Vows to spend less money are at high risk of being scrapped according to university research that found more than half of people who make New Year’s resolutions abandon them by mid-year.
“At this time of year the pace of life has a head of steam and resolutions can seem impossible to keep, especially financial goals as bills roll in,” said Marie Mortimer, loans.com.au managing director.
“Once that psychological milestone of Easter has passed and the weather starts to cool we are on the run-up to mid-year. It’s a critical time to evaluate your progress and get back on track if you are in the danger zone.”
Research published in the Journal of Clinical Psychology found 45 percent of people make New Year’s resolutions but only 8 percent successfully keep them.
Losing weight and spending less/saving more money are two of the top three resolutions; the third is being more organised. Weight loss accounts for 38 percent of resolutions and spend less/save more is 34 percent.
Researchers at the University of Scranton found in the first week of the year, three-quarters of people who made a resolution are on track. By the end of January 64 percent are hanging in there and by mid-year the success rate has dropped to just 46 percent. Ultimately 92 percent will give up on their goal.
“It’s important to remember that it’s not too late to turn things around if you are lapsing on keeping your resolution; you just need to take stock,” Ms Mortimer said.
“Don’t give up all together; take some small steps to get back to where you wanted to be, particularly when it comes to getting your budget in order.
“It could be the difference that helps you save enough for a house deposit, pay down your credit card or afford that new car.”
Ms Mortimer recommends making a list of all spending until a pattern emerges.
“If you keep track of everything you spend you can see where the money goes, then you should have enough information to make decisions on how to plug the hole in your budget. It will help you redirect your spending to the right place.”
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