Recently, Jess, a popular creator on TikTok, posted a video that quickly went viral, claiming that New Year’s resolutions focused on no-spending or low-spending for 2025 are likely to fail. In the widely viewed clip, Jess drew parallels between these financial commitments and dieting, arguing that both are primarily based on limiting oneself and have comparable results. “A year without spending?
Folks, that’s just like putting yourself on a diet for the New Year. I mean, we all know how those usually end up,” Jess asserted in the video.
She highlighted that individuals who choose no-spending resolutions often grapple with serious shopping urges and are attempting to swing from one extreme to another. Jess elaborated, “What you’re really doing is starting a financial diet rather than a food diet. Both approaches fixate on deprivation.” She went on to say that denying oneself will only result in repressed longings, similar to how diets can cause suppressed appetites.
Instead of committing to a “no-spend year,” Jess encouraged everyone to aim for a year dedicated to “repairing my financial relationship while enhancing my money knowledge.” She stressed that this strategy revolves around learning and personal growth, rather than deprivation. A study regarding financial resolutions has indicated that Americans are increasingly prioritizing short-term savings goals heading into 2025.
Evaluating new financial resolutions
In fact, 55% of Americans this year intend to save for immediate necessities, a noticeable increase from just under half in 2024. Common short-term objectives include reducing credit card debt and managing mortgage bills, while long-term aspirations aim at savings for retirement, education, and health care. Financial expert Stanek argues that the issue is not with the resolutions but rather with individuals’ mindsets towards them.
He suggests that resolutions should be precise, tangible, and achievable. Goals centered around no-spending or low-spending can appear overly vague, as some level of expenditure is inevitable, and unforeseen costs can appear. Instead, Stanek endorses the idea of pinpointing a specific spending category to reduce and establishing a measurable target.
Additionally, Stanek recommends collaborating with a financial accountability partner—like a trusted friend or relative—and scheduling consistent “money dates” to evaluate your progress. A budgeting application can act as both a means of accountability and provide an objective viewpoint on your spending patterns. Ultimately, he urges individuals to celebrate their achievements, as rewarding oneself at milestones can enhance motivation and maintain a commitment to financial objectives.
Even as no-spend resolutions gain popularity, financial advisors advocate for concentrating on financial understanding and cultivating a healthier association with money, which may produce more favorable outcomes. Defining specific, achievable objectives and enlisting the support of a financial accountability partner can contribute to making financial resolutions a sustainable success.
