How much could your New Year’s resolutions save you in 2021?

Lucy Harley-McKeown
·2-min read
Hand flipping wooden blocks for change year  2020 to 2021 . New year and holiday concept.
Research has shown that most resolutions last just 12 days, and nine in 10 fail within the first month. Photo: Getty

New year’s is always a good time to turn over a new leaf, as well as get your finances in order.

However, research has shown that most resolutions last just 12 days, and nine in 10 fail within the first month.

If you defy the odds you could be in for savings of more than £4,000 ($5,360), according to personal finance analysts at Hargreaves Lansdown (HL.L).

They believe the most financially rewarding resolution is quitting smoking. An 11-a-day habit costs more than £2,238 a year.

The second most financially rewarding resolution on the list is cutting down on food waste — something which could both help the environment and save you £60 a month.

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Cancelling that unused gym membership you resolved to dedicate yourself to last year could also save you £40 a month.

Cutting out takeaways and alcohol could keep a further £60 in your wallet per month.

Bowing out of all of these expensive habits could make for savings of £4,204 per year and sticking with the most financially rewarding New Year’s resolutions could get you on your way to a £462,000 pension pot.

Sarah Coles, personal finance analyst at Hargreaves Lansdown, said: “Of course, none of us are perfect: many of us cut corners in 2020 to help us get through an unspeakably tough year. You don’t need to achieve perfection to make a big difference to your health and your wealth. Just try cutting back on one or two things to start with, and let your savings become your incentive to keep going.

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“You could use the money you save to build a vital financial savings safety net, start a rewarding investment habit, or work towards an impressive pension pot, so you could be thanking yourself for sticking with this year’s resolutions for years to come.”

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