Ditching resolutions can prove expensive

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As the end of January approaches, many people will already have ditched their New Year’s resolutions.

More than a quarter are unable to stick to their goals for a full month – and this lack of will power comes with a price.

New research has revealed that consumers in Yorkshire and the Humber are splashing cash on aids such as gym memberships, personal trainers and educational courses new goals.

The study by TopCashback.co.uk found that the majority (81 per cent) of people in Yorkshire and the Humber have made a resolution for 2017.

Yet despite their best intentions, 94 per cent admitted they had failed in their New Year endeavours in previous years. More than a quarter (26 per cent) give up by the end of January, 14 per cent usually throw in the towel by February and 17 per cent have admitted defeat by March.

By that point, many people have already committed to spending - on average, £73 each month.

From gym memberships and personal trainers to language courses, consumers are signing up to services to help them succeed in their resolutions only to find they are stuck with the cost when they give up months later.

The majority (61 per cent) of people make a New Year resolution because they want to change something, 39 per cent use the tradition as motivation and 33 per cent simply want to break a bad habit.

And despite quitting early, three-quarters of people in Yorkshire and the Humber think the money they spend on their New Year resolutions is worth it.

Natasha Rachel Smith, consumers affairs editor for TopCashback.co.uk, said: “New Year resolutions can be great for motivation when people are looking to make a change. But it is also important to keep an eye on finances and not let costs get away from you to ensure looking after the pennies doesn’t become a resolution for the next year.

“Consumers should think carefully about the goals they have set and whether they really need to spend money to achieve them. For example if one is looking to increase their fitness levels they could try running or buying some weights for the home before committing to a gym membership.

“That way, if one does give-up early into the year, they don’t have to battle with redundant monthly costs. Looking for discounts, voucher codes and cashback deals for things such as diet plans, travelling and credit reports can also help with keeping the cost of New Year resolutions down.”

WHAT DID PEOPLE RESOLVE TO DO?

The top ten resolutions for 2017:

To lose weight/eat healthier (21.4 per cent).

Life/self improvements (12.3 per cent).

Make better financial decisions (8.5 per cent).

Quit smoking (7.1 per cent).

Do more exciting things (6.3 per cent).

Spend more time with friends/family (6.2 per cent).

Work out more often (5.5).

Learn something new (5.3).

Do more good deeds for others (5.2).

Find love (4.3).

Ian Beaumont of KPMG

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