Have you noticed more people at your gym this month? Many New Year’s resolutions include diet and exercise. Gyms love this because a lot of people take out memberships, then a few months in, stop showing up. This is a nice gain for the gym, not so much for the members. Resolutions are often about stopping a bad habit or making a change. I would like to challenge you to make a financial change.
I am going to give to two money resolutions for the New Year.
First, put yourself on a “money diet”. This term first became popular in the 1980’s. Here is how it works:
For one week each month, you do not spend money on something that is not an essential. Buy your groceries, gas, medicine, pay your normal bills, but that is it. The idea here is to gain – not lose.
Second, don’t spend your singles.
Every time you buy something with cash, then receive singles as change, your bank those singles. Here’s an example; you stop at the local coffee house and buy a drink. Your drink cost $3.50; you only have a $5 in your wallet. Of the $1.50 change, you can now spend only the .50. You will be surprised how fast the savings add up when you can’t spend your singles.

Resolve to save more this year – put yourself on a money diet.

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