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5 New Year’s resolutions that will save you money

Posted 03 January 2017

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Kill two birds with one stone and pick a New Year’s resolution that will save you money.

Now that Christmas Day has been and gone, it’s the perfect time to start thinking about what your New Year’s resolution is going to be.

If you’re stuck on what yours should be this year, we have five great ideas you can try. These resolutions won’t just make your 2017 more interesting, they’ll help you save the pennies too!

  1. Start a money-making hobby

 

Everyone needs a hobby. They can be very therapeutic and a great way to take your mind off the stresses of the working day. Why not try something new that could also end up making you money? You could:

 

  • bake and sell cakes,
  • learn to sew and do simple clothes alterations,
  • learn to play an instrument and play at events,
  • proofread,
  • blog, or
  • sign up to an extras agency.

 

  1. Change where you shop

 

Sick of your shopping costing you so much? Why not commit to getting out of your shopping comfort zone in the New Year? Your shopping might end up costing you less if you tried more bargain stores and Lidl and Aldi are always a good shout.

 

Sometimes, it’s also about changing how you shop as well as where you shop. Try shopping online more, hunting for bargains on sites like Ebay and seeing what you can find on Freecycle. If you want to find bargains at the main supermarkets, MySupermarket will tell you when a great deal becomes available and where you can get an particular item at the lowest price.

 

  1. Walk or cycle to work

Getting fit and healthy must be one of the most common resolutions out there. This one can be hard to stick to, but you’re far more likely to keep up the exercise routine if there’s a reason for you to be doing it in the first place.

One the best ways to incorporate exercise into your daily routine is to walk or cycle to work. You’ll have a solid reason to do the exercise and the potential is there to save lots of money on petrol or train tickets. 

 

 

  1. Ditch an expensive habit

 

As well as taking something up, like exercise and a hobby you can also choose to cut something out that costs you money unnecessarily. Maybe that takeaway once a week isn’t quite that important when you think about the money you could save, for example. 

 

Buying an expensive cup of coffee might be easily replaced by bringing your own to work, perhaps. Or, maybe you could commit to bringing your own lunches to work every day. You’ll save money and have more control of the food you eat.

 

Try making a list of the non-essential things that you spend money on, and see which ones you could cut out. The fun part is working out how much you’ll save over the year and what you’re going to do with the extra money.

 

  1. Create a budget… and stick to it

 

This may not sound like the most exciting New Year’s resolution, but trust us, if you want to save money in the New Year, it’s one of the most important things you can do.

 

Work out your incomings and outgoings and then how much you have left when you take the outgoings from the income. When you’ve done this you’ll know how much you have to spend on each area of your life, without going over budget and into the red.

 

Having a budget is all about knowing how much money you have to spend, and making sure you’re prioritising your most important payments.

 

So there you have it! Five New Year’s resolutions that will save you money in 2017. Whatever your goal for 2017, we hope the next year is a great one.

 

 

 

by Christine Walsh

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To find out more about managing your money and getting free debt advice, visit Money Advice Service, an independent service set up to help people manage their money.