As the calendar turns a new page, many of us embark on the tradition of setting New Year's resolutions. If your goal for the coming year is to spend less and get ahead financially, you're not alone.
The start of a new year provides an excellent opportunity to reassess our spending habits and make intentional choices that align with our financial goals.
To help you on your journey toward financial wellness, here are 15 top money moves to consider if your New Year's resolution is to spend less.
If you’re over 50, take advantage of massive discounts and financial resources
Over 50? Join AARP today — because if you’re not a member you could be missing out on huge perks. When you start your membership today, you can get discounts on things like travel, meal deliveries, eyeglasses, prescriptions that aren’t covered by insurance and more.
How to become a member today:
- Go here, select your free gift, and click “Join Today”
- Create your account (important!) by answering a few simple questions
- Start enjoying your discounts and perks!
Important: Start your membership by creating an account here and filling in all of the information (Do not skip this step!) Doing so will allow you to take up 25% off your AARP membership, making it just $12 per year with auto-renewal.
Stop using multiple credit cards
Juggling multiple credit cards can lead to a tangled web of expenses and varying interest rates. Simplify your financial life by consolidating your spending onto one credit card.
This streamlines your monthly payments and makes it easier to track your expenses and monitor your overall credit utilization.
By focusing on a single card, you gain better control over your finances and reduce the risk of accumulating unnecessary debt. Consider using one of the best balance transfer credit cards to help consolidate your debts.
Cancel one streaming service in January
In the age of digital entertainment, streaming services can quickly add up, consuming a large portion of your monthly budget. Start the year by assessing your current subscriptions and consider canceling one streaming service.
Whether it's a platform you rarely use or one with overlapping content, eliminating even one subscription can free up funds for other financial priorities. Your wallet will thank you!
Track your spending
Understanding where your money goes is the first step toward effective budgeting. Take the time to track your spending meticulously. Use apps or old-fashioned pen and paper to record every expense, no matter how small.
Analyzing your spending patterns will reveal areas where you can cut back and make informed decisions about where to allocate your resources more efficiently.
Resolve $10,000 or more of your debt
Credit card debt is suffocating. It constantly weighs on your mind and controls every choice you make. You can end up emotionally and even physically drained from it. And even though you make regular payments, it feels like you can never make any progress because of the interest.
National Debt Relief could help you resolve your credit card debt with an affordable plan that works for you. Just tell them your situation, then find out your debt relief options.1
How to get National Debt Relief to help you resolve your debt: Sign up for a free debt assessment here. (Do not skip this step!) By signing up for a free assessment, National Debt Relief can assist you in settling your debt, but only if you schedule the assessment.
Shop around for cheaper insurance
Insurance is a necessary expense, but that doesn't mean you have to settle for the first policy you find. Take the initiative to shop around for cheaper insurance rates.
Whether it's auto, home, or health insurance, getting quotes from different providers can help you uncover potential savings.
Be sure to compare coverage options and read reviews to ensure the lower premium doesn't compromise the quality of your insurance coverage.
Cook more at home
Eating out regularly can take a significant bite out of your budget. Make it a goal to cook more meals at home in the coming year. Not only is home-cooked food typically healthier, but it's also more cost-effective.
Plan your meals, create a shopping list, and embrace the joy of preparing your favorite dishes. Not only will you save money, but you'll likely discover a newfound appreciation for the culinary arts.
Trending Stories
Use cash for discretionary spending
It's easy to overspend when using credit or debit cards for everyday purchases. Consider using cash for discretionary spending, such as dining out, entertainment, or shopping.
Having a tangible limit can make you more mindful of your expenses, and once the cash is gone, it serves as a natural brake on additional spending. The tangible nature of cash reinforces financial discipline in a way digital transactions often don't.
Negotiate bills and recurring expenses
Many people overlook the opportunity to negotiate bills and recurring expenses. Whether it's your cable bill, internet service, or gym membership, contact your service providers to see if there's room for negotiation.
Loyalty often pays off, and companies may be willing to offer discounts or special promotions to retain your business.
The simple act of asking can result in significant savings on monthly bills. If asking doesn’t work, say you’d like to cancel your service and see if they are more open to offering a discount.
Embrace the art of DIY
From home repairs to personal grooming, embracing the do-it-yourself (DIY) mindset can lead to substantial savings. Instead of hiring professionals for every task, explore the world of online tutorials and DIY guides.
Whether it's fixing a leaky faucet or giving yourself a home haircut, acquiring new skills can empower you to handle tasks independently, reducing the need to pay someone else.
Implement a waiting period for non-essential purchases
Before making non-essential purchases, implement a waiting period. Give yourself a set amount of time, whether it's a day, a week, or a month, to consider the item's necessity.
This waiting period allows you to reflect on whether the purchase aligns with your priorities and goals. Often, you'll find that the initial impulse to buy fades, resulting in more intentional and mindful spending.
Earn cash back on everyday purchases with this rare account
Want to earn cash back on your everyday purchases without using a credit card? With the Discover®️ Cashback Debit Checking account (member FDIC), you can earn 1% cash back on up to $3,000 in debit card purchases each month!2
With no credit check to apply and no monthly fees to worry about, you can earn nearly passive income on purchases you’re making anyway — up to an extra $360 a year!
This rare checking account has other great perks too, like access to your paycheck up to 2 days early with Early Pay, no minimum deposit or monthly balance requirements, over 60K fee-free ATMs, and the ability to add cash to your account at Walmart stores nationwide.
Don’t leave money on the table — it only takes minutes to apply and it won’t impact your credit score.
Embrace the sharing economy
Explore the sharing economy to access goods and services without the burden of ownership. From ride-sharing to communal workspaces, the sharing economy offers cost-effective alternatives to traditional ownership.
By embracing shared resources, you can enjoy the benefits without the hefty price tags, contributing to financial savings and a more sustainable lifestyle.
Prioritize experiences over material possessions
Shift your mindset from acquiring material possessions to prioritizing experiences. Instead of spending on tangible items, allocate your budget toward creating memorable experiences next year. This could include travel, cultural events, or educational pursuits.
Investing in experiences not only brings greater fulfillment but also reduces the accumulation of unnecessary belongings that often lead to increased spending.
Set specific savings goals
Establishing clear savings goals provides a tangible target for your financial efforts. Whether you're saving for an emergency fund, a vacation, or a major purchase, having specific objectives makes it easier to resist impulsive spending.
Break down your goals into achievable milestones, and celebrate your progress along the way. This intentional approach to saving can transform your financial habits and reinforce the value of long-term planning.
Unsubscribe from marketing emails
Marketing emails can be a constant temptation, enticing you to make unnecessary purchases. Take control of your inbox by unsubscribing from marketing emails in 2024.
By reducing exposure to promotional messages, you minimize the chances of falling prey to impulse buying.
Unsubscribing not only declutters your digital space but also contributes to a healthier relationship with consumerism and spending.
Explore alternative transportation options
If possible, explore alternative transportation options to reduce the financial strain of owning a car. Public transportation, biking, carpooling, or ridesharing services can offer cost-effective alternatives to car ownership.
Evaluate your transportation needs and consider whether downsizing to one vehicle or relying on alternative methods could contribute to substantial savings in the long run.
Downsize or declutter your living space
Consider downsizing or decluttering your living space as a strategic move to spend less. A smaller home or a decluttered living environment not only reduces monthly expenses like rent or mortgage payments but also encourages a minimalist lifestyle.
Sell or donate items you no longer need, giving you some extra cash and fostering a sense of simplicity in your daily life.
Bottom line
Embarking on a journey to spend less is a commendable New Year's resolution that can positively impact your financial well-being.
By implementing these 15 top money moves, you'll not only gain better control over your finances but also foster a mindful and intentional approach to spending. As you navigate the path toward financial resilience, consider what truly matters to you and how aligning your spending with your values can lead to a more fulfilling and sustainable financial future.
What changes will you make in the coming year to ensure your financial goals are met with success?
Lucrative, Flat-Rate Cash Rewards
FinanceBuzz writers and editors score cards based on a number of objective features as well as our expert editorial assessment. Our partners do not influence how we rate products.
Wells Fargo Active Cash® Card
Current Offer
$200 cash rewards bonus after spending $500 in purchases in the first 3 months
Annual Fee
$0
Rewards Rate
Earn unlimited 2% cash rewards on purchases
Benefits
- Low spend threshold for its welcome offer — $200 cash rewards bonus after spending $500 in purchases in the first 3 months
- Cell phone protection benefit (subject to a $25 deductible)
- Can redeem rewards at an ATM for literal cash
Drawbacks
- Foreign transaction fee of 3%
- No bonus categories
- Select “Apply Now” to take advantage of this specific offer and learn more about product features, terms and conditions.
- Earn a $200 cash rewards bonus after spending $500 in purchases in the first 3 months.
- Earn unlimited 2% cash rewards on purchases.
- 0% intro APR for 12 months from account opening on purchases and qualifying balance transfers. 19.74%, 24.74%, or 29.74% Variable APR thereafter; balance transfers made within 120 days qualify for the intro rate and fee of 3% then a BT fee of up to 5%, min: $5.
- $0 annual fee.
- No categories to track or remember and cash rewards don’t expire as long as your account remains open.
- Find tickets to top sports and entertainment events, book travel, make dinner reservations and more with your complimentary 24/7 Visa Signature® Concierge.
- Up to $600 of cell phone protection against damage or theft. Subject to a $25 deductible.
Subscribe Today
Want extra-cash moves to come right to you?
Stop browsing endlessly. Get proven ways to earn pocket money, help cover rent, and crush your debt — sent to your inbox daily.
Author Details