How much people spend to keep their New Year’s resolutions

Personal Finance

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.

“Usually resolutions require you to not do something: not spend money, not eat, not indulge yourself,” she said. “That’s counter to what people think of as a solution.

“We naturally gravitate toward doing things,” Yarrow added.

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