Informative The Best Ways To Save Money In January

Ways to save money in January: A stack of coins with an out-of-focus clock in the background

This year, YouGov found that 39% of Brits have made the resolution to be more financially responsible in the upcoming year but 17% find this difficult. Thankfully, there are ways to save money in January, to ease the financial burden caused by December and festive spending.

In this blog, we will share:

  • 7 ways to save money
  • 4 money saving challenges to give a try

7 Ways To Save Money After The Festive Season

Ways to save money in January: A woman using a calculator to check bills December is an exciting time and it can be easy to get swept up in the excitement. According to a PwC survey shared by The Guardian, Christmas expenditure has been expected to jump from £416 to £433 per person. At times, despite your best efforts, festive season spending can go overboard and you will have to stretch your money throughout January.

1. Reflect on your festive season spending

Before you can jump into money saving mode, take a look at how much money you spent and what you spent it on during December. This could include going over bank statements and receipts from shopping (which are important to keep). By doing this, you can get a clear picture of your holiday spending habits and figure out a budget for January based on this.

2. Cut down on takeaways

As tired as you may be heading back to work in January, you will have to do your best to avoid turning to takeaways and instead opt for home-cooked meals and packed lunches. You can use Groceries discount codes to cut down on the cost of groceries. You can also utilise any Christmas leftovers such as snacks and frozen foods. If have a day or two when cooking is out of the question, Takeaway & Delivery discount codes, especially when you are ordering online because delivery fees can drive up prices.

3. Have home-made coffee

A nice cup of coffee is great on your way to work or at the start of the day and it is nice to treat yourself to coffee from a coffee shop. However, it could be treated as a now and then treat as opposed to an everyday expense. You can get your caffeine fix at home with sachet coffee or homemade iced coffee.

4. Write a shopping list

Shopping lists are not just for grocery shopping. Whatever is needed around the house, write a shopping list that you have to stick to. If you can, check the availability of products at stores and compare prices. This is another way to ensure you only buy what is needed on the list and you can determine how much you need beforehand to prevent overspending.

5. Take walks

When possible, take walks to places you would like to go to. If walking is not always an option, use public transportation and save on fares with transport discount codes. For work, try to organise carpooling with coworkers or use ride shares.

6. Keep yourself entertained

If you are occupied, you won’t spend money, right? Hobbies such as reading, listening to music and even watching TV can keep you occupied. You can head to the library and take out a variety of reading materials but if you prefer owning books or are looking for something specific to read, you can buy them and save with Books and Magazines discount codes. You can also cut down the costs of your music and TV streaming subscriptions with Entertainment discount codes and Music discount codes.

7. Use discount codes

You don’t always have to pay full price for items and can save quite a bit by using discount codes. Here at Love Discount Vouchers, you can find the latest discount codes for a variety of brands, especially at the end and the start of a year.

4 Money Saving Challenges

Ways to save money in January: Coins on top of bills of money “Aiming to save money only in January is not enough and it is best to build savings habits that you can implement throughout the entire year,” says Marylyn Ncube. One of the best ways to do this is through money saving challenges! These provide structured and even fun ways to save money towards a specific goal or to simply encourage lifestyle changes.

1. 365-day Saving Challenge

As the name suggests, you will be saving each day of the year. You have leeway in determining how much you will put away each day depending on your budget, but it will put your discipline to the test. Start the challenge with £1 a day to have a whopping £365 at the end of the year. If you can, see if you can set aside £2 or even £5 each day.

2. 1p Money Saving Challenge

Similar to the 365-day challenge, the 1p challenge involves putting aside money daily. The main difference is that the 1p challenge goes up in the amount to save each day. The way it works is that you would normally start on the 1st of January by saving 1p, the following day 2p, then 3p and continue adding 1p every day. This challenge provides an easy start to building saving habits and financial responsibility.

3. 52-week Money Saving Challenge

Again, starting on the 1st of January, save £1 in that first week. The following week, save £2 and as the weeks progress, so will the amount of money you save. By the time you reach week 52 or the end of the year, you will have £1,378 which you can use to treat yourself for the holidays.

4. No Spend Challenge

Possibly the most difficult money saving challenge, this challenge requires that you spend no money at all outside of the essentials. Aside from groceries, transport and bills such as energy bills or insurance payments, when doing this challenge, you cannot spend any money. You can decide how long you want the challenge to go for but as a start, aim for the whole of January. Our blog on The No Spend Challenge: How Much Could You Save? provides a guide on how to do the challenge.

Ways To Save Money In January And Beyond

Use our recommended ways to save money in January to have some peace of mind at the start of the year. Be sure to also keep an eye out for January Sales to get any essentials you need during the month at discounted prices.

Posted 23rd December, 2024

Author: Marylyn Ncube

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