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New Year Resolutions

I think the concept of new year resolutions was brought about by the habit of looking backward on December 31st. If the review leads to the conclusion that we could have done better resolutions are born and the coming year will be better because "I will make it so by doing all these things”.

In financial terms the usual resolution for those who don’t look back on the past year with much joy is to “make more, spend less, therefore save more”. That all seems rather too vague.

When Charles Dickens advised “Annual income twenty pounds, annual expenditure nineteen nineteen and six, result happiness. Annual income twenty pounds, annual expenditure twenty pounds ought and six, result misery”, he was at least pointing us in the right direction.

Noel Whittaker advises a regular savings routine (big tick) of 10% of income. I think that is a wonderful concept but when I had an income of £20 a week my children made damm sure that there was nothing left for saving.