I just read an article in The New York Times called “New Year, New You? Nice Try”, and it has inspired me on this New Year’s Day to start the year with a post about combining New Year’s resolutions and frugality.  Although, as you’ll see, the resolutions themselves don’t need to have anything to do with saving money.

For instance, about 3 months ago I realized I had to get back to exercising.   I have an elliptical machine I bought used from a friend for $60 five years ago sitting right behind me in my office.  The thing was that I needed to use it….frequently.  While having it in my office where I could see it every day was causing me to feel quite guilty, it was sorely lacking in getting me motivated.

So I thought “why not tie my love of saving money to improving my motivation?” 

I then went to my significant other and made a deal:  I was going to exercise 5 times a week every week, and for each day I didn’t, I would pay him $10.  Of course he said yes—he doesn’t have to do anything and he could earn $10 a day.

And that’s where the motivation for me came in—it would be so annoying to have to give away a hard-earned and hard-saved $10, even to someone I love, just because I decided to be lazy.  In offering this deal to my significant other, I created a situation where there was immediate pain for me, in having to fork over money, if I decided to be a sloth. 

It’s worked beautifully.  My significant other over the past 3 months has only made $30 from my laziness, and I am now in the habit of exercising 5 days a week. 

Well, I guess I should go—it’s almost 5 p.m. and I have to exercise before dinner.  I’d hate to start off the New Year $10 in the hole.