The Bottom Line Of Your New Year's Resolution

For large swaths of Americans, a new year signifies a fresh start on a variety of personal goals. As you mull over the changes you want to make after switching to a new calendar, you should also consider what your new year’s resolutions will cost or save you.

Below are a few common resolutions made at the start of the year, a breakdown of their average bottom line and what to consider if you do end up sticking to them.

Beginning A Diet

The first day of January is usually the date when people plan to finally knuckle down and adhere to a particular diet or simply commit to eating healthier in general. These ambitions are undertaken in different ways, and each can impact your wallet differently.

For example, if you simply want to eat out less and begin cooking your own meals, you could end up cutting down a healthy portion of your budget as well. Whole food purchased at the store and prepared at home will cost far less and go a lot further than any daily value meal at your local burger slinger.

On the other hand, paid and subscription diet plans like Weight Watchers International, Inc. WTW and Jenny Craig can have a pretty hefty price attached to those pounds you’re losing. The monthly cost of these plans average around $50 and can come with the added cost of shipping for meal subscription programs.

There are benefits and drawbacks to both routes depending on how committed you are to trimming your waistline, but financially speaking, shopping lean and watching what you eat is a surefire way to a slimmer belly and a tighter budget.

Adopting An Exercise Regimen

A corollary to the pledge of eating better is the vow to exercise more. While getting active doesn’t cost anything but time and sweat, some of the related fees, like equipment and gym memberships, can easily add up.

Below is a handy graphic from Consumer Credit that breaks down the value of those fitness investments.

One thing you may consider to curb some of the expense in getting healthy is to go second hand on your workout accouterments. Check online for used weights or bicycles to mitigate the sticker shock of getting active.

And, while you’re envisioning your more svelte self, you can also look forward to saving an average of $2,500 on future yearly medical costs.

Quitting Smoking

This is a no brainer when talking about saving money and cutting a bad habit. A pack-a-day smoker can expect to pay $55,000 over 30 years, and that doesn’t even take into account the cost of medical treatment for smoking-related diseases like emphysema and cancer.

If you still aren’t convinced, or your habit is a little less drastic than that, check out this infographic from Guard Your Health that elaborates how much cash you are losing to tobacco.

If you are committing to one new year’s resolution, for both your wallet and your health, this is the one to make. And if you don’t smoke, make one of your resolutions not to start.

Pledging To Travel

Not all resolutions are about getting healthier or dropping bad habits. Some people want to make the most of the year by seeing new places and experiencing the world.

But travel can be costly. According to Value Penguin, the average cost of a four night domestic trip is nearly $600, and a 12-day international vacation can set you back about $3,250.

Depending on whether you are more cost conscious or ambitious about your globetrotting, you could settle for weekend getaways to nearby hotspots or curiosities. Or you could peep around at the many, many, many online articles that can help you to save some money while you travel.

Personal Growth

Finally, and most generally, is the ambition to develop yourself, whether it be through reading more, picking up a hobby or spending more time with friends and family.

The money cost of these commitments can vary, but a nifty rule-of-thumb you should implement before investing too much cash into your overall betterment, or any new year's endeavor, is that your time investment should always outweigh your cash investment.

You cannot buy the satisfaction or sense of accomplishment that comes with committing time to practice a new skill.

If you need some help budgeting any of your newly adopted goals or if you have some financial resolutions you are looking to accomplish this year, do not hesitate to pay a visit to your financial advisor.