Yahoo Finance 7 Things Frugal People Always Resolve To Do in the New Year
As the New Year begins, you’re probably checking off a list of goals you’d like to achieve: Start going to that fancy new gym, visit those new restaurants everyone’s always raving about, or even attend a handful of concerts.
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But not so fast, according to experts. One of your top resolutions should be managing your money wisely to set you up for future success.
“Frugality in the new year involves more than just saving costs, it also means making smart financial decisions,” said Loretta Kilday, senior attorney at Debt Consolidation Care. “For instance, evaluate your expenses on food and entertainment because this is where many individuals can make major savings without having to change much about their lifestyles.”
Here are some of the top things frugal people always resolve to do in the New Year.
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Commit to Mindful Spending
“In the coming year, those who champion frugality are setting their sights on financial peace and savvy money management,” said Mikayla Reynolds, real estate investment specialist and owner of Cash Offers.
She said frugal people make resolutions centered around smart spending habits and securing a stable financial future.
“It’s about making conscious choices — distinguishing between needs and wants,” Reynolds said. “They believe that genuine wealth arises from thoughtful decisions rather than indulgent splurges.”
The mantra frugal people adopt, according to Reynolds, is clear: prioritizing essentials over extravagance.
“Frugality, in their eyes, isn’t synonymous with deprivation,” she explained. “Instead, it’s a commitment to mindful spending.”
This year, she said, the resolution should be to infuse intention into every purchase, weighing the value and necessity of each expense. “It’s about deriving satisfaction from choices that align with your financial goals.”
As an advocate for frugality, Reynolds suggests embracing the principle of “save more, waste less.”
“The focus is on building a financial safety net by trimming unnecessary expenses,” she said. “The money saved is redirected toward meaningful objectives–whether that’s an emergency fund, debt reduction, or investments.”
Start Meal Planning
One resolution that many frugal people make for the new year is to cook at home as often as possible, said Jake Hill, finance expert and CEO of DebtHammer.
“Resolving to eat home-cooked meals every day — or almost every day — is a great way to save money on feeding yourself and your family,” he explained. “I recommend making weekly meal planning part of your strategy for achieving this resolution.”
He said meal planning helps you create a focused grocery list and avoid unnecessary spending.
Pay Off Debt
Experts advocate for developing a strategy for methodical debt repayment at the beginning of the year.
“Frugal people always make it a point to carefully evaluate debts and find ways to pay them,” said Anton Radchenko, founder of AirAdvisor.
“They know how their high-interest debts can affect them financially, so they develop a plan to reduce their debts,” he added. “They also have clear and attainable objectives and do everything according to plan in order to achieve their financial goals.”
To pay off loans with high interest rates, experts recommend outlining a strategy. For example, you should direct any additional funds toward the repayment of any debt, with the goal of paying off one loan at a time.
They say to also keep in mind the possibility of transferring balances or negotiating reduced interest rates with your creditors.
Avoid Going to the Mall
“As a frugal individual myself, one of the resolutions that I have made to keep up with my lifestyle in the new year is to avoid going to the mall,” said Harrison Tang, co-founder of Spokeo. “I believe that visiting a mall is not only a waste of time but also a waste of money. You set out to buy something from one store but end up visiting several others and purchasing numerous items.”
Tang said the mall is a great place for making impulsive purchases. “As a frugal individual, I cannot afford this. Therefore, I will avoid going to the malls and instead go to the store outlets directly for all the items that I need to purchase.
“I may still go to the mall for fun, but I’ll be cautious with my spending. I’ll bring a restricted budget to avoid actions that go against frugal habits.”
Use Your Car Less
Carter Seuthe, CEO of Credit Summit, points out that this is one resolution worth making.
“Especially with gas prices being where they are,” he said, “I have seen a lot of people making the frugal resolution to use their cars less to reduce the amount they’re spending on gas.”
He said this could mean biking to work where you can, walking to the store or taking advantage of your job’s work-from-home allowances where you can.
Set Money Goals and Regularly Review Them
According to Bri Conn, co-host of the “Childfree Wealth Podcast,” frugal people review their spending for the past year and set goals for the new year.
“Having specific goals to work towards allows you to create a better plan,” she said. “Planning helps you get ahead and gives direction for your money.”
Throughout the year, having regular check-ins allows you to make sure you’re following your plan, she said. If something has changed, it also allows you the opportunity to adjust things.
“Tracking, on the other hand, accounts for purchases after they’ve already happened,” Conn said, “and at that point it’s too late to make changes.”
Find Ways To Reduce Spending
“Budgeting is not only about following your costs but it’s also about consciously guiding your financial future,” Kilday said. “In your daily life, think of DIY options like doing some simple repairs at home, as they can be big savers.”
Other experts recommend purchasing used products for specific categories like clothing or furniture in thrift stores or online marketplaces, and staying committed to this decision throughout the year.
Lastly, Kilday said to remember that being frugal is a journey, not a destination. “Few but consistent changes in spending behavior lead to significant long-term effects.”
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