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New Year Resolutions: Much Costlier Than They Sound

As we step into the new year, the most common tradition around this time is to make new year resolutions. However, we all know the running joke of the century about how every person’s actual resolution is to stick to the resolutions they made years ago. Today, especially on the internet, you can find countless memes making fun of a large majority’s inability to meet their new year resolution.

Yet the non-compliance of these resolutions is hardly the striking factor here. The shocking part is the amount of money that is spent in order to maintain these new year’s resolutions by people around the world.

According to a research published by Quicken, an average of 40% adults spend around $100 to $500 to fulfill their resolutions. And while the percentile of higher spending individuals may be low, there are still 1% to 2% of adults who spend more than $2000 to $5000.

silhouette of two person taking photo of fireworks

As we step into the new year, the most common tradition around this time is to make new year resolutions

How Does This Exorbitant Expenditure Happen?

Resolutions may seem harmless but, in order to keep up with them, people end up spending on accessories as a way to compensate for their laziness. People, instead of focusing on first strengthening their willpower and routine to incorporate such an immense lifestyle change, immediately subscribe to a gym membership and also invest heavily in gym gear and dietary supplements.

While the will to fulfill a new year resolution usually fades by mid-February (at least as has been generally observed), the amount of money spent on it and the subsequent non-fulfillment of the same becomes a painful setback which you’ll have to live with for the rest of the year.

Psychological Perspective

Experts have opined that new year resolutions should be more about what not to do instead of what needs to be done. For example, in the case of fitness-related resolutions, it should be less about joining a gym or hiring an instructor and more about not eating junk food, not wasting time, and improving sleeping habits.

person holding plastic bottle filled with brown liquid

Resolutions may seem harmless but, in order to keep up with them, people end up spending on accessories as a way to compensate for their laziness.

However, most people are naturally inclined to set a task-oriented new year’s resolutions, as it makes them feel one step closer to achieving their goals. Buying new gym gear or signing up for a 6-month membership might trick your brain into believing that you are doing all that needs to be done.

However, eventually it all comes down to your willingness and dedication. And when a month later you are unable to keep up, all that preparatory spending goes in vain, which demotivates people even more.

Here’s how you can stop this from happening.

Strategically assess your resolutions

Analyze your habits and your new resolution and see what needs to be un-done instead of splurging on new goodies to boost yourself. Think retrospectively and see which of your habits cause a hindrance for you as you try to achieve your goal, and then focus on breaking them.

For instance, before paying for a new gym membership, first assess if you can manage to take out time for it by clearing your schedule before-hand to see if it is manageable or not.

white ceramic mug with coffee on top of a planner

Most people are naturally inclined to set a task-oriented new year’s resolutions, as it makes them feel one step closer to achieving their goals

Spend wisely

The next step is to analyze your expenditure. List down your requirements and then further bifurcate them as per your needs and wants, and then focus on your needs first.

When it comes to gym wear, for example, try to look out for sales or discounts which can help you get the things you need for gym without focusing too much on the new arrivals or brands. If you can find used equipment, then it’s better to test out your stamina with it instead of being stuck with the gear you won’t ever use.

Treat Yourself

Instead of spending too much at the very start, spend little and gradually improve yourself. Establish small milestones and reward yourself after achieving every one of them. If you achieve a milestone with respect to your weight, then perhaps gift yourself nicer gym wear once you hit your first target.

If you were aiming to cut down on coffee, then get fancier travel mugs on making it without Starbucks for a month. Stuff like this will not only help you manage your finances better and spend more consciously, but also give you the required motivation in gradual intervals, when it is most needed.

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