As we approach Christmas and prepare ourselves for what will likely be a lot of festive food, some of us may already be thinking about our New Year's resolutions. If you're aiming to lose your Christmas pounds, get a makeover or start a new hobby, however, you may want to know research has found that an average of £187 will be spent on resolutions that are later abandoned.
TSB has found that last year, people spent an average of £73 on the resolution to lose weight and get fit. This money was spent on gym memberships, new workout clothes, exercise equipment and more. The resolve to have a healthier diet, meanwhile, cost people £42 in protein shakes, blenders and other fad-inspired goods.
New Year's makeovers cost £38 on average last year in new haircuts and new wardrobes, while learning a new skill or taking up a new hobby required £34 in classes. Despite all these investments, however, 31% had given up on at least half their resolutions by the end of January. This rose to 46% by the end of March.
So broadly speaking, almost half of people spent money on things they didn't follow through on last year. Not only that, but 25% said their resolutions cost them more than anticipated – with hindsight, these people would probably rather not have spent that money.
Maybe that's why, this year, 31% of respondents say they want to make a finance-related resolution, with 58% stating they want to manage their money better in 2018. If this is one of your goals for the new year, you could start by putting that £187 you won't be spending on other resolutions into a savings account.
Indeed, if you start putting small amounts in a regular saver now, you could have enough to cover your Christmas spend next year, as well as possibly a nice winter getaway. At the same time, TSB recommends people take a closer look at who they're spending and even banking with. Switching your supermarket, broadband, mobile phone contract and other providers could be quite lucrative.
For instance, research from the Department for Energy and Climate Change has found that switching energy suppliers could save people £200 a year. Not to mention TSB's own research, which reveals that switching to a high interest current account could save people another £70.
So, before you dive into fulfilling your New Year's resolutions, make sure you can afford to do so – and think about how you could save some money as well.
Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.