Education

The Best New Year’s Resolutions for Saving Money

posted by Chris Valentine

We all like to set ourselves goals and targets for the new year, but as time goes on, many of us fail to stick to them. They may be completely unrealistic or not important enough to keep up with.

Is your resolution to have a celery juice cleanse every day? You’re probably going to get bored of it after a month or two. This is why it’s important to set achievable resolutions that will have a real impact on your life.

And what’s more important than managing money? Here are our top three new year’s resolutions that will help you keep track of your finances in 2019.

  1. Take Control of Debts

This year take control of your finances by reducing your debts. There are lots of ways to effectively consolidate debt depending on the amount and type of debt you have. If you have large amounts, break them all down into small individual goals on a to-do list. This will allow you to tackle them one step at a time, making it much more achievable. If you have a credit card, start here as it is likely to rack up large interest rates.

  1. Set a Budget

If you find it difficult to manage money, set yourself a realistic monthly budget. This doesn’t need to be a complicated or time-consuming task; simply write down your income and take off your definite monthly outgoings. This will give you the amount of disposable income you have left to spend each month.

The trick here is to stop yourself spending all the leftover cash. If you find it hard to stick to financial budgets, withdraw the full amount for the month and pop it in your purse or wallet. When you can physically see the amount you have, you can watch it reduce over the course of the month and you will be much more aware of the amount you are spending.

  1. Save, Save, Save

Save as much money as you possibly can. The best way to do this is to reduce any frivolous spending on things you don’t really need, such as new clothes. You can also save money by cutting costs on your essentials by utilising store discounts, vouchers or buying things that are on offer, rather than full priced items. This simple technique may not seem like it saves a huge amount of cash in the moment, but it really does have long term benefits.

By saving even just £10 a week on food shopping, cleaning products or other essentials, you will save over £500 over the year. That’s enough for a holiday!

You may also like

Leave a Comment