January sees the start of a new year. 2021… Who knows what we can expect from this year.
But what we can expect from any new year is a chance at a clean slate. January is commonly associated with new starts. New Year’s resolutions are on everyone’s minds. Maybe you’ve started running, or eating healthier, or trying to drink more water.
When it comes to a new year, it can be beneficial to start thinking about managing your money better than you have the previous year.
The economic climate is more unstable right now than usual. Many people’s jobs have been lost over the past year due to the pandemic. More than ever, many are having to find ways to save money, to cut back on costs.
Though, to make a real difference, you’ll have to pay particular attention to your unique situation, here are some small tips on places you can cut corners.
Plan out your expenses
This upcoming year should look quite different from previous ones. With the pandemic and several lockdowns, many of your usual expenses are likely null and void. That gym membership? Why are you still paying it if you aren’t allowed to go to the gym?
Look at your usual costs, and, with them removed, see how your standing is regarding saving. Some necessities should be costing you less. You will likely be spending less on petrol – but you might be spending more on in-house entertainment. Got to keep the kids occupied somehow, right?
With a better understanding of how your budget will be looking in this unusual year, you’ll know where you can cut corners.
The new year ushers in a period of sales in most shops. Though it may seem counterproductive to spend money when you’re looking to save money, some spending now will save you in the long run.
Image credit: Pxhere
If you have kids, you’ll know they grow faster than you can keep up with. By buying them larger sized clothes in the January sales, you will have clothing ready for them later in the year – and you will have bought them for less!
Similarly, long-lasting products, like shoes and kitchenware, can be smart to buy in the sales, as the bit of spending you do now will last you throughout the year (and longer!).
Look for the best deals.
You can apply this advice in big and small ways.
When doing food shopping, why not use own-brand rather than branded produce? Use vouchers for meals out (or in, thanks to the virus!). With every purchase, check if there’s somewhere else you can get it cheaper. This might take a bit more time, but the money you save will be noticeable.
But also, you might want to use the new year for a fresh start on some of your biggest expenses. By using comparative websites, you can make insurance cheaper by finding a better provider. Why spend excess money on protecting your car, your home, or your gadgets, when you can receive the same cover for less?
In the new year, try for a new start with your money. You might find it changes the whole year for you!