You might be feeling festive right now but the new year will be here soon enough. Before we enter 2020, it’s time to start making some resolutions. This time around, why not make some commitments that will save you cash too. Here’s eight you should consider.
1. Make a monthly budget
This first resolution is quite dull… but it’s something we should all be doing. Making a budget on a monthly basis will help you track how much you’re spending and save money. It’s that simple. Luckily, there are some tools you can use along the way:
- Money Advice Service – online budget planner
- Spreadsheet123 – budgeting spreadsheet template
- Monzo – bank account/card with automatic budgeting built-in
- Curve – bank card that lets you spend on numerous cards but whilst only having 1 physical card, with budgeting built-in
2. Start a spending diary
Not quite sure where all your hard-earned money goes? It’s time to find out. Those cheeky after-work drinks and lunchtime coffees add up. If you’re struggling to stay on top of your finances, one of the smartest things you can do is make a spending diary. You might want to buy a plain diary and start writing down your daily spending habits. Each time you head to the shops (or the bar!), write down how much you’re spending and what you bought.
While this resolution may seem OTT, it will do wonders for your bank account. It works two-fold. First of all, it helps you to see where you’re spending money and how much each of these things is costing you. However, it also means that you stop and think before you spend any cash. Giving yourself a moment to consider whether you really want and need something may mean that you spend less in the long run.
Also, consider:
- Monzo – bank account/card with automatic budgeting built-in
- Curve – bank card that lets you spend on numerous cards but whilst only having 1 physical card, with budgeting built in
3. Sign up to cashback websites
If you shop online and you’re not using cashback websites, you’re seriously missing a trick. These websites literally give you free money when you buy through their selected retailers. What’s more, they cost you absolutely nothing to join. It’s a win-win situation. Start the new year right by signing up to a couple… and don’t forget to use them.
Topcashback is the most well known and most popular one in the UK. When you’ve signed up to these sites, you can start using them right away. Remember, you need to go through the websites when you’re buying various things online. You will also get regular emails about the latest deals and discounts.
Also, sign up to Curve as you can get 1% cashback at up to 6 locations every time you use your card, we picked Amazon, Apple, Asda, JustEat, John Lewis and Spotify!
4. Always ask the golden questions
Before you buy something, there’s two core questions you should ask yourself. First of all, do you need this item or service? And, secondly, can you actually afford it right now? If the answer to those two questions is yes, go ahead and pay. If the answer is either one is no, on the other hand, you might want to reconsider this purchase. It’s a simple formula but it could make all the difference when it comes to curbing your spontaneous spending.
5. Commit to no spending days
When was the last time you spent nothing in a day? If you don’t keep track of your spending, you might have no idea. One of the best ways to make some serious savings when 2020 comes around is to commit to no spending days. It might sound easy but often enough, we spend money without even realising it.
Committing to no spending days means that you take a break from always draining your bank account. You could decide to have one of these days every two weeks (or even every week if you’re feeling ambitious). Write it down in your calendar and give it a go.
6. Never pay full price when eating out
Eating out can be a real pleasure. However, paying full price for the experience can be a real pain. One of the best new year’s resolutions you can make as of 2020 is to quit this habit. Instead, look for ways in which you can save money when eating out.
Thankfully, there are plenty of options here. If you are on the O2 phone network, you can and should be using Priority Moments. Check the app regularly as there are often meal deals on there. Moreover, if you happened to have bought any type of insurance via Compare the Market, you can use Meerkat Meals, which gives you access to 2-4-1 on starters, mains and desserts at selected restaurants around the UK.
Of course, you can also buy meal vouchers through Groupon, LivingSocial, Wowcher and more. Take your time to look at the deals that are out there right now!
7. Always book travel ahead of time
Booking travel last minute? You might as well be burning your money! One of the smartest resolutions you can make is to always book your journeys ahead of time. When it comes to rail travel, you should find that booking your tickets six weeks in advance is the best way to go. Doing so will get you the best deals and means that you don’t pay last-minute surges!
8. Curb your smoking and/or drinking
When you start your spending diary, there’s one thing that may shock you: how much you actually spend on drinking and — if you’re in the habit — smoking too. The average UK household spending a massive £868 on drinking every year, according to national research. Smokers splurge a further £128 per month on their habit (you can check how much you’re spending using the Smoke Free calculator!).
These two habits combined could be costing you hundreds of pounds every year. Curbing your smoking and drinking is obviously great for your health but it could also be excellent for your bank account. Make a commitment to cut back or even quit these habits in 2020.
