New Year's Money Resolutions

Written by Ruyi Wang

A new year approaching often comes with a burst of motivation: new planners, new habits, new promises to ourselves about how we will do things differently this year. It’s great that you‘re thinking about working on your finances, but before diving into ideas, here’s a quick reminder: you don’t have to make your resolutions start only in January, nor should you be too hard on yourself if life gets busy and you lose track of them for a while. Your resolutions aren’t rules; they are reflections of the kind of person you want to become. You can start (or restart) them at any time.

Try a monthly challenge

If a year-long resolution feels daunting, try something new each month instead. Short-term challenges like Dry January or Veganuary are great ways to test your willpower, reset your routine, and often save money in the process. You could also set your own monthly goals, maybe a No Takeaway February or a Packed Lunch March. It’s less about perfection and more about experimenting to see what sticks.

Track and reflect on your spending

Whether you prefer an app, a spreadsheet, or a notebook, tracking your spending helps you understand where your money really goes. At the end of each month, look back at your spending by category, e.g. food, social, clothes, subscriptions, etc.

Once you see patterns, you can set small challenges for yourself. Maybe it’s cutting down on impulse coffee runs, or aiming to spend a set amount less than the month before. The goal isn’t to spend nothing, but to spend intentionally. Reflecting regularly also helps you see your progress, which can be more motivating than following a strict budget.

Revisit what you already own

One simple but powerful money habit is to take stock of what you already have, especially clothing. Try tallying up everything in your wardrobe (you might be surprised by how much there is). Doing this helps counter the familiar “I have nothing to wear” feeling, and it can also discourage unnecessary purchases. You might rediscover old favourites or realise you already have what you need for most occasions. This approach also encourages you to value what you have, and to think twice before buying something that might just end up collecting dust.

Customise, don't consume

Before buying something new, ask yourself: Can I make this from what I already have? You don’t need to be a DIY expert to get creative. Repurpose old clothes, upcycle jars or containers for storage, or decorate your space with handmade touches. Customising what you already have can be just as satisfying as buying something new, and it’s kinder on both your wallet and the planet.

New Year’s money resolutions don’t need to be dramatic or perfectly executed. The best ones fit your lifestyle and help you become a little more mindful about money, habits, and what really adds value to your day-to-day life. Best of luck for your 2026.

For further money-related support, contact Student Funding Support by email (studentfunding@warwick.ac.uk), phone (024 7615 0096), or come to the Wellbeing Reception in Senate House (10 am-3 pm Monday-Friday).