Making — and keeping — New Year’s resolutions doesn’t come cheap. Here’s how to make the most of goal-related spending, without getting you in debt.
How much are you willing to shell out in the hopes of making your New Year’s resolution stick?
New survey data from software maker Quicken found that 56 percent of people who make New Year’s resolutions spend money to stay on track – often hundreds or even thousands of dollars. (See chart below.) The company polled 1,036 adults in late December.
The potential payoff: Consumers in the poll who had invested in their resolutions were 25 percent more likely to have stuck with them for a year or more, said Aimee Young, chief marketing officer for Quicken.
The tie-in isn’t too surprising for some resolutions. Exercising more, for example, easily goes hand in hand with outlays for gym memberships, classes and fitness gear.
But Quicken also found that spending is common among people making financial resolutions such as paying down debt or saving money. Among those making financial resolutions, 51 percent said their resolution spending runs $500 or more.
(Presumably, that cohort might include people paying for budgeting software or a financial planning consult, as well as those making moves like buying a better coffee machine in a bid to eliminate their daily trip to Starbucks.)
From a psychology standpoint, it makes sense that consumers think shopping will help them stick to a New Year’s resolution, said consumer psychologist Kit Yarrow.
