You’ll still hit your goal and save yourself a few hundred pounds!

Going on more adventures/travelling more

This resolution is a good one to have, but ultimately one of the most expensive. Making the promise to be more adventurous isn’t a bad thing, but when the average holiday costs over £4k this may not be worth your time.

We all want to make memories with our loved ones, so if you decide to stick to this one, make sure you’ve budgeted for it. Getting yourself into debt just to get away for a while is not worth the financial hangover when you come back.

If you do decide to travel, why not make it local and go somewhere you can get to easily. It’ll save you a whole load of money and you can still have a good time.

Cure your financial hangover today

 

Quitting smoking

Sure, this one actually saves you money in the first instance as you’ll no longer be spending a fortune on cigarettes. However, some of the alternatives aren’t much cheaper.

These days, a lot of people will turn to vaping to help them quit smoking. But with the e-cigs itself costing anywhere up to £45 and the liquids coming in at over £3 a pop this can become just as expensive as when you were smoking real cigarettes.

On the other hand, you could opt for the patches and gums, which are cheaper and help you to quit altogether. If you manage this feat, then you’ll save yourself not only money, but your lungs too.

Saving more money

Figures show that 15% of Brits don’t have any savings, so you may be part of the group who have made the resolution to give yourself a nest egg in 2020. This can be harder than it seems, and it’s important to make sure you know what you’re doing before you begin.

It’s very easy to set yourself unrealistic saving targets for the new year, and you don’t want to leave yourself short. The best way to set a savings amount you can commit to is to create a budget and factor this into it.

If you need some fun ways to spice up your savings, you can find out more about popular money challenges here.

Paying off your debt

The average Brit carries over £6k in debt, so for some of you, the resolution to pay at least some of them back is an important one. This will likely cost you a lot of money, especially with interest rates, but the reward you’ll get at the end will be worth its weight in gold.

If you have multiple debts, the best way to tackle this is to pick the one either with the highest balance or interest rate and prioritise paying this back. This doesn’t mean you don’t pay anything to your other accounts, and you can shift your focus to each one as you clear them.

Don’t get us wrong, this may take you a long time and it won’t be easy. But you’ll be the last one laughing when you’re significantly better off at the end of the year.

If the new year has left you with a financial hangover, contact us today on 0808 2234 102. Our experts can work through your debts from the moment you contact us and help you find a solution that suits your circumstances.

Cure your financial hangover today

 

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