What are your new years resolutions this year? I’ve been hearing a lot about the 52 week money saving challenge where you save an extra £1 the first week, then an extra £2 then £3 – continuing incrementally all year. This gradual approach seems like a good idea, helping you to save over £1300 in the year and there are lots of other useful tips and tricks you can use too if your aim is to save money during 2016.
If you have a specific goal in mind, this can really help motivate you in your saving. My saving goals are for a family holiday to Florida, so that we can take the boys to all of the parks there (Disney, Universal etc) and also to save up some money for home improvements. At the moment, we’ve saving towards a new kitchen and ultimately, I would really like a dormer loft conversion to give more space in our home. These things cost a lot though so sticking to our money saving resolutions will definitely be important!
Having a good savings account like those on offer from TSB is an effortless way to keep your savings in one place, and perhaps earn a little extra on them, without the risk of investing into the stock market or into any start up businesses.
The new year is a great time to run through your spending and see if there are any subscriptions you have that you no longer need, or if there are any little habits that are haemorrhaging money from your budget unnecessarily!
Moving down a level from premium products to standard brands, or standard brands to supermarkets own brands, can make a difference that really adds up when you consider the whole year. Of course some brands you may feel loyal to, and can’t give up – but there’s always bound to be a few things you can change. Since my kids get through a huge amount of cereal, I’ve started to buy the supermarket brands recently and they haven’t even noticed a difference.
Meal planning is also a big help, as it helps to avoid food waste, and can help cut down on impulsive take away nights too – this one ties in quite well with one of our other resolutions to eat healthier this year, and to be more organised.
Check out the New Year Money Resolutions guide from TSB for more handy tips on how to make the best of your intention to save this year.
Image: Sprout saving Shutterstock (modified)