We’re entering a new year and some of us have probably spent more than we intended over the past year for one reason or another.
Maybe it has been for unforeseen expenses, impulse purchases, trying to keep up with those around us or just generally through boredom.
I personally have always liked to have been able to save a certain percentage of what I have coming in to put towards an emergency fund but for one reason or another the amount that I’ve been able to put towards it this year hasn’t been as I would have hoped.
So I thought I’d write this post showing some of the ways that I intend to save money in the new year with the idea that it would not only give me something to review but also give you some ideas that you might not have thought about or reinforce those ideas that you have had but just haven’t put into practice yet.
1. Continue to pay myself first
I currently have a stocks and shares ISA with Fidelity. I view this is a long term investment so the fact that my return as at writing is -£40, doesn’t bother me so much but if the current trend remains downwards, then I will have to consider where I hold my ISA in the coming months.
I’ll also be reviewing savings accounts, so no doubt I’ll be visiting moneysavingexpert a lot more in the months ahead.
2.Use cashback sites more often
It’s easy to forget to use cashback sites when shopping, so this is something that I’m going to try and be more conscious of in the coming months.
Downloading the extension for these sites will hopefully mean that there is no excuse not to earn some cashback on potentially large expenses.
3. Not to auto renew, use comparison sites
It’s no secret that companies rely on consumers apathy want to go out there and source themselves a better deal in order that they can charge more.
If there is something that you pay for regularly then spend that little bit of time seeing whether there are cheaper alternatives out there.
The use of comparison sites isn’t something that we should overlook in the new year. There is always a saving to be made somewhere.
4. Claim back money that is due to you
Whether it’s companies, friends or relatives, if money is due back to you get it back.
I generally try not to lend money to friends, but if a company owes money don’t be shy in asking for it back. THey are certainly not shy in asking for it from you.
5. Cut down on unnecessary spending
When I first started this blog, I wrote a post as to whether the National Lottery was still worth playing? (granted not my best post). Since then changes have been made to the lottery but I but still play and spend about £9 per week.
This said without consideration for the bigger picture doesn’t sound a lot but equates to around £468, I probably do more when there are larger jackpots available.
I’ve said that I will only cut down on my lottery spending as I don’t drink or smoke and my wife and I rarely go out.
I’ve also reviewed my TV packages and cancelled those that I don’t need.
Regular review of my spending will be done to ensure that money is only spent where it’s needed.
6. Reduce the meat in your diet
I’m quite contradictory in that I absolutely love animals but I’m also a meat eater.
So I guess this is a conscious decision not only based on cost but also my love of animals.
Let’s face it meat is expensive, I probably won’t become a vegan or vegetarian anytime soon either, so cutting down my consumption, is the compromise.
There are plenty of good recipes out there for meat free meals so investing in one of these might be something on the agenda for the new year.
There you have it, some ways that I intend to save money in the new year, which you might also find useful. This list is by no means exhaustive and you might want to change them to suit your own needs.
If you think that I might have missed something or you have any other ideas on how I or my readers might save money, let me know in the comments.