Frugal New Year’s resolutions. The start of a new year for everyone usually means the same promises of drastic changes for the better. Unfortunately, most new year’s resolutions don’t last. Below are our 5 Frugal New Year’s resolutions that we intend on undertaking to start our 2021 focused and driven.
We periodically overhaul our budget anyway but a new year means it is time to set new years goals. If those goals include money then we need to plan for it. Which means we need to include those goals in our weekly budget.
Overhauling your budget will also refresh your memory and remind yourself of what it is you are working towards and why. Having your budget set in stone forever is not (in my opinion) the best way to go about budgeting.
Periodically reassess your budget, adjusting where need be to accommodate for changing goals and aspirations.
Break down your budget piece by piece and reassess both your wants and needs for this new year.
If you don’t have any idea where to start with budgeting, try this one out. We used the 50/30/20 budget last year and it helped us hugely!
Completing this is an entirely frugal new year’s resolution and will cost you nothing in return.
Much like a budget overhaul, you should evaluate your income stream/s. Whether you have multiple or not.
Assessing your current income to evaluate how you can add to it. That’s the goal.
How can you maximize your earning capacity in this coming year? How can you increase your income? What will it take to finally start that side hustle?
This frugal new year’s resolution is all about planning. In my opinion, the world shouldn’t revolve around money but at the end of the day you should know how to manage it as a tool.
Money is only numbers, and numbers never end. If it takes money to be happy, your search for happiness will never end. – Bob Marley
Then comes this next step in resolutions. Evaluating your expenses.
Write down everything. Every cent you spend or spent recently. Tracking your expenses is a must in the world of frugality. We absolutely must know where every dollar we earn goes.
If you have a solid understanding of where your hard earned money goes then you will be able to evaluate where you can cut back. What expenses can be minimized. The extra you save here can be used towards your goals. You won’t remember that meat pie you went without to help you towards your goals. Instead of another new pair of TN’s, how about paying off a chunk of your personal debts.
That’s enough about money. We need to get our health on track. I regularly do my best to eat relatively healthy. However, over the festive season that all goes out the window.
When it’s feast time at christmas dinner I tend to feel like Bruce in Matilda. Munching down that cake to save my life.
Start the new year with a fresh diet. Health is wealth so fuelling your body with good energy will pay off in many other ways. When you’re healthy your moods are better, you have more energy and you can be more productive.
Same goes for me when it comes to fitness. Every new year I make it a resolution to overhaul my fitness routines. Routine in general can get mega boring.
So to keep motivated and driven to exercise daily I switch it up, periodically much like budgeting. Keeping my fitness regime interesting and fun. Sure, it’s hard work but nothing worthwhile isn’t.
Try something new, learn something different. If you’re into weights, mix in some yoga. You’d be surprised how much some stretching will actually improve your deadlift capabilities.
Frugal New Year’s resolutions
Every resolution I’ve run through should be used in conjunction with each other. Or that’s how I’m doing it. My goals come into play easily when I am focused and on the right track. Mentally, Physically, Financially and Spiritually. Don’t forget to look after yourself before chasing goals. If you start with yourself you will be more prepared for your journey.
Happy New Year Frugal Fam!