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It’s a brand new year, which usually means one thing – time to overanalyse our lives and vow to fix our weak spots, before losing momentum and falling back into old habits.
Sound familiar?
There is one area, however, where a little effort can bring huge rewards. It’s not the sexiest of subjects, which is why many of us find it so easy to ignore, but if you can give your finances some simple New-Year tweaks, you’ll save money instantly and feel the benefits for the entire year ahead.
SAVE MONEY INSTANTLY
1: IF YOU DON’T USE IT, LOSE IT: It might seem obvious, but it’s surprisingly easy to overlook small payments going out. I’m a huge fan of regular subscriptions that give you discounts and keep you conveniently stocked on personal and household items, but the trick is to reassess them regularly – there’s not much point saving money if you end up buying more than you need. Cancel any you don’t currently need and don’t be fooled into thinking a few pounds here and there doesn’t make a difference – add them up and you’ll be surprised how quickly £5 turns into £50.
2: MAKE A POINT: I used to be dubious of loyalty schemes, which seemed a lot of effort for little reward, but I’m happy to stand corrected. Remember to use your points cards and you’ll be pleasantly surprised at just how quickly they add up. After joining Top Cashback all I had to do was click a button when I shopped with an eligible retailer and I managed to accrue nearly £200. You can transfer the money out in cash, but if you choose to convert them into gift cards you’ll get a bonus percentage on top – perfect for an indulgent splurge.
3: SWITCH IT UP: No one looks forward to automated telephone services, but if you can grit your teeth long enough to reach an actual human, you can save yourself hundreds of pounds by renegotiating your service contracts. Without intervention, your phone, internet, satellite and streaming contracts will continue to edge upwards. By reviewing your costs with customer services they can switch you to a better deal, or point out other savings you can make.
4: TIGHTEN THE PURSE STRINGS: Challenge yourself to #NoSpendJanuary. An antidote to festive overspending, this is a pledge to cut out all non-essential purchases for the entire month. Like Dry January, but for your wallet. Daunting? Yes. You could even say a bit boring, but imagine how smug you’re going to feel in February when you have all this extra moolah. Use it to pay off residual Xmas debts, or slide it into an ISA and watch it grow even more.
5: DISCUSS YOUR DEBTS: Don’t be afraid to ask the experts for help. Finance blogs and money saving websites, are a treasure trove of ideas and inspiration, offering advice on everything from how to improve your credit score, to the pros and cons of consolidating your debts. Do your research, then you can decide what makes sense for you and your circumstances.
With these simple tips you can start the new year on a great financial footing and save money instantly.
