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Turn your New Year’s resolution of saving money into a reality

Is your New Year's resolution to start saving? We've put together some easy to action and achievable tips in order to make your resolution a reality in 2020.

10 January, 2020

Is your New Year's resolution to start saving? We've put together some easy to action and achievable tips in order to make your resolution a reality in 2020.

At Progressive, we know how challenging January can be – you’ve overindulged financially over Christmas and the time between December and January paydays for many people is longer than any other. The most common New Year’s resolutions are around loosing weight and saving money, but the latter can seem very difficult after your festive activities. We’ve outlined some tips and ideas on how to reduce your spending over January, and make sure you can keep up that New Year’s resolution all year long.

1. Cut down on takeaways and eating out

This is especially beneficial if you’ve also made the other most common New Year’s resolution of losing weight. Through stopping takeaways alone, you could save over £1,000 per year, and with ‘fakeaway’ recipes becoming more and more popular, by cooking these at home you hopefully won’t feel like you’re missing out on your favourite Chinese.

2. Do some financial admin

January is a time when many people want to make a fresh start and do some ‘life admin’, and this applies to finances too. Check your direct debits and subscription payments and consider what you actually need to pay for, and if there’s anything you don’t use. While there may be cancellation or notice fees for certain things like gym memberships, it will still save you money.

3. Try to quit expensive habits

If you’re a smoker, clothes addict, home-ware enthusiast or chocoholic, all these habits can cost you a lot of money over the course of a year. Think about taking the ‘new year, new me’ approach and give up your vice in January.  You may be surprised at just how much you save, and straightaway you’ve got some money to put in your new savings account!

4. Set a budget

Work out a reasonable amount of money to spend every day, week or month on your essentials such as housing, bills, food and so on, and make sure you stick to it as much as possible. Do remember to leave some surplus for emergencies, or even in case you want to socialise at the weekend, because it will be harder to stick to your saving habit if you restrict your budget so much that you can’t enjoy yourself anymore!

5. Sell belongings you no longer need or want

Did you get a new phone for Christmas? Or maybe you have some clothes that you haven’t worn in two years? Rather than leaving them to gather dust, or just throwing them in the bin, why not sell them? Selling or marketplace websites will allow you to sell your items relatively hassle-free, so could be an easy way to make some extra cash for your savings account!

6. Save up for new purchases

The January sales can have some great discounts, but this isn’t the only time of year when sales are on. If you feel like money is tight this month, don’t buy items you don’t need just because there’s 50% off – even at that price, you’re spending more money than you would if you didn’t make the purchase! Save up for a few months until you feel more comfortable and financially secure spending the money – it will be worth the wait!

7. Plan ahead

If you want to keep your New Year’s resolution going all year, you need to think beyond the first couple of months! You might have a holiday coming up in the summer, or a big birthday in October that you need to save for, so don’t leave it until the last minute. If you start saving sooner, you’ll have more money gathered by the time of your event, or if you have a set amount you need to save, the sooner you save, the less you’ll need to put aside each month.

8. Open a savings account

It's much easier to save if you can keep the money in a separate account. Progressive offer a range of savings accounts to suit a variety of needs, so make sure to visit your local branch this January.

Speak to our team today

We’d love to talk you through the mortgage process and help you find a suitable product. For more information or to apply for an account, you can call us, email us, pop into one of our 11 branches. We look forward to hearing from you.

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