Could you save money this New Year?

Money-saving advice for the New Year to get your finances on track

Could you save money this New Year?

The start of a New Year can give you a great opportunity to focus on what’s important and set goals for the months ahead. While losing weight or stopping smoking can be beneficial for your health, have you stopped to considered your financial well-being? Even a few simple changes could help you balance the books and make the most of your money. We’ve brought together some top tips for helping your finances this New Year. 

Create a budget

Any financially savvy person will tell you that a good budget will give you the right foundations for managing your money. You’ve probably heard it a million times before, so what’s been putting you off? For many, it’s knowing where to start.

The good news is that there are some great apps that can help you make sense of the numbers. They can help you to review and log your incomings and outgoings to give you a clearer picture of your finances. With this information at hand, you can plan for big purchases or even start a rainy day fund to keep yourself permanently in the black. Find out what are the latest ones available by looking for a recent review of financial management apps. 

Be a savvy shopper

Saving money often goes hand-in-hand with doing a little research. The internet in particular has made this easier than ever before, so look around to get the best deal. But be careful not to get swayed by cheap upfront deals. With some purchases, it’s essential to consider both upfront costs and running fees to get the best long-term savings.

Take printing; there’s the upfront cost of the printer itself and potentially the ongoing cost of replacement ink. Responsible manufacturers such as Epson are now making it easy for people to find the best value option with online calculators. Epson’s calculator lets you compare the top 20 best-selling printers; some may have high-yield inks included but a higher purchase price, and some printers that may be cheaper upfront, but require regular and costly replacement cartridges. To put it simply, it means you can pick a printer and ink option that will give you the best long-term savings. 

Stamp out automatic renewals

Have you got your renewal dates in your diary? Now is the time to make sure you’re prepared for the year. When life gets busy, it’s easy to forget when your house, car or pet insurance is due for renewal. Unfortunately providers know this and that’s why some hike up their prices, hoping you won’t notice. So take charge - contact your insurer ahead of the renewal date and challenge any price increase, or even better, negotiate a better quote for the year ahead.

What’s our tip for getting the best deal? Use a market comparison website to check out what rival companies could offer you before calling your provider. If you find a lower quote, you can ask your provider to match it. You know the saying; nothing ventured, nothing gained. 

Make more money

There’s never been a better time to sort through your old stuff, whether it’s your clothes, books or furniture. Not only could you free up prime space in your home, but you could also create surplus cash. Websites like eBay have made it easy to see how much secondhand items are trading for, so do your research and work out what’s worth selling. 

And remember, even items that are no longer any good can fetch a price. Take stained or torn clothes; these can be sold to a textile recycler in terms of their weight rather than their appearance. Look up textile recyclers in your local area to find out how much your old clothes are worth. 

Cut unnecessary habits

When people look over their finances, it’s often the little things that add up and so identifying frequent and unnecessary purchases can help you make a big change. If you’ve taken our earlier advice and created a budget, hopefully this will have drawn some light on where your weaknesses are. 

Most people will quite rightly point their finger at cigarettes as being a big offender when it comes to expensive (and unhealthy) habits, but coffee is not far behind. By simply stopping cappuccino purchases on the way to and from work, a coffee drinker could save €898 per year – just think, that could pay for your next holiday! Now you might not want to cut out your little luxuries completely, but you could try coffee free days or even a more affordable homemade alternative. The same theory goes for buying snacks when you’re out – so everyone can find a way to make a saving. 

Find out what is the most economical printer for you with our cost calculator here.

1Average price of a cappuccino in France, Spain, Germany, UK and Italy according to survey by CBRE, published 2015 (https://www.cbreresidential.com/uk/en-GB/research/global-living). Original information in sterling converted into Euros November 2016 according to www.xe.com