New Years is nearly upon us. And that means setting New Year’s resolution. Why not make a financial new years resolution this time?
Setting big financial goals, like getting out of debt or saving for a home, can be daunting. But what if you bring in 2019 by focusing on only one small change. Just one small change that could result in big gains financially?
Start by picking one thing you’d like to spend less on. It could be anything!
Then, take a moment to be curious about the reasons for the desire to change your spending habit. Do you think your curiosity will help you be more successful in making your one small change? Rather than if it was a New Year’s resolution?
The answer to the latter is yes, and I’ll explain why below. In the meantime, here are some examples of small changes that yield big differences over a year:
(What does curiosity have to do with change?
While change can be hard, curiosity – according to top mindfulness researcher Dr. Judson Brewer – feels good. So to effectively change a habit, you should enjoy the process by being curious about why this habit exists.
In his TED talk, Dr. Brewer suggests that you first observe yourself acting on the impulse to do the thing you want to change, then get curious! Ask yourself:
- How does it feel?
- What triggered the impulse?
- What satisfaction does it provide?
- And for how long?
How can we apply mindfulness to changing financial habits and saving money?
If you’ve identified an area in which you believe you’re overspending, you’re already most of the way there because you don’t need to justify the need for change.
late fees as an example. Step back and be curious about why your habitual routines cause payments to be late, and penalties
to occur. From there, take achievable steps to fix that one habit – perhaps by
scheduling their payments when they arrive.
And there’s your small change.
Conventional wisdom tells us that if we want to achieve a goal we must try harder and work harder, but perhaps we can make those New Year’s resolutions stick by trying softer!
Let’s get started!
You can track your spending and monitor progress on your small change with PocketSmith, like I do. It’s one of the sharpest money management tools I have found on the Internet.
The team at PocketSmith would love to help you out, so if you sign up for an account and Tweet or Facebook your small change to them, you could stand to win an upgrade to a one-year Super subscription worth $169.95. For example:
Hey @pocketsmith! My #SmallChangeBigGains will be buying fewer coffees each week, therefore saving $700 in 2019.
Then, PocketSmith will pick ten of the best entries on January 9 and announce the winners on Facebook and Twitter, so get creative and share your tips! Remember to sign up, and use the #SmallChangeBigGains hashtag to qualify.
As a bonus, if you sign up for PocketSmith from here, you will get half price on the first two months of PocketSmith Premium. Plus you’ll receive an email guide designed to help you track and make your #SmallChangeBigGains
Just use this coupon to get 50% off the first two months of PocketSmith Premium: 50OFFPREMIUM-F4RG
To redeem this offer go to PocketSmith, set up a free account and apply the coupon in the app via Settings>Subscriptions and Upgrades>Enter coupon. Then enter your payment details, and you are set to go.
Have a great New Year and I will see you in 2019
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1 thought on “Small changes can save you money in 2019”
Great article Rohan
I like the idea of making tweaks at the start of a new year, rather than lofty goals you put in the too hard basket weeks (days?) (hours) later.
And I like your reference to what you can save if you cut out barista made coffee.
I’m cutting out both alcohol and coffee this year for the health of my gut AND the health of my finances.
Oh, and happy new year 👍