Five New Year's resolutions you shouldn't make

Think about the cost of your New Year's resolution before you commit to it!

It’s the time of year to look forward and hope that this year we’ll grow into a better person, physically, mentally, financially and socially. This often leads to disappointment when the carefully-prepared resolutions fail.

Even though some resolutions sound worthy, it’s also prudent to think about their consequences. It’s all well and good to strengthen one area of your life but if it comes at a cost - particularly a financial one – in another area of your life, is it really worth pursuing?

Today we take a look at five typical resolutions, and how to lessen their financial impact. Remember to budget for any resolutions before spending too much.

I resolve to…get out more

We don’t advocate living like a hermit and never leaving the house. In the budgets we prepare for those in debt we still put a little aside for entertainment. Socialising, especially as part of a group, is proven to be good for mental health.

However if you’re planning to make 2012 the year you criss-cross the country to visit friends and family remember to factor in all the costs before you set out, especially with constantly rising fuel and food prices.

I resolve to…take up a hobby

Hobbies can be cheap or they can be expensive. It’s great to use local facilities and read a library book each week, swim in the council pool or learn more about the local area.

However if you want to learn to skydive, bungee jump or sail the ocean waves (or any other expensive pursuit) consider how much it’s going to impact on your wallet before signing up.

Can you afford it? What extra costs or equipment will you have to stump up for? Will you need to travel far to take part?

It might make you feel fantastic to be soaring high above the clouds or cutting through the waves, but will you feel financially sick when you’re back on terra firma?

I resolve to…go to the gym

Why go to a gym and pay a premium, when you can go for a run for free? The weather might not be as good at this time of year but by doing this you can save pounds while shedding them.

Brits waste £37m a year (or around £300 per person) in unused gym memberships and exercise and slimming classes. Think about that £300 and what else it could be used for (£100 on top-quality running gear and £200 to pay down the credit card for example), and plan accordingly.

I resolve to…join a weight loss club

There are ways and means of losing weight, and while a club can help provide the willpower (especially when the cake is calling) they can drain your purse.

Are there council-run services that you can use? Can you join an online club, or buy a game to use on the kids’ video games machine? Can you buy a couple of “get fit, lose weight and feel good” DVDs from a charity shop and use those to help you instead?

Eating healthily is an incredibly good way of building “a better you”, but can you build up your willpower without having to spend on the privilege?

I resolve to…reduce my debt

No, we haven’t gone mad - of course you should reduce your debt. But the important thing is to find the best way to reduce the amount you owe, rather than employing the old proverb “any port in a storm”.

If you’ve got a debt problem, or are worried about your finances, you shouldn’t sign up for a debt consolidation loan or with a debt management company (and definitely not with a payday loan provider). We always advise against them, as they cost more in interest and charges.

If you’ve resolved to sort out your financial situation come to us or another charity for debt advice. We don’t charge for our services and we’ll provide you with an achievable and sensible repayment plan. Why pay for something that might not be as good and at a higher cost?

Start by using our online counselling service CCCS Debt Remedy.

Setting and sticking to a New Year’s resolution can be incredibly positive for your physical and mental wellbeing, and we recommend them wholeheartedly (see our debt resolutions).

Just think about the consequences of what you want to do in 2012. We don’t want to hear from you next year because of a misguided resolution this year.

Perhaps the best resolution to keep in 2012 is this one: “I resolve to…be more financially prudent”.

More: New Year goals that don’t cost a penny | Banish your Christmas debts