Saving money is one of the UK’s favourite new year's resolutions, but it’s easier said than done, especially at a time when household costs are soaring.
To reduce outgoings, a comprehensive budget plan is vital. Know exactly how much money will leave the bank account each week and month, such as mortgage payments, utility bills and food shopping, and identify any unnecessary expenditure.
Within the budgeting process, prioritise mortgage or rental payments, then address the remaining essentials.
Easy ways to help you save money:
During winter months, utility bills can go through the roof. The new year is the ideal time for homeowners to make sure they’re getting the best deal possible on gas and electricity and, if it's beneficial, switch providers.
Once the best energy deal has been secured, more savings can be made by using simple energy saving tricks throughout the home. Switch lights off when leaving a room and layer up clothes instead of turning up the thermostat. Insulate your property to the best of your ability.
When the decorations come down, it's an ideal time for a full declutter. Sell unwanted or underused items from around the home to put extra cash aside. Don't be tempted to spend by the January sales.
Well-organised food shopping is a must when budgeting. Plan meals for the week and get everything that's needed in one big shop.
This should reduce any occasional reliance on take-away food after a long day at work, and saves time and money in daily travel.
Leave the car at home whenever possible. It’s expensive to run and bad for the environment. Money can be saved by walking or biking, and getting more exercise is a healthy resolution for the new year too.
Colby Short, CEO of estate agent comparison site GetAgent.co.uk, said: “Saving money is never as easy as it sounds. But small savings can add up to significant savings in the long run and often take little more than some prior planning.
"Making small lifestyle changes can also bring about additional benefits to your health, so it’s not just your wallet that will thank you.
"Although only marginal, many homeowners may be worried about how an increase in interest rates might impact their monthly mortgage repayments, so cutting back in other areas of life can help to negate this worry.”