Every December 31 without fail, my mum would ask me for my New Year’s resolutions. Because I was completely against setting myself up to fail, it drove me insane.
We both knew there was not a cat in hell’s chance that I’d develop a five-day-a-week gym habit, stop eating chips or give up the bubbles — so why bother?
But since Mum died, I’ve found I rather miss the tradition.
Financial Fitness: As the cost of living increases and taxes go up, household budgets will be under more pressure next year.
To her honour, I decided that I would write a 2022-related list. It seems natural that they should be finance-related, as Money Mail Editor.
This article explains how household budgets can be put under more stress next year, as rising costs of living and taxes bite.
You can make yourself stronger now to help you later.
So, if you are in need of some inspiration, here are my ten bank-balance-boosting resolutions for 2022…
1.Make sure you use your credit card less. Although it might seem counterintuitive, I have the Tesco Clubcard credit cards which I earn points for every use.
In order to maximize my rewards, I would use my card for every purchase and then repay the entire balance monthly. It’s also time I checked to see if I can get a better credit card.
2.Get Christmas cards today. In December, you can get rolls of wrapping paper and packs of cards for only tenth the price. It was something that I had done a while back, and it left me feeling extremely satisfied. I’ll be doing it again.
3. Overpay my mortgage. MORTGAGE OPTIONS – Despite rising interest rates, they are still very affordable.
Most lenders allow you to overpay up to 10 per cent of your loan each year — as a one-off lump sum or through regular monthly contributions, or using a combination of the two.
You don’t have to go for the full 10 per cent if you can’t afford it — even just £100 here and there will put you in a much better position for when rates are higher.
4. Wait before I buy. If I want to treat myself to anything, I will be giving myself a two-week cooling-off period to make sure I really want it — though I fear this could put my favourite store, Oliver Bonas, out of business.
When I purchase new clothing, I will donate or sell the items I don’t wear. I also have a few beautiful bridesmaid dress in my closet, which I plan to list on eBay.
5. Cancel a TV subscription. I do not need Netflix, Amazon Prime, Now TV and Disney+ — two have to go. It will be an excellent opportunity to look for other subscriptions that I don’t use often.
6. Open a joint bank account. Although my husband and me will have our separate accounts, it is very helpful to have one joint account for expenses and bills.
If I’m lucky, I might also be able to take advantage of some free money banks offer for switching.
7. Set up power of attorney. This is something that I have been meaning to do since September when we got married.
A power of attorney allows someone close to you to take over your financial affairs if you are unable. It won’t save you money, and there is a fee to set it up, but it could prevent a serious financial headache in the future.
8.Get rid of bottled water. Although I own reusable water bottles, I never remember to bring one with me. This leads to endless waste of money on plastic containers that are not sustainable. So while it may seem obvious, it’s going on the list.
9.Spend nothing for one week. With the exception of household bills, food, and transport costs, I am going to challenge myself to spend zero in January. If all goes according to plan, it might be possible for me to do this every month.
10. Ban unachievable lists. I regularly create unrealistic lists of things to do that cause stress. It was also my first effort to kick that bad habit. I’ll report back next year how I get on with all of these.
Meanwhile, if you have any suggestions for the list, I’d love to hear from you. Send me an email at the address below.
From the Money Mail team to you, I want to wish you all a Happy New Year.
v.bischoff@dailymail.co.uk