7 Financial Resolutions That Will Save You Thousands

No matter if you love or hate New Year's Resolutions, they're hard to avoid during January. While you can commit to new financial goals anytime, having a new year ahead of you is the perfect opportunity to refresh your priorities and get motivated.

If one of your goals is to save more money this year, this post will review seven resolutions you can make to save thousands. Even if you only adopt a few, they can move your finances in a positive direction.

7 financial resolutions for the new year

Here's the detail on each resolution that can put money in your pocket and improve your financial life.

1. Go on a spending freeze

Controlling spending is a struggle for most people. It's a critical financial skill because if you spend every penny you make, you won't have anything left to save and invest each month. Living below your means is the key to getting ahead financially and building wealth.

A spending freeze can help because it's a period when you decide to spend money only on necessities, such as groceries, housing, utilities, transportation, and insurance. The idea is to resist the urge to buy wants, such as excess clothes, trinkets, or housewares, and be grateful for what you already have.

A spending freeze allows you to see how much and how often you buy stuff that you really don't need, even if you can afford it.

A spending freeze allows you to see how much and how often you buy stuff that you really don't need, even if you can afford it. The money you don't spend on extras could get earmarked for a savings goal, such as boosting your emergency savings or maxing out a retirement account.  

You might start by freezing all unnecessary spending for several weeks or a month. Or you might freeze certain types of purchases that are problematic for your budget, such as spending on hobbies, beauty products, or luxury items. Consider extending the duration of a spending freeze or doing one several times throughout the year to maximize your savings.

2. Check your impulse spending

And speaking of living within your means, if you're an impulsive spender, it's time to resolve to quit. Here are some strategies that can help:

• Never shop as entertainment. Don't tempt yourself by going shopping in person or online if you're bored or just trying to fill time. When you're trying to save money, be...

Keep reading on Quick and Dirty Tips