New Year, New Money Resolutions

Wednesday, January 2, 2019

5 Pound Note Main

While the start of a New Year is exciting for all, for many improving money management and getting finances straight for the months ahead is often top of the to do list. It may feel like a burdensome task, but by making a few simple changes to your spending, you will save more and have a bit more in the wallet to see you through. If you need a hand to help keep the costs down at the start of the year, here are some useful tricks to improve your budgeting.

1. Be careful in the sales
Last-minute impulse buys in the January sales are often the most expensive, so it pays to plan. Keep in mind a budget and stick to it!

2. Use your pennies up
Should you find yourself tempted by the sales, then try to use cash instead of contactless payments for everything – it’s far too easy to neglect how much things are adding up with the ease contactless cards bring.

If you challenge yourself to do this for smaller purchases, you may find you’re less likely to tap without thinking about the long-term!

3. Be a discount detective
Always shop around for the best deal! From online discount codes to price-comparison websites and seasonal sales, there are plenty of ways to track down the lowest price tag for any New Year purchases.

Even travel expenses can be better afforded with a little desktop research, often providers will give discounted rates if booked in advance – helpful given the 2.8% rail fare rise this January!

However, make sure you’re mindful of any pitfalls and research the deals you’re getting to see if they’re worth spending your money on in the first place.

4. Change one thing
Too often people are put off or anxious by the idea of saving money each month. One way to instil a healthy saving habit can be done by simply changing one thing you do each day to save money.

If you regularly buy lunch or a coffee each morning, try swapping this for food prep and/or limiting costly treats each month – the few pounds you save will add up and can help to start that savings plan.

5. Swap shop or recycle
Hands up, who has unwanted gifts from Christmas left over? Why not organise a get-together with friends to exchange these instead of spending extra money you might not have at the start of the New Year?

Or, recycle them! The unwrapped gift box of smellies from your great-aunt might not be your thing but could be the perfect gift for a friend or colleague – if they aren’t seeing your aunt next year!

6. Start saving for the future
Money is often a popular gift at Christmas time, particularly for children, and taking advantage of saving vehicles like the Junior ISA will ensure it is saved instead of spent on more Lego!

Setting a savings account up early for children may mean a larger amount of money can be saved for their future - whether that’s for a car, holiday or even university – so what are you waiting for!

7. Make the most of your memberships and what they offer!
Be it using that gym membership to take advantage of free swimming, or finally stepping on the scales at a weight loss club, if you are paying out for a membership make the most of it or cut the ties.

Foresters members are entitled to free, automatic access to our Foresters Extras benefits that include assistance with covering the costs of trips to the dentist and optician, as well as providing financial assistance to help cover the costs of higher education. All for free!

So, if you encounter an expense of this kind, don’t forget to contact us to see if we can help reimburse you.


This blog is intended to provide information, not financial advice, to help you make an informed decision about savings and investments. We do not offer financial advice. You should contact a financial adviser, who may charge a fee, if you want financial advice. Your child may not get back what is paid into a Junior ISA dependent on the investment conditions at maturity. Membership benefits are discretionary and are not regulated by the Financial Conduct Authority and the Prudential Regulation Authority and are regularly reviewed by us to ensure they are relevant to our members.