9 good money habits to pick up this January

9 good money habits to pick up this January

Feeling the pinch this January? You’re not alone. But if you are serious about improving your financial health in 2020, there’s a few things you can do to help cut your costs and save up for your goals. The best thing is, some of these good money habits are incredibly easy to adopt. So, unlike that gym visit you keep putting on the backburner, you can start ticking things off your to-do list today and watch your financial fitness just get better and better.

1. Transfer your debt

Christmas left you with mounting credit card debt? Don’t let it spiral. Check to see if you could pay off high interest rate debt with a more manageable debt consolidation loan.

If you are thinking of consolidating existing borrowing you should be aware that you may be extending the term of the debt and increasing the total amount you repay.

2. Make your own lunch

Spending around £5 per day on food at work? That works out at around £1,300 per year. Start making your own this month and save yourself some cash.

3. Set a savings goal

Saving up for a wedding, holiday or new car? Well, using it as motivation could encourage you to set aside your cash. Set yourself a realistic target amount and decide how long you’ve got to save up for it. From there, you’ll be able to work out how much you need to save each month to reach your goal.

4. Set up a Standing Order

If you’ve usually got a bit of money left over at the end of the month, set up a Standing Order to send the money straight to a savings account as soon as you get paid. This can help ensure you save a little every month, rather than just splurging your left over cash on pay day.

5. Switch your energy provider

Did you know that a typical UK household can save £300 per year just by switching energy provider? Have a quick search to see if you can get a better deal, and you could see your annual outgoings drop significantly.

7. Cancel unused subscriptions

Got a gym membership you never use or multiple streaming services when you really only need one? Take a look at your monthly subscriptions and see if there are any you can do without.

8. Plan your meals

If you find yourself throwing away food at the end of each week, see if you can cut wastage by planning your meals and writing a shopping list. You can also save money by shopping in cheaper supermarkets, so check to see if there are any near you.

9. Check for benefits

Think you could be missing out on benefits you’re entitled to? Double check by using a benefits calculator to work out whether you should be claiming when you’re not.

Think you do at least one of these money saving tips today? Good. Because if you do, you might find your money goes a lot further this year. Want to keep up with our latest tips and money saving tricks? Head over to our Facebook and Twitter.

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Representative example: If you borrow £7,500 over 5 years at a Representative APR of 15.9% and an annual rate of 15.9% (fixed) you would pay £177.82 per month. Total charge for credit will be £3,169.20. Total amount repayable is £10,669.20. Minimum repayment period is 12 months. The %APR rate you will be offered is dependent on your personal circumstances. Freedom Finance is a leading credit broker and not a lender.

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