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New year, new habits!

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January is often seen as the perfect time to start getting your finances in check. New Year’s Resolutions come and go however, so how about kick-starting some new habits to continue throughout the year that will help you save those pennies?

  • Allocate one or two ‘no spend days’ a week and you will be surprised at how quickly you notice the difference. It helps you to cut back on those unnecessary purchases such as the morning coffee and encourages you to take steps such as preparing your own food for lunch.
  • Using cash instead of card will make you much more aware of how much spending you do. Handing over physical cash has more of an impact psychologically than tapping your debit card and can make you think twice about that new pair of trainers that are very similar to your other five pairs…
  • Budget your finances on pay-day or at the start of the month to help you manage them. Not only will it allow you to see where your pennies are going, it will also ensure you put some aside to save.
  • Avoid the auto-renews! These critters can cost you a fortune. Make sure you shop around when the time comes to consider switching energy providers or renew any insurance cover you have. The money you could save on switching will be worth any admin hassle!
  • Look at setting up a direct-debit from your current account to a savings account to encourage you to put more money aside. This will also ensure that you have money aside should any unexpected bills arise.
  • Try to save any windfalls you make through bonusses, for example. Whilst it’s tempting to use them to treat yourself, you could quickly build up some good savings by putting them aside. 

Follow simple, yet effective tips such as these and you will be surprised at how quickly you notice the impact on your savings and begin to form better spending habits.

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*AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and compounded on an annual basis.

Paragon Bank PLC is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Registered in England number 05390593. Registered office 51 Homer Road, Solihull, West Midlands B91 3QJ. Paragon Bank PLC is registered on the Financial Services Register under the firm reference number 604551