New Year Saving Challenge

Happy New Year!

Do you want to join in with our New Year saving challenge?

It’s that time of year when we all look forward and make resolutions (that we hopefully stick to!)

We thought that it would be a great idea to put our “money” where our mouth is and practice what we preach regarding getting to grips with our finances.

What is the New Year saving challenge?

It’s simple – no spending in areas that you would normally splurge or waste money. We have given you some examples below but adapt it to your own circumstances. Also, don’t be too restrictive. We understand that the beginning of the year is hard; we’re all on the come-down after Christmas and the festive season with everything that comes with it; our bank balances are looking very slim and we are bombarded with adverts about “New Year, New You”, requiring you to part with your hard earned cash.

So, the rules are as follows:

• No new clothes during January – whilst grabbing a bargain is really tempting, please refrain!!! Ask yourself whether you really NEED a new jumper etc when you already have another three in your drawers. The exception to the rule is if you need to replace something
• No new home decor – again, the sales are tempting but you don’t have to change your soft furnishings with every season
• No new makeup or skincare – the exception of replacement stands here
• No coffee or takeaway lunches this month – stop being lazy and make your lunch the night before, it’s cheaper and healthier. Take a coffee cup to work or on a walk with you, rather than getting takeaway coffee at a fiver a pop
• No top up shops – try to cut down on the food shopping bill by buying once. Make a meal plan and stick to it as much as you can. We totally get that making it through January deserves a treat, which leads us onto the next point…
• Allow one takeaway this month – go on, treat yourself if you must! But only once!

Tips for success during the New Year savings challenge

• Avoid the January sales emails – have a clear out of your inbox and cancel any marketing emails
• Set a goal for the end of the month – can you earmark something that could be paid off with the money saved? Having a clear goal will keep you motivated during the month
• Plan ahead – make meal plans, plan your lunches and snacks so that you avoid grabbing something on the go
• Check your cupboards and freezer – are there any frozen meals or staple items that you can use to make a meal with?
• Explore free activities – seek out free activities in your area to participate in during the weekends. Hiking, local events or exploring museums are usually free and really fun!
• Declutter your space – sell items that you no longer need online or on local community pages. The extra cash can be saved or go towards your end of the month goal

At the end of the month, sit down and evaluate how successful you have been in this challenge. Does your account look healthier? Are you able to see where you have saved the most money? Can you invest that money somehow, in a savings account or elsewhere?

Incorporating these rules into your New Year savings challenge will not only help you succeed in the short term, but also lay the foundation for long lasting financial wellness and build a more sustainable relationship with money. If you want to go further, you can carry out a money overhaul – find out more information by reading our blog post.

So… Are you going to join us?