New year often means new dreams, new plans and, let’s face it, questionable spending habits. You can get caught up in the celebration fever and your bank account will suffer as a result. Here’s the thing: It’s not the fresh start anyone dreams of starting the year in financial stress. Not all of it is about being stingy, sometimes it’s about being smart with your money whilst still making memories that matter.
Traditions are great but not all of them are worth the financial hangover they cause. Many of the things we do out of habit at the end of New Year’s could use a second look, especially if you’re hoping to save more this year. You can take yourself into January a bit lighter in the wallet and a bit lighter in the guilt, by ditching a few expensive customs. If you’re trying to keep your budget down for the start of the year, here are some of the top traditions you may want to rethink.
Splurging on Expensive New Year’s Eve Parties
Think of the swanky New Year’s bash: at midnight there are flashing lights, a DJ and champagne flutes clinking. Sounds magical, right? Until your credit card bill arrives and the glitter loses its sparkle quickly. The drinks, outfits, and rideshares that go with those tickets can run into the hundreds. Why not host a cozy gathering at home, instead? Even a potluck could be a thing where people bring a dish. Your overpriced soirée can’t compare with memories you create in your own living room, and your wallet will be happy.
Gifting Expensive “New Year” Presents
There is even a trend where some people are giving “Happy New Year” gifts, and it ranges from fancy wine bottles to planners to luxury candles. This is thoughtful, but not a necessary tradition. After all, most folks are still recovering from the holiday gift exchange frenzy. A card or a simple hand written note will make a world of difference to let them know you care. Gift giving should be saved for birthdays or other important milestones.
Stocking Up on Party Favors
These tiny trinkets, party hats, confetti cannons and glow sticks do add up quickly, and before you know it you’re saying happy new year. Let’s be real: Most of them end up in the trash before sunrise. Why not just get rid of the clutter and stick with the good ones? Make it a resolution, hope for the new year or a playlist of everyone’s favorite songs – but write it down. The memories that are the best aren’t in plastic.
Overindulging in Gourmet Dining
Most New Year’s resolutions begin with ‘I’m going to be healthier this year!’ Yet, somehow, it starts with a five-course meal at a restaurant with prices that could fund a week’s worth of groceries. It’s nice to treat yourself, sure, but is it worth beginning the year by drawing yourself into debt? A simple recipe for a homemade dinner can be just as tasty. Plus, cooking together can be a fun activity—think of it as a team-building exercise with your family or friends.
Flying to Exotic Destinations
While kicking off January in a faraway land may sound tempting, holiday travel is notoriously expensive. New Year’s tends to be one of the worst times to travel, because airfare and hotel prices are sure to spike. Rather than spending the money, try delaying that dream trip until a different time of year when things aren’t so busy and prices are lower. Why not play tourist in your own city in the meantime? You may also learn about hidden gems and adventures close to home that don’t have sky high price tags.
Buying Overpriced Fireworks
Fireworks that are crowd-pleasing are a thing, but have you ever thought about what you’re actually paying for? A bit of oohs, ahhs, and a lingering smoky smell. However, those fancy pyrotechnics can run from $50 to $500, depending on how much you want to blow. Instead, take a step toward financial freedom by attending a community fireworks show. It’s free, just as dazzling, and a smarter way to save without wasting your hard-earned money on fleeting thrills. Remember, every dollar saved is a step closer to achieving your financial goals.
Paying for Gym Memberships You Won’t Use
January 1st rolls around and suddenly gyms are jam packed full of eager new members. However, statistics shows that 80% of those sign ups stop attending regularly by February. You don’t have to pay for membership if you aren’t going to stick to it. Instead, start small and get in the habit of jogging in the park, trying home workout apps, or joining a free fitness group. You don’t have to spend a fortune to achieve your fitness goals.
Hosting Lavish New Year’s Feasts
Endless dishes might make grand buffets feel more like a marathon. But here’s the kicker: A lot of food will go uneaten, or thrown away. The USDA estimates that food waste in the U.S. is about 30-40% of the food supply. Don’t spend money on fancy menus, instead be simple and get a few favorite dishes everyone likes. A smaller spread means less waste and more savings—win-win!
Buying New Year’s Outfits
You’ve probably done it, scrolling through online stores and trying to find that one sequined dress or sharp tuxedo to shine for just one night. But let’s be real: How many times have you ever worn it again? Instead of buying something new, go through your closet again or borrow from a friend. Luckily for us, fashion also has a tendency to come full circle, so why not allow your old favorites to be the ones to shine again. And you’ll still be the life of the party with no glittery price tag.
Indulging in Pricey Resolution Journals
Cracking open a fresh journal to write down your resolutions has always been a charming thing. However, some of these ‘goal setting’ books are quite expensive and promising to reveal the secret to success. Spoiler alert: it’s just paper. Use a digital app, or grab a notebook from the dollar store. Without the frills, your dreams and goals will be just as inspiring, and your savings will thank you for it.
Disclaimer: This list is solely the author’s opinion based on research and publicly available information.
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