New money-saving tips to help you budget

Stack of £1 coins | Money-saving tips for the New Year | Tesco Living

Saving for a home or a big event? Blogger Miss Thrifty is on hand to help you make a fresh financial start.

Spring clean standing orders and direct debits

Examine your bank statements and cancel any unwanted or redundant monthly payments. Note on your calendar or in your diary when contracts with utilities companies, internet providers and insurers are due to renew. Premiums often increase year on year, so don’t miss opportunities to secure cheaper deals.

Give yourself a money MOT. The Money Health Check tool from the Money Advice Service is a free financial tool that provides recommendations based on your circumstances and spending habits, along with practical ways to help you save.

Use a planner to manage your financial goals

A good budget planner will help you to track your spending and record progress towards your financial goals. Try our excellent bill payment tracker which is free to download. Print the PDF and stick to your fridge or noticeboard, or use the Excel spreadsheet which automatically adds up your spending for each month.

Have a side hustle

A side hustle is an American term given to an additional, small but dependable income. What is your side hustle going to be? From making money from your garden to selling items on preloved.co.uk and Etsy, there is something for everyone and it’s really not difficult to do.

Try the 52-Week Pound Jar Challenge

All you need is a large, empty jar and a little dedication. And within a year you will have saved more than £1,300!

Here is how it works: the first week of the challenge, add a £1 coin to the jar. The following week, add £2. The following week, add £3 – and so on.

If that's not manageable, try £1 a day instead which will give you £365 by the end of the year.

Miss Thrifty blogs at www.miss-thrifty.co.uk.

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