How to save $30,000 in 2018

The New Year is the perfect time to ditch some bad habits plus save piles of cash – as much as $30,000, to boot.

And if you’re in doubt about how much you will save if you ditch the ciggies, ban the booze and pay off that dreaded credit card bill that’s been hanging over you, in 2018, then read on.

If you smoke a pack of cigarettes a day – you could save almost $13,000 annually, while ditching alcohol will mean an extra $5,000 in your pocket, Mozo.com.au has calculated. Meanwhile, ditching your daily latte habit will save you almost $1,000 and bringing your own lunch to work will save you a whopping $2,400.

Also read: The apps that will help you keep your New Year’s resolutions

New Year’s Resolution Savings

Resolution	Details	Potential saving
Quit smoking	Quit smoking a pack of cigarettes a day and save around $35.20 per day	$12,848
Pay off credit card debt	Transfer outstanding debt to a balance transfer account with at least a 12 months interest free period, and pay off a set amount each week to clear the debt by the end of 2016. (Based on average credit card debt of $4,200 per cardholder, weekly repayment of $80.70.)	$443
Ban boozy nights	For beer-lovers, giving up two nights out a week where you’d have 5 schooners	$4,160
	For wine drinkers, giving up two nights out a week where you’d have 5 glasses of sauv blanc	$3,640
No more morning latte	Forego the morning coffee on work days. Average cup of coffee $4	$960
Junk the junk food	Swap the morning muffin for a muesli bar brought from home.	$561
	Take leftovers for lunch instead of buying a $10 lunch	$2,400
	Give up the arvo chocolate bar run and have anapple instead.	$360
	Make a quick, healthy stir fry three nights a week instead of greasy takeout – and save even more when you eat the leftovers for lunch.	$3,120
Combine exercising with socialising	Go for a walk or swim with a friend for free instead of Sunday brunch, and ditch the expensive gym membership you bought last year and only used a few times before you realised you hate the gym.	$780
Total savings		$29,272

Source: Mozo.com.au.

“The biggest saving was on smoking – 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 hard. A pack-a-day smoker can burn through a whopping $12,000 each year,” says Mozo Director Kirsty Lamont.

Also read: Housing vs stocks – where to invest in 2018?

“Even if you have great eating habits and are vice free, there are other small extravagances that can add up to hundreds of dollars in potential savings. A daily coffee can cost you nearly $1,000 a year, and swapping out gym session for free exercise sessions such as a walk or swim with a friend can save you up to $800.”

If you are looking to pay off your credit card debt in 2018, compare 195 credit cards from 58 providers online using Mozo’s credit card comparison tool.