26th January 2023
To celebrate the new year, we've put together some New Year's Resolutions that could help you save money.
Happy New Year! If you're like many people, one of your resolutions for the new year is to save more money. Great idea! Here are a few tips to help you reach your goal:
The first step to saving money is to understand where your money is going. Make a budget that lists all of your income and expenses. This will help you see where you can cut back on spending and redirect that money into savings.
Rather than just resolving to "save more," set specific goals for yourself. For example, "I want to save £300 a month for the next six months," or "I want to create a budget and stick to it this year."
Don't wait until you have extra money left over at the end of the month to save. Make saving a priority by putting it at the top of your budget. This will help you build your savings more quickly. It's also worth bearing in mind that rates for savings accounts often change, so it's worth checking rates and accounts regularly to make sure your money is working hard for you. If you're interested, take a look at our savings accounts here.
Take a look at your spending habits and see if there are any areas where you can save. Are you paying for subscriptions you don't use? Eating out too often? Paying more than you need to for bills and services? Look for opportunities to cut back on unnecessary expenses.
Set up automatic transfers from your current account to your savings account so that you don't have to remember to do it manually. This way, you can easily save a portion of your income each month without having to think about it.
In addition to cutting expenses, consider ways to increase your income. This could mean taking on extra hours at work, finding a higher-paying job, or starting a side hustle.
There are many apps and tools that can help you track your spending and save money. Some popular options include Emma and Money Dashboard. These tools can help you set and track your financial goals, and provide tips and resources for saving money.
Saving money can be tough, but with a little discipline and the right strategies, you can reach your financial goals. By following these tips, you can start the new year off on the right foot and build a stronger financial future. Good luck, and happy saving!