New Year pledges can save a fortune

NEW Year resolutions can have a wonderful side effect on Australians’ bank account balances, research has found.

Whether quitting smoking and cutting back on booze to improve health, or exercising more, thousands of dollars are up for grabs for people wanting to start 2018 on the front foot.

Financial comparison website Mozo.com.au crunched the numbers on six common New Year resolutions and found that more than $25,000 could be saved this year by someone who did them all.

Mozo found lifestyle changes delivered the big savings, while financial strategist Theo Marinis said it was a good idea to focus on one or two changes at a time.

“If we try to make too many sacrifices we end up giving up,” he said. “Don’t make your life miserable.”

Mozo director Kirsty Lamont said stopping smoking delivered the big cash windfall.

“We all know this can be hard on your health, but with the cost of a packet of cigarettes continuing to rise, it can be hard on your hip pocket,” she said. “A pack-a-day smoker can burn through a whopping $12,000 each year.”

Beer drinkers who gave up two nights a week of five drinks each could save more than $4000 a year, while wine drinkers who gave up two nights of five glasses of sauvignon blanc could save $3640.

Taking leftovers for lunch instead of spending $10 each day saved $2400, and switching from a morning muffin to a muesli bar saved $561.