Simple money resolutions to try in 2017
Managing our money better is a common New Year’s resolution, and while getting your finances in order might seem like a daunting prospect, there are plenty of small tweaks that can make a big difference over the course of a year.
Here’s a few simple strategies to help you do everything from trim down your expenses to save a little extra money in 2017.
Spend in cash
Mindless spending is a huge culprit in an increasingly cash-free world. Contactless payment makes it easy for us to spend without thinking and lose sight of our bottom line. If you find you regularly spend more than you intended while out and about, try switching to cash instead. Take out a set amount from the bank machine each week to cover spending on coffees and other non-essentials. You’ll be forced to pay more attention to when and how you are spending your money and can keep better track of when it’s running out.
Stash your change
A bowl of change can quickly add up, and is a great way of saving for something fun, like a special meal or even a holiday. Get a bowl or jar and put it in your living room, kitchen or entrance way. Get into the habit of emptying your pockets and handbags of change every time you come home. Put everything in there, from pound coins to pennies and leave it to accumulate. Choose a set date after six months or a year to count it all out and then deposit it into your bank account or donate it to charity. It’s a simple strategy to save the money you otherwise wouldn’t have noticed spending.
Save your takeaway money
Services like Deliveroo and Just Eat make it all too easy to order takeaway meals instead of cooking when we’re busy, tired or simply fancy a treat. Those expenses quickly add up – even just one takeaway meal a week can amount to over £1000 spent over the course of a year. Next time you’re tempted to order a takeaway, try this simple strategy instead – log into your online banking and transfer £25 to your savings account. You’ll save that money for something special rather than spending it on takeaway meals you won’t remember the next day.
Check your energy bills
If you’re trying to trim down your household expenses, start with your energy bills. Spending just a small amount of time sorting out how much you spend on heating and electricity could help you save hundreds in the long run – services like uSwitch make it easy to quickly compare prices from different suppliers and will tell you whether you’re getting the best price. You can also use it to compare broadband and TV prices, too.
Many insurance policies auto-renew at the end of the year without any input from us. And while this is convenient, what many people don’t notice is they end up paying a lot more the second and third time around after the introductory rate expires. Take the time to compare deals and if necessary switch every year to ensure you get the best price.
Consider a financial advisor
If you’re considering how to handle more complicated financial matters such as condensing pension funds, understanding inheritance tax or managing investments, consider speaking to a financial adviser. Having someone to analyse your situation and give good recommendations can help your money stretch further and is usually well worth the cost to consult them.
Did you make any money resolutions in 2017? Let us know in the comments below.
The contents of this article are for reference purposes only and do not constitute financial or legal advice. Independent financial or legal advice should be sought in relation to any specific matter. Articles are published by us without any knowledge or notice of the circumstances in which you or anyone else may use or rely on articles or any copy of the information, guidance or documents obtained from articles. We operate and publish articles without undertaking or accepting any duty of care or responsibility for articles or their contents, services or facilities. You undertake to rely on them entirely at your own risk, and without recourse to us. No assurance of the quality of articles is given or undertaken (whether as to accuracy, completeness, fitness for any purpose, conformance to any description or sample, or otherwise), or as to the timeliness of the publication.
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