About one-third of Americans plan to make a financial New Year’s resolution this year, with half of those saying they’ll resolve to save more, according to the 2017 Fidelity Investments New Year Financial Resolutions Study. You might be mapping out some financial goals for the new year, too. But if your goals are too lofty, you might be setting yourself up for failure. Sometimes setting smaller goals can help you make progress faster. That’s because you can see the results of your efforts early and often, which keeps you motivated to keep at it. A few small tweaks to your lifestyle may be all it takes to start saving an extra $100 a month — or more — depending on how diligent you are at sticking to your plan.
[See: 11 Ways to Save Time and Money.]
Here are six easy resolutions for a frugal new year.
1. Drop the extra subscriptions. Take inventory of all the subscriptions and monthly services you are subscribed to and that may be eating up your budget. From magazine subscriptions to video game services, you are probably spending much more than you ever use without even realizing it. A couple of $20-per-month subscriptions can add up to almost $500 a year spent on products or services you rarely use. Clean up your subscription list and make sure that you’re aware of any automatic renewals on your account.
2. Set up smartphone alerts. Getting zinged with late payment fees when you miss a credit card payment or bill payment can throw off your budget in no time flat. Late payments can also have a negative impact on your credit score. Create smartphone alerts for bill payments, so that you meet your financial obligations month after month. Keeping up with those due dates will help you avoid late payment fees. More importantly, avoiding late payments will reduce the risk of an interest rate hike if you are carrying balances on your credit card accounts.
[See: 12 Simple Ways to Raise Your Credit Score.]
3. Save on gas with every fill up. If you’re on the road a lot, consider signing up for a rewards credit card that gives you bonus points or cash back on gas. Even 2 percent cash back every time you fill up the tank can add up, shaving off a few dollars from your gas bill each month. If you have enough time to drive a bit farther for your fuel, use a smartphone app like GasBuddy to find the cheapest gas in town at any given time.
4. Schedule “no-spend weekends.” Time away from work is all too often time spent … spending. How much do you spend on extra food, entertainment, dining out or even travel on weekends? If you tend to be a modest spender during the week and then splurge on weekends, saving money may not be easy. Consider scheduling a couple of no-spend weekends throughout the year, so that you are consciously putting the brakes on spending for 48 hours. Look for free events and outings in the neighborhood to entertain you. Or double up on the virtue by making your no-spend weekends also “to-do list weekends,” when you cross off all those chores you’ve been putting off.
[See: 10 Fun, Frugal Ways to Spend Your Free Time.]
5. Skip the gym membership. If you’re planning to make getting fit one of your 2017 resolutions, don’t plan on signing up for a gym membership. And if you already have a gym membership, evaluate if you are really getting your money’s worth. If not, consider canceling your membership or putting it on hold. This year’s fitness resolution might be a promise to start working out at home or at the park instead of relying on the gym.
6. Make a list and check it twice. Whether it’s a few extra trips to the grocery store or grabbing a few items at checkout at the convenience store, adding more items to your shopping cart adds up. Making a list and sticking to it can help you stay on track with your budget goals and avoid overspending. Make a commitment to the list every time you go to the store, so you are more aware of what you need to buy and how much you will be spending. Even a few small purchases a week can add up to $100 or more per month.
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6 Easy Resolutions for a Frugal New Year originally appeared on usnews.com
