A quarter of Brits entered the new decade promising to make positive lifestyle changes for the year ahead, a YouGov poll has revealed.

Figures show that when it comes to new year’s resolutions, young Britons were most likely to pledge to make changes with 47% of those aged from 18 to 24 saying they intended to make resolutions, compared to three in 10 (30%) of 35 to 44 year olds and just 18% of those aged over 65. Women were also slightly more likely to make a resolution at 30% compared to 24% of men.

And despite the most popular resolutions centring around health and exercise (47%) or weight loss (47%), saving more money also came out as one of the top five resolutions with 31% determined to start 2020 with a financial focus.

However, with January over it may seem too late to commit to a resolution for the year. However, it is never too late to consider making a change to your financial habits.

In fact, according to research conducted by the University of Minnesota, 80% of people fail their resolutions before Valentine’s Day, so whether you’ve made and already dropped the ball on a resolution or have yet to make one, there’s still plenty of time to make a change.

Here we offer inspiration with five frugal money resolutions that, if you put your mind to it, will be easy to stick to and won’t involve any dramatic changes.

Glasgow Times:

1. Make your savings affordable

Saving money is a habit most of us need to force ourselves into, often because we’re trying to save an unaffordable amount each month. If you want to make yourself a nice little nest egg this year, then split it up into affordable amounts.

If you work out a budget, you’ll be able to then work out an affordable amount to put away each month that won’t end up leaving you short. It’s important to remember that something is better than nothing, and you can review your progress as you go with the goal of saving more as the year goes on.

2. Stick to a budget

Money management is the key to your financial success. Yes, it seems like a monumental task at first, but if you power through then it’ll soon become second nature.

When creating your budget, it’s important to set yourself limits. That way, you’ll have rules to stick to which can help you stop overspending.

If you can, you can work to reduce your spending in certain areas by reviewing your budget every few months. It’s also important to make sure you create one that includes your spouse or anyone you live with to help make sure it’s accurate.

3. Get in the know

One of the most valuable things you can give yourself is the power of knowledge. The more you know, the better you’ll be able to manage your money.

Set yourself the goal of reading or researching at least one financial matter that will allow you to get a better understanding. You can do this either physically with books/magazines or by finding the information online.

Glasgow Times:

4. Roll with the pension punches

Everyone who’s employed will have been automatically opted into a workplace pension scheme at one point. This allows a percentage of your salary to be put aside each time you are paid to help you prepare for your retirement.

In recent years the contribution percentage has sat at 5%, but as of April this year (2019) it was upped to 8%.

This is optional, and for some, it can be tempting to opt-out of this to give yourself more cash each month. However, by making the resolution to stick with your automatic enrolment in the pension scheme, you’ll be preparing yourself for the future and helping yourself to get a comfy retirement.

5. Carry cash

These days, hardly anyone carries cash on them; what with most places now accepting card payments and the wonder that is contactless payments. However, this can be a recipe for disastrous overspending that can often leave people short by the time the end of the month rolls by.

It’s been documented that the use of physical cash actually registers more in our brains than using your debit card. So why not make a resolution to use more cash to help make it easier to keep track of your money and avoid overspending.

In the end, the key to our advice is not to go too heavy with your resolutions. The new decade can be a chance to reinvent yourself, but it’s important to make your goals small and realistic – that way you have more chance of success.

If your finances have been left with the new year blues, contact Carrington Dean today on 0800 301 9819 for some free advice. Their expert advisors are on hand to help you find a solution for your debts that works for you.