3 New Year’s resolutions that will save you money

The beginning of a new year is the perfect time to reassess your goals and set yourself up for financial success, writes Joel Dooner.

Many common New Year’s resolutions require us to spend a little cash to make them stick – but often, they end up costing us more than we think.

Forget expensive gym memberships and other New Year fads, here are three 2020 resolutions for the year ahead that will put more money back in your pocket, according to Joel Dooner, Millennial money spokesperson for credit union CUA.

Make saving a non-negotiable

One of the easiest ways to save money without feeling strapped for cash is to put away a dedicated amount each time you get paid. By first setting aside your savings target and paying necessary bills, you’ll know how much you have left to spend on dining out, shopping or other related expenses. Create good financial habits, stick to them each month, and watch your savings balance grow over time. Look for a savings account that rewards you for making regular deposits from your salary, as this will motivate you to keep on saving.

Streamline memberships and subscriptions

It’s easy to let monthly payments roll over without much thought, especially those that we’ve forgotten about or don’t use anymore. Memberships and subscription fees like the gym or Netflix can quickly rack up, and chances are you could do without one or two. Review your spending and consider cancelling those unused services to free up more funds for the year ahead.

Cook more, buy less

If you’re anything like me, figuring out what you’re going to have for dinner when you get home from a long day at work is probably the last thing you want to do. Mid-week dinners can be a struggle if you haven’t pre-planned, and often takeaway or Uber Eats is the easiest option.

Although convenient, the cost of regular takeaway dinners can add up quickly and you’ll probably find that you’re spending more than if you did one weekly grocery shop. In 2020, resolve to dedicate time each week for meal planning. Plan your dinners and perhaps some leftover lunches, buy your groceries based only on what you have planned to use so you avoid waste, and consider bulk meal prep on a Sunday. Not only will this save you time on those busy workdays, but it will also help you save a bit of cash, too.