It’s that time of year again: Time when we take the vow, once and for all, to start the New Year thinner, healthier, more successful, and better.
Oh, and we’ll also volunteer more often, tread lightly on the planet, spend more time with family, learn to paint, and finally brush up on that second language. The year will be one of tremendous accomplishment, right? Of course it will. It’s a cycle we go through every year: New personal commitment to change the things that distress us the most. And sometimes, with a little hard work and follow through, those changes actually do occur. Voilà, we’re reinvented.
So this year more than ever, there’s a reason to really stick with your goals. It’s this: many of the typical New Year’s resolutions have the added side benefit of helping you cut expenses, too. Stick with them, and you’ll end the year ahead financially.
But why not take it one step further? Why not think about investing in areas where many resolve to improve? Just a thought, and here’s how those resolutions could work two ways:
1. Diet: Personally, I think the best way to lose weight is to cut back on eating—which means you’ll naturally cut back on spending, too. You’ll save the money you’d ordinarily spend on sweetened coffee drinks, designer cupcakes, and all those nights spent out in nightspots with friends. Cook at home or at least eat at home with friends and family, and you’ll save.
It’s not easy to invest in the idea of spending less, but I like what I see in the major grocery chains lately: Some are offering super delis with greater assortments of specialty and prepared meals, like a new concept called “Fresh Fare” offered at some Kroger stores.
The recession is tough on everyone, but we all need to eat. Are you seeing longer lines at your local grocery store? It might be a good time to look into them as investments, since more people are likely staying in and doing their own cooking.
2. Exercise: The typical way people try to address this: They buy a fancy gym membership or some big piece of exercise equipment that eventually becomes a bedroom clothes tree. Why spend the money? Skip the monthly fee and the fancy stuff. Instead, why not walk, run, or hike for free? Get a hiking or riding buddy—it’s fun, and you’ll motivate each other to succeed.
And by the way, those who do this might need some workout clothes. So check into Under Armour and other companies supplying “do-it-yourself” exercise basics. And keep an eye on your outdoor-exercising friends, too. If they’re all using Under Armour, you might be onto something.
3. Go Green: Until the recession hit, cutting back in order to reduce our footprints on the planet was in vogue. It still is, with a twist: cutting back on consumption is now a great way to curb casual spending, too. Learn to reuse, repurpose, or simply do without.
On the surface, that doesn’t help the economy much, but the “green” idea leads to many solid prospects in the alternative energy and recycled product industries. The Trex Company a maker of decking and alternative wood products from recycled plastics, is one example. And keep your eyes on alternative energy too—new 2009 tax credits make residential installations much more attractive.
4. Organize: Being organized feels better, and often leads to better professional and financial outcomes, too. It’s a good time, while the snow is on the ground and the days are short, to get it together, get rid of it, or organize it in containers.
Or, if you’re still in the Christmas spirit, to give it away to help others in need. Consider Newell Rubbermaid for size—they make a lot of those plastic containers.
No doubt, this is a year to hunker down and do the right things for ourselves, for our friends, for our employers. Along the way, might as well save—or even make—money with ideas we discover along the way.
Jennifer Openshaw, author of " The Millionaire Zone," is co-founder and president of WeSeed.com, whose mission is to help everyday people use what they know and love to learn about stocks, make smarter money decisions and ultimately take control of their financial destinies. You can reach her at jopenshaw@weseed.com.
The views expressed here are those of the author and do not necessarily reflect the positions of LendingTree, LLC.
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