If your New Year’s resolution is to stop spending, you’ll need to start planning now and these easy tips can help you to cut back in 2025.
You might be in debt and desperate to start paying it back, or you might have enough money but just want to start saving that bit more – either way, these tips can help you.
Money Saving Expert, founded by Martin Lewis, reported that firstly, you need to figure out where you are wasting cash. Identifying the key areas you can stop spending in is key to making sure you aren’t spending unnecessary money.
Creating a budget is an important part of exercising restraint and saying no to things you don’t need.
One area where many overspend is on food, of course, food is a necessary purchase but expensive coffees or all-too-regular takeaways can really rack up your spending without you noticing.
You should be able to come up with an estimated cost of how much money you need to spend on food per week based on how many people you buy for and average what you need each week.
It’s also good to make a shopping list and only buy what you need.
If you’re a big shopper, it might seem hard to take away this part of your life but not going shopping will help you resist the temptation of spending money.
Another way to make shopping more cost-effective is to sell items if you want to buy something new.
For example, if there is one item you really do want or need, you could sell some items until you reach the price of the one you want to buy which will help you afford what you need.
To help you stay on track with spending, it’s a good idea to keep a list on your phone or in your wallet of debts, budgets and your saving goal.
If you lose sight of this while you’re out, it can be motivating to refer to the list to help you think of the bigger picture.
One way to save hundreds of pounds each year is to take a packed lunch to work. It might seem easier to just pop out of the office and buy something but taking a packed lunch will save you more than you would think. It might sound obvious but it really can help.
By making these small changes, 2025 could be the year you take control of your finances.
