Establishing a personal emergency money fund requires making sacrifices within your current lifestyle. Nearing the New Year can actually help you with cost cutting. Many people make New Year’s resolutions that, if carried through long-term, can be financially beneficial.

Some of the most common resolutions include quitting smoking, drinking less, exercising, dieting, paying off debt, and saving money. Resolutions are about being a better you, and all of these resolutions benefit an individual but many people don’t realize the financial benefits of a New Year’s resolution.


A smoking habit comes with a huge cost as well as regular drinking. Not only will quitting smoking improve your help but it will be a huge money saver. With smoking just a pack a day, you are spending approximately $2,000 to $3,000 a year! You also have to consider insurance premiums as a smoker. Smokers could end up paying 25% more on health insurance and 50% more on life insurance.

Frequent drinking can also drain your wallet. Going out for drinks can cost you anywhere from $10 to $100+. You also have to account for other expenses as a result of drinking such as taxi or transportation costs.


Many of your healthcare expenses are a result of lifestyle choices. Medical research has shown that diet and exercise reduce the risk of diabetes, high blood pressure, high cholesterol and heart disease. According to the National Association of Health, people who eat healthy and work out for at least 60 minutes a week see a 70% decrease in prescription costs and a 30% decrease in medical costs.

Yes, dieting and exercising can come with a cost such as more expensive products at the grocery store or a monthly gym membership. However, there are many insurance providers who offer discounts or reimbursements on gym memberships. Overall, the associated costs do not compare to the cost of health issues and complications.


Carrying debt – as many Americans know – is a huge expense because you are paying for interest. Depending on how much you owe, you could end up spending years paying it off and wasting thousands of dollars on interest expenses alone.

Creating an emergency money fund is crucial for reasons such as debt. Having emergency money will prevent you from carrying debt. It is difficult to manage without a savings account, especially with unpredictable economic conditions. Emergency money is a great asset to have because when you find yourself in a bind, you become vulnerable and desperate, leading to outrageous interest rates.


These cost cutting New Year’s resolutions are great way to start the New Year strong. However, you will only notice a big pay off if you commit to your resolution. Although these resolutions can be big money savers, sometimes that just is not enough for everybody. If you are in need of cash now, do not fret! CashMax Ohio is here to help. We offer payday loans, cash advances, and auto title loans. Contact us today to get started!

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