January is a fantastic time to take a good look at your finances and give yourself the goal to save money. Whether you want to save for something big such as a mortgage or you want to pay off debt, here are 5 simple things you can do to save money in the new year.
It doesn’t need to take you a lot of time or effort to save some extra money. In fact most of these ideas will take you less than 30 minutes to complete and they are all relatively simple to carry out.
Write down your budget
Grab some paper or use this free monthly budget planner to write down all of the money you have coming in and going out. By doing this you can visually see where your money is going each month and find areas that you may be able to cut back on.
Meal plan and write a shopping list
A great tip to saving money on your groceries is to meal plan each week. You could do some online research to look for special offers currently on in the supermarkets and design your plan around that.
When you have your meal plan you can then write your shopping list. This way you will only buy what you really need each week and you will have less food waste. Just make sure you stick to your shopping list as much as possible.
Shop from your cupboards first
Following on from the previous tip try to shop from your kitchen cupboards first. You could go through your kitchen and write down an inventory if you wish. If money is really tight you might even be able to make a meal plan consisting of things you already have in instead of buying more food.
Cancel any unwanted direct debits and memberships
If you have any unused or unwanted direct debits coming out of your bank account, then now is the time to cancel them. This should only take you around 5 minutes if you use online banking or have a banking app.
If you have any memberships that you no longer use then ditch these too. If you pay monthly for a gym membership but you never hit the gym then just cancel it.
Switch and save on your service provider
This could be one of the quickest and easiest ways to save a huge chunk of money on your monthly outgoings. Yet most people still think this is something that will be a lot of hassle to do. Just head over to a comparison site to find out how much you could save on your monthly bills. If you’re not on the cheapest tariff available to you then switch to the one that is. This works for mobile phone contracts, electricity and gas companies, tv service providers etc.