We sometimes want to buy something even if we do not really need it so we end up using our savings, or much worse, getting a loan. That happens because we cannot control ourselves or our impulse spending. We often make resolutions during the new year but end up failing over the months. We tell ourselves that we will cut down on spending and that seems doable in the beginning but that only works when we have a concrete plan and we really are determined to save money and change our mentality when it comes to money.
What is even worse is when something unexpected happens and we end up using our savings or getting a loan. It really is important to have some money in the bank so we can use it for emergency.
Traveling
Start with small steps that will eventually have a big impact on your bank account. Use a megarider ticket and you will be able to travel as much as you want and can tailor your own needs to the ticket type. Whether you are in need of a weekly Bus Pass Prices for your travels or a monthly one, you will definitely save more compared to buying a ticket everyday.
If you have a car, you will spend roughly £168,880 in a lifetime. But if you take public transportation instead, you can save a fortune and make true your New Year’s resolution.
When it comes to payments across the year, petrol costs a driver £1,052.04. Servicing a vehicle costs can add up to £441 over a twelve-month period — which can change depending on what situation you are in. MOTs can cost up to £168.46 yearly. The cost of parking is also rising and there seems to be a higher demand for it because there are more vehicles on the road. When it comes to insurance, this can sway dramatically as younger drivers will find themselves paying a higher cost to be on the road — on average, insurance costs an experienced driver £436 every year. Tax can equate to £116.35 on a yearly basis. Car supplies can cost a driver £29.61. As for speeding tickets, you will also pay a huge amount if ever you get one. Commuters really save more because of a megarider ticket.
Lifestyle
Coffee
According to research carried out by MyVoucherCode, people in the UK visit coffee shops at least three times in a week. This means that Brits visit coffee shops around 156 times a year with an average spend of £8.52 — with travel expenses, this could go up to £13.85. This creates an annual average spending of £2,600, a majority of which could be saved if you would only take your own coffee to work. Try taking a flask to work or buying an on-the-go coffee cup that will see you through your day.
Smoking
If the rise in prices for cigarettes hasn’t already put you off, knowing that you could save a whopping £3,796 (if you smoke 20 a day) should be the driving mechanism for you to quit. MoneySupermarket.com has stated that non-smokers pay around £6,309 less for life insurance, which could be something worth investing in for the new year. Instead of smoking, you can try vaping. 10ml bottles of liquid cost around £5 on average, saving those who turn to vaping around £1,900.
Lunch
According to research carried out by VoucherCloud, buying lunch daily could cost you £1,288. So instead of doing that everyday, it is advisable to prepare your own food because this in the long run, will get you more money in the bank. You could just make a sandwich or cook something in the microwave or cook something easy.
Unexpected expenses
We all have experienced unexpected expenses, with 54% of 2,000 people asked saying that they suffered from an unexpected expense within the household. On average, these costs totalled £248.70 — showing that any saving is beneficial for occurrences like these. Using the savings you would have made by cooking your own lunch and taking your own coffee to work, traveling smarter, and quiting smoking, will definitely make life easier and help you to not worry. Think smarter this new year and change the direction of your life.