Budget Living

6 Great New Year’s Resolutions To Save Cash

Saving doesn’t have to be a chore. If you’re still plotting your resolutions for the New Year ahead, consider making a priority of putting money away. Even if you don’t have a particular thing to save up for, a pot of cash to dip into when an emergency situation arises or if you just need some spare change is never a bad thing.

In this guide, we’ve come up with 6 New Year’s resolutions to try out to save some cash in 2019. If you have all of these habits and decided to take on all of these resolutions, you’d potentially make savings of just over £5,000! Find out more below.

1. Give up smoking

Cigarettes stubbed out

Now, we know that this is much easier said than done. But, quitting smoking is a common New Year’s resolution that offers a multitude of benefits. Not only is putting down the cigarettes great for your health, it’s also an excellent way of cutting costs and saving some cash.

Cutting out smoking is something that will benefit you, your bank balance and your family. You’ll notice a difference after just 48 hours of being smoke free as your body clears itself of nicotine. Within 72 hours, your breathing improves and if you quit for 3-9 months your lung capacity can increase by around 10%! Seek the support of friends and family or look into a nicotine alternative to handle cravings that may occur once you quit, such as e-cigarettes or patches.

How much could you save?

The average cost of a pack of a 20-pack of cigarettes now sits at £10.40. Let’s say you smoke 10 a day, that means you’ll need to buy roughly three packs a week. If you give up smoking, over 12 months you’ll save an incredible £1,622.40. That’s enough to buy a small second-hand car or to put towards a holiday.

2. Make a packed lunch

broccoli and chicken meal prep with cutlery

Batch cooking and packing up your own lunch is a great way of saving some money. It’s also better for you, as you don’t consume any of the extra salt and fat you find in pre-made sandwiches and pasta sold for lunch.

Eating dinner leftovers is another great way of saving some money on lunches, cooking a little extra and popping it in a tupperware dish is great for feeding yourself the next day and enjoying a great home cooked meal for a little longer.

How much could you save?

The average cost of a meal deal at your local supermarket comes in at around £3.50. Once a day, five days a week that adds up to £17.50. Compare that to the price of a loaf of bread (£1.05), ham (£1.75) and a multipack bag of crisps (£1.00) that can feed you for five days, which amounts to £3.80. If you swap your store-bought sandwich for a homemade one you could save an incredible £728.

3. Get fit but skip the gym

deadlifting bar in the gym

You can keep fit and enjoy a good workout, without an expensive gym membership. We’ve taken a look at how you can workout from home at very little extra cost, check out our ideas for some inspiration.

However, if you really want to get into a gym, look for free pass offers online or ask friends and family for day passes when their gym is putting on an offer. Money Saving Expert has a great page with regularly updated gym offers to check out.

How much could you save?

The average gym membership costs anywhere between £10 – £50, and in London can be double that! If we settle somewhere in the middle and say you’re giving up a membership that is £30 a month, then over a year, you could save £360. If your membership costs more, the savings will be even higher!

4. Limit your clothes shopping

Clothing boutique

We all like to feel confident in our clothes and stay on-trend but sometimes this can have a real impact on our finances. While you may not want to completely cut out that little treat, putting a budget in place can help you reduce the amount you spend.

It’s also a good idea – and a great way to start the year- to look through what you already have in your wardrobe and declutter. You may even find items in there that you can sell to perhaps fund a future shopping trip! Fast fashion is also something to be aware of. Clothes made cheap and in unethical conditions are being shunned by many and it’s a movement to get behind. Think carefully before making a purchase and avoid buying clothes unnecessarily to save the environment, support ethical and sustainable business and save some money.

How much could you save?

According to research reported by the Telegraph, men spend £100 a month on clothes and women £74 – challenging all those stereotypes! That means if you’re a married man and wife, knocking off your clothes shopping could save you £174 a month. Over a year, this adds up to an incredible £2,088. Of course, we can’t expect you to not buy a single item of clothing all year! But it’s definitely a figure to keep in mind before having a cheeky online browse.

5. Stop buying takeaway coffee

takeaway coffee

Much like buying a meal deal every day for lunch, the cost of a takeaway coffee isn’t too dissimilar and can quickly add up. Not only is making your own coffee to take to work or on your commute better for your pocket but it’s good for the environment too, as you send less waste to landfill. A coffee every day of the week adds up to 260 cups being thrown in the bin every year!

How much could you save?

You will need to buy a travel mug – you can pick one of these up for around £10, as well as coffee, let’s say that comes in at around £6 a month. The average cost of a takeaway coffee from Costa is £2.45, one of these a day amounts to £637 a year! If you decide to make your own, you could save £555 a year.

6. Turn off appliances when not in use

Budget Calculator

It doesn’t sound like much, but a resolution to turn off electronics and sockets when they’re not in use can shave some pennies off the electric bill. It’s also a great thing to do if you’re trying to contribute towards creating a greener planet, as you try to avoid using energy unnecessarily.

How much could you save?

Turning off devices that have a standby mode could save you £30 a year, not a number to turn your nose up at. This means ensuring appliances such as your TV, microwave and speakers are switched off at the socket when they’re not in use. It’s definitely a good habit to form that can help you save a little extra money.

Total savings

Every single one of these resolutions will save you a substantial amount that can be put away for a rainy day or towards something exciting. Overall, if you have all of these habits and took on all of these resolutions, you could be £5,383.80 richer by the end of the year!

That’s pretty incredible, from just a few small changes. Looking for more money saving tips and tricks? Check out the budget living section of the Good Vibes site for more guides.