Be realistic with your New Year’s spending goals, expert says
Jan 2, 2025, 7:00 PM
Americans are hoping to reign in their spending this new year, according to a WalletHub survey. (Canva)
(Canva)
SALT LAKE CITY — Americans are hoping to save more and spend less in the new year, according to a new survey.
Over 50% of Americans said they were making finance-related New Year’s resolutions in a new WalletHub survey.
WalletHub analyst Chip Lupo said that the key to saving money is to be realistic about your goals.
He said having a “no buy” policy may not work.
“No buy’ is probably not realistic for most people. ‘Less buy’ is more achievable if you adopt practical strategies, of course, to spend less,” Lupo said.
Spending less money each year is more achievable than not spending any at all.
But Lupo said you have to put in some effort.
Either write down all your income and then all your expenses on paper or use an app. Simply saying you won’t buy anything doesn’t usually work, Lupo said, without knowing how much your expenses truly are.
Lupo also shared his number one tip on managing spending this new year — wait 24 hours.
“Follow this acronym: HALT. Do not make purchases if you are hungry, angry, lonely, tired.”
