5 New Year’s resolutions to help you grow your savings
Published 10 January 2019
Want to save money in 2019 but not sure where to start? Our money-saving New Year’s Resolution ideas are for you.
We all know how most New Year’s resolutions end up.
If you’re looking to save money this year, the key to reaching your goal is making small changes to get into the saving habit. And to save you time and stress, we’ve put together some money-saving New Year’s resolution ideas to get you started.
1. Shop smarter
Unless you eat caviar every day, you don’t have to cut your favourite foods from the supermarket shop to save money. Instead, shop smarter with these three tips:
• Swap branded products for own brand alternatives
• Check the reduced section – most shops sell products with a short shelf life at bargain prices
• Make a list – you’re less likely to get distracted by impulse buys if you know in advance what you’re shopping for
Keep an eye out for special offers as well – every week, Aldi cuts the price of 6 different fruit and veg to as little as 49p in their ‘super 6’ offer.
2. Plan and prepare meals in advance
You come home after a long day, you don’t have the energy to cook, you order takeaway.
We’ve all been there before. But a New Year’s resolution to prepare meals in advance can solve that problem.
Plan what you’ll eat for an entire week, buy the ingredients you need, cook everything in one go, and store meals in the fridge or freezer.
Not only will advance meal prep remove the temptation to buy lunch or dinner out, it’ll save you money at the supermarket too.
3. Cut back on smoking and drinking
We’re not going to tell you to give up smoking or drinking for your New Year’s resolution, but cigarettes and alcoholic drinks don’t come cheap. After the 2018 Budget, the average cost of a pack of cigarettes rose above £10 for the first time.
Cutting down, even by a small amount, will help you towards your savings goals. Each time you decide not to buy a pack of cigarettes or a drink, put the money you’ve saved in a jar so you can see your savings grow.
And for smokers, the NHS Smokefree app helps you track how much you’re saving.
4. Cancel subscriptions you don’t use
If you’re looking to save money this year, start by having a thorough clear out of your subscriptions.
Services such Netflix, Amazon Prime, Spotify, dating websites and recipe boxes tempt you in with a free trial, and after that you’re either happy to pay or you forget to cancel.
So if you no longer use the service, or don’t remember signing up – get rid!
5. Learn how to budget money
Budgeting is all about planning your personal finance: separating money into what you need for bills, and what you have available to spend. Once all your expenses are budgeted for, you’ll have a clearer idea of how you can save money.
Here are some of our top ways to budget well and save money:
• Withdraw a set amount of cash each week to spend and leave your card at home
• Keep money for bills and spending money in separate accounts
• Set aside a fixed amount each month for savings and move this money to a different account
How thinkmoney can help
Most New Year’s resolutions don’t last long, but we can help you stick to your money-saving goals.
With a thinkmoney Current Account, we take care of budgeting for you. Your money is split into two ‘pots’ – one for bills and one for spending money – so the important stuff is covered and you know exactly how much you can spend.
Open an account today to get your New Year’s resolution off to a great start!