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5 Tips for Saving in the New Year

Dec 08, 2017

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January will soon be upon us and what better way to start the New Year with a savings plan in place. New Year is a great opportunity to start making small but significant changes to help you stay on top of your finances. Here, we look at 5 top tips for saving in 2018.

1. Start the year with a goal
Start the year with a goal in place – whether you are saving for your first home, retirement, a house move or just to reduce your outgoings so day to day living costs aren’t quite so tight– set a realistic goal. It will be easier to stay on track with a set plan in place. 

2. Switching could save you money
You can make real savings by switching energy provider and snapping up a cheaper deal. According to the Money Advice Service, this could save you as much as £300 a year. If you don’t feel like phoning around then a comparison site can save you time and give you an idea of savings.

It’s not just changing energy suppliers either that could save you money - changing broadband deals could, according to cable.co.uk, save people hundreds a year on average.

3. Check your credit card rate
If you have a credit card it can be easy to carry on making purchases and paying off your balance without thinking of the rate on your card. Check out the rate and see if there are better deals out there – you may also be able to find a new credit card which offers 0% on balance transfers for a set period of time; this could save you paying any interest on your credit card balance for up to 12 months.

4. Check your energy efficiency
How energy efficient is your home? Making small changes could save you money. Switching everything off at night, including all your TV and digital TV devices, could save around £30 a year, and by swapping your existing light bulbs to energy-saving ones – including all your bedside lamps – you could save up to around £100 over the bulb’s lifetime. 

Loft insulation, energy-efficient appliances, water saving devices and turning down your heating can all contribute to savings £100s off your energy bill over the course of the year. 

5. Shop around for best deals
If you have a birthday coming up or you need to buy some home essentials, check before you buy. Shop around online and in store to see how the price can vary and visit one of the many websites online which list voucher codes and discounts for hundreds of retailers.