Another year is coming, 2017 is almost here! It is time for us to plan our New Year’s Financial Resolutions. However, when it comes to money, planning the resolutions seems to be so much easier than committing to them. That is why you will need these ideas to set your achievable goals to save some money this year. Let’s get started!

1. Choose energy-efficient appliances

You might have been paying more than needed for your electricity bills the whole year. This year, choose energy-efficient appliances, make energy-efficient home improvements, change your lifestyle to save more money.
Replace incandescent light bulbs with energy-efficient ones. Turn off the lights when you are not using, have a shower instead of taking a bath, wash your clothes in cold water. There is a thousand ways to cut off your bill.

2. Plan your food to save more money

Plan your food

How much money have you spent on breakfast?
Plan your food week and cook from scratch. Prepare your healthy meals at home by having a list of your favorite dishes. Once you have your meal plan, have a shopping list from that to avoid overspending. Take a look at the recipe and have some fun with cooking! Do not forget to look for sales on fresh ingredients.
You should also think about how you can use up your food instead of throwing them away.

3. Get some exercises

You can reduce your medical bills by getting in shape. Get into the habit of eating healthy and taking exercises three times a week, you will see your prescription and medical costs decrease. Going to the gym might be costly, you can consider several cost-free ways to get in shape: check if your local library has exercise DVDs , use free online fitness program or even build muscles with the houseworks.

4. Quit smoking

Quit smoking

We all know that smoking is an expensive habit. A smoker spends more on cigarettes and other related expenses than normal people.
Not only can you save money on cigarettes, quitting smoking is also good for your health and insurance rate. In the US, insurance rates can be significantly more expensive for smokers. Smoking influences health directly and it is proven to increase the potential rate of many diseases. Smong leads to an increase in early mortality. Insurance companies recognize this, and see it as an increased risk. That risk is passed back to the consumer who smokes through increased rates.

5. Enter some money saving challenges

That sounds interesting, but what kinds of challenge?
Have some no spend days in a month, think about a challenge to change your spending habit. You can think about some challenges such as “No new clothes for 3 months” or “No eating out for a week”. If you can pass these challenges, you will learn to cut back on unnecessary spending.

6. Have a budget and track what you spend

The first step you need to take is to set up a budget. You need to note down all the money you receive and what you spend them on. Then you should keep track on it.
If you spend more than what you have, now you need to cut back. For example, in order to reduce your spending, you should get used to preparing lunch from home, selling the stuff you do not need anymore.
Do not throw away all your receipts, always follow your expenses.
Although your expenses might not be the same from month to month, having a budget will help you keep track on those changes. You might realize that you have spent money on unnecessary things. Changing your spending habit is a process, take time to observe and learn.

7. Become debt-free

Some of us might have sleepless nights because of debts. Paying off debts might not be as easy as it sounds. You should remember to pay off the debts which have highest rate of interest first. It is also important to make sure you do not break any terms of any of your agreements. Do not forget to pay your monthly required payments on any loans.
Only by paying off all debts you can start living independently. You should consider cancelling some of your spendings until you are totally debt-free.

Wait no more, start planning your 2017 Resolutions to save money, increase your income and manage your money better! Have more ideas, share with us with the comments below!

Read on:
How to manage personal Debts and Loans