Some of us started the year with a new resolution. Go to the gym more. Spend more time with relatives. Knock bad habits on the head. However, after the inevitable toll Christmas has taken on our bank accounts, for many of us the resolution is to get back into the swing saving money.
However, just making a resolution to save more might not be enough. Research from Strava unveiled that the majority of us fail to abide by our resolution by 12th of January, also known as ‘Quitters’ Day’. So, if you’ve fallen foul of Quitter’s Day we suggest you check out the five money saving tips below to get back on track with your financial goals.
Ditch the credit card interest
This might sound like it could get you into a financial quandary but switching to a 0% balance transfer credit card could help you clear credit card debt. This means that the money you are paying to make a dent in the charged interest could be going into a savings account.
For example, trying to clear a balance of £3,000 at 18.5% APR would mean you’re paying an extra £1,321 in interest. Furthermore, say you were paying back £80 per month, this would not be achieved for just under 5 years.
Therefore, transferring to a no fee 0% balance credit card could see you clear the debt in a shorter amount of time and refrain from having to fork out the interest too.
Ban the brands
You name it, if it’s a household name, it will have a premium price tag attached to it. From everyday medicines to groceries, you could save money by opting for own-brand goods as opposed to opting for the likes of Heinz, Nurofen and Fairy Liquid. Research suggests that families could save 30% of their grocery spend per year by making the switch.
Reusable cups
The nation has a love affair with coffee. The average Brit tends to visit a coffee shop an average of 152 times a year and the top spenders are handing over around £2,110 to the likes of Starbucks and Costa a year.
For many this is not a habit that they want to break. However, more and more coffee shops are offering a discount to customers using a reusable cup. Furthermore, many stores are selling their own reusable flasks to make this possible. Discounts vary from 20p for a Greggs coffee, or 50p off of a coffee at Pret a Manger.
Those who enjoy a coffee on their lunchbreak everyday could save £130 per year.
Set up a direct debit
A sure-fire way to help you see a healthy sum in your savings account is to set up a direct debit for just after every payday. This short time frame leaves little chance for you to spend the money and having it paid automatically doesn’t leave you any wiggle room. Ensure you don’t touch this pot of money and just £300 per month could see you better off £3,600 (plus interest) at the end of the year.