Make Saving Money a New Year’s Resolution

A recent Credit Unions of Wales survey found that 84 per cent of people in Wales expected their finances to be stretched at Christmas, with one in three saying it would affect their ability to pay essential household bills.

Starting the New Year with a financial hangover is all too common, but if you want to get your money in better shape for 2020, here are a few ideas to help you get financially fitter:

1. Review your finances. The new year is a great time to take stock of where you are, so go through your bank statements and credit card summaries to review spending.

2. Check your outgoings. Compare energy providers and switch to a better option. Why not do the same with your broadband and phone provider? Take another look at your subscriptions and decide if you really need Netflix or Sky TV.

3. Identify bad financial habits. Do you eat out too often? Pay full price for clothing? Spend too much money on entertainment or nights out on the town? Cutting back a little bit per month will help increase your savings pot.

4. Set a financial goal. Are you hoping to buy a home, pay down debt or create a rainy-day fund? Set your goal and make sure there are milestones along the way to keep you on track.

5. Stick to a budget each month. Once you know where you are and where you want to be, decide on a budget you can live with that will help you achieve your goals.

6. Compare prices when shopping. Use discount vouchers, loyalty cards and cashback offers to stretch your budget.

7. Cook once, eat twice. Get into the habit of batch cooking and freeze meals for another day. If you make more meals than you need in one sitting, then you will not only save money on the cost of cooking with different ingredients, but the knowledge there’s a quick meal in the freezer may help cut back on expensive takeaways.

8. Get healthy… without joining a gym. Losing weight and reaching your fitness goal may be on your New Year’s resolution list, but you can it without taking on a pricey gym membership. You will find free exercise apps and videos online, alternatively go for a hike, run or get on your bike – there’s a beautiful Welsh landscape out there waiting for you!

Make 2020 the year you start saving regularly. Imagine putting just £10 per week into a credit union account would mean that by next Christmas you’ll have £500 to spend on the festive treats!

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