If you – like most of us – have splurged over the festive period, you may be thinking about the best money-based new year resolutions to take with you into 2024. While we hope ‘tackling the cost of living crisis’ is top of Rishi Sunak’s new year resolutions list, there are still plenty of actionable goals we can work towards as individuals.
Everyone could benefit from a healthier relationship with their finances, but there are plenty of factors holding us back, from rocketing rent and house prices to feeling ashamed of our spending habits. In fact, the TikTok girlies have been turning to #GirlMath – e.g. returning items you’ve already bought is making a profit – to justify their financial splurges.
We don’t need to infantilise ourselves to feel better about how we spend our cash, but we can set ourselves easy financial goals. GLAMOUR spoke to the founders of Female Invest – Emma Due Bitz, Camilla Falkenberg and Anna-Sophie Hartgivsen – who share their top money-based new year resolutions to revolutionise your spending.
Money-based new year resolutions ideas:
1. Create a budget
Commit to making a detailed budget that outlines your income, expenses, and savings goals. Stick to it throughout the year to better manage your finances.
2. Reduce debt
Set a goal to pay off a certain amount of debt, whether it’s credit cards, student loans, or any other outstanding balances. Consider creating a repayment plan to tackle this efficiently.
3. Save more
Aim to increase your savings by a specific percentage or amount each month. Set up automatic transfers to a savings account to make it easier to save consistently.
4. Invest wisely
Educate yourself about different investment options and make a plan to invest your money wisely. Consider seeking advice from a financial advisor to align your investments with your long-term goals.
5. Cut unnecessary expenses
Review your expenses and identify areas where you can cut back. This could involve reducing dining out, cancelling unused subscriptions, or finding more cost-effective alternatives for everyday purchases.
Resolve to build an emergency fund if you don’t already have one. Aim to save a specific amount that covers several months’ worth of living expenses, providing a safety net in case of unexpected financial challenges.
7. Track spending habits
Make a resolution to track every expense diligently. Use apps or spreadsheets to monitor where your money goes, which can help you identify patterns and areas for improvement in your spending habits.
A final word of advice from Female Invest: “Each of these resolutions can contribute significantly to your financial health and stability, but remember, it’s essential to set realistic goals and be consistent throughout the year to achieve them.”