Five Tips to Quickly Save Money in the New Year

By  //  January 22, 2020

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If you are scared to look at your bank statement each month then you probably don’t have the best handle on your monthly finances.

If you are scared to look at your bank statement each month then you probably don’t have the best handle on your monthly finances.

Taking the time to check your accounts at least at the start of the year is a great way to reset and start getting into positive spending habits into the coming months.

With a few simple habits and using some of the strategies you can easily save yourself cash every month and take control of your money. For more money saving tips check out this list of over 50 tricks you can use to save this year.

Move your debts around

If you have debt then this is one of the first things you should look at to start getting a handle on your finances. If you are paying interest on debt then you are instantly losing money.

If you can get your debt paid off then you can instantly turn this into savings. The most difficult thing about debt is that if you are on a large interest rate you will be paying a large amount of interest before you even start paying your loan off. A good first step is to transfer this debt onto a 0% interest credit card.

Many credit cards offer fixed terms at 0% interest often for 12 to 24 months. This is ideal if you have a few thousand dollars of debt on a high interest rate.

Use the credit card to pay off the high interest loan and then your monthly payments will instantly be reduced. You can then focus on balancing the credit card and becoming debt free.

Get a free overdraft

In a similar vein, if you have an overdraft you may find that you are getting charged harshly on it if you use it regularly. This is especially true if you go into an unarranged overdraft or if you go beyond an arranged overdraft.

Just a week in an unarranged overdraft can cost you a pretty penny. Take some time to hunt around for a bank that offers a 0% overdraft and then use it sparingly rather than seeing this as free money.

Use cashback sites

If you shop regularly cashback sites are a great way to earn back and save some of the money that you would be spending anyway.

To find a cashback site the most simple way is to Google the product you are looking for such as ‘skinstore cashback’ and then find a cashback site that will offer you a percentage of the money you spend back.

When you find an offer simply click the link and buy the product as you usually would. Once the sale has been confirmed you will get your cashback.

Take advantage of price comparison sites

If you are reviewing your finances, then the best place to start is with your outgoings. Services like your insurances, bills and contracts can all be a great place to make savings.

Go to comparison websites and find the cheapest products currently on the market. With this you can either switch to another provider or use the rates as a way to haggle your current provider down.